The herald. [volume] (New Orleans, La.) 1905-1953, 1912-08-29
ACT No. 2O3.


A JOINT RESOLUTION
| Proposing an amendment TO the Con
| stitution of the State OF Louisiana
amending Article 40 of the constr
| tuition of 1898, as amended by Act
No. 3O3 of the Acts of 1910, ratl-
fled by the people at the November
| election of 1910. so as 10 autRorLEe
the Board of Liquidation of the
State Debt to issue new bonds 10
retire or refund the State Bonded
| Indebtedness due January LIST, 1914
| to provide for a tax for the pay
ment of the interest on said bonds
and a sinking fund to retire the
same: to provide for the payment
out of the said sinking fund OF an
| Indebtedness due by the State 70
the United States, and OF certain
other claims against the state.
Section l. Be it resolved by the
General Assembly of the State OF Lou
isiana two-thirds of all the members
elected to each house concurring, That
| an amendment to Article 40 OF the
Constitution of the state OF LoHlsla1nna ina
of the Acts of the General Assembly
of the State of Louisiana at It's SEES
sion held in the year 1910. ratified by
1910 be submitted to the qualified
| electors of the State for their approval
I or rejection at the congressional cleo
ton to be held on 4 the first, hrst Tqi ne gay
ment to read as follows:
| Article 46. The General Assembly
| shall have no power to contract or to
authorize the contracting of any debt
| or liability, on behalf of the State, or
| to issue bonds or other evidences OF
Indebtedness thereof except for the
purpose of repelling invasion or for the
| suppression of insurrection. PROVIDED,
| that for the purpose of retiring: IL
| quidating or refunding the present state
lion. One Hundred and Eight Thousand.
Three Hundred Dollars, maturing jan
| uarY LIST. 1914. and bearing four per
| centum per annum interest, the Board
of Liquidation of the State Debt OF
Louisiana is given authority to issue
| Eleven Thousand, One Hundred and
Eight new coupon bonds of the state
Of Louisiana of One Thousand Dollar'
| each, to be numbered No. L to No
1l.10S' bearing a rate of interest not
| exceeding four per centum per an
mum. payable semi-annually. and to be
due and paid in fifty years from Jan
uary LIST. 1914. The form of said bonds
shall be prescribed by the Board oil
Liquidation of the State Debt and they
shall be signed by the Governor, the
Auditor and the Treasurer of the State
Said bonds shall be sold to the highest
bidder at not less than par after three
months of advertisement by the Boarc
of Liquidation of the State Debt In
New Orleans. Chicago and New York
and in case said bonds cannot be solo
they may be exchanged at par by the
Board of Liquidation of the state Deb
for the bonds due January 1st, 1914
The excess of Three Hundred Dollar:
of the bonds due January list, 1914
over the bonds authorized by this ar
ticle. shall be paid in cash out OF tn
current interest funds of the state
The cost of engraving and advertising
said bonds shall also be paid out o
the said fund.
in all other respects not herein spe
Gifted. the Board of Liquidation of thu
State Debt is hereby given full powe
and authority to carry out the provi
| sions of this amendment.
Beginning with January LIST, 1914
there shall be and there is hereby lev
led on all property on which genera
State taxes are levied an annual ta'
proceeds of which shall be devoted L
the payment of the interest due OF
said bonds, to the payment OF the in
terest due on the Indebtedness OF tn
State to the Free School Fund. to Sem
mary Fund and the Agricultural an
Mechanical College Fund, to the pay
OF the proper &c fSa OF Deb Tn
and the residue to the constitution o
-. a sinking fund to be applied annual
except as hereinafter provided to tn
purchase of said bonds by said Boar
J at a price not to exceed One Hundre
: and Three and accrued interest.
? bonds cannot be purchased as afore
said. the sinking fund shall be invest
ed by the Board of Liquidation OF tn
I State Debt in sound, interest bearin
: securities. producing not less than fou
per centum per annum interest on tn
amount so invested. or deposited /
solvent banks furnishing adequate Sc
: curity to the State, to be approved b
! the said Board. at rate of intereS
e not less than four per centum per an
mum. Said tax shall be levied unit
all of said bonds shall have been re
: tired. but after the assessments of til
State reach the sum OF Six Hundre
end Fifty Million Dollars said tax sha
: be reduced to one mill and shall there
!, after be reduced two-tenths OF one mi
G for each One Hundred Million Dollar
increase in assessments until the sal
tax shall he reduced to siX-tenths
y one mill. The said tax shall constitut
: a part of the six mills of taxation pei
y mitted to be levied by the Constitution
I'm case the present system Of taXf
e ton shall be changed before the sal
u bonds shall have been paid. there sha
! be levied annually a tax sufficient
|, produce a gross sum of not less tina
: Six Hundred and Fifty Thousand Do
Z lars to take the place Of said tax
u one and two-tenths mills and its T,
e auctions
y ''The Board Of Liquidation OF II
u state Debt shall have power to sett
, under the conditions and Limitation
], hereinafter provided the followir
e claims of Indebtedness made by var
e Gus nersons against the State, to-wit:
= ~ The outstanding bonds known
u Raby Bonds excluding all Babv Bon,
). fraudulently issued by any official
y the State.
Al f2) Auditors warrants issued r
n school. certificates Of indebtedness III
der Act 1875 of 1880.
tA Certificates issued under Act
,e | ~ 1880 for costs and fees due IN n