The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-26

st price not 10 exoeed One Hundred
ana Three and accrued interest. II
ponds cannot he purchased as afcre-
said. the sinking fund shall be invest
eu by the Board OF Liquidation of the
State Debt IN sound. interest bearing
securities, producing not less than four
per centum per annum interest on the
amount so invested. or deposited in
solvent banks furnishing adequate Sc
eurity 20 the State. to be approved by
the said Board. at a rate OF interest
not less than four per centun per an
num- Said tax shall be levied until
ali or said bonds shall have been re-
tired. but after the assessments of the
state reach the sum of Six Hundred
and Fifty Million Dollars. said tax shall
be reduced to one mill and shall there
after be reduced two-tenths of one mill
Tor each One Hundred Million Dollars
increase fn<assessments until the said
tax shall be reduced to six-tenths of
one mill. The said tax shall constitute
part of the six mills of taxation per-
mitted to be levied by the Constitution
In case the present system of taxa
ton shall be changed before the said
ponds shall have been paid. there shall
be levied annually tax sufficient 10
produce gross sum Of not less than
Six Hundred and Fifty Thousand Dol
lars to take the place of said tax of
one and two-tenths mills and it's re-
auctions.
The Board of Liquidation OF the
state Debt shall have power to settle
hereinafter provided. the following
claims of Indebtedness made by vari-
Gus persons against the State. to-wit:
Cd The outstanding bonds known as
fraudulently issued by any official of
the State"
(2) Auditors warrants issued for
school. certificates of Indebtedness I'M
der Act 126 of 1850.
CD Certificates issued under Act SO
or 1880 for costs and fees due to the
officers OF the State
90 Warrants drawn prior to 1880
and fundable but not funded into Baby
Bonds.
80 Warrants drawn after January
OF 1880 against 1873 and previous years.
Provided however that the owners
or the duly authorized trustees Of the
owners of said claims may prior to
January LIST 1915. but not thereafter.
proceed against the Board of Liduida-
ton of the State Debt by rule. soieiy
and exclusively in the district court of
the Parish of East Baton Rouge, 10
have the said claims examined and
thereon determined. which court is
hereby given Jurisdiction for that pu--
pose
This jurisdiction shall extend not
only to the determination of the mere
legal liability of the State on any of
said claims. but also to the deterrr ina
ton OF any equitable liability of the
State thereon and the extent of such
all cases, irrespective of the amounts
involved. on the original record, to the
Supreme Court of the State Of Louisi-
ana The definitive DEGREES of said
courts shall not have the effect of Judy
ments against the State or the Board
of Liquidation of the State Debt The
Board of Liquidation of the State Debt
shall have the exclusive power to set
tie the claims, thus approved by the
courts OF the State, out of the sinking
fund above provided for as funds are
available. but they shall not be paid
otherwise or out of any other fund.
Nothing in this amendment shall be
construed as a recognition by the State
of any liability. whether legal or leGui-
table. to the owners or the holders OF
any OF the said above designated bonds.
warrants or claims. and the burden of
proof shall rest throughout on each Of
such claimants to show such liability.
Out OF the first surplus accruing in
the sinking fund there shall be paid in
full the amount of principal and inter-
est due on the bonds on the State the
face values of which aggregate Thirty
Seven Thousand Dollars. and which
are held by the United States as trus-
tee for certain Indian funds.
This article. as amended, shall be
deemed to be self-acting and directly
herein granted without an enabling act
of the General Assembly"
Section 2. Be II further resolved.
by the General Assembly of the State
members elected to each house con-
curing. That the official ballot TO be
used at said election shall have printed
thereon the words:
For the proposed amendment 80 Ar
ticle as of the Constitution of the State
of Louisiana. relative to the refunding
and settlement of the indebtedness of
the State"
And the words:
Against the proposed amendment to
Article 4s of the Constitution OF the
State of Louisiana. relative to the re-
funding and settlement of the indebt-
edness of the State"
And each elector shall indicate on
said ballot, as provided In the General
Election Law of the State. whether he
votes for or against the proposed amend
ment.
L. f THOMAS.
Speaker of the House of Representa- ives
THOMAS C. BARRETT
Lieutenant Governor and President of
the Senate.
Approved: July 18th, 1912
Z E HALL.
Governor Of the State of Louisiana
A true copy:
ALVIN +. HEBERT.
Secretary of State.