The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1912-09-21
aca. so ans. {
House Bill No 433. BY Mr.. Fontsnot
Al JOINT RESOLUTION ss

House Bill No. 433 BY Mr. Fontsnot
"a JOINT RESOLUTION
Proposing an amendment to the Con-
stitutton OF the State OF Louisiana.
amending Article As Of the Constita-s
ton of 1898, as amended by Act. No.
303 of the Acts of 1910 ratified by
the people at the November election
of 1910 so as to authorize the Board
of Liquidation of the State ut to
Issue new bonds to retire or refund
the State Bonded Indebtedness due
January 1st, 1914; to provide for 9
tax for the payment OF the interest
on said bonds and a sinking fund to
retire the same: to provide for the
payment out Of the said sinking funus
of an Indebtedness due by the State 20
the United States, and of certain other
claims against the State.
Section [. Be 1t resolved by the Gem
eral Assembly of the State of Louisiana.
two-thirds of all the members elected TO
ment to Article 46 Of the Constitution
Of the State Of Louisiana Of 1898, AZ
amended by Act No. 303 Of the ACTS o.
the General Assembly Of the State OF
1910, ratified by the people at the No
yernber election Of 1910, be submitted
to the qualified electors Of the State for
their approval or rejection at the con
gressional election 70 be held on f, the
Monday in November OF 1912, said pro-
posed amendment to read as follows:
ARTICLE As. The General Assembly
shall have no power to contract or 20
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.
uidating or refunding the present State
Bonded Indebtedness Of Eleven Mil
lion, One Hundred and Eight Thousand.
Three Hundred Dollars. maturing Jan
centum per annum interest. the Board
Of Liquidation Of the State Debt OF
Louisiana Is given authority to issue
Eleven Thousand. One Hundred and
Of Louisiana Of One Thousand Dollars
each, to be numbered No. / to No.
11,10s' bearing rate OF interest moi
exceeding four per centum per an.
d due and piy paid IN fifty years from Jan
uary 1st, 1914. The form Of said bonds
shall be prescribed by the Board OF
! Liquidation Of the State Debt and they
shall be signed by the Governor: tnt
| Said bonds shall be sold to the highes'
| bidder at not less than par after three
| months OF advertisement by the Boars
J OF Liquidation Of the State Debt II
i New Orleans Chicago and New York
| and in csse said bonds cannot be solt
! they may be exchanged at par by tn,
4 Board of Liquidation Of the State Dep
4 for the bonds due January list. 1914
The excess of Three Hundred Dollar
Of the bonds due January 1st, 1914
| over the bonds authorized by this ar
| ttcle. shall be paid in cash out OF TIL
current interest funds of the State
The cost of engraving and adYertisin
| said bonds shall also be paid out o
| the said fund.
1 I'm all other respects not herein spec
/ fled the Board of Liquidation Of tn
State Debt is hereby given full powe
and authority to carry out the provi
sions Of this amendment.
.'Beginning with January list, 1915
there shall be and there is hereby lev
/ led on all property on which genera
state taxes are levied an annual ia;
Of one and two-tenths mills. the ne
proceeds of which shall be devoted I
the payment Of the interest due O.
/ said bonds, to the payment Of the in
terest due on the Indebtedness Of tn
i State to the Free School Fund, to Sem
/ mary Fund and the Agricultural an
/ Mechanical College Fund, to the pay
| rnent Of the proper expenses of tn
4 Board Of Liquidation Of the State Deb
4 and the residue to the constitution G
1 a sinking fund to be applied annual
except as hereinafter provided to tn
4 purchase Of said honda by aaid Boar