The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-09-12


:, NV tha Anditor and the Treasurer OF
he State. Said bonds shall De 5. sou Sau -
o the highest bidder at not less tian -
,ar after three months OF aasel.is 70 -
ment hv the Board of Liquidation OF u! u
Ibe state Debt in New Orleans, en-. III
aoo and New York; and in case .
sa;d bonds cannot be sold they may % 90
h@ exchanged at par by the Board OF u .,
7 ,,ouidation of the State Debt Tor the 81 81
honds dne January lst, 1914. Inc eA' y
coss Of Three Hundred Dollars OF me 9
bonds due January list, 1914, over he .
bonds authorized by TINS ar'icle, snart
be- paid in cash out OF the -, corren.
interest funds Of the state. Inc cos, =
q; engraving and advertising sa ,a ,
bonds shall also be paid out OF 'he Il
said fund. ,;, E
..In all other respects not tie III
snocified the Board Of Liquidation OF OF
a the ctate Debt is hereby given tull
n NV and authority to carry out 'he
provisions u his amenamen ,st 1914
Beginning with January =; ~ borahv
there shall be and there Is nel ,snr.
lavied on all property on "nlch s svn
or,1 state taxes are levied an annual
Tow If one and two.tenths mills, tne
no. r'e.t nroceeds of which shall be deVo..
I'D r. the payment of the interest,"
duo IN said bonds, to the payment
u w ~, w interest due on the indebted,
vass If the State to the Free School
1 Tund to Seminary Fund and the AS.
,.i a and Mechanical college
r,nd to the payment of the proper
expenses of the Board OF i,lqu nas
tion of the State Debt, ana inc ,,1 iTe
; idue to the constitution OF sln nannt
fund to be applied annually eA. anr
-. hereinafter provided, to the pur.
, 81, ch,so If said bonds by said Board a!
/ - nice not to exceed One Hundrea
and Three and accrued interest: II
hnnds cannot be purchased as afote'
uo;d tho sinking fund shall be in
: vested by the Board of Llqalda'lon
S ~ tho state Debt in sound interest
= hearing securities, producing not less
n than four per centum per annull' ~ ~
!, terest on the amount so lhsesseu, ~ -
deposited in solvent banks furhlsnihs 8
e adequate security to the state, 10 Ne
4 annroyed by the said Board, at d
rata of interest not less than four pei Ell
:, cantnm per anhum. Said tax shali
~ he levied until all of said bonds shall
Is have been retired, but after the as
OF easements of the State reach the sum
C. ~ Six Hundred and Fifty Million Dol
c lars said tax shall be reduced u
IS one mill and shall thereafter be re-
~ duced two-tenths of one mill fol
~ each One Hundred Million Dollars y, ~
10 crease in assessments untll tle san
De tax shall re reduced to slx-tehths q
ed one mill. The said tax shall constl
III. tute a part of the six mills OF TAXA
y ton permitted to be levied by "
Gu Constitution.
-, ~. In case the present system Oh ' "a
-, alton shall be changed before In
as said bonds shall have been palt
w there shall be levied annually Ia
., . sufficient to produce a gross sum n: =,
o. not less than Six Hundred ana FIN
Thousand Dollars to take the pace :,
en- said tax of one and twotenths mil
and it's reductions. :,
> "The Board of Liquidation OF u
e"' State Debt shall have power to Sc
IA. under the conditions and hmi.
tions hereinafter provided, the Il
lowing claims of indebtedness ma
'A''' by various persons against the S'a
to-wit:
~ The outstanding bonds kno'
as Baby Bonds excluding all Ba
Ronds fraudulently issued by any
fetal of the State"
(2( Auditors Warrants issued
school certificates of indebtedn
eno' under Act 12b Of 1880.
(3) Certificates issued under .
g Of 1880 for costs and fees
Con. to the officers of the State.
,uisi- az Warrants drawn prior to !
the and fundable but not funded
ndoi Baby Bonds.
49, az Warrants drawn after Janl
y. Ut 1880 against 1878 and prev
Re ~ years.
10, so Provided. however, that the q
Il Ii. era or the duly authorized trus
:. - 81 the owners Of said claims
:. 70 prior to January. let. 1915. out
thereafter. proceed against tne p,
eotea' os Liquidation Of the state DeD'
Il, to rule, solely and exclusively IN the
vment trict court of the Parish OF
ho,d. Baton Rouge, to have the said c!'
oonu' examined and their validity and
e the Indebtedness due thereon determl
yment which court is hereby given jlrl
md If ton for that purpose.
s+ato This jurisdiction shall extend
only to the determination OF the
u csf' legal liability Of the State on al
the said claims, but also to the det'
nation of any equitable liabflit
-. tho the State thereon and the exte1
~ | such equitable liability. Appeal
ate Oh lie in all cases. irrespective o.
mem amounts involved, on the or
concur record, to the Supreme Court Q
, Art;. State of Louisiana. The defini'
~ -. crees of said courts shall not
u tne the effect Of judgments agains
amend State or the Board Of Liquidati
of the the State Debt. The Board
.o+o NJ auidation of the State Debt
Nv 49, have the exclusive power to
IN Inc the claims, thus approved by
ople at courts of the State, out OF the
30, be ing fund above provided for as
electors are available, but they shall