The Caldwell watchman. (Columbia, La.) 1885-1946, 1912-11-01
az . price not to exceed One FIundred
ana Three and accrued interest. II

Ina Ihree ana accrued interest. II
uoias cannon De purchased as afora-
said. the Sinking fund shall be invest.
ed by the Board Of LiGuidation W tno
State Debt in sound. interest bearlng
securities producing not less than forr
per centum per annum interest on the
amount so invested, or deposited An
solvent banks furnishing adequate re-
curity 10 the State. to be approved y,
the said BOARD at a rate of iryterest
not less thar four per centum p.r an.
mum. Said tax shall be levied unrj]
all OF said bonds shall have been Re-
Tired. but after the assessments of the
state reach the sum OF Six H,,ndr}d
and FIFTY Million Dollars, said tax si,lI
be reduced to one mill and shall th.Te.
after be reduced two-tanths Of one mil
Tor each One Hundred Million Dollars
increase in assessments until tho said
TAX snail be reduced to siX-tenth. Of
one mill. The said tax shall ronstit,itn
a part Of the six mills OF taxation p&r
United TO be levied by the Constitution.
ton shall be changed before the slid
bonds shall have been paid there shall
De levied annually a tax sufficient "a
produce gross sum OF not less tran
Six Hundred and Fifty Thousand Dol.
lars to take the place of said tax of
one and tWo-tenths mills and it's re-
ductions
The Board of Liquidation of the
State Debt shall have power to settle
under the conditions and limitntiCrs
hereinafter provided. the following
claims Of Indebtedness made by var.
GUS persons against the State. to-wit.
Cd The outstanding bonds known az
BABY Bonds excluding all Baby Bonds
1raudulently issued by any Official of
the State"
co Auditors warrants issued for
school, certificates OF Indebtedness I'M
der Act 1875 of 1850.
90 Certificates issued under Act 90
or 1880 for costs and fees due to 1he
officers of the State.
az Warrants drawn prior to 1880
and fundable but not funded into BAby
Bonds.
CD Warrants drawn after January
or 1880 against 1878 and previous ye&.rs
Provided, however, that the owners
or the duly authorized trustees of the
owners of said claims may prior to
January lst. 1915 but not therca fer.
proceed against the Board of Liduida-
ton of the State Debt by rule, solely
and exclusively in the district court Of
the Parish of East Baton Rouge, to
nave the said claims examined ana
their validity and the indebtedness due
thereon determined which court is
hereby given jurisdiction for that pur-
pose
This jurisdiction shall extend not
cHiJ " tile ueteTmlHaLlOn or the mere
legal liability of the State on any of
said claims. but also to the determine
ton Of any equitable liability o. the
State thereon and the extent Of such
equitable liability Appeal snail lie in
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 $aid
courts shall not have the effect Of judy
ments against the State or the !Scard
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 funF.
Nothing in this amendment shall be
construed as a recognition by the State
of any liability, whether legal or euui-
table, to the owners or the holders Of
any Of the said above designated bonds
warrants or claims. and the burdens 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 Of the State. the
face values of which aggregate Thirty
Seven Thousand Dollars. and which
are held by the United States as trus-
This article, as amended. shall be
deemed to be self-actlng and directly
to confer the power and authority
herein granted without an enabling act
of the General Assembly"
Section 2. Be it further resolved
10y the General ASSEMBLY of the State
- Louisiana. two-thirds of all the
members elected to each house SON
curing, That the official ballot to be
used at said election shall have printed
thereon the words:
For the proposed amendment to Ar
ticle as of the Constitution of the State
Of Louisiana. relative to the refuuding
and settlement of the Indebtedness Of
the State"
And the words:
Against the proposed amendment to
Article as Of the Constitution OF the
State of Louisiana. relative to the re-
funding and settlement of the irdebt-
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
AAe' L. E. THOMAS.
Speaker of the House of Representatives
THOMAS c. BARRETT
Lieutenant Governor and President Of
the Senate.
Approved: July 18th, 1912.
Governor of the State of Louisiana.
A true copy:
ALVIN L. HEBERT,
Secretary of State.