The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1912-09-07

4 ,1 :. ur,ce not to exceed One HUNDRED
7shres and accrued interest II
- cannot be purchased as afore-
D vi me sinking fund shall be invest
ea'9 =, The Board of Liquidation Of the
Cd ~ neht in sound, interest bearing
le!lsaa,rifieg. producing not less than four
aantum per annum interest on the
p ss SO invested, or deposited in
sa1vsnt banks furnishing adequate Sc
suritv to the State, to be approved by
esa said Board, at rate OF interest
w iasa than four per centum per an
Nv MN Said tax shall be levied untll
NJ " ~ catd bonds shall have been re-
arad Ls,t after the assessments OF the
steta reach the sum of Six Hundred
S T;ffy Million Dollars, said tax shall
an reduced to one mill and shall there
W Par he reduced two-tenths of one mill
a g. aach One Hundred Million Dollars
tnarease In assessments until the SAD
~ shall be reduced to s1x-tenths or
ne No mill. The said tax shall constitute
Wv art of the six mills of taxation per-
nn.;tttaS 10 be levied by the Constitution.
mt n case the present system of taxa
.,n ~ rhaIl be changed before the said
sonds shall have been paid, there shall
~ levied annually tax sufficient to
vvvodi,ca q gross sum Of not less than
g gio gmndred and FIFTY Thousand Dol
PC ~, 10 take the place of said tax of
s nns and two-tenths mills and its re-
/
ductions, - r;o,,;aotion ~ +ba
gate Debt shall have power to settle
nnder the conditions and limitations
hhsreinafter provided, the following
clair1s Of indebtedness made by vari-
ans nersons against the State, to-Wit:
NJ The outstanding bonds known as
/ pehy Bonds excluding all Baby Bonds
fraudulently issued by any official Of
| the State"
A121 Auditors warrants issued for
schhool certificates Of Indebtedness UNI
Ser Act 1875 Of 1880.
w ts1 Certificates issued under Act SO
J NJ 1880 for costs and fees due to the
| officers Of the State
I a. Warrants drawn prior to 1880
/ and fundable but not funded into Baby
t51 Warrants drawn after January
! of 1880 against 1873 and previous years.
Provided, however, that the owners
owners of said claims may prior to
January 1st, 1915, but not thereafter,
/ proceed against the Board of Liquida-t
tion OF the State Debt by rule, solely
ma exclusively in the district court of
NE Parish of East Baton Rouge, to-
fheir validity and the Indebtedness due
thereon determined, which court is
hereby given jurisdiction for that pur-
pose.
This jurlsdlcLlon Snh1l extend NOT
only to the determination of the mere
iaeal liability of the State on any of
8 sald claims, but also to the determine
ton Of any equitable liability Of the
State thereon and the extent Of such
equitable liability. Appeal shall lie in
Involved, on the original record, to the
gupreme 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 equi |
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 of the State. the
face values Of which aggregate Thirty
are held by the United States as trus-
Tee for certain Indian funds.
This article, as amended, shall be
aeemed to be self-acting and directly
70 confer the power and authority
! herein granted without an enabling act
{ Of the General Assembly, -
Section 2. Be 1t further resolved,
hy the General Assembly OF the State
Aof Louiaiana, two-thirds of all the
members elected to each house con-
seurrtng, That the official ballot to be
suEed at said election shall have printed
thereon the words:
Y For the proposed amendment to Ar
Ricle a6 OF the Constitution of the State
Of Louisiana. relative to the refunding
"a md = settlement OF the Indebtedness OF
And the words:
Against the proposed amendment to
article 40 Of the Constitution of the
state OF Louisiana, relative to the re-
edness Of the State"
ana each elector shall indicate on
salo ballot as provided in the General
Election Law Of the State. whether he
ment
:. L. E. THOMAS,
Speaker Of che House Of Representatives.
THOMAS C. BARRETT.
iea ", Governor and President of
she Senate
Approved; July 18th, 1912.
L. E. HALL,
"A true copy: $500
ALVIN q. HEBERT, II
Secretary Of State,
-4 H.