Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-10-25

House Bill No. t33. BY Mt. Fontenol
A JOINT RESOLUTION

A JOINT RESOLUTION
Proposing an amendment to the Con-
stitution OF the State Of Louisiana
amending Article as of the constitu-
s03 of the Acts Of 1910. ratified BY
the people at the November election
OF 1910. 90 as to authorize the Board
Of Liquidation OF the State A 1T 20
the State Bonded Indebtedness due
January LIST. 1914: to provide for .
tax for the payment Of the interest
on said bonds and sinking fund 20
retire the same; to provide for the
payment out Of the said sinking fun
OF an indebtedness due by the State to
the United States. and OF certain other
claims against the State.
Section l. Be It resolved by the Gem
eral Assembly of the State of Louisiana,
two-thirds of all the members elected to
each house concurring, That an amend
ment to Article as OF the Constitution
OF the State of Louisiana of 1888. as
amended by Act No. 303 OF the Acts OF
Louisiana at it's session held in the year
1910, ratified by the people at the Mo-
vember election of 1910. be submitted
to the qualified electors of the State for
their approval or rejection at the con-
first Tuesday next following the first
Monday in November of 1912. said pro-
posed amendment to read as follows:
Article 4s. The General Assembly
shall have no power to contract or TO
or liability on behalf of the State. OF
to issue bonds or other evidences OF
Indebtedness thereof, except for the
purpose OF repelling invasion or for tbs
suppression OF instruction. Provided.
that for the purpose OF retiring. liq-
uidating or refunding the present State
Bonded Indebtedness of Eleven Mil
lion. One Hundred and Eight Thousand.
Three Hundred Dollars. maturing jan
uary LIST. 1914. and bearing four per
OF Liquidation OF the State Debt OF
Louisiana IL given authority 70 issue
Eleven Thousand. One Hundred and
Eight new coupon bonds of the State
of Louisiana Of One Thousand Dollars
each, to be numbered No. l. to No.
IL. f08,' bearing q rate OF interest not
exceeding four per centum per an-
mum. payable semi-annually and TO be
uary LIST. 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, the
Said bonds shall be sold TO the highest
bidder at not less than par after three
months Of advertisement by the Board
OF Liquidation of the State Debt In
New Orleans. Chicago and New York;
and In case said bonds cannot be sole
they may be exchanged at par by the
Board Of Liquidation OF the State Deot
for the bonds due January LIST, 1914.
The excess OF Three Hundred Dollars
OF the bonds due January. LIST. 1914.
ticle. shall be paid in cash out OF the
current interest funds OF the Stats.
The cost OF engraving and advertising
said bonds shall also be paid out Of
the said fund.
TN all other respects not herein spec
fled. the Board Of Liquidation Of the
State Debt 10 hereby given full power
and authority to carry out the Prov.
sions of this amendment.
beginning with January LIST, 1914.
there shall be and there 10 hereby lev,
state taxes are levied an annual tax
of one and two-tsnths mills, the net
proceeds of which shall be devoted 70
the payment OF the interest due on
terest due on the indebtedness of the
State TO the Free School Fund, to Sem
mary Fund and the Agricultural and
Mechanical College Fund, to the pay
Board Of Liquidation Of the State Debt,
and the residue TO the constitution OF
a sinking fund to be applied annually
except as hereinafter provided. to the
purchase Of said bonds by said Board
and Three and accrued interest. II
bonds cannot be purchased as afore-
said, the sinking fund shall be invest
ed by the Board of Liquidation of the
securities, producing not less than four
per centum per annum interest on ths
amount so invested, or deposited ~
solvent banks furnishing adequate So
the said Board. at q rate OF interest
not less than four per centum per an.
mum. Said tar shall be levied until
ali Of said bonds shall have been re.
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
for each One Hundred Million Dollar.
increase In assessments until the said
tax shall be reduced to six-tenths OF
one mill The said tax shall constitute
a part OF the six mills of taxation per-
mitted to be levied by the Constitution
ton shall be changed before the said
bonds shall have been paid. there shall
be levied annually a tax sufficien. "a
produce gross sum of not less thar
lars to take the place Of said tax q
one and two-tenths mills and Its 70
auctions.
"rhe Board of Liquidation Of tn,
State Debt shall have power to settle
under the conditions and limitation,
claims of indebtedness made by vari,
Gus persons against the State. to-wit:
% The outstanding bonds known a
Baby Bonds excluding all Baby Bonds
fraudulently issued by any official OF
(2) AUDITORS warrants issued FOL
school, certificates of indebtedness un
der Act 126 Of 1880.
CD Certificates issued under Act .,
Of 1850 for costs and fees due to thu
(4) Warrants drawn prior to 1856
and fundabis but not funded into Bab,
nv Warrant. ar.~r .st.v J.n,.r,
of 1850 against ISIS ana previous Sss sa gssr.
Provided. however, that the owners
or the duly authorized trustees of I'll,
owners of said claims may prior Il
January LIST, 1915. but not thereafter
ton of the State Debt By rule. soisi,
and exclusively In the district court Of
the Parish OF East Baton Rouge. {,
have the said claims examined and
their validity and the indebtedness du'
thereon determined. which court II
hereby given Jurisdiction for that pur
pose.
This jurisdiction shall extend nc
legal iiasii iii Of the State on IA any ' 3
said claims but also 70 the dstsrmina
ton of any equitable liability Of tn
State thereon and the extent Of sucl
equitable liability. Appeal shall lie Il
involved. on the original record. to tn,
Supreme Court OF the State OF Lottisf
ana The definitivs DEGREES Of sal
courts shall not have the effect OF judy
ments against the State or the Boar
OF Liquidation Of the state Debt. Tn
Board OF Liquidation Of the State Deb
shall have the exclusive power TO set
tie the claims. thus approved by tn
courts of the State, out OF the sinlxinl
fund above provided for as funds ar
available. but they shall not be pal
otherwise or out of any other fund
Nothing in this amendment shall b