Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-10-04

House Bill No lss BY Mr.. rontsnot
A JOINT RESOLUTION

ton Of 1898, as amended by Act No
303 of the Acts of 1910. ratified by
OF 1910, 50 as to authorize the Board
Of Liquidation of the State 1t to
issue new bonds to retire or refund
the State Bonded Indebtedness due
tax for the payment Of the interest
on said bonds and sinking fund 10
retire the same; to provide for the
payment out of the said sinking fun
OF an Indebtedness due by the State 10
the United States, and of certain other
claims against the State.
Section l. Be II resolved by the Gem
eral Assembly OF the State of Louisiana.
each house concurring, That an amend
ment to Article As OF the Constitution
of the State Of Louisiana of 1893. es
amended by Act No. 800 OF the Acts of
the General Assembly Of the State Of
Louisiana at its 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
gressional election to be held on the
first Tuesday next following the first
Monday in November of 1912. said pro-
posed amendment to read as follows:
Article IS. The General Assembly
e of Or eS
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
that for the purpose OF retiring. hq-
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
centum per annum interest. the Board
Of Liquidation of the State Debt Of
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.
1l.1os, bearing rate of interest not
mum, payable semi-annually and to be
due and paid in fifty years from JAM
uary LIST, 1914. The form of said bonds
Liquidation OF the State Debt and they
shall be signed by the Governor, the
Auditor and the Treasurer of the State
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 sold
Board Of Liquidation of the State Dept
for the bonds due January 1st 1914.
The excess OF Three Hundred Dollars
Of the bonds due January LIST 1914.
tiele. shall be paid in cash out OF the
current interest funds OF the State.
The cost of engraving and advertising
said bonds shall also be paid out OF
the said fund.
fled. the Board of Liquidation Of the
State Debt IL hereby given full power
and authority to carry out the provi.
sions Of this amendment
beginning with January LIST, 1914.
there shall be and there is hereby lew
led on all property on which general
state taxes are levied an annual tar
of one and two-tentfs mills. the net
proceeds of which shall be devoted 70
the payment of the interest due on
said bonds, to the payment of the I'm
terest due on the Indebtedness of the
State TO the Free School Fund. to Sem
mary Fund and the Agricultural ana
Mechanical College Fund. 10 the pay
ment Of the proper expenses Of the
Board of Liquidation Of the State Debt,
and the residue 10 the constitution OF
a sinking fund to be applied annually
purchase of said bonds by said Board
at q price not TO exceed One Hundred
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
State Debt in sound. interest bearing
securities, producing not less than four
per centum per annum interest on the
amount so invested, or deposited IN
solvent banks furnishing adequate Sc
curity to the State. to be approved by
the said Board. at a rate Of interest
not less than four per eentum per an;
all Of said bonds shall have been re-
tired, but after the assessments Of the
state reach the sum OF Six Hundred
ana fIfty Million Dollars. said tar shall
be reduced to one mill and shall there
after be reduced two-tenths Of one mill
for each One Hundred Million Dollars
increase In assessments until the said
one mill The said tax shall constituts
a part Of the six mills OF taxation per-
mitted to be levied by the Constitution
In case the present system OF taxa
bonds shall have been paid. there shall |
De levied annually tax sufficient to
produce gross sum of not less than
Six Hundred and Fifty Thousand Dol
one and two-tenths mills and its re-
auctions.
'The Board Of Liquidation of the !
State Debt shall have power TO settle |
under the conditions and limitations |
claims Of Indebtedness made by vari- |
ous persons against the State. to-wit:
% The outstanding bonds known as |
Baby Bonds excluding all Baby Bonds |
frauSulentiy issued by any official Of |
(2) AUDITORS warrants issued for
school. certificates of indebtedness un- |
der Act 126 OF 1880.
CD Certificates issued under Act %
o. . f,, 1850 Tor costs and fees due to the
xD Warrants drawn prior to 1850
and fundabie but not funded into Baby |
(5) Warrants drawn after January
Of 1880 against 1873 and previous years. |
Provided, however, that the owners /
DR. the duly authorized trustees Of the \
owners OF said claims may prior to /
January list 1915. but not thereafter,
proceed against the Board of Liqnida-
and exclusively In the district court OF /
the Parish of East Baton Rouge. to /
have the said claims examined and 1
their validity and the Indebtedness due
thereon determined. which court 10
hereby given jurisdiction for that pur-
This jurisdiction shall extend not
only to the determination of the mere |
egal liability OF the State on any Of /
';d claims. but also TO the dstsrmina-
state thereon and the extent of such
squitable liability. Appeal shall lie in |
All cases, irrespective Of the amounts
involved. on the original record. to the
supreme Court Of the State OF Louisf-
courts shall not have the effect Of judy /
ments against the State or the Board /
u Liquidation OF the State Debt The
Board OF Liquidation Of the State Debt /
81 have the exclusive power 20 set
ne 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
ofherwise or out OF any other fund
construed as recognition by the State
~ any liability. whether legal OF equi-
able, to the owners or the hoIdere OF
my OF the said above designated bonds,