The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-09-05
Liquidation of tho State Debt and

he State. Said bonds shall be SOLD
o the highest bidder at not lessman
,ar after three months of advertlse.
nent by the Board of Liquidation OF
he state Debt in New Orleans, Chi
ago and New York; and in case
said bonds cannot be sold they may
&C. exchanged at par by the Board OF
[.lo,lidation Of the State Debt tor the
bonds due January LIST, 1914. The ex-
cess Of Three Hundred Dollars OF tne
bonds due January lst. 1914, over Vle
bonds authorized by this article, small
be paid in cash out OF the current
interest funds Of the state. Inc cost
o. engraving and advertising sald
bonds shall also be paid out OF the
said fund. |
.Tn all other respects not herein
specified, the Board Of Liquidation OF
the State Debt is hereby given run
power and authority to carry out the
provisions -. This amendment.
Beginning with January LIST, l9i4'
there shall be and there is hereby
levied on all property on which gen,
eral state taxes are levied an annual
tax Of one and two-tenths mills, the
net proceeds of which shall be devot.
ed to the payment of the interest
due on said bonds, to the payment
of the interest due on the indebted.
ness of the State to the Free School
Fund, to Seminary Fund and the Az
ricultural and Mechanical College
Fund, to the payment OF the proper
expenses of the Board Of Llquida-
tion of the State Debt, and the res
jdue to the constitution of a sinking
fund to be applied annually except
as hereinafter provided, to the pur'
chase of said bonds by said Board at
2 price not to exceed One Hundred
and Three and accrued interest. II
bonds cannot be purchased as afore'
said. the sinking fund shall be IN
vested by the Board of Llquldatlon
Of the State Debt in sound interest
bearing securities, producing not less
/ than four per centum per annum IN
terest on the amount so invested, or
deposited in solvent banks furnishing
adequate security to the State, to be
approved by the said Board, at a
rate of interest not less than four per
centum per annum. Said tax shall
be levied until all of said bonds shall
have been retired, but after the as
sessments of the State reach the sum
of Six Hundred and Fifty Million Dol
lars, said tax shall be reduced to
one mill and shall thereafter be re-
duced tWo-tenths Of one mill for
each One Hundred Million Dollars m
crease in assessments until the said
tax shall re reduced to six-tenths OF
one mill. The said tax shall constl'
tute a part of the six mills of taxa
ton permitted to be levied by the
Constitution.
In case the present system Of tax
alton shall be changed before Inc
said bonds shall have been paid
there shall be levied annually tai
sufficient to produce gross sum o
not less than Six Hundred and FIT!
Thousand Dollars to take the place
said tax of one and two-tenths mill
and its reductions.
+ "The Board of Liquidation of tn
State Debt shall have power to sci
tie under the conditions and limita
lions hereinafter provided, the TO
lowing claims of Indebtedness mad
by various persons against the State
to-wit::
(D The outstanding bonds know
as Baby Bonds excluding all Bah
Bonds fraudulently issued by any o
fetal of the State"
(2) Auditors Warrants issued Il
= school, certificates Of indebtedness
y under Act 126 Of 1880.
(3) Certificates issued under Al
90 Of 1880 for costs and fees du
l. to the officers Of the State.
l. az Warrants drawn prior to 18&
q and fundable but not funded I'M
d Baby Bonds.
), (5) Warrants drawn after Janua'
- Ut 1880 against 1878 and previo1
= years.
70 Provided, however, that the ow
i. ers or the duly authorized truste'
10 Of the owners Of said claims ms
.. prior to January LIST, 1915, but NJ
: thereafter. proceed against the Boa1
" O. Liquidation OF the State Debt |
to rule, solely and exclusively in the d
ut trict court Of the Parish Of Ea
Ia Baton Rouge, to have the said CLAIM
examined and their validity and Il
- Indebtedness due thereon determine
Mt which court Is hereby given jurisdi
Of ton for that purpose.
te This jurisdiction shall extend n
-. only to the determination Of the me
legal liability Of the State on any
ne said claims, but also to the detern
nation Of any equitable liability
he the State thereon and the extent
=. such equitable liability. Appeal sh
- lie in all cases. irrespective of t
M amounts involved, on the origin
IT. record, to the Supreme Court Of I
ii. State of Louisiana. The definite {
ho crees of said courts shall not ha
~ the effect of judgments against I
a. State or the Board of Liquidation
he the State Debt. The Board of
of quotation of the State Debt sh
ho have the exclusive power to set
-. the claims, thus approved by
d. courts of the State, out of the sill
be ing fund above provided for as fun
MS are available. but they shall not