The herald. [volume] (New Orleans, La.) 1905-1953, 1912-10-03
ACT NO. 2O3.

| A JOINT RESOLOl
Proposing an amendment to the Con-
| stitution of the State of Louisiana,
amending Article 46 of the Consti-
tuition OF 1898, as amended by Act
No. 303 of the Acts of 1910, ratl-
fed by the people at the November
| election of 1910. so as to authorize
| the Board of Liquidation OF the
State Debt to issue new bonds TO
retire or refund the State Bonded
| Indebtedness due January LIST, 1914
| to provide for a tax for the pay
| ment of the interest on said bonds
| and a sinking fund to retire the
| same; to provide for the payment
| out of the said sinking fund 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
General Assembly of the State of Lou
isiana, two-thirds of all the members
an amendment to Article 46 of the
| Constitution of the State of Louisiana
of 1898. as amended by Act No. 303
of the Acts of the General Assembly
! of the State of Louisiana at its ses-
| sion held in the year 1910, ratified by
the people at the November election OF
| 1910. be submitted to the qualified
electors of the State for their approval
or rejection at the congressional cleo
ton to be held on the first Tuesday
next following the first Monday in No
vember of 1912, said proposed amend
ment to read as follows:
Article 46. The General Assembly
shall have no power to contract or to
authorize the contracting of any debt
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 the
suppression of insurrection. Provided,
that for the purpose of retiring, Ii
quidating or refunding the present State
Bonded Indebtedness of Eleven Mil
lion, One hundred and Eight Thousand,
Three Hundred Dollars, maturing jan
uarY 1st, 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.
exceeding four per centum per an
mum. payable semi-annually, and to be
due and paid in fifty years from jan
shall be prescribed by the Board OF
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
they may be exchanged at par by the
Board of Liquidation of the State Debt
for the bonds due January LIST. 1914.
of the bonds due January LIST. 1914,
over the bonds authorized by this ar
ticle. 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.
I'm all other respects not herein spe-
cihed. the Board of Liquidation of the
state Debt is hereby given full power
and authority to carry out the provi-
sions OF this amendment
n INN i've xurtA t.
there shall be and there is hereby lev
led on all property on which general
State taxes are levied an annual tax
OF one and two,tenths mills, the net
proceeds Of which shall be devoted to
the payment Of the interest due on
SAID bonds. to the payment Of the in
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
ment OF the proper expenses of the
Board OF Liquidation of the State Debt,
and the residue to the constitution of
sinking fund to be applied annually
except as hereinafter provided to the
purchase of said bonds by said Board
and Three and accrued interest. If
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 rate of interest |
not less than four per centum per an |
mum. Said tax shall be levied until |
Al or said bonds shall have been re- |
tired. but after the assessments of the |
state reach the sum of Six Hundred |
ana an Fifty Million Dollars. said tax shall |
after be reduced two-tenths OF one mill |
Tor each One Hundred Million Dollars |
increase in assessments until the said |
TAX snail be reduced to six-tenths Of |
one mill. The said tax shall constitute |
part OF the six mills of taxation per-
fhiLLed 10 De levied by the Constitution
IN case the present system of taxa
ZION shall be changed before the said
ponds shall have been paid. there shall |
De levied annually a tax sufficient 70
produce a gross sum of not less than
six Hundred and Fifty Thousand Dol
lars TO take the place of said fay ~
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
hereinafter provided. the following
claims or indebtedness made by vari7
Gus persons against the State, to-wit:
I'D The outstanding bonds known as
bapy Bonds excluding all Baby Bonds
Iitraudulently issued by any official of
t2l Auditors warrants issued for
school. certificates of indebtedness mn.
der Act 1875 of 1880. u"'
Certificates issued under Act %
re