The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-11-02

House Bill No 433 BY Mr.. Fontenot-
A JOINT RESOLUTION

House Bill No. 4s3 BY Mr.. Tontenot-
A JOINT RESOLUTION
Proposing an amendment to the Con-
stitution of the State of Louisiana.
amending Article 46 Of the Constttu-
tion of 1898, as amended by Act no.
SOS Of the Acts OF 1910. ratified by
the people at the November election
OF 1910, so as to authorize the Board
of Liquidation of the State 1T TO
issue new bonds to retire or refund
the State Bonded Indebtedness duo
january LIST. 1914; to provide tor
tax for the payment of the interest
on said bonds and sinking fund 20
retire the same; to provide ..1, Tor the
Of an Indebtedness due by the State to
the United States and of certain ctfrer
claims against the State.
Section /. Be II 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
nent to Article 46 OF the Constitution
amended by Act No. 800 Of the Acts OF
the General Assembly of the State or
Louisiana at its session held In the year
1910. ratified by Me people at the NO,
to the qualified electors of the State for
their approval or rejection at the con-
gressfonal election to be held on tho
Monday in November of 1912. said pro-
posed amendment to read as follows;
article as. The General Assembly
shall have no power to contract or 70
or liability. on behalf of the State. or
to issue bonds or other evidences OF
indebtedness thereof. except Tor tne
purpose of repelling invasion or for the
suppression of insurrection. Provided.
that for the purpose of retiring liq-
uidating or refunding the present stats
Bonded Indebtedness of Eleven MIL
lion, One Hundred and Eight Thousana-
nj. nnll ma
uary LIST. 1914. and bearing four per
centum per annum intesest. 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. ! to NO:
11,1os.' bearing q rate Of interest not
| exceeding four per centum per an
| mum, payable semi-annually and to be
! due and paid in fifty years from jan
uary LIST, 1914. The form OF said 6onds
| Liquidation OF the State Debt and they
| shall be signed by the Governor: the
| Auditor and the Treasurer of the State.
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 Yorx;
| and in case said bonds cannot be soid
they may be exchanged at par by the
Board of Liquidation of the State DeDc
for the bonds due January 1sf. lsl4
! The excess of Three Hundred Dollars
Of the bonds due January LIST. 1914
over the bonds authorized by this as-
| ticIe. shall be paid in cash out OF the
current interest funds of the Stale.
The cost Of engraving and advertising
said bonds shall also be paid out OF
the said fund.
s'In- ali other respects not herein spec
fled. the, Board of Liquidation of the
State Debt is hereby given full power
and authority to carry out the provi-
sfons of this amendment
| beginning with January 1sf. 1914
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-tentbs mills. the net
| proceeds OF which shall be devoted ia
the payment OF the interest dre or
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
nent of the proper expenses OF tn
coarG OF Liquidation of thu State Debt
md the residue to the constitution o
sinking fund to be applied annually
} Except as hereinafter provided. 10 tn
purchase Of said bonds By said aor'