The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-19


and Three and accrued interest II
bonds cannot Ire 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 centum per an
num- Said tax shall be levied until
all of said bonds shall have been re-
tired but after the assessments of the
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
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-
mttted to be levied by the. Constitution.
In case the present system of taxa
ton shall be changed before the said
bonds shall have been paid, there shall
be levied annually a tax sufficient to
produce gross sum OF not less than
Six Hundred and Fifty Thousand Dol
lars to take the place of said tax OF
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-
GUS persons against the State, to-wit:
Cd The outstanding bonds known as
Baby Bonds excluding all Baby Bonds
fraudulently issued by any official of
the State"
t2) Auditors warrants issued for
school. certificates of Indebtedness I'M
der Act 126 of 1880
t3) Certificates issued under Act 80
of 1880 for costs and fees due to the
officers of the State.
tD Warrants drawn prior to 1880
and fundable but not funded into Baby
Bonds.
go Warrants drawn after January
OF 1880 against 1873 and previous years
Provided. however that the owners
or the duly authorized trustees of the
owners of said claims may prior to
January LIST. 1918, but not thereafter.
proceed against the Board of Liquida-
ton of the State Debt by rule, soleiy
and exclusively in the district court of
the Parish of East Baton Rouge, to
have the said claims examined and
their validity and the Indebtedness due
hereby given jurisdiction for that pu--
pose
This jurisdiction shall extend not
only to the determination of the mere
legal liability of the State on any of
said claims. but also to the deterrr ina
ton of any equitable liability of the
State thereon and the extent of such
equitable liability. Appeal shall lie in
all cases. irrespective of the amounts
involved. on the original record. to the
Supreme Court of the State of Lo,Iisi-
ana The definitive DEGREES of said
courts shall not have the effect of fudg-
ments against the State or the Board
of Liquidation of the State Debt. The
Board of Liquidation of the State Debt
shall have the exclusive power to set
tie 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
otherwise or out of any other fund.
Nothing in this amendment shall be
construed as a recognition by the State
of any liability, whether legal or equi-
table, to the owners or the holders of
any Of the said above designated bonds.
warrants or claims. and the burden of
proof shall rest throughout on each OF
such claimants to show such liability.
Out of the first surplus accruing in
the sinking fund, there shall be paid in
full the amount of principal and inter-
est due on the bonds OF the State the
face values of which aggregate Thirty
Seven Thousand Dollars. and which
are held by the United States as trus-
tee fer certain Indian funds
This article. as amended, shall be
deemed to be self-acting and directly
herein granted without an enabling act
of the General Assembly,"
Section 2. Be II further resolved.
81 Louisiana. two-thirds of all the
members elected to each house con-
curing. That the official ballot to be
used at said election shall have printed
thereon the words:
"For the proposed amendment to Ar
ticle 46 of the Constitution of the State
of Louisiana. relative 10 the refundins
and settlement of the Indebtedness of
the State"
And the words:
Against the proposed amendment ia
Article 46 of the Constitution of the
State Of Louisiana. relative to the re-
funding and settlement of the indebt-
edness of the State"
And each elector shall indicate or
said ballot. as provided in the General
Election Law of the State. whether he
votes for or against the proposed amend
ment
L. f. THOMAS.
Speaker Of the House of Representatives
~~- THOMAS c. BARRET
Lieutenant Governor and President OF
the Senate.
Approved: July 18th. 1912.
L F. HALL.
Governor Of the State of Louisiana
A true copy:
ALVIN Z. HEBERT.
Secretary of State.