The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-09-19

ment by the Board of Liquidation OF
the State Debt in New Orleans, Chi,
cago and New York: and in case
said bonds cannot be sold they may
hc exchanged at par by the Board of
Liquidation Of the State Debt for the
bonds due January LIST, 1914. The ex
cess Of Three Hundred Dollars Of the
bonds due January LIST, 1914, over the
bonds authorized BY this article, shall
be paid in cash out OF the current
interest funds Of the State. The cost
o. engraving and advertising, said
bonds shall also be paid out OF the
said fund.
in all other respects not herein
specified, the Board OF Liquidation of
the State Debt is hereby given full
power and authority to carry out the
provisions o" his amendment.
beginning with January LIST, 1914,
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 Ag-
ricultural and Mechanical College
Fund, to the payment of the proper
expenses of the Board Of LiQuida-
tiOn Of the State Debt, and the res
idue 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
price not to exceed One Hundred
and Three and accrued interest. If
bonds cannot be purchased as afore-
said, the sinking fund shall be in
vested by the Board of Liquidation
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 in.
crease in assessments until the said
tax shall re reduced to siX-tenths of
one mill. The said tax shall consti-
tute q 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 the |
said bonds shall have been paid,
there shall be levied annually tax
sufficient to produce a gross sum of
not less than Six Hundred and Fifty
Thousand Dollars to take the place of
said tax Of one and twO-tenths mills
and its reductions.
"The Board of Liquidation of the
State Debt shall have power to set
lii under the conditions and limita-
lions hereinafter provided, the fol.
owing claims of Indebtedness made
BY various persons against the State,
o-Wit:
~ The outstanding bonds known
Is Baby Bonds excluding all Baby
Bonds fraudulently issued by any Of
'icial OF the State"
(2) Auditors Warrants issued for
school, certificates of Indebtedness
lnder Act 126 of 1880.
60 Certificates issued under Act
% of 1880 for costs and fees due
o the officers of the State.
a. Warrants drawn prior to 1880
md fundable but not funded into
Baby Bonds.
(5) Warrants drawn after January
i 1880 against 1878 and previous
ears.
Provided, however, that the own.
rs or the duly authorized trustees
4 the owners of said claims may
rior to January LIST, 1915, but not
hereafter. proceed against the Board
( Liquidation Of the State Debt BY
ule, solely and exclusively in the dis .
riot court Of the Parish of East
'aton Rouge, to have the said claims
xamined and their validity and the
ldebtedness due thereon determined.
mich court is hereby given iurisdic. 3
ION for that purpose. !.
This jurisdiction shall extend not
My to the determination Of the mere {
gal liability Of the State on any of
aid claims, but also to the determi.
alton of any equitable liability of 7
re State thereon and the extent of
UGH equitable liability. Appeal shall !
e in all cases. irrespective of the
involved, on the original r
scord, to the Supreme Court of the
late OF Louisiana. The definite de-
rees of said courts shall not have
he effect of judgments against the
tate or the Board Of Liquidation of
'e State Debt. The Board of Lii.
1ldation of the State Debt shall
ave the exclusive power to settle =
'e claims, thus approved by the )
'urts of the State, out of the sink
6 fund above provided for as funds
e available. but they shall not be P
I'D otherwise or out of any other
nd.
Nothing in this amendment shall
construed as a recognition by the
Alto nf onv 1ioh;l;%,, ~