Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-09-06
ACT no. aoa.
House Bill No. asa. BY Mr. Fontmot
A JOINT RESOLUTION

A JOINT RtSOLUTlON
Proposing an amendment to the Con-
stitution Of the State Of Louisiana.
amending Article as Of the constitu-
ton of 1893. Hs amended by Act No.
500 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 70
issue new bonds TO retire or refund
the State Bonded Indebtedness due
January LIST. 1914; to provide for q
on said bonds and a sinking fund TO
retire the same; to provide for the
payment out OF the said sinking fun
Of an Indebtedness due by the State to
the United States. and of certain other
claims against the State.
Section l. Be IL resolved by the Gem
eral Assembly Of the State of Louisiana.
two-thirds of all the members elected to
ment to Article ts Of the Constitution
OF the State of Louisiana Of 1898, as
amended by Act No. SOS of the Acts OF
the General Assembly of the State Of
Louisiana at its session held In the year
1910, ratified by the people at the Mo-
vember election of 1910. be submitted
| to the qualified electors Of the State for
their approval or rejection at the con-
gressional election to be held on the
first Tuesday next following the first
Monday In November of 1912. said pro-
posed amendment to read as follows:
Article 4e. The General Assembly
snail nave no power TO contract OF 10
authorize the contracting of any debt
or liability. on behalf of the State. or
to issue bonds or ether evidences Of
indebtedness thereof, except for the
purpose of repelling invasion or for the
suppression Of Instruction. Provided.
that for the purpose of retiring. liq-
uidating or refundipg the present State
Bonded Indebtedness OF Eleven Mil
Three Hundred Dollars. maturing jan
uary LIST 1914. and bearing four per
centum per annum interest. the Board
Of Liquidation of the State Debt Of
Eleven Thoussnd. One Hundred and
Eight new coupon bonds of the State
Of Louisiana Of One Thousand Dollars
each, to be numbered No. L to No.
11.i0S. 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 lst. 1914 The form Of said bonds
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
months of advertisement by the Board
Of Liquidation Of the State Debt In
New Orleans. Chicago and New York;
sy s sas Be .s Oes ssnnos be be 'S s
Board of Liquidation OF the State Dept
for the bonds due January LIST. 1914.
The excess OF Three Hundred Dollars
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
the said fund.
TN all other respects not herein spec
fled. the Board Of Liquidation OF the
State Debt is hereby given full power
and authsrity TO carry out the provi-
sions Of this amendment
beginning with January LIST, 1914.
there shall be and there Is hereby lew
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 20
the payment OF the interest due on
said bonds, to the payment of the In
terest due on the Indebtedness Of the
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,
sinking fund to be applied annually
except as hereinafter provided. 70 the
purchase of said bonds by said Board
at price not to exceed One Hundred
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
per centum per annum interest on the
amount SO invested. or deposited Ia
solvent banks furnishing adequate Sc
curity to the State. TO be approved by
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 assessmepts- 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
for each One Hundred Million Dollars
increase in assessments until the said
tax shall be reduced to six-tenths OF
one mill. The said tax shall constitute
part Of the. six mills Of taxation per-
mitted 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 70
Six Hundred and Fifty Thousand Dol
lars to take the place of said tax Of
one and two-tenths mills and its 70.
auctions.
The Board OF Liquidation OF the
State Debt shall have power to settle
under the conditions and limitations
hereinafter provided. the following
claims OF Indebtedness made by vari-
% The outstanding bonds known az
Baby Bonds excluding all Baby Bonds
fraudulentiy issued by any official Of
(2) AUDITORS warrants issued for
school. certificates Of indebtedness un-
der Act 12s OF 1880.
(3) Certificates issued under Act %
Of 1880 for costs and feessdue to the
officers OF the State.
90 Warrants drawn prior to 1880
and fundable but not funded into Baby
1Jl Warrants drawn after January
Provided. however. that the owners
or the duly authorized trustees OF the
owners OF said claims may prior to
January LIST. 1915, 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
thereon determined. which court IL
hereby given jurisdiction for that pur~
This jurisdiction shall extend not
only to the determination of the mere
legal liability OF the State on any OF
ton OF any equitable liability Of the
State thereon and the extent of such
equitable liability. Appeal shall lie in
ali cases, irrespective Of the amounts
involved. on the original record, 70 the
Supreme Court Of the State Of Loulst.
ana The definitive DEGREES OF said
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 sat
tie the claims. thus approved BY the
courts Of the State. out OF the sinking
fund above provided for as funds are
evailaole, but they shall not be paid
OtnoFWtQQ r. ~ F.s~.