The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-09-14

the state. SAID ponds shall be sold
to the highest bidder at not less than
| par after three months of advertise
ment by the Board of Liquidation of
| the State Debt in New Orleans Chi
cago and Ne,' York; and IN case
said bonds cannot be sold thew NAV
DC exchanged at par by the Board OF
Liquidation of the State Debt for the
bonds due January 1st. 1911. The ex-
cess Of Three Hundred Dollars OF the
bonds due January LIST, 1914, ovor the
bonds authorized by this article, 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.
! ''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 '}f his amendment.
Beginning with January ISL, 1914,
there shall be and there is hereby
levied on all property on which gen
eral state taxes are levied an annual
tax u one and twotenths mills, the
net proceeds of which shall be deyot-
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-
ton 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
4 price not to exceed Ore riurdred
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 annuIa in
terest on the amount SO invested, or
deposited in solvent banks furnishing
adequate security 10 the State, to be
approved by the said Board at q
rate of interest not less than four per.
centum per annum. Said tax shall
be levied until all OF said bond shan
have been retired, but uEer the as
easements OF tn SAT Tca tn sun
" Six Hundred and Fifty MILLION no'- .
lars. said tax shall be reauc 4 %
enc mill md sul1 Thereafter b re- I
oHC"d tWo.teuth OF ono Ull for
each One Hundred MlIoa 2 1ar a-.
crease in asses monta C1tjl iii sa 4 ,
tax shall re reduced 10 s.X-tstlts &
one mill. The said tax sI colst /
tute a part OF the SIX Ml.a Of taxa .
ton permitted To be We'd hy tn
Constitution
In case the present system Of tax ,
alton shall be changed before 1ha
said bonds shall have teen paid, |
there shall he levied annually a tax |
sufficient to produce a gross sum Of |
not less than Six Hundred and Fifty |
Thousand Dollars to take the place Of
and its reductions
"The Board Of Liquidation of the |
State Debt shall have power to set |
tie under the conditions and limita-
tons hereinafter provided, the fol |
lowing claims of Indebtedness made |
by various persons against the State, |
to-wit: -. .-..,- =. .c-.,-,
ID The outstanding bonds known
as Baby Bonds excluding all Baby |
B onds fraudulently issued by any Of |
fetal of the State
(2) Auditors Warrants issued for
school, certificates OF Indebtedness
under Act 126 of 1880.
60 Certificates issued under Act |
SO of 1880 for costs and fees due
to the officers Of The State.
(4 Warrants drawn prior to 1880 |
and fundable but not funded into
Baby Bonds.
60 Warrants drawn after January !
of 1880 against 1878 and previous
years.
provided, however, that the own
ers Or the duly authorized trustees
of the owners of said claims may
prior to January LIST, 1915, but not
thereafter, proceed against the Board
o. Liquidation of the State Debt by
rule, solely and exclusively in the dis
trict' court of the Parish of East
Baton Rouge, to have the said claims
examined and their validity and the
due thereon determined,
which court is hereby given jurisdic
ton for that purpose.
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 determi-
nation of any equitable liability Of
the State thereon and the extent of
such equitable liability. Appeal shall
lie in all cases, irrespective Of the
involved, on the original
record, to the Supreme Court of the
State of Louisiana. The definite de-
crees of said courts shall not have
the effec: of judgments against the
State or the Board Of Liquidation Of
the State Debt. The Board of Ii
quotation Of the State Debt shall
have the exclusive power to settle ,
the claims, thus approved by the
courts of the State, out of the sink
ing fund above provided for as funds