The Caldwell watchman. (Columbia, La.) 1885-1946, 1912-10-11

price not to exceed One Hundred
ma i hree and accrued interest II
SonuS cannot be purchased as afora-
.a'u, 'he sinking fund shall be invest
M NY Ihe Board Of Liquidation of the
state Debt in sound. interest bearing
I.r "t a producing not less than four
per fentum per annum interest on thn
amount so invested. or deoosited in
soiteht banks furnishing adequate go.
tu''ty 10 the State, to be approved h,
s,le SAID Board, at rate of interest
NOT less than four per centum per an
nun. said tax shall be levied until
an or said bonds shall have been re-.
tired but after the assessments NJ tho
state reach the sum of SIX Hundred
ana Ftfty Million Dollars, said tax shall
ne reduced to one mill and shall there
aiter be reduced two-tenths of one mill
,of each One Hundred Million Dollars
Increase IN assessments until the said
~ stini' De reduced to six-tenths of
one mill. The said tax shall constitute
q part or the six mills of taxation per
mitted to be levied by the Constitution.
IN case the present system Of taxa
,'on shall be changed before the said
,'onds shall have been paid. there shall
ne ievled annually tax sufficient to
produce gross sum of not less than
SIX Hundred and Fifty Thousand Dol
iars 10 take the place of said tax of
one and two-tenths mills and its re-
auctions go
The Board Of Liquidation of the
state Debt shall have power to settle
hereinafter provided. the following
Claims OF Indebtedness made by vari,
GUS persons against the State. to-wit:
60 The outstanding bonds known as
BaoE Bonds excluding all Baby Bonds
IrannnIentiy issued by any official of
the State"
90 auditors warrants issued for
school. certificates of Indebtedness I'M
der Act 1875 of 1880.
CD Certificates issued under Act o.
OF 1880 for costs and fees due to the
officers Of the State.
ca Warrants drawn prior to 1880
ana tuhGable but not funded into Baby
Bonds.
90 Warrants drawn after January
OF 1880 against 1878 and previous wears
Provided. however. that the owners
or the daily authorized trustees of the
owners of said claims may prior to
January LIST: 1915, but not thereafter
proceed against the Board of Liauida-
ton of the State Debt by rule. solcly
and exclusively in the district court OF
the Parish of East Baton Rouge. to
nave the said claims examined aud
their validity and the Indebtedness due
thereon determined. which court is
hereby given jurisdiction Cor that pur-
This jurisdiction shall extend not
only TO the determination of the mere
legal liability of the State on any OF
said claims. but also t. the determira
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 r,.cord. to the
Supreme Court Of the State Of LOuis
ana. The de1initive DEGREES OF said
courts shall not have the effect of judy
mcnts against the State or the Board
of Liquidati ton 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 thu sinking
fund above provided for as funds are
available bat they shall not be paid
otherwise or ont Of any other fund.
Nothing in this amendment shall be
construed as 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 accruins in
the sinking fund. there shall be paid in
fun 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
arc held by the United States as trus.
tee for certain Indian funds.
This article. as amended, shall be
deemed to be self-acting and directly
to confer the power and authority
herein granted without ali enabling act
Of the General Assembly
Section 2. Be 1t further resolved. /
by the General Assembly of the Stasel
of Louisiana. two-t 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
tcle 4G Of the Constitution of the State
OF Louisiana. relative to the refunding
and settlement of the Indebtedness OF
the State"
And the words:
against the proposed amendment to
Article 46 of the Constitution of the
funding and settlement of the indebt-
edness of the State
And each elector shall indicate on
said ballot, as provided in the General
Election Law of the State. whether he
votes for or against the proposed amend
ment.
Sneaker of the House Of representatives.
THOMAS G. BARRETT
Lieutenant Governor and President of
the Senate.
Approved: July 11th 1912.
T.. E. HALL.
Governor of the State of Louisiana.
A true con-:
ALVIN f.. HEBERT.
Secretary of State.