The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-11-02

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the State Debt in New Orleans, Chi
cago and Ne, York; and in c@se
said bonds cannot b. sold they may
nc exchanged at par by the Board ci
Liquidation of the State Debt Tor the
bonds due January 1st. 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
OF engraving and advertising said
bonds shall also be paid out Of the
said fund.
I'm all other respects not herein
specified, the Board OF Liquidation OF
tie State Debt is hereby given full
power and authority to carry out the
provisions Of his amendment
beginning with January ISL. 1914,
there shall be and there is hereby
levied on all property on which gen
eraI state taxes are levied an annual
tax ri one and tWotenths mills. tho
net proceeds OF which shall Be doYot-
el TO the payment Of the interest
due on said bonds, TO the payment
Of the interest dGe on The indebted
ness q the STATE to the Fro school
Fund, to Seminary Fund and the A.
ricultEral ana Mechanical (g.le-@
Fund. TO Tho payment Of tGH prep T
expenses Of the Board Of l.su din
ton OF the State Debt ana The ras-
idua to the constitution Of q SINKING
fund TO be applied annually except
as hereinafter provided. to I'D par
chase Of said bonds by SAD I0.rd at
4 price not to cXCeei OLe ttu" rad
land Three and accrued inter ST. II
bonds cannot be purchased IS afGHg-
said, the sinking fund shall be N
vested by the Board o. Liquidation
Of the State Debt in aourd- iater-s s.
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, 10 be
approved by the said Board, at
rate of interest not less than four peri
centum per annum. Said tax shall
be levied until all Of said bonds shall
have been retired. but after the as
sass4dents of the STATE reach the sum
OF Six Hundred and Fifty Million Dol
lars, said tax shall be reduced 10
one mill and shan thereafter b. re-
dUced tWO-tcnthS Of one mill for
each One Hundred Million Dollar n
crease in assessments until tn sad
tax shall re reduced 10 siX-teuths 0f (
one mill. The said tax shan cogstj- !
tute a part of the six mills Of taxa .
ton permitted to be levied DIV tha .
Constitution.
In case the present system of tax
alton shall be changed before the /
said bonds shall have been paid,
there shah be levied annually a tax |
sufficient to produce a gross sum Of |
not less~han Six Hundred ana Fifty /
thousand Dollars to take the place Of
said tax of one and tWOteltbs nils |
and its reductions.
The Board Of Liquidation Of the !
State Debt shall have power 10 set |
tic under the conditions and limita-
tons hereinafter provided, the fol- |
lowing claims of Indebtedness made |
by various persons against the State |
towit:
Cd The outstanding bonds known |
al Baby Bonds excluding all Baby |
B ?nds fraudulentIy issued by any of |
fetal Of the State
'(2) Auditors Warrants issued for
school, certificates OF Indebtedness
under Act 126 of 1880.
80 Certificates issued under At |
SO of 1880 for costs and fees due |
to the officers Of he State.
"a Warrants drawn prior to 1880 |
and fundable but not funded into |
Baby Bonds.
co Warrants drawn aft + January !
81 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
Indebtedness 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 |
amounts 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 effect of judgments against the
State or the Board Of Liquidation Of
the State Debt The Board Of Ii
quidation 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
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
o. equitable, to the owners or the
holders of any Of the said above des
icuated bonds Warrants or claims |