St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1912-10-12

- 80 VA~~
the first Monday in November, 1912
and on the omcial ballots to be used
ut said election shall be placed the
words For the proposed amendment
to Article 157 Of the Constitution Of
the State of Louisiana" and the
words Against the proposed amend
ment to Article 157 Of the Consti-
tuition of the State Of Louisiana, :
and each elector shall indicate. o.
provided in the general election laws
Of the State, which Of the PROPOSE
tions, "for" or against he votes.
L. E. THOMAS,
Speaker of tho House of Repre-
sentatives.
THOMAS G. BARRETT.
Lieutenant Governor and President
Of the Senate.
Approved July II, 1912.
L. e. HALL,
Governor Of the State of Louisiana.
A true copy.
ALVIN E. HEBERT,
Secretary of State.
ACT NO. 2O3.
House Bill No. 433.
BY Mr.. Fontenot.
A JOINT RESOLUTION.
Proposing an amendment to the Con-
stitution of the State of Louisi-
ana, amending Article 46 of the
ana, amanding Article 46 of the
Constitution Of 1898, as amended
by Act No. 3O3 of the Acts of 1910.
ratified by the people at the No
vember election of 1910, so as to
authorize the Board of Liquida-
ton of the State Debt to issue
new bonds to retire or refund tho
State Bonded Indebtedness due
January 1, 1914; to provide for
tax for the payment of the in
tcrest ON said bonds and sinking
fund to retire the same; to pro-
vide for the payment out of the
said sinking fund of an indebted
ness due by the State to the United
States, and OF certain other claims
against the State.
Section /. Be 1t resolved by the
General Assembly of the State OF
Louisiana, two-thirds of all the men,
bers elected to each House concurr-
ing, That an amendment to Article
Is Of the Constitution of the State
of Louisiana OF 1898, as amended by
Act No. 900 OF the Acts Of the Gen.
eral Assembly OF the State of Lou
isiana at its session held in the year
1910, ratified by the people at the
November election of 1910, be sub
mitted to the qualified electors OF
the State for thc;. approval or re-
lection At the Congressional election
to bo held ON the first Tuesday next
following the first Monday In No
vember of 1912. said proposed
amendment to read as follows:
''Article 46. The General Assem-
bly, shall have no power to contract
or to authorize the contracting OF
any debt or liability, on behalf OF
the State, or to issue bonds or other
evidences of Indebtedness thereof.
except for the purpose of repclling
invasion or for the suppression of
instruction. Provided, that for the
purpose Of retiring, liquidating or re-
funding the present State Bonded
indebtedness OF Eleven Million. One
Hundred and Eight Thousand. Three
Hundred Dollars, maturing January
i, 1914, and bearing four per ceatum
per annum interest, the Board o
Liquidation of the State Debt OF LOU
isiana is given authority to issue
Eleven Thousand One Hundred and
Eight new coupon bonds of the State
OF Louisiana Of $1,000 each to be
numbered No. l. to No. 11.lOS,'
bearing a rate Of interest not exceed.
ing per centum per annum, pay
able semi-annually, and to be due
and paid in so years from January
j. 1914. The form of said bonds
shall be prescribed by the Board
OF Liquidation of the State Debt
aud they shall be signed by the
Governor, the Auditor and the
Treasurer of the State. Said bonds
shall be. sold to the highest bidder
1t not less than par after three
months Of advertisement by the
BOARD of Liquidation OF the State
Debt in New Orleans, Chicago ane
New York; and in case said bonds
cannot be sold they may be exchang
ed at par by the Board OF Liquida-
ton of the State Debt for the bonds:
due January 1, 1914. The. excess o.
Three Hundred Dollars Of the bonds
due January 1, 1914. over the bonds
authorized by this article, shall be
paid in cash out of the current in
terest funds OF the State. The cost
CT engraving and advertising saif
bonds shall also be paid out of the
said fund.
'In all other respects not herein
specified, the Board of Liquidation Of
tho State Debt is hereby given full.
power and authority to carry out the
provisions of this amendment.
beginning with January 1. 1914
there shall be and there Is hereby
levied on all property on which gen
eral State taxes ere levied an annual
tax of one and two-tenths mills, the
net proceeds of which shall be deyct
ed to the payment of the interest due
on said bonds. to the payment of the
interest due on the indebtedness OF
the State to the Free School Fund,
to Seminary Fund and the Agricul-
tural and Mechanical College Fund,
to the payment of the proper ex-
penses of the Board Of Liquidation
Of the State Debt, and the residue to
the constitution OF q sinking fund
to be applied annually except as here
matter provided, to the purchase OF
said bonds by said Board at a price
not to exceed One Hundred and
Three and accrued interest. II
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, OF
deposited in solvent banks furnishing
adequate security to the State. to be
approved by the said Board. at :
rate Of interest not less than four