The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-08-31

n
ALVIN E. HEBERT
Secretary of State.
ACT NO. 2o3.
House Bill No. 433. BY Mr.. Fontenot
JOINT RESOLUTION
Proposing an amendment to the Con-
| stitution of the State of Louisiana,
amending Article 46 of the Constitu-
ton Of 1898. as amended by Act NO.
3o3 of the Acts of 1910. ratified by
the people at the November election
| OF 1910. so to authorize the Board
OF Liquidation of the State 1T to
issue new bonds to retire or refund
the State Bonded Indebtedness due
January LIST. 1914; to provide for "A
tax for the payment of the interest
| 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 i. Be 1t resolved by the Gen
eral Assembly of the State of Louisiana.
two-thirds of all the members elected to
each mouse concurring, That an amend
ment to Article 46 of tive Constitution
OF the State of Louisiana of 1898. as
amended by Act No. 300 Of the Acts of
the General Assembly Of the State OF
Louisiana at it's session held in the year
1910. ratified by the people at the No
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 As. The General Assembly
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 repelling invasion or for the
suppression Of Instruction. Provided |
that for the purpose of retiring. liq-
uidating or refunding the present State
Bonded Indebtedness of Eleven Mil |
lion, One Hundred and Eight Thousand. |
Thfee Hundred Dollars maturing Jan
uary LIST. 1914. and bearing four per
eentum per annum interest, the Board
Louisiana is given authority to issue
Eleven Thousand, One Hundred and
Eight new coupon bonds Of the State
OF Louisiana OF One Thousand Dollars
l1.1os.' bearing a rate Of interest not
excseding four per centum per an
hum. payable mi-annually and to be
aue and paid in fifty years from Jan
hall be prescribed by the Board of
Liquidation Of the State Debt and they
!hall be signed by the Governor. the
Auditor and the Treasurer of the State
laid bonds shall be sold to the highest
bidder at not less than par after three
months of advertisement by the Board
Il Liquidation Of the State Debt in
New Orleans. Chicago and New York;
md in case said bonds cannot be sold
hey may be exchanged at par by the
3oard Of Liquidation Of the State Debt
or the bonds due January LIST, 1914
ne excess OF Three Hundred Dollars
Yer the bonds authorized by this ar
icls. shall be paid in cash out of the !
urrsnt interest funds of the State. 8
he cost of engraving and advertising !,
aid bonds shall also be paid out Of /.
he said fund.
I'm all other respects not herein spec !
led the Board of Liquidation of the q
tate Debt Is hereby given full power 9
ions of this amendment !
"Beginning with January LIST. 1914 y
here shall be and there is hereby lev =
q on all property on which general h
T one and two-tenths mills the net '
roceeds Of which shall be devoted to !
re payment of the interest due on =
aid bonds, to the payment of the in 5
rest due on the indebtedness of the =
tate to the Free School Fund to Sem -
AIRY Fund and the Agricultural and 4
echanical College Fund. to the pay r. +,
osrd of Liquidation Of the state Debt. s
ID the residue to the constitution of | u
sinking fund to be applied annually u
,cept as hereinafter provided. to the y
81 Shaso VI sdiu poHOS Dy said Board q
price not to exceed One Hundred a a
ID Three and accrued interest If ~
'nds cannot be purchased as afore- a,
ID. the sinking fund shall be invest 9,
by the Board of Liquida ton Of the e'
ate Debt In sound. interest bearing IT
curities. producing not less than four u
n centum per annum interest on the ",
Mount SO invested, or deposited in ',
went banks furnishing adequate se- ~ ~
r1ty to the State, to be approved by %,
e said Board. at a rate of interest H.
I less than four per centum per an ~
m Said tax shall be levied until 20 20
or said bonds shall have been re- -
ed, but after the assessments of the ~
ate reach the sum of Six Hundred -; ~
d Fifty Million Dollars. said tax shall a aI
reduced to one mill and shall there 90
ter be reduced two-tenths of one mill nr
each One Hundred Million Dollars ~,
'rease in assessments until the said al,
shall be reduced to six-tenths of ~
e mill. The said tax shall constitute vi
part OF the six mills Of taxation per- an
TIED to be levied by the Constitution
In case the present system of taxa Sn
snail be changed before the said
nds snail have been paid there shall IT.
levied annually a tax sufficient to III
'duce gross sum Of not less than A,
Hundred and Fifty Thousand Dol Af
to take the place of said tax of
and two-tenths mills and it's re- A
ctions. "A
The Board Of Liquidation of the
tie Debt shall have power to settle
Ter the conditions and limitations
,einafter provided. the following
Inns OF Indebtedness made by vari- g..
persons against the State. to-wit
~ The outstanding bonds known as
ROndR