The Era-leader., 1912-10-31

or, the Auditor and the Treasurer of
the state. Said bonds shall be sold
10 the hlshest bidder at not less than
par after three months of advertise
nleht by the Board of Liquidation of
lhe state Debt in New Orleans, Chi
eago and Ne" York; and in case
said bonds cannot be sold thcv may
&c eHchanged at par by the Board Of
Llquldatlon Of the State Debt for the
bonds due january 1st. 1914. The OK.
cess of Three Hundred Dollars ~ tho
oonas 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.
IN all other respects not herein
specified, the Board OF Liquidation Of
the State Debt is hereby given full
power and authority to carry ont the
provisions o" >his amendment.
! beginning with January lst. 1914,
there shall be and there is hereby
levied on all property on which gen
eral state taxes are levied an annual
tax Of one and twO.tenths mills, the
net proceeds Of which shall be devot-
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 Az.
ricultural and Mechanical College
Fund, to the payment of the proper
expenses of the Board Of Liquida-
tion Of the State Debt, and the res
ldue 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
a price not to exceed One Hundred
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 annum in
terest on the amount so invested, or
deposited in solvent banks furnishing
adequate security to the State, to be
approved by the said Board, at a 1
rate of interest not less than four perl
centum' per annum. Said tax shall
be levied until all of said bonds shall
have been retired, but after the as
sessments of the State reach the sum
Of Six Hundred and Fifty Million Dol
lars, said tax shall be reduced to
one mill and shall thereafter be re-
1uced tW0-tenths of one mill for
each One Hundred Million Dollars in
crease in assessments until the said
Tax shall re reduced to six-tenths of
one mill The said tax shall consti-
ute part Of the six mills of taxa
ION permitted to be levied by the
Constitution.
In case the present system Of tax
alton shall be changed before the
said bonds shall have been paid.
here shall be levied annually a tax
sufficient to produce a gross sum of
lot less than Six Hundred and Fifty
Thousand Dollars to take the place OIL
aid tax Of one and tWo-tenths mills
Ind its reductions. |,
The Board of Liquidation of the
state Debt shall have power to set :
IL under the conditions and limita- ,
ions hereinafter provided, the fol-
owing claims of Indebtedness made
y various persons against the State
o.wit: ,
~ The outstanding bonds known
: Baby Bonds excluding all Baby
bonds fraudulently issued by any Of.
lcial Of the State.'
(2) Auditors Warrants issued for
chool. certificates of Indebtedness
nder Act 126 Of 1880.
(3) Certificates issued under Act !,
3 Of 1880 for costs and fees due
the officers Of the State. l.
~ Warrants drawn prior to 1880 e
nd fundable but not funded into t
ably Bonds. 4
(5) Warrants drawn after January &
1880 against 1878 and previous {
ears. d
Provided, however, that the own. :
- or the duly authorized trustees 9
the owners of said claims may q
Fior to January list, 1915. but not e
!ereafter, proceed against the Board Q
Liquidation of the State Debt by e
lie, solely and exclusively in the dis .
let court Of the Parish of East q
atom Rouge, to have the said claims =
<amined and their validity and the =
de0tedness due thereon determined. y
hich court is hereby given jurisdic. =!
On for that purpose. g
This jurisdiction shall extend not ~
n.y. to the determination Of the mere 9
eai Liability of the State on any Of
Id claims, but also to the determi-
'tion of any equitable liability ofl1,
e State thereon and the extent az -
ch equitable liability. Appeal shall A
in all cases. irrespective of the
Mounts involved, on the original r,
cord, to the Supreme Court of tho A
ate OF Louisiana. The definite dc. "A
ees OF said courts shall not have
e effect Of judgments against the
ate or the Board of Liquidation of
: State Debt. The Board of Ii.
ldatlon of the State Debt shall
We the exclusive power to settle .
g claims, thus approved by the Sc
urts of the State, out of the sink
FUND above provided for as funds
available, but they shall not be p,
ID otherwise or out of any other
Nothing in this amendment shat,