The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1912-09-07

az a price not to exceed One Hundred
and Three and accrued interest TX
bonds cannot be purchased as a1ore-
said. the sinking fund shall De lnSe ~ =
ed by the Board of Liquidation OF the
State Debt in sound, interest bearing
securities, producing not less than tour
per centum per annum interest on the
amount so invested, or deposited IN
solvent banks furnishing adequate Sc
curity to the State, to be approved by
the said Board, at a rate OF interest,"
mot less than four per centum per an.
num- Said tax shall be levied uhtli
all of said bonds shall have been re-
State reach the sum of six Hundreu1
and Fifty Million Dollars, said tax shan
be reduced to one mill and snail there,
after be reduced two-tenths or one NH
for each One Hundred Million Doilais
increase in assessments until the salu
tax shall be reduced to six-tenths or
one mill The said tax shall constitute
a part Of the six mills of taxation per
mitted to be levied by the Constitution
In case the present system OF taa sia
zion shall be changed before the saiu
bonds shall have been paid, there shall
be levied annually tax sufficleht ~
produce q gross sum of not less IMAM
Six Hundred and Fifty Thousand Dol
lars to take the place of said tax OF
one and two-tenths mills and Its re-
auctions.
''The Board of Liquidation of the
State Debt shall have power TO settle
under the conditions and limitations
hereinafter provided, the 1 by Varis
GUS persons against the State, to-Wit:
() The outstanding bonds known az
Baby Bonds excluding all Baby Bonds
fraudulently issued by any official OF
the State"
(21 Auditors warrants issued for
school. certificates Of indebtedness I'M
der Act 1875 of 1880. 10
{3) Certificates issued under Act SO
of 1880 for costs and fees due to the
officers Of the State. ICON
as Warrants drawn prior to 1880
and fundable but not funded into Baby
Bonds.
as Warrants drawn after January
of 1880 against 1878 and previous years.
or the duly authorized trustees OF the
owners of said claims may prior TO
January 1st 1915, but not thereafter
proceed against the Board OF Liquioa-
fion of the State Debt by rule, solely
and exclusively in the district court OF
the Parish Of East Baton Rouge, to
have the said claims examined ana
their validity and the Indebtedness due
thereon determined. which court is
hereby given jurisdiction for that pur-
pose.
This Jurisdiction shall extend not
only to the determination Of the mere
legal liability of the State on any or
said claims, but also to the determine
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 record, to the
Supreme Court of the State of Louisi-
ana. The definitive DEGREES of said
ments against the State or the Board
of Liquidation Of the State Debt. The
Board of Liquidation of the State Debt
shall have the exclusive power to set
courts Of the State, out Of the sinking
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 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 accruing in
the sinking fund, there shall be paid in
full the amount of principal and inter-
est due, on the bonds of the State. the
Seven Thousand Dollars, and which
are held by the United States as trus-
tee for certain Indian funds
This article, as amended, shall be
deemed TO De SelI-actinB ann directly
to confer the power and authority
herein granted without an enabling act
OF the General Assembly"
Section b.. Be 1t further resolved
by the General Assemble, of the State
of E0Misiana two thirds Of all the
snan1issrs elected to each house con-
CURING That the official ballot to be-
used bit said election shall hare printed
thereon the words:
For the proposed amendment to AR
ticle 46 OF the Constitution Of the State
OF Louisiana, relative to the refunding
and settlement Of the Indebtedness OF
Abe State
And the words:
Against the proposed amendment to-
Article 46 of the Constitution of the
State of Louisiana, relative to the re-.
funding and settlement of the indebt-
edness of the State"
And each elector shall indicate on
Eaid ballot, as provided in the General
Election Law of the State, whether he
votes for or against the proposed amend
ment.
L. E. THOMAS,
Speaker of the House of Representatives
THOMAS C. BARRETT.
Lieutenant Governor and President of
the Senate.
Approved: July 18th, 1912.
L. Z. HALL,
Governor of the State of Louisiana
A true copy:
ALVIN E. HEBERT,