The St. Mary banner., 1912-09-07
ACT NO. 203.
House Bill M 433. ~ Mr. fontell"'
\ JOINT RESOLUTION

3O3 of the Acts of 1910. raflfied DE
the people at the November election
Of 1910. SO as to authorize the Board
of Liquidation of the State y 70
issue new bonds to retire or lelh'iu
the State Bonded Indebtedness du'
January lSt 1914: to provide fof Il
tax for the payment of the interest
on said bonds and sinking fund I"
retire the same: TO provide Tor the
payment out of the said sinking run
of an Indebtedness due by the state to
the United States, and OF certain othei
ella inns against the State
Section l. BE it resolved by the Gen
eral Assembly of the State OF Louisiana
two-thirdS of all the members elected 10
each house concurring, That an amehn-
ment to Article 46 of the Constitution
of the State of Louisiana of 1898. as
amended by Act No. 303 or the ActS ol
the General Assembly OF the state OF
Louisiana at its session held III tie year
1910. ratified by the people at the No,
yember election of 1910. he submitted
TO the qualified electors OF the State Tor
their approval or rejection at the con
gresSional election to be held on tht
first Tuesday next following the first
Monday in November of 1912. said pro-
posed amendment to read as follows;
Article 46. The General Assembly
shall have no power to contract or 70
authorize the contracting of amy debt
or liability. on behalf of the State. or
to issue bonds or other evidences OF
indebtedness thereof. except for the
suppression of instruction. Provided,
that for the purpose Of retiring. liq-
uidating or refunding the present State
Bonded Indebtedness of Eleven MI
lion. One Hundred and Eight Thousand.
Three Hundred Dollars. maturing Jan
uary 1st 1914 and bearing four per
centum per annum interest. the Boaru
of Liquidation of the state Dent OF
Louisiana is given authority to issue
Eleven Thousand One Hundred and
Eight new coupon bonds of the State
| Of Louisiana of One Thousand Dollars
each. to be numbered No. / to NO.
| 1110S' bearing d rate of interest not
| exceeding four per centum per an
| num- payable semi-annually and to be
due and paid in fifty years from Jan
uary LIST. 1914. The form of said bonds
| shall be prescribed by the Board OF
Liquidation of the State Debt and they
shall be signed by the Governor the
! Auditor and the Treasurer OF the STATE
| Said bonds shall be sold to the highest
| bidder at not less than par after three
months of advertisement by the Board
! of Liquidation of the State Debt in
New Orleans, Chicago and New York:
and in case said bonds cannot be sold
! they may be exchanged at par by the
Board of L0uidat ton of the State Dept
/ for the bonds due January LIST. 1914.
/ The excess of Three Hundred Dollars
Of the bonds due January lst. 1914.
| over the bonds authorized by this ar
ticle. 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 spec
! fled. the Board of Liquidation of the
! State Debt is hereby given full power
and authority to carry out the proVi-
sions of this amendment.
Beginning with January 1st. 1914.
there shall be and there is hereby lev
led on all property on which general
state taxes are levied an annual tax
z nF nd tyun tn1f
proceeds of which shall be devoted to
the payment of the interest due on
said bonds, to the payment of the in
terest due on the Indebtedness of the
mary Fund and the Agricultural and
Mechanical College Fund, to the pay
ment of the proper expenses of the
Board of Liquidat tion of the State Debt
and the residue to the constitution of
a sinking fund to be applied annually
! except AS hereinafter provided. to the
purchase of said bonds by said Board
at price not to exceed One Hundred
bonds cannot be purchased as afore-
said. the sinking fund shall be invest
ed by the Board of Liquidation of the
! State Debt in sound. interest bearing
securities, producing not less than four
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
! not less than four per centum per an.
mum. Said tax shall be levied until
all of said bonds shall have been re-
tired. but after the assessments of the
State reach the sum of Six Hundred
and Fifty Million Dollars. said tax shall
be reduced to one mill and shall there
after be reduced two-tenths of one mill
for each One Hundred Million Dollars
| increase in assessments until the SAID
| 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 taxa
ton shall be changed before the said
bonds shall have been paid. there shall
be levied annually a tax sufficient to
| produce a gross sum of not less than
lars to take the place of said tax OF
one and two-tenths mills and it's re-
ductions.
The Board of Liquidation of the
State Debt shall have power to settle
under the conditions and limitations
hereinafter provided, the following
claims OF Indebtedness made by vari-
GUS persons against the State. to-wit:
"a The outstanding bonds known as
Baby Bonds excluding all Baby Bonds
fraudulentiy issued by any official OF
the State"
(2) Auditors warrants issued for
school. certificates of Indebtedness un-
der Act 1875 of 1880.
90 Certificates issued under Act %
OF 1880 for costs and fees due TO tne
officers of the State.
90 Warrants drawn prior to 1856
and fundable but not funded into Bah!
Bonds.
tb Warrants drawn after January
of 1880 against 1873 and previous years
Provided. however, that the owner:
or the duly authorized trustees of the
owners Of said claims may prior tt
| January 1st. 1918. but not thereafter
pr.ceed against the Board Of Liquida
ton Of the State Debt by rule. solei,
and exclusively in the district court Of
| the Parish OF East Baton Rouge. Il
otA AA