The herald. [volume] (New Orleans, La.) 1905-1953, 1912-09-05
ACT No. 2O3.


\ JOINT RESOLUTION
Proposing an amendment to the Con-
stitution of the State of Louisiana,
amending Article 46 of the Consu-
tuition of 1898 as amended by Act
No. 303 of the Acts of 1910, rati-
fled by the people at the November
election of 1910, so as to authorize
the Board of Liquidation of the
State Debt to issue new bonds to
retire or refund the State Bonded
Indebtedness due January 1st, 1914;
to provide for a tax for the pay
ment of the interest on said bonds
and sinking fund to retire the
same: to provide for the payment
out of the said sinking fund of an
Indebtedness due by the State TO
the United States, and of certain
other claims against the State.
Section l. BE it resolved by the
General Assembly of the State of Lou
elected to each house concurring, That
an amendment to Article 46 of the
Constitution of the state of Louisiana
of 1898. as amended by Act No. 303
of the Acts of the General Assembly
of the State of Louisiana at its ses-
sion held in the year 1910, ratified by
the people at the November election of
1910. be submitted to the qualified
or rejection at the congressional cleo
ton to be held on the first Tuesday
next following the first Monday in No
vember of 1912, said proposed amend
ment to read as follows:
article &c. The General Assembly
shall have no power to contract or to
autho riZe 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 insurrection. Provided,
that for the purpose of retiring, Ii
quidating or refunding the present State
Bonded Indebtedness of Eleven Mil
lion, One Hundred and Eight Thousand,
nnl1arc maturing lam
uarY LIST, 1914. and bearing four per
centum per annum interest, the Board
of Liquidation of the State Debt 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. L to No.
ll.1OS bearing a rate of interest not
exceeding four per centum per an
mum. payable semi-annually, and to be
due and paid in fifty years from jan
uary 1st, 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 aRd New York;
and in case said bonds cannot be sold
| they may be exchanged at par by the
Board of Liquidation of the State Debt
| for the bonds due January LIST, 1914.
The excess of Three Hundred Dollars
OF the bonds due January LIST, 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.
| I'm all other respects not herein spe-
| Gifted. 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 LIST, 1914
| there shall be and there is hereby lev
led on all property on which general
| State taxes are levied an annual tax
| of one and two-tenths mills. the net
proceeds of which shall be devoted 10
| the payment of the interest due on
| said bonds, to the payment of the in
| terest due on the Indebtedness of the
| State to the Free School Fund. to Sem
| mary Fund and the Agricultural and
Mechanical College Fund. to the pay
| ment of the proper expenses of the
| Board Of Liquidation 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
4
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 rate of interest
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 mil
for each One Hundred Million Dollars
| increase in assessments until the said
tax shall be reduced to siX-tenths OF
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
tton shall be changed before the SAID
bonds shall have been paid. there shall
be levied annually tax sufficient tC
produce a gross sum of not less thar
Six Hundred and Fifty Thousand Dol
lars to take the place Of said tax Of
one and two-tenths mills and its re-
auctions.
1.-The Board of Liquidation Of tn,
state Debt shall have power to settle
under the conditions and limitation,
hereinafter provided. the followins
claims of Indebtedness made by vari
Gus nersons against the State. to-wit:
ID The outstanding bonds known AZ
Baby Bonds excluding all BABY Bonds
fraudulently issued by any official o
the State.
.t2) Auditors warrants issued 70
school. certificates of Indebtedness un
der Act 1875 of 1880.
go Certificates issued under Act g
OF 1880 for and faac dino IN III,