Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-09-13

House Bill No 433. By Mr.. Fontsnot
A JOINT RESOLUTION


ton Of 1898, as amended by Act No.
303 of the Acts Of 1910. ratified by
the people at the November election
OF 1910, so as to authorize the Board
OF Liquidation OF the State IT to
issue new bonds to retire or refund
the State Bonded Indebtedness due
January LIST. 1914: to provide for q
on said bonds and 1s1 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 l. Be IL resolved by the Gem
eral Assembly of the State OF Louisiana.
-two-thirds of all the members elected to
each house concurring. That an amend
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 session held In the year
1910, ratified by the people at the Mo-
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
shall have no power to contract or to
authorize the contracting OF any debt
or liability. on bAhalf 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.
uidating or refunding the present State
Bonded Indebtedness of Eleven MIL
lion. One Hundred and Eight Thousand.
Three Hundred Dollars. maturing jan
uary 1st 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
of Louisiana Of One Thousand Dollars
each, to be numbered No. L to No.
IL. I0S' bearing a rate of interest not
exceeding four per centum per an
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 sole
they may be exchanged at par by the
Board of Liquidation of the State Deot
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
Tn all other respects not herein spec
fled. the Board of Liquidation of the
and authority TO carry out the provi-
sions of this amendment.
beginning with January 1st. 1914.
there shall be and there Is hereby lew
led on all property on which general
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
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
and Three and accrued interest. II
bonds cannot be purchased as afore-
said, the sinking fund shall be invest
ed by the Board Of Liquidation Of TIL the
securities, producing not less than four
per centum per annum interest on the
amount so invested. or deposited in
solvent banks IurnlSuluk ADEQUATE 81
curity TO the State to be approved by
the said Board, at a rate Of interest
not less than four per centum per an
mum. Said tax shall be levied until
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 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
tion shall be changed before the said
bonds shall have been paid, there shall
produce a gross sum OF not less than
Six Hundred and Fifty Thousand Dol
lars to take the place of sail 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 following
claims of Indebtedness made by vari-
Gus persons against the State. to-wit:
% The outstanding bonds known an
Baby Bonds excluding all Baby Bonds
the State"
(2) Auditors warrants issued for
der Act 126 of 1880.
(S) Certificates issued under Act %
OF 1880 for costs and fees due to the
officers OF the State.
and fundabls but not funded into Baby
C5) Warrants drawn after January
of 1880 against 1878 and previous years.
Provided. however. that the owners
or the duly authorized trustees of the
owners OF said claims may prior to
January LIST. 1915, but not thereafter.
proceed against the Board OF Liquida-
ton of the State Debt by rule. solsly
! and exclusively in the district court OF
the Parish of East Baton Rouge, to
have the said claims examined and
their validity and the Indebtedness due
hereby given Jurisdiction for that pur-
pose.
This jurisdiction shall extend noe
only to the determination Of the mere
said claims. but also 20 the determine
ton Of any equitable liability of the
State thereon and the extent of such
equitable liability. Appeal shall lie in
| involved. on the original record. to the
/ Supreme Court OF the State OF Louisi-
ana The definitive DEGREES OF said
courts shall not have the effect of judE.
OF Liquidation of the State Debt. The
Board of Liquidation of the State Debt
| shall have the exclusive power to set
tie the claims. thus approved by the
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
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