The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-10-19
Liquidation OF the State Debt and

b.
ment by the Board Of Liquidation Of
ene state Debt in New Orleans, Chi
cago and Me- York; and in caca
said bonds cannot be sold thew T5a,,
nc exchanged at par by the Board Of
Liquidation OF the State Debt for the
ponds due January LIST, 1914. The *.
cess OF Three Hundred Dollars of the
ponds due January 1st, 1914. over the
ponds authorized by this article, shall
De paid in cash out Of the current
interest funds Of the State. The COST
o. engraving and advertising said
ponds shall also be paid out Of the
said fund.
In all other respects not herein
specified, the Board Of Liquidation Of
tie State Debt is hereby given fnII
power and authority to carry out the
PROVISIONS Of 'his amendment.
beginning with January ISL. 1914
mere shall be and there is hereby
levied on all property on which gen
eraI state taxes are levied an annual
tax Il one and tWo-tenths mills, til.
net proceeds Of which shall be dey0r-
cd TO the payment OF the interest
cue on said bonds, to the payment
Oh the interest due on the indebted
ness OF the State to The Free School
Fund, to Seminary Fund ana the AZ
rIcultural and Mechanical COLLEGE
Fund, to the payment Of the Dr0n
expenses of the Board Of Iiauida-
ton Of the State Debt. ana The res
Idue to the constitution Of SINKING.
luhd to be applied annually except
as hereinafter pTOyid 4, to the pgr-
chase OF said bonds by said Board at
price not to exceed One r.urlrad
and Three and accrued interest. r.
bonds cannot be purchased as af0re-I
said, the sinking fund shall be m
vested by the Board Of Liquidation
OF the State Debt in sound interest
bearing securities, producing not less
than four per centum per annurl 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
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 |
sess.hents 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- |
duced tWO-tenths Of one mill for |
each One Hundred Million Dollar; in
crease in assessments unit! tn said |
tax shall re reduced to siX-teuths of |
one mill. The said tax shall coast3-
tute a part of the six mills Of taxa
ton permitted to be levied by the
In case the present system Of tax
alton shall be changed before the
said bonds shall have been paid,
mere 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 of
said tax Of one and two-tenths mills
md its reductions
The Board Of Liquidation of the
state Debt shall have power to set
Ie under the conditions and limita-
ions hereinafter provided, the fol-
owing claims of Indebtedness made I
~ various persons against the State, +
o-wit: !
ID The outstanding bonds known
: Baby Bonds excluding ali Baby
onds fraudulently issued by any of
icial of the State
60 Auditors Warrants issued for
chool, certificates of indebtedness
nder Act 126 of 1880
CD Certificates issued under Act !
3 of 1880 for costs and fees due
the officers Of The State. {
ca Warrants drawn prior to 1880 c
nd fundable but not funded into t
'aby Bonds. I
90 Warrants drawn after January {
1880 against 1873 and previous t
ears. d
Provided, however, that the own :
RS Or the duly authorized trustees e
the owners of said claims may .
rior to January LIST, 1915, but not e
hereafter, proceed against the Board y
Liquidation Of the State Debt by y
lie, solely and exclusively in the dis :,
let court of the Parish of East =
atom Rouge, to have the said claims T
and their validity and the .
ldebtedness due thereon determined, .
Mich court is hereby given jurisdic- ;,
on for that purpose. :, -
This jurisdiction shall extend not
lily to the determination Of the mere s
gal Liability of the State on any of
lid claims, but also to the determi-
alton of any equitable liability of L
lie State thereon and the extent of
lch equitable liability. Appeal shall A
in all cases, irrespective Of the
mounts involved, on the original G
cord, to the Supreme Court Of the A
ate of Louisiana. The definite de-
ees of said courts shall not have
e effect of judgments against the
ate or the Board of Liquidation of
G State Debt The Board of Ii
Ilddtion of the State Debt shall
I've the exclusive power to settle G,
e claims, thus approved by the ~
urts OF the State. out Of the sink
g fund above provided for as funds
e available, but they shall not be p
Id otherwise or out Of any other
nd
Nothing in this amendment shall
construed as a recognition By the
ate of any liability, whether legal
equitable, to the owners or the
Idor g