The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-12

at q price not TO exceed One Hundred /
and Three and accrued interest. III
bonds cannot he 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
the said Board. at a rate of interest
not less than four per centuni 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 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,
ton shall be changed before the said
bonds shall have been paid. there shall
be levied annually tax sufficient TO
produce a gross sum of not less than
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 following
claims of Indebtedness made by vari-
Gus persons against the State, to-wit:
% The outstanding bonds known as
Baby Bonds excluding all Baby Bonds
fraudulently issued by any official of
the State"
(2) Auditors warrants issued for
school. certificates of Indebtedness I'M
der Act 126 of 1880.
CD Certificates issued under Act SO
of 1880 for costs and fees due to the
Officers of the State.
90 Warrants drawn prior TO 1850
and fundable but not funded into Baby
Bonds.
C5) Warrants drawn after January
of 1880 against 1873 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. soleiy
she sarsh of East thf Baton Roe eee
have the said claims examined and
their validity and the Indebtedness due
thereon determined. which court Is
hereby given jurisdiction for thar pp--
pose.
This jurisdiction shall extend not
only to the determination of the mere
Z 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
involved. on the original record, to the
Supreme Court of the State of Lonisi-.
ana. The definitve DEGREES of said
courts shall not have the effect of fudg-
ments against the State or the Board
of Liquidation of the State Debt. The
Board of Liquidation of the State Debt
tie the claims. thus approved by the
courts of the State out of the sinking
fund above provided for as funds are
available. but they shall not be paid
r.f oil fy~
Nothing in this amendment shall he
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 fu
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 De
TO confer the power and authority
herein granted without an enabling act
of the General Assembly,"
Section 2. Be IL further resolved
by the General Assembly of the State
OF Louisiana, two-thirds of all the
members elected to each house con-
curing. Inat the OIIlc1al paliOL 10 Dt
used at said election shall have printed
thereon the words:
For the proposed amendment to Ar
ticle 46 of the Constitution of the State
of Louisiana, relative TO the refundins
and settlement Of the Indebtedness OF
the State"
- And the words:
against the proposed amendment t.
Article as of the Constitution of tbs
State of Louisiana. relative to the re
funding and settlement of the indebt
edness of the State"
And each elector shall indicate OF
said ballot as provided In the Genera
Election Law of the State whether h,
votes for or against the proposed amend
ment
Speaker of the House Of Representatives
THOMAS c. BARRET.
lieutenant Governor and President o.
the Senate.
Approved: July 18th. 1912.
L E HALL.
Governor Of the State of Louisiana
A true copy:
ALVIN z. HEBERT.
Secretary of State.