The true Democrat., 1912-10-19
OF The State Deb, and

/ FeA esAeSl LH1tS uIpuLIlS VI dufSl Use
ment by the Board of Liquidation Of
the State Debt in New Orleans, Chi
cago and New. York; and in case
said bonds cannot be sold they may
bc exchanged at par by the Board of
Liquidation Of the State Debt for the
bonds due January 1st, 1914. The ex-
cess of Three Hundred Dollars Of the
bonds due January 1st, 1914, over the
bonds authorized by this article, shall
be paid in cash out Of the current
interest funds of the State. The SaSk.
OF engraving and ADVERTISING Val
bonds shall also be paid out 2 the
said fund. ss.sfsss,4s
"In all other respects not haYeini
specified, the Board of Liquidation of
the State Debt is hereby given fun
power and authority to carry out the,
provisions Of his amendment. >.
Beginning with January 1st,r1914,
there shall be and there is sherebg
levied on all property on whiehsgen*
eral state taxes are levied aa anauaf
tax Cf one and tWo-tenths mills TIE
net proceeds of which shals bessdeYett
ed to the payment of the Interest
due on said bonds, to the, paTIISht
of the interest due on the indsftssis
ness of the State to the Free sSehc6a
Fund, to Seminary, Fund and th@ Az
ricuItural and Mechanical Ellsge
Fund, to the payment nfs5hs oper.
expenses of the Board Ell
tion Of the State Debt. aa6 ssses-
idue to the constitutonep kffg
fund to be applied annuSEs Sayrestt
as hereinafter provided, .tQrf.tlas pila:-
chase Of said bonds by said Beat8f's8ftt 8t
q price not to exceed One rsuadred
and Three and accrued interest If
bonds cannot be purchased agsafore-
said, the sinking fund shall@bes~in-
vested by the Board Oe 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 per
centum per annum. Said tax shall
be levied until all of said bonds shall
have been retired, but after the as
sass.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-
each One Hundred Million Dollars in
crease in assessments until the said
tax shall re reduced to six-tenths of
one mill. The said tax shall consti-
tute part of the six mills of taxa
ton permitted to be levied by the
Constitution.
In case the present system Of tax
alton 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 Six Hundred and Fifty
Thousand Dollars to take the place of
said tax Of one and two-tenths mills
and its reductions.
"The Board of Liquidation of the
State Debt shall have power to set
tie under the conditions and limita-
tions hereinafter provided, the fol-
LOWING claims of Indebtedness made
by various persons against the State,
to-Wit:
Cd The outstanding bonds known
al Baby Bonds excluding all Baby
B9nds fraudulently issued by any Of
ficial of the State"
(2) Auditors Warrants issued for
school, certificates of Indebtedness
under Act 136 of 1890
(3) Certificates issued under Act
50 of 1880 for costs and fees due
to the officers Of The State.
() Warrants drawn prior to 1880
and fundable but not funded into
Baby Bonds.
(5) Warrants drawn after January
Of 1880 against 1878 and previous
years.
Provided, however, that the own
ers or the duly authorized trustees
OF the owners of said claims may
prior to January list, 1915, but not
thereafter, proceed against the Board
o. Liquidation of the State Debt by
rule, solely and exclusively in the dis
trlct court of the Parish of East
Baton Rouge, to have the said claims
examined and their validity and the
Indebtedness due thereon determined,
which court Is hereby given jurisdic-
ton for that purpose.
This Jurisdiction shall extend not
only to the determination of the mere
legal liability of the State on any of
said claims, but also to the determi-
nation of any equitable liability of
the State thereon and the extent of
such equitable liability. Appeal shall
lie in all cases, irrespective of the
amounts involved, on the original
record, to the Supreme Court of the
State OF Louisiana. The definite de-
crees of said courts shall not have
the effect of judgments against the
State or the Board of Liquidation of
the State Debt. The Board of Ii
quidation of the State Debt shall
have the exclusive power to settle
the claims, thus approved by the
courts of the State, out of the sink
ing 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 construed as a recognition by the
State of any liability, whether legal
Or equitable, to the owners or the