The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1912-09-28
Liquidation of the State Debt sna

/ the State Debt in New Orleans, Chi
cago and New York; and in case
said bonds cannot be sold they may
DC exchanged at par by the Board of
Liquidation Of the State Debt for the
bonds due January LIST, 1914. The eX.
cess of Three Hundred Dollars of the
bonds due January list, 1914, over the
bonds authorized by this article, 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.
"In all other respects not herein
specified, the Board Of Liquidation of
the State Debt is hereby given full
power and authority to carry out the
provisions Of his amendment.
beginning with January ISL, 1914,
there shall be and there is hereby
levied on all property on which gen
eral state taxes are levied an annual
tax ii one and tWO-tenths mills, the
net proceeds Of which shall be deyot-
ed to the payment of the interest
due on said bonds, to the payment
Of the interest due on the indebted
ness of the State to the Free School
Fund, to Seminary Fund and the Az
rlcultural and Mechanical College
Fund, to the payment Of the proper
expenses Of the Board of LiQuida-
ton Of the State Debt, and the res
jdue to the constitution of a sinking
lund to be applied annually except
as hereinafter provided, to the pur-
chase Of said bonds by said Board at
price not to exceed One riurdred
and Three and accrued interest. If
bonds cannot be purchased as afore-
said, the sinking fund shall be IN
vested by the Board Of Liquidation
OF the State Debt in sound interest
bearing securities, producing not less
IMAM four per centum per annur in
tereSt on the amount 50 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
nave been retired, but after the as
SessAhents of the STATE reach the sum
or 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 Dollars in
crease in assessments until the said
lax snail re reduced to siX-tenths of
one mill. The said tax shall cOnst-
lutte a 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 shah 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 |
Sald tax Of one and twOtenths mills |
and its reductions.
"The Board of Liquidation of the
state Debt shall have power to set
Tie under the conditions and limita-
TONS hereinafter provided, the fol
owing claims Of Indebtedness made
Oy various persons against the State.
-O-Wit:
ID The outstanding bonds known
a. Baby Bonds excluding all Baby
b ?nds fraudulently issued by any Of
fetal of the State"
(2) Auditors Warrants issued for
5chool, certificates of Indebtedness
lnder Act 1876 of 1880.
co Certificates issued under Act
70 of 1880 for costs and fees due
o the officers Of The State.
(Q Warrants drawn prior to 1880
ma fundable but not funded into
3aby Bonds.
20 Warrants drawn after January
4 1880 against 1878 and previous
ears.
Provided, however, that the own
RS Or the duly authorized trustees
u the owners of said claims may
,rlor to January LIST, 1915, but not
hereafter, proceed against the Board
i Liquidation Of the State Debt by
ule, solely and exclusively in the dis
riot court of the Parish of East
'aton Rouge, to have the said claims
and their validity and the
Indebtedness due thereon determined,
which court is hereby given jurisdic- ,
ion for that purpose.
This jurisdiction shall extend not
My to the determination of the mere {
egal Liability of the State on any of
aid claims, but also to the determi-
alton Of any equitable liability of
ne State thereon and the extent Of
UGH equitable liability. Appeal shall
e in all cases, irrespective of the
involved, on the original {
ecord, to the Supreme Court of the
late OF Louisiana. The definite de-
rees of said courts shall not have.
he effect Of judgments against the
tate or the Board of Liquidation of
ne State Debt. The Board of Ii
nidation of the State Debt shall
ave the exclusive power to settle =
le claims, thus approved by the
ourts OF the State, out of the sink
lg fund above provided for as funds
re available, but they shall not be F
ald otherwise or out of any other
ind.
Nothing in this amendment shall
construed as a recognition by the
tate of any liability, whether legal
equitable, to the owners or the
olders of any of the said above des- r,
HateQ bonds, warrants or claims. "