The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-10-17

par after three months of advertise
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
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.
'sIn 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 ~ his amendment.
beginning with January list, 1914, |
there shall be and there is hereby
levied on all property on which gen
eral state taxes are levied an annual
tax of 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 Ag-
ricultural and Mechanical College
Fund, to the payment Of the proper
expenses of the Board Of LiQuida-
ton of the State Debt and the res
idue to the constitution of sinking
fund to be applied annually except
as hereinafter provided, to the pur-
chase of said bonds by said Board at
a price not to exceed One Hundred
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
than four per centum per annum 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
sessments 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 Dollars N
crease in assessments until the said
tax shall re reduced to six-tenths OF
one mill. The said tax shall constl,
tute 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 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 Dollars to take the place O
said tax of one and twOtenths mills
and it's reductions.
"The Board OF Liquidation of thu
State Debt shall have power to set
til. under the conditions and limita
tons hereinafter provided, the fol
lowing claims of Indebtedness mad,
by various persons against the State
to-wit:
~ The outstanding bonds know
as Baby Bonds excluding all Bah.
Bonds fraudulently issued by any Of
ficial of the State.''
(2) Auditors Warrants issued TO
school, certificates of indebtedness
under Act 126 Of 1880.
(3) Certificates issued under Ac
SO of 1880 for costs and fees du
to the officers of the State.
"a Warrants drawn prior to 1873
, and flndable but not funded int
! Baby Bonds.
? (5) Warrants drawn after Januar
Ut 1880 against 1878 and previou
years.
Provided, however, that the owl
: ers or the duly authorized trustee
D Of the owners Of said claims ma
: prior to January LIST, 1915. but nc
thereafter, proceed against the Boar
= o. Liquidation Of the State Debt b
0 rule, solely and exclusively in the di
It trict court Of the Parish of Eat
Z Baton Rouge, to have the said claim
examined and their validity and til
Indebtedness due thereon determines
It which court is hereby given jurisdi
Il ton for that purpose.
e /, This jurisdiction shall extend n,
:. only to the determination Of the mel
legal liability of the State on any ,
e said claims, but also to the determ
nation of any equitable liability
e the State thereon and the extent
= such equitable liability. Appeal sha
lie in all cases, irrespective Of Il
i amounts involved, on the origin
r record, to the Supreme Court of II
/. State of Louisiana. The definite d
q crees of said courts shall not ha,
;, the effect of judgments against Il
l. State or the Board of Liquidation
e the State Debt. The Board of l
If quotation of the State Debt shs
"a have the exclusive power to sett
;. ;. the claims, thus approved by Il
u courts of the State. out of the sin
'e ing fund above provided for as fun
s are available, but they shall not
o. paid otherwise or out of any 9th
fund.
~ Nothing in this amendment shs