The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-11-02


Sno Three and accrued interest II
oonds cannot be purchased as afore-
oeio. the sinking fund shall be invest
co co py ting 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 bs'
tne said Board. at a rate of interest
not less than four per centum per an
mum said tax shall be levied until
all or 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
DC reduced 70 one mill and shall there
atter be reduced two-tenths of one mill
Tor 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
part of the six mills of taxation per-
mitted TO be levied by the Constitution.
In case the present system of taxa
tion shall be changed before the said
poncs ehall have been paid. there shall
De levied annually tax sufficient to
produce 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-
The Board of Liquidation of the
state Debt shall have power 10 settle
under the conditions and limitations
claims of Indebtedness made by vari.
Gus persons against the State, to-wit:
ID The outstanding bonds known as
Baby Bonds excluding all Baby Bonds
the State"
(2) Auditors warrants issued for
school. certificates of Indebtedness I'M
der Act 126 of 1880.
go Certificates issued under Act 80
OF 1880 for costs and fees due to the
officers of the State
f4) Warrants drawn prior to 1880
and fundable but not funded into Baby
t5l Warrants drawn after January
or 1880 against 1878 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 Liuuida-
ton of the State Debt by rule. solely
and exclusively in the district court of
the Parish of East Baton Rouge to
have the said clsims examined and
their validity and the indebtedness due
thereon determined. which court is
hereby given jurisdiction for that pur-
pose.
This jurisdiction shall extend not
only to the determination of the mere
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
y
involved. on the original record, to the
Supreme Court of the State of Louisi-
ana, The definitive DEGREES of said
courts shall not have the effect of judy
ments against the State or the Board
of Liquidation of the State Debt The
Board of Liquidation of the State Debt
shall have the exclusive power TO set
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
otherwise or out of any other fund.
Nothing in this amendment shall be
construed as a recognition by the State
or 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 in
full the amount of principal and inter-
est due on the bonds of the State. the
face values of which aggregate Thirty
Seven Thousand Dollars. and which
are held by the United States as trus-
tee for certain Indian funds
This article. as amended. shall be
deemed to be self-aeting and directly
TO confer the power and authority
herein granted without an enabling act
Section 2. Be 1T further resolved.
by the General ASSEMBLY of the State
of Louisiana two-thirds of all the
IUenntfS eieCte1 10 cacn mouse con-
curing. That the official ballot to be
used at said election shall have printed
thereon the words:
For the proposed amendment to Ar
tjcle 46 of the Constitution of tho State
of Louisiana. relative to the refurding
and settlement of the Indebtedness OF
the State
And the words:
Against the proposed amendment to
Article as of the Constitution of the
State Of Louisiana. relative to the re-
funding and settlement of the indebt-
edness of the State"
And each elector shall Indicate on
said ballot. as provided in the General
Election Law OF the State. whether he
votes for or against the proposed amend
ment.
L. i. THOMAS.
Speaker OF the House of Representatives.
THOMAS c. BARRETT
Lieutenant Governor and President OF
the Senate.
Approved: July 18th, 1912.
L f. HALL
tsovernor of the State OF Louisiana.
A true copy:
ALVIN Il. HEBERT.
Cnrr a of n 70