St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1912-09-14

aonusy IN November, 1919
and ON the omcial ballots to be usad
at said election shall be p,aced N.
words For the proposed Amendment,
to Article 157 Of the Constitmt,nr =,
tne state OF Louisiana and thu
woros AGAINST the proposed amend.
ment TO Article 157 Of the Consti.
tution OF the State of Louisiana. .
sna eacn elector shall indicate. a.
psovoeo IN the general election laws
vi the state. which Of the PROPOSE
lions, Tor" or against he votes.
L. E. THOMAS.
speaker OF the House of Renre-
sentatives.
THOMAS c. BARREL.
Lieutenant Governor and Praaidort
OF the Senate.
Approved July IL, 1912.
L. E. HALL,
Governor Of the State Of Lomisisna
A true copy.
..-.4 ALVIN E. HEBERr,
Secretary of State.
ACT NO. POS.
House Bill No. 433.
BY Mr.. Fontenot.
a JOlNT RESOLUTION.
PROPOSING an amendment to the Con-
stitutton Of the State of Iouisi-
ana. amending Article 46 of the
ana, amanding Article IS Of the
Constitution of 1898, as amended
by Act No. 3O3 of the Acts of 1910.
ratified by the people 1t the No
vember election Of 1910, so as to
authorize the Board of Liouida-
ton OF the State Debt to issue
new bonds to retire or refund the
State Bonded Indebtedness due
January l, 1914; to provide for
tax for the payment Of the in
terest on said bonds and sinking
fund to retire the same; to pro-
vide for the payment out of the
said sinking fund of an Indebted
ness due by the State to the United
States, and of certain other claims
against the State. &
Section /. Be 1t resolved by the
General Assembly of the State of
Louisiana, two-thirds of all the mem
bers elected to each House concurr-
Ing, That an amendment to Article
IS OF the Constitution Of the State
Of Louisiana of 1898, as amended by
Act No. 303 of the Acts of the Gen.
eral Assembly Of the State Of Lou
isiana at its session held in the year
1910, ratified by the people ut the
November election Of 1910, be SUBJ
mitted to the qualified electors Of
the State for their approval or re-
lection 1T the Congressional election
to be held on the first Tuesday next
following the first Monday In Mo-
vember Of 1912, said proposed
amendment to read as follows:
Article IS. The General Assem-
bly, shall have no power to contract
or to authorize the contracting of
any debt or liability. ON behalf of
tho State, or to issue bonds or other
evidences of Indebtedness thereof.
except for the purpose of repelling
invasion or for the suppression of
insurrection. Provided, that for the
purpose of retiring, liquidating o. re-
funding the present State Bonded
Indebtedness of Eleven Million. One
Hundred and Eight Thousand, Three
Hundred Dollars, maturing January
1, 1914, and bearing four per centum
per annum interest, the Board Of
Liquidation Of the State Debt Of Lou
isiana IL given authority to issue
Eleven thousand One Hundred and
Eight new coupon bonds of the State
Of Louisiana of $1,000 each to be
numbered NO. l. to No. 11,1O8,'
bearing q rate OF interest not exceed.
ing 1 per centum per annum, pay
able semi-annually, and to be due
and paid in so years from January
I, 1914. The form Of said bonds
shall be prescribed by the Beard
of Liquidation of the State Debt
and they shall be signed by the
Governor, the Auditor and the
Treasurer Of the State. Said bonds
shall be sold to the highest bidder
at not less than par after three
months of advertisement by the
Board Of Liquidation of the State
Debt In New Orleans, Chicago and
New York; and in case said bonds
cannot be sold they may be exchang
ed 1t par by the Board Of Liquida-
tion of the State Debt for the bonds
due January I, 1914. The excess Of
Three Hundred Dollars of the bonds
due January I, 1914, over the bonds
authorised by this article. shall be
paid In cash out Of the current in
terest 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 this amendment.
Beginning with January l. 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 devot-
ed to the payment Of the interest due
on said bonds, to the payment Of the
interest due on the Indebtedness Of
the state to the Free School Fund
to Seminary Fund and the Agricul
tural and Mechanical College Fund
to the payment of the proper ex
peuses Of the Board of Liquidation
OF the state Debt. and the residue tt
the constitution of q sinking funt
to be applied annually except % here
matter provided, to the purchase o
said bonds by said Board at q pric,
not to exceed One Hundred ant
Three and accrued interest. l
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, interes
bearing securities, producing not les
than four per centum per annum in
terest on the amount so invested, o
deposited in solvent banks furnishing
adequate security to the State, to b.
approved by the said Board, at