Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-09-20

House Bill No. l33. BY Mr.. Fontsnok
A JOINT RESOLUTION

tion OF 1898, as amended by Act No.
sos of the Acts OF 1910. ratified by
the people at the November election
of 1910, so as to authorize the Board
OF Liquidation of the State 1T to
issue new bonds to retire or refund
the State Bonded Indebtedness due
January LIST, 1914; to provide for q
tax for the payment Of the interest
on said bonds and a sinking fund 10
retire the same; to provide for the
payment out of the said sinking fun
OF an Indebtedness due by the State to
the United States. and OF certain other
claims against the State.
Section I. Be II resolved by the Gem
eral Assembly of the State of Louisiana.
two-thirds of all the members elected to
ment to Article 46 Of the Constitution
OF the State of Louisiana OF 1898, a.
amended by Act No. 303 of the Acts of
the General Assembly OF the State OF
Louisiana at its session held in the year
1910, ratified by the people at the Mo-
vember election Of 1910. be submitted
to the qualified electors OF the State for
their approval or rejection at the con-
gressional election to be held. on the
Monday in November OF 1912. said pro-
posed amendment to read as follows:
Article As. The General Assembly
shall have no power to contract or to
authorize the contracting of any. debt
or liability. on bahalf of the State, or
to issue bonds or other evidences Of
indebtedness thereof. except for the
purpose of repelling invasion or for the
suppression OF instruction. Provided.
that for the purpose of retiring. liq-
uidating or refunding the present State
Bonded Indebtedness OF Eleven Mil
lion, One Hundred and Eight Thousand.
Three Hundred Dollars. maturing Jam
uary 1st 1914. and bearing four per
of Liquidation OF the State Debt OF
Louisiana Is given authority to issue
Eleven Thousand, One Hundred and
Eight ~ , new coupon bonds Of the State
each, to be numbered No. l. to No.
11,10s,' bearing a rate OF interest not
exceeding four per centum per an
mum, payable semi-annually and to be
uary LIST. 1914. The form of said bonds
shall be prescribed by the Board OF
Liquidation of the State Debt and they
shall be signed by the Governor. the
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 exchanged at par by the
Board of Liquidation OF the State DeDt
for the bonds due January LIST 1914.
The excess OF Three Hundred Dollars
of the bonds due January LIST. 1914.
over the bonds authorized by this ar
ticle. shall be paid in cash out of the
current interest funds OF the State.
said bonds shall also be paid out OF
the said fund.
Tn all other respects not herein spec
fled. the Board of Liquidation of the
State Debt is hereby given full power
and authority TO carry out the provi-
sions OF this amendment.
beginning with January list. 1914.
there shall be and there IL hereby lew
led on all property on which general
state taxes are levied an annual tax
of one and two-tenths mills, the net
proceeds OF which shall be devoted 70
the payment OF the interest due on
said bonds. to the payment Of the In
terest due on the indebtedness Of the
State TO the Free School Fund, to Sem
mary Fund and the Agricultural and
Mechanical College Fund, to the pay
ment of the proper expenses of the
Board of Liquidation of the State Debt,
and the residue TO the constitution Of
except as hereinafter provided, to the
purchase Of said bonds by. said Board
at price not to exceed One Hundred
and Three and accrued interest. II
said. the sinking fund shall be invest
ed by the Board of Liquidation of the
State Debt in sound. interest bearing
securities. producing not less than four
per centum per annum interest on the
solvent banks furnishing adequate Sc
curity to the State. TO be approved by
the said Board, at a rate OF interest
not less than four per centum per an.
all of said bonds shall have been e.
tired, but after the assessments of the
State reach the sum of Six Hundred
and Fifty Million Dollars. said tax shall
be reduced to one mill and shall there
after 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
a part of the six mills of taxation per-
mitted to be levied by the Constitution.
In case the present system of taxa
ton shall be changed before the said
bonds shall have been paid, there shall
be levied annually tax sufficien. 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-
auctions.
'sThe Board of Liquidation of the
State Debt shall have power to settle
under the conditions and limitations
provided. the following
claims OF Indebtedness made by yari-
"a The outstanding bonds known an
Baby Bonds excluding all Baby Bonds
Issued by any OFFICIAL or
the State"
school, certificates OF Indebtedness un-
der Act 126 of 1880
(3) Certificates issued under Act %
of 1880 for costs and fees due to the
officers OF the State.
90 Warrants drawn prior to 1880
and fundable but not funded into Baby
Bonds.
(5l Warrants drawn after January
OF 1850 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 Liquida-
ton Of the, State Debt by rule. solsiy
and exclusively in the district court OF
the Parish of East Baton Rouge, to
have the said claims examined and
their validity and the Indebtedness due
hereby given Jurisdiction for that pur-
This Jurisdiction shall extend NOT
only to the determination OF the mere
said claims. but also to the determina-
ton Of any equitable liability of the
state thereon and the extent OF such
equitable liability. Appeal shall lie In
involved. on the original record, to the
Supreme Court OF the State Of Louisf-
ana. The definitive DEGREES of said
courts shall not have the effect OF juds-
~ Iiouisation o aee ,bs sa Sat- or the BoTo
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 recognition by the State
Of any liability. whether legal or edui-
table, to the owners or the holders Of
any OF the said above designated bonds
warrants or claims. and the burden OF