The Caldwell watchman. (Columbia, La.) 1885-1946, 1912-09-20
ACT NO. aos.
House Bill No. 43s BY Mr.. Funtenot
A JOINT RESOLUTION

House Bill No. 43S. BY Mr. F0ntenot
A JOINT RESOLUTION
Proposing an amendment to the Con-
stitution Of the State of Louisiana,
amending Article 46 of the Constitu-
ton of 1898. as amended by Act NO.
500 of the Acts OF 1910, ratified by
the people at the November election
of 1910. 50 as to authorize the Board
of Liquidation of the State 4 :, It to-
issue new bonds to retire or refund
the State Bonded Indebtedness duo
January 1st, 1914: to provide for a
tax for the payment of the interest
on said bonds and a sinking fund to
retire the same; to provide for the
payment out of the said sinking funu
of an Indebtedness due by the State to
the United States. and of certain other
claims against the State.
Section !. Be it resolved by the Gem
eral Assembly Of the State Of Louisiana.
tw0-thirds OF all the members elected to
each house concurring. That an amend
Of the State Of Louisiana of 1898, 40
amended by Act No. 800 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 No
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
first Tuesday next following the first
Monday in November of 1912. said pro-
posed amendment TO read as follows.
article 46. The General Assembly
shall have no power to contract or to
authorize the contracting of any debt
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
Eonded Indebtedness of Eleven Mil
lion, One Hundred and Eight Thousand.
Three Hundred Dollars. maturing jan
uary list. 1914, and bearing four PEP
centum per annum interest the Board
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-
due and paid in fifty years from jan
uary 1st. 1914. The form Of said bonds
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 exchanged at par by tbs
Board Of Liquidation of the state Deut
for the bonds due January 1st, 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 ont 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.
I'm all other respects not herein spec
fled. the Board Of Liquidation Of tho
State Debt is hereby given full power
and authority to carry out the provi-
sions of this amendment
'Begnning with January 1st. 1914,
there shall be and there is hereby lev
led on all property on which general
state taxes are levied an annual tax
of one and two-tcnths mills. the net
proceeds of which shall be devoted to
the payment Of the interest due on
said bonds, to the payment Of the IN
State to the Free School Fund to Hem-
mary Fund and the Agricultural and
Mechanical College Fund. to the pay
| ment Of the proper expenses of ths
Board OF Liquidation Of the state Debt
and the residue to the constitution Of
a sinking fund to be applied annually
except as hereinafter provided. to the
purchase OF said bonds b. said Board