The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-05

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 |
amount so invested. or deposited IN |
solvent banks furnishing adequate Sc |
curity to the State. to be approved by
the said Board. at rate OF interest |
not less than four per centum per an. |
mum. Said tax shall be levied until
all of 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 shah
be reduced to one mill and shall there-
after be reduced two-tenths of one mill
for 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 sald
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 Dol
lars TO take the place of said tax OF
one and two-tenths mills and its re-
auctions.
"The Board of Liquidation of the
State Debt shall have power to settle
hereinafter provided. the following
claims of Indebtedness made by vari-
Gus persons against the State. to-wit:
"a The outstanding bonds known as
Baby Bonds excluding all Baby Bonds
the State"
(2) Auditors warrants issued for
school. certificates of indebtedness un-
der Act 1875 of 1880.
ca Certificates issued under Act SO
of 1880 for costs and fees due to the
<.fE Ne he Anfn
"a Warrants drawn prior to 1880
and fundab1e but not funded into Baby
Bonds.
(5) Warrants drawn after January
Of 1880 against 1873 and previous years
Provided. however, that the owners
or the duly authorized trustees OF the
January LIST. 1915, but not thereafter.
proceed against the Board of Liquida-
ton of the State Debt by rule. soleiy
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
thereon determined, which court Is
hereby given jurisdiction for that pn--
This jurisdiction shall extend Eot
only to the determination of the mere
legal liability of the State on any OF
said claims. but also to the determfna-
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 Louisi-
ana The deffnitive DEGREES of said
courts shall not have the effect of judg-
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
of 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 II
the sinking fund, there shall be paid IL
full the amount of principal and inter
est due on the bonds al 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 b.
deemed to be sels-acting and directl,
TO confer the power and authorit!
herein granted without an enabling &C
of the General Assembly"
Section 2. Be 1t further resolved
by the General Assembly of the Stat
OF Louisiana, two-thirds of all tn
members elected to each house con
curing, Tnat the OIklcl3l Daiiot 10 %
used at said election shall have printe
thereon the words:
For the proposed amendment to Ar
ticle 46 of the Constitution of the Stat
of Louisiana. relative TO the refundin
and settlement of the Indebtedness o
the State"
And the words;
Against the proposed amendment I
Article 46 of the Constitution of tn
State of Louisiana relative to the re
funding and settlement of the indeb'
eduess Of the State"
And each elector shall indicate o
said ballot as provided In the Genera
Election Law of the State. whether h
votes for or against the proposed amend
ment
Speaker of the House of Representatives
THOMAS c. BARRETT
Lieutenant Governor and President Q
the Senate.
Approved: July nth. 1912.
l. f HALL.
Governor of the State of Louisiana
A true copy:
ALVIN E HERBERT,
Secretary of State.