The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1912-10-19
ACT no. sos
House Bill No. 433 BY Mr. Fsentanot
A JOINT RESOLUTION

House Bill No. 1873. BY Mr. Fantanot
A JOINT RESOLUTION
Proposing an amendment 10 the Con-
stitution of the State OF Louisiana
amending Article IS OF the Constitu-
tion Of 1898, as amended by Act No.
3oa Of the Acts Of 1919. ratified by
the people at the November election
OF 1910, so as TO authorize t4as Board
Of Liquidation OF the State / 1t to
issue new bonds to retire or refund
January 1st. 1914; to provide for a
tax for the payment Of the interest
on said bonds and sinking fund to
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 /. Be It resolved by the Gem
sral Assembly Of the State OF Louisiana
two-thirds of all the members elected to
each house concurring. That an amend
ment to Article 4s OF tho Constitution
Of the State OF Louisiana of 1898, az
amended by Act No. 3e3 OF the Acts OF
the General Assembly Of the State of
1870 ratified by tbs people at the No
vember election OF 1910, be submitted
to the qualified electors Of the State for
their approval or rejection az the con-
first Tuesday next following the first
Monday in November Of 1919, said pro-
posed amendment TO read as follows:
Article 4s. The General Assembly
authorize auth s the he contracting q any debt
or liability. on behalf Of the State, or
to issue bonds or other evidences of
indebtedness thereof, except FOR the
purpose OF repelling invasion OF for the
that for the purposs Of retiring, lia-
uidating or refnnding the present State
Bonded IndebtednesH Of Eleven Mil
lion, One Hundred and Eight Thousand,
uary 1st, 1914, and bearing four per
centum per annum interest. the Board
Of Liquidation Of the State Debt Of
Louisiana Is given authority to iasua
Esgsn Thousand s pne HUNDRED ~ s and
of Louisiana Of one Thousand. Dollars
EACH to be numbered No. to No.
11,Io3.' bearing q rate OF interest not
exceeding four per centum per am
due and paid in fifty years from jan
uary 1st, 1914 The form OF said bonds
shall be prescribed by the Board OF
Liquidation OF the State Debt and they
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
and In case said bonds cannot be sold
they may be exchanged at par by the
Board OF Liquidation of the state Dapt
for the bonds due January list. 1914.
The excess of Three Hundred Dollar
OF the bonds due January 1st. 1914.
over the bonds authorized BY tkts ar.
ticle. shall be paid in cash ont ef the
current interest funds oq the gfats.
The cost OF engraving and adyertisine
said bonds shall also be paid out OF
the said fund.
In all other respects net herein spec
fled, the Board Of Liquidation Of the
State Debt is hereby given fsI,l power
and authority TO carry out che prey!-
stons Of this amendment
Beginning with January 1ss. 1914,
there shall be and there IL hereby lev
led on I'll property on which, general
state taxes are levied an annual tar
of one and two-tentlls 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
terest due on the Indebtedness Of the
State to the Free School Fund. 10 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
a sinking fund to be applied annually
except as hereinafter provided, to the
purchase Of said bends BY gaid Boar@