Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1912-10-11
or NO ma
House Bill No 433. BY Mr.. Fontonot
A JOINT RESOLUTION


amending Article as of the Constitu-
ton of 1898 as amended by Act No.
303 of the Acts OF 1910, ratified BY
the people at the November election
Of 1910. so as TO authorize the boa.o
of Liquidation of the State IT to
issue new bonds TO retire or refund
the State Bonded Indebtedness due
January LIST. 1914; TO provide for
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 l. Be ii resolved by the Gem
eral Assembly of the State of Louisiana.
two-thirds of all the members elected 70
each house concurring, That an amend
ment to Article t6 Of the CONSTITUTION
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 No.
vsmber 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 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-
s0nded fnde saed of Eleven MI
lion. One Hundred and Eight Thousand
Three Hundred Dollars, maturing JAM
uary 1st 1914, and bearing four per
centum per annum interest. the Boara
Louisiana is given authority TO issue
Eleven Thousand, One Hundred and
Eight new coupon bonds of the State
Of Louisiana of One Thousand Dollars
each, to be numbered No. l. to No
IL. 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
shall be prescribed by the Board 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 sole
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 DOuQS que january ISL, lSl1s
over the bonds authorized by this ar
ticle. shall be paid in cash out 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
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 provt-
sions OF this amendment
beginning with January LIST, 1914.
there shall be and there il hereby lew
state taxes are levied an annual tax
of one and two-tenths 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, to Sem
mary Fund and the Agricultural ana
Mechanical College Fund, to the pay
Board of Liquidation of the State Debt,
and the residue to the constitution of
sinking fund to be applied annually
except as hereinafter provided; to the
purchase Of said bonds by said Board
at q price not to exceed One Hundred
and Three and accrued interest II
bonds cannot be purchased as afore-
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 10
solvent banks furnishing adequate So
curity 20 the State. to be approved BY
the said Board, at q 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 shall
be reduced to one mill and shall there.
80 - "a 90 w,.gl
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
ticn shall be changed before the said
bonds shall have been paid. there shall
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.
The Board of Liquidation of the
State Debt shall have power to settle
under the conditions and limitations
hereinafter provided. the following
claims of indebtedness made by vart'
Gus persons against the State. to-wit:
"a The outstanding bonds known Al
Baby Bonds excluding all Baby Bonds
fraudulentiy issued by any official OF
l25 AUDITORS warrants issued fol
school. certificates Of indebtedness un'
(s) Certificates issued under Act q
| of 1880 for costs and fees due to tn,
officers OF the State.
90 Warrants drawn prior to 1sst
ana fundabis but not funded into Babs
Bonds.
as Warrants drawn after Januar,
Of 1852 against 1878 and previous years
the dsy 't erustees OF th
| owners of said claims may prior u
January LIST, 1915. but not thereafter
proceed against the Board of Liquida
and exclusively in the district court Of
| the Parish of East Baton Rouge, q
have the said claims examined and
| their validity and the indebtedness du,
hereby given Jurisdiction for that pur
| pose.
This Jurisdiction shall extend no
| only to the determination Of the mer'
legal liability Of the State on any o.
said claims, but also to the dstsrmins
ton Of any equitable liability Of tn.
State thereon and the extent of suci
equitable liability. Appeal shah lie Il
all cases. irrespective Of the amounts
involved. on. the original record. to N.
Supreme Court of the State OF Louiss
i ana The definitivs DEGREES Of sal.
courts shall not have the effect OF judE
ments against the State OF the Boar
/ Of Liquidation OF the State Debt. Tn,
Board Of Liquidation of the State Deb
shall have the exclusive power to set
tie the claims. thus approved by tn
courts Of the State. out Of the SINKING
| fund above provided for as funds ar
available. but they shall not be pai'
| otherwise or out OF any other fund.
Nothing in this amendment shall b
construed as recognition by the Stat
of any liability. whether legal or equi
table. to the owners or the holders o.