The Era-leader. [volume] (Franklinton, La.) 1910-current, 1912-10-24

ar after three months of advertise. tn
nent by the Board of Liquidation OF IN
he State Debt in New Orleans, chi IN
ago and New York; and in case
aid bonds cannot be sold they may sa
&c exchanged at par by the Board OF er
Of the State Debt for the er
ponds due January LIST. 1914. The eX- Pc
cess of Three Hundred Dollars OF the
bonds due January list, 1914, over the s.
bonds authorized by this article shall
he paid in cash out of the current
interest funds OF the State The cost l.
OF engraving and advertising said
bonds shall also be paid out OF the A
said fund.
"In all other respects not herein \,
snecified, the Board OF Liquidation OF Il
the State Debt is hereby given full
mower and authority to carry out the
provisions q" this amendment.
"Reginning with January lst, 1914,
there shall be and there is hereby
lavied on all property on which gen,
oroI state taxes are levied an annual
tax ~ one and tw0.tenths mills, the
no. nroceeds of which shall be deVot.
cd to the payment OF the lnterest
due on said bonds, to the payment
If the interest due on the lndeDteu,
ness If the State to the Free School
Fmnd tn Seminary Fund and the AZ
r;cn1tura, and Mechanical College
Tund to the payment Of the proper
avnenses of the Board Of Llqulda'
ION of the State Debt, and the res
; ; ~ the constitution of a sinking
fund tn be applied annually except
az hereinafter provided, to the put.
chase of said bonds by SAID boara d.
price not to exceed one Hu.ore ~
and Three and accrued interest. II
honds cannot be purchased as afore-
sa;d the sinking fund shall De IN
vested by the Board of Llquldatloh
of tho state Debt in sound interest
hearing securities, producing not less
than fo,,r per centum per annum III
, tarest on the amount SO invested, or
deposited in solvent banks luri'lslit is
adequate security to the Sta,e' 10. oe
+ approyed by the said Board, at d
rato If interest not less than four per
cantnm per annum. Said tax shall
y he levied until all of said bonds shall
S have been retired, but after the as
II sessments of the State reach the sum
Of Six Hundred and Fifty Million 10Y
:; lars said tax shall be reduced 10
IS one mill and shall thereafter De re-
y duced two-tenths of one mill fol
= each One Hundred Million Dollars IL
q crease in assessments until tht SAT-
'e tax shall re reduced to six-tenths O
"a one mill The said tax shall consul
Il, tute a part of the six mills or TAXA
tion permitted to be levied by 'h
~ Constitution.
:, Tn case the present system OF TAX
-, ation shall be changed before IN
we We said bonds shall have been palo
81. there shall be levied annually Ia
% sufficient to produce a gross sum
y not less than Six Hundred and FIJI
Thousand Dollars to take the place
m said tax of one and two-tenths mill
and it's reductions.
~ "The Board of Liquidation OF u
~ State Debt shall have power TO Sc
til. under the conditions and limit
tions hereinafter provided, the fe
=, lowing claims of Indebtedness MAJ
u"' by various persons against the Stat
to-wit:
(1) The outstanding bonds know
as Baby Bonds excluding all Bal
Bonds fraudulently issued by any
ficial of the State
(2) Auditors Warrants issued
school. certificates of indebtedne
HUI under Act 126 of 1880.
(3) Certificates issued under 4
90 Of 1880 for costs and fees d
ION. to the officers Of the State.
lisi- (N Warrants drawn prior to II
the and fundable but not funded il
dod Baby Bonds.
-, (5) Warrants drawn after Janus
Y" Ut 1880 against 1878 and previ'
e. years.
}, so Provided, however, that the o.
L. ers or the duly authorized trust
, tn Of the owners Of said claims y
49, prior to January LIST, 1915, but
thereafter, proceed against the DO
>ted' Of Liquidation of the State Debt
|, to rule. solely and exclusively in the
mentI trict court of the Parish OF Z
o.a, Baton Rouge, to have the said ella
onuo examined and their validity and
the Indebtedness due thereon determi
ment which court is hereby given juris
n Of ton for that purpose.
state This jurisdiction shall extend
oo- only to the determination Of the n
'ef legal liability of the State on an
the said claims, but also to the dete
nation of any equitable liabilit!
tho the State thereon and the exten
-. such equitable liability. Appeal
g VI lie in all cases, irrespective of
mem amounts involved, on the orll
incur record, to the Supreme Court OF
Arti. State of Louisiana. The definite
49, crees of said courts shall not
VIC the effect of judgments against
mend State or the Board of Liquidatic
If the the State Debt. The Board Of
to Of quidation of the State Debt
~ have the exclusive power to
II 'ne the claims, thus approved by
Die at courts of the State, out Of the
o. be ing fund above provided for as
ectors are available, but they shall M
paid otherwise or out OF any
fund.
ectlon Nothing in this amendment
lesday be construed as a recognition b