The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1912-10-26
Liquidation OF the State Debt ana

! to the highest bidder at not less than
par after three months of ad.erlts e.
ment By the Board Of LiQu dst.ou Of
( the State Debt in New ORLEANS. hi
cago and Me-. York; and IN case
said bonds cannot b sold they NAV
I be exchanged at par BY the Board of
Liquidation Of the State Debt for the
bonds due January 1st. 1914. Tbe ex-
! cess Of Three Hundred Dollars o. the
bonds due January LIST, 1914, over the
bonds authorized by this article shall
be paid in cash out of thu current
interest funds OF the State. The cost
OF engraving and advertising said
bonds shall also be paid out of the
said fund.
''In all other respects not herein
/ specified, the Board OF Liquidation of
the State Debt is hereby given full
I power and authority to carry out the
provisions of his amendment.
Beginning with January Isl. 1914,
there shall be and there is hereby
levied on all property on which gen
eral state taxes are levied an annual
tax Ct one and tWot cnths mills, the
net proceeds Of which shall be deyot-
ed to the payment Of the interest
due on said bonds, to the payment
Of the interest due on The indebted
ness OF the State to the Free school
Fund, to Seminary Fund and the AZ
ricultural and Mechanical COIlese
Fund, to the payment of the proper
expenses OF the Board Of Giqu5da-
ton Of the state Debt, ana the res
idue to the constitution Of q sinking
fund to be applied annually except
. n e. n r.. = n h,
chase Of said bonds by said Board at
q price not to exceed One IIu9dred
and Three and accrued interest. If
bonds cannot be purchased as afore-
said, the sinking fund shall be H.
vested by the Board OF Liquidation
Of the State Debt in sound interest |
bearing securities, producing not less |
than four per centum per annuEl IN !
terest on the amount so invested, or |
deposited in solvent banks furnishing |
adequate security to the State, to be |
approved by the said Board. at a |
rate of interest not less than four per
centum per annum Said tax shall |
be levied until all of said bonds shall |
have been retired, but after the as
sessihents of the STATE reach the sum
OF Six Hundred and Fifty Million Dol
lars, said tax shall be reduced to
one mill and shall thereafter be re-
duced two-tenths Of one mill for
each One Hundred Million Dollars in
crease in assessments until the said
tax shall re reduced to siX-tenths OF
one mill. The said tax shall consti-
tute part of the six mills Of taxa
ton permitted to be levied by the
Constitution.
In case the present system Of tax
alton shall be changed before the ,
said bonds shall have been paid,
there shall be levied annually a tax
sufficient to produce a gross sum of
not less than Six Hundred and Fifty
Thousand Dollars to take the place of
said tax of one and two-tenths mills
and its reductions.
1.-The Board of Liquidation of the
State Debt shall have power to set
tie under the conditions and limita-
tons hereinafter provided, the fol-
lowing claims Of Indebtedness made I
by various persons against the State,
to-wit:
O The outstanding bonds known
as Baby Bonds excluding all Baby
B ,nds fraudulently issued by any of
liCidl OI TIE OIdle.
(2) Auditors Warrants issued for
school, certificates of indebtedness =,
lnder Act .126 of 1880
(3) Certificates issued under Act II
70 Of 1880 for costs and fees due
o the officers CT The State. {
ca Warrants drawn prior to 1880 ,
md fundable but not funded into t
3aby Bonds. I
60 Warrants drawn after January {
il 1880 against 1873 and previous
ears.
Provided, however, that the own :
RS Or the duly authorized trustees =
If the owners OF said claims may :
,rior to January list, 1915, but not :
hereafter, proceed against the Board =
: Liquidation Of the State Debt by =
ule, solely and exclusively in the dis =
riot court of the Parish of East !,
Baton Rouge, to have the said claims 1,
Examined and their validity and the :
Indebtedness due thereon determined, q
which court is hereby given jurisdic =
ion for that purpose. =
This jurisdiction shall extend not
My to the determination of the mere 6
egal liability of the State on any Of
aid claims, but also to the determi-
ation of any equitable liability of I
he State thereon and the extent of
UGH equitable liability. Appeal shall 4
lie in all cases, irrespective Of the
mounts involved, on the original c
ecord, to the Supreme Court of the A
tate of Louisiana. The definite de-
rees of said courts shall not have
he effect Of judgments against the
tate or the Board of Liquidation of
be State Debt The Board of Lii
Of the State Debt shall
ave the exclusive power to settle G
ne claims, thus approved by the .
ourts of the State, out of the sink
lg fund above provided for as funds
re available, but they shall not be P
aid otherwise or out of any other
Ind.
Nothing in this amendment shall
e construed as a recognition by the
tate of any liability, whether legal