The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-26
ACT NO. soa.

AOG QVs &J5s
House Bill No. 4ss. BY Mr. Fontenot.
A JOINT RESOLUTION
Proposing an amendment to the Con-
stitution of the State of Louisiana
amending Article AZ of the Constitu-
tion of 1898. as amended by Act No.
300 of the Acts OF 1910, ratified by
the people at the November election
of 1910. so as to authorize the Board
of Liquidation Of the State 1T to.
issue new bonds to retire or refund
the State Bonded Indebtedness due
January LIST. 1914; to provide for q
tax for the payment OF the interest
on said bonds and a sinking fuhd TO
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.-.
eral Assembly Of the State of Louisiana.
two-thirds of ali the members elected to
each house concurring. That an amend
ment to Article 46 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
1s1e ratified by the people at the No.
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
-
posed amendment TO read as follows
Article 46. The General Assembly
shall have no power to contract or to
authorize the contracting Of any debt
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-
pideting or refunding the present State
Bonded Indebtedness of Eleven MIL
lion, One Hundred and Eight Thousand.
Three Hundred Dollars. maturing jan
uary LIST. 1914. and bearing four per
centum per annum interest. the Board
of Liquidation of the State Debt Of
Louisiana Is given authority to issue
Eleven Thousand. One Hundred and
Of Louisiana OF One Thousand Dollars
each, to be numbered No. L to No.
11.10S.' bearing . rate Of interest not
exceeding four per centum per an
due and paid in fifty years from JAN
uary LIST, 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
New Orleans. Chicago and New York;
and in case said bonds cannot be sold
they may be exchanged at par by the
Board Of Liquidation Of the State Deot
for the bonds due January LIST. 1914
The excess Of Three Hundred Dollars
of the bonds due January LIST. 1914.
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
tied. the Board Of Liquidation of the
State Debt Is hereby given full power
and authority to carry out the provf-
sions of this amendment.
beginning with January list, 1914.
there shall be and there Is hereby lew
ted on all property on which general
state taxes are levied an annual tax
Of one and two-tenfhs mills the net
proceeds OF which shall be devoted "a
the payment of the interest due on
said bonds. to the payment Of the in
serest due on the indebtedness of the
state to the Free School Fund. to Sem
mary Fund and the Agricultural ant
Mechanical College Fund. to the pay.
nent OF the proper expenses Of ths
! BOARD of Liquidation Of the State Debt
and the residue TO the constitution o,
| u sinking fund to be applied annually
| except A. hereinafter provided. to thl