The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1912-09-05
Act M ana
House Bill No. 433. BY Mr.. FontenoI
A JOINT RESOLUTION

the people at the November election
of 1910. so as to authorize the Board
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 tho
payment out of the said sinking fun
of an Indebtedness due by the State tn
the United States, and of certain other
claims against the State.
Section 1. Be it resolved by the Gen
eral Assembly of the State of Louisiana,
two-thirds of all the members elected to
each house concurring, That an amend
of the State of Louisiana of 1898. as
amended by Act No. 303 of the Acts of
the General Assembly of the State OF
Louisiana at it's session held in the year
vember 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 behalf of the State. or
to issue bonds or other evidences Of
Indebtedness thereof, except for the
purpose of repelling invasion or for the
that for the purpose of retiring, liq-
uidating or refunding the present State
Bonded Indebtedness of Eleven Mil
lion, One Hundred and Eight Thousand,
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
Eight new coupon bonds of the State
Of Louisiana Of One Thousand Dollars
each,-to be numbered No, L to No.
11,10S.' bearing a rate of interest not
mum. payable semi-annually and to be
due and paid in fifty years from jan
uary 1st, 1914. The form of said bonds
be f ,hs by the Board oar tbs
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 sold
they may be exchanged at par by the
Board of Liquidation of the State DeDt
for the bonds due January 1st 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
the said fund.
I'm all other respects not herein spec
fied the Board of Liquidation of the
State Debt is hereby given full power
and authority to carry out the provi.
sions of this amendment.
Beginning with January 1st, 1914,
there shall be and there is hereby lew
led on all property on which general
state taxes are levied an annual tax
| of one and two-tenths mills, the net
l -
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
| 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
except as hereinafter provided. to the
purchase of said bonds by said Board
at 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 an sound. interest bearing
securities, producing not less than four
amount so invested, or deposited IN
solvent banks furnishing adequate Sc
| curity to the State, to be approved by
the said Board. at a 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
after be reduced two-tenths of one mill
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
part of the six mills of taxation per-
NIT tod fn he tod Gxyf
In case the present system of taxa
| ton shall be changed before the said
bonds shall have been paid, there shall
| be levied annually tax sufficient. to
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 it's re-
auctions.
State Debt shall have power to settle
under the conditions and limitations
| hereinafter provided, the following
claims of Indebtedness made by vari-
| Gus persons against the State, to-wit:
"a The outstanding bonds known as
| Baby Bonds excluding all Baby Bonds
fraudulently issued by any official Of
(2) AUDITORS warrants issued for
school certificates of Indebtedness un-
der Act 126 of 1880
| go Certificates issued under Act 80
Of 1880 for costs and fees due to the
1
a. Warrants drawn prior to 1880
and fundable but not funded into Baby
t5) Warrants drawn after January
i of 1880 against 1873 and previous years.
| Provided, however, that the owners
or the duly authorized trustees Of the
owners Of said claims may prior to
proceed against the Board of Liquida-
ton of the State Debt by rule, solely
and exclusively in the district court Of
the Parish Of East Baton Rouge. to
have the said claims examined and
their validity and the Indebtedness due
| thereon determined, which court IL
hereby given jurisdiction for that pur-
This jurisdiction shall extend not
only to the determination of the mere
legal liability Of the State on any OF
said claims. but also to the determine
State thereon and the extent Of such
equitable liability. Appeal shall lie ID
all cases. irrespective of the amounts
involved, on the original record, to the
Supreme Court of the State Of Louisi.
ana. The definitive decrees Of said
courts shall not have the effect Of tudy.
ments against the State or the Board
Of Liquidation Of the State Debt. Tit
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 arr
available. but they shall not be paid
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.
any of the said above designated bonds
warrants or claims. and the burden o.
proof shall rest throughout on each O.
such claimants to show such liability.
Out of the first surplus accruing II
the sinking fund. there shall be paid il
!, full the amount of principal and inter
est due on the bonds Of the State, tn
face values Of which aggregate Thirty
Seven Thousand Dollars. and which
are held by the United States as trus