The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1912-10-12

House Bill No. 433. BY Mr.. Fontenot
A JOINT RESOLUTION
Proposing an amendment to the Con-
stitutfon of the State of louisiana.
amending Article 4s Of the Constitu-
tion of 1898, as amended by Act No.
3o3 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 ut 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 a 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 1. Be 1t resolved by the Gem
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. 500 of the Acts of
the General Assembly of the State of
Louisiana at its 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
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 Tor the purpose of retiring liq-
uidating or refunding the present State
Bonded Indebtedness of Eleven Mil
lion, One Hundred and Eight Thousand.
Three Hundred Dollars. maturing JAM
uary LIST, 1914, and bearing four per
centum per annum interest, the Board
Of Liquidation of the State Debt OF
Eleven Thousand. One Hundred ana
Eight new coupon bonds of the State
OF Louisiana of One Thousand Dollars
each, to be numbered No. L to No.
11.1os; bearing rate Of interest not
exceeding four per centum per an
mum, payable semi-annually and to bo
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.
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 Deut
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.
I'm all other respects not herein spec
fled. the Board OF Liquidation of the
State Debt IL 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 lev
led on all property on which general
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 and
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
sinking fund TO be applied annually
.xcept ~ hereinafter provided. to the
~urchase OF said bonds By said Board