New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1910-09-03

II the amendment to the Constitution sub.
mitted by Act No. Two az OF the Acss on
Of Louisiana for the year 1910 be ratinedd
by the pople, then the entire amount OF saiu
tax collected after the issuing OF oonas nr tba
purpose of paying the interest and principai
Of said bonds and for no other purpose;
When the tax thus authorized shall nave
been lapsed by the terms of said proposed
amendment, then each year thereafter as lohs
IS any of the bonds herein authorized 10 De
Issued Ire outstanding, there shall De ssses ;S
and collected a tax, which is hereby levied
exclusively in the City Of New orleans upen
81 property subject to state ,aAs ssd bonds
and a fraction of the principal or tract!on
of the principal collected for the creatUn l
retire said bonds; provided that no tax eI
ceeding one and ono half Il "a mills sna.
be assessed and collected during any one ,n
of one and one-half q " mills should oe
insufficient to paw the interest and the prlnf
cipal of said bonds at the maturity thereof;
then this tax shall continue and be assessed
and collected until the entire amount due
on said bonds In principal and interest Is
paid.
From and after the time the tax herein
levied becomes operative it shall be the duty
of the Treasurer Immediately after the annual
listing and valuation of the property IN tne
City of New Orleans to fix the rate OF TAXA
ton to be imposed upon said property TOT
ON 1n' SAID Bonded debt and the fraction Of the
principal due that year or the ifaetoii "
the principal to constitute a sinking Juno
for the retiring of said bonds. Upon aseer-
tanning said amount, he shall direct the as.
SCISSOR or Board of Assessors or such otner
authority charged with like duty OF ivy
of New Orleans, or Parish OF orleans, 10
extend upon the assessment rolls such rate
of taxation as will yield an amount sufhcleht
to pay said interest and traction OF pm
ripal as aforesaid; provided that said tax
shall not exceed one and one half Il " mills
for any one year. This tax shall be assessed
and collected, without costs or eoihl nsn'
in the same manner as State taxes are col
lected and shall be paid by the collectors
directly to the Treasurer Of the State or
Louisiana, who is hereby authorized to DIS
burse the same to the holders of the bonds
herein provided for, in payment OF the IN
terest and principal due on said bonds upon
the presentation to him of the bonds or the
interest coupons as the case may be
All funds arising hereunder which go INTO
the State Treasury whether same nave PEE. oeen
realized from the sale of said bonds or rom
the levy and collection of any tax or taxes
herein referred to shall by the treasurer
be deposited in the same depository, in the
same manner, at the same rate OF interest,"
and upon the same terms and conditions as
are other State funds and all interest &C
cruing upon said deposits shall be cred'teu
to the particular fund from which the m
terest was derived, and shall be used Tor
the same purpose Tor winch inc principa' u
The bonds herein authorized and the tax
levied and collected and pledged Tor the
payment of said bonds shall constitute q
valid and binding contract. and the faith OF
the State Of Louisiana is pledged to the
tinuous collection of said tax. authorized 6y
final payment of all of said bonds IN prin-
cipa and interest. Said bonds shall be
exempt from all taxation, State, Parish. ana
Municipal and the tutors OF minors and cura
tors of interdcts are authorized to invest
the funds in their hands in said bonds,
Any time after Ave years shall have . i sda
herein authorized the Treasurer OF the State
of Louisiana shall at any interest payisg
bonds, to the extent of said fund. in their
reverse numerical order and the Treasurer
shall notify the bondholders thereof by an
advertisement in one of the papers published
in the City of New Orleans and one pub.
iished in the City of New York, at least
sixty days prior to the day which the
bonds are to be retired, giving the number
and denomination of said bonds; and IL said
time. then the interest shall cease thereon.
The dissolution and liquidation of the
Worlds Panama Exposition Company snail
not in any manner affect the validity of the
bonds herein authorized to be issued by said
corporation or the collection OF the tax levied
by this Constitutional amendment or by that
proposed by Act No. Two Of 1910 IS afore-
This amendment to the Constitution shall
stitution of the State of Louisiana. as well
as any proposed amendment to the Constitu-
ton to be voted on at the coming election
to be held Tuesday next following the
first Monday in November. 1910, which may
directly or indirectly conflict herewith, and
shall be deemed supplemental to the amend
ment proposed by Act No. Two CD of the
Acts Of the regular session OF the General
Assembly of the State of Louisiana for the
year 1910 and in case OF conflict Herewith
the provisions of this amendment shall pre-
vail and this amendment shall be in force
and effect only in the event the said proposed
amendment submitted for ratification by Act
No Two (2) of the Acts of the regular SEES
sion OF the General Assembly Of 1910 is
ratified by the people at the congressional
election to be held on Tuesday next follow:
ing the first Monday in November, 1910, and
is declared to be self executing and to confer
directly the authority herein granted without
an enabling act of the Legislature.
Section 2 Be it further resolved, etc.
That the official ballot to- be used at the
said election shall have printed thereon the
''For the proposed amendment to the Con
stitution of the State Of Louisiana. author
izing issue of bonds by the WorIo
o. further tax in the City Of New Orlean'.
al! in further aid Of the exposition cele.
brating the opening Of the Panama Canal
ment to the Constitution Of the State OF
Louisiana, auth orizing an issue Of bonds by
the Worlds Panama Exposition Company and
he s,yng Of ,a 81 the The city OF
Canal and eaca elector shall indi ,str. as
provided in the general election laws CT the
p'''''''N p. NJ LAMBREMONr
Lieutenant Governor and President Of tho
Senate.
Speaker Of the House Of Representatives.
Approved: august -, 1910;
Governor of the State Of Lou's'I1a
4 . !fIf coy r MICHEL
Secretary Of State.