The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-11-12
ACT NO. g
Senate Bill No. 1.
JOINT RESOLUTION.

issue bonds and pledge the tax which is
Act No, Two Is) Of the Acts s0a of ,b N
General Assembly of 1910. as well as a
iurther tax IN the City of New Orleans, to
De levied and collected only after the tax
lspsed. nos
Section. !. Be it resolved by the General
ordinary session convened two-thirds of all
the members elected to each house concurring
tnsion 4, ' ,hn an amendment to the Consti,
20 the qualified electors of the State for their
approsal or rejection. as required by Article
81 OF the Constitution of the State of Louis
lana, at the congressional election to be held
on the Tuesday next following the first Mon
day OF November. 1910, as follows:
Ievied by the Constitutional amendment pro-
posed by Act No. Two CD of the Acts of
of the State of Louisiana for the year IaJo
may. when ratified by the qualified electors
the State be made Immediately available
ior the purpose Of constructing an exposi-
ton to commemorate the opening of the
Panama Canal. the Worlds Panama Fx-
position Company be and it is hereby auth
orizea wren and not until the Con gress of
the United States shall designate the CITY
OF New orleans rs the location for an ex-
position concentrating the opening Of the
fanama Canal. To issue bonds not TO exceed
In prinripal Six Million Five Hundred Tbou
sand $50 5Oo0 00l Dollars to bear rate of
cent? per annum to be paid semi. annuaI Rst
70 be sold for not less than par and TO be
eue ana payable IN not longer than fifty
Loot years, parabe at the Treasury of the
State OF Louisiana and in order 10 secure
the payment of said bonds. the tax proposed
by the ]oint resolution embodied in Act No
Two f2) of the Acts Of the regular session
OF the General Assembly of Louisiana Tor
the year 1910, as well further tax here
matter levied exclusively in the City of New
Orleans. be and the same are hereby pledged
for the payment of said bonds in PRINCIPAL
and interest, the said pledge Of said tax
and contract.
The bonds herein authorized to be issued
oy sne words Panama Exposition Company
xhali be registered with the Auditor of the
State OF Louisiana. and there shall be written
or printed the following across the face OF
This bond in principal and interest is
secured by the levy of special tax auth
orized by amendments TO the Constitution Of
the State Of Louisiana adopted in 1910"
which shall have affixed thereto the signature
OF the Auditor in his official capacity and |
The Auditor of the State shall deliver such
bonds when thus certified to the Worlds
Panama Exposition Company. which company
than par as above provided. and the pur-
chaser thereof shall be required TO paw the |
price directly TO- the Treasurer of the State |
OF louisiana, which funds when paid into |
the Treasury of the State shall only be paid /
out for the purpose of securing q site and /
se op ,ne spn ,S equipment and main
bursed upon the warrant Of the Worlds |
Panama Exposition Company. approved by |
If
State Of Louisiana. or any two of them
All expenses. commission brokerage in.
cident to the sale Of said bonds shall be
Company out of other funds belonging to
said company, and no part of the Six Million
rive Hundred Thousand ts6.5oo.ooo) Dollars
face of such bonds must be received and |
paid into the Treasury of the State Of Louis
If the amendment to the Constitution sub
mitfed oy Act No. Two CD of the Acts Of
the regular session of the General Assembly
OF Louisiana for the year 1910 be ratified
By the pope, then the entire amount of said
tax collected after the issuing of bonds herein
provided for. shall be used exclusively for the
OF said bonds and for other purpose
When the tax thus authorized shall have
amendment, then each year thereafter as long
as any of the bonds herein authorized to be
issued are outstanding. there shall De assessed
exclusively in the City Of New Orleans upon
AL property subject to State taxation sum
eient 70 pay the interest upon said bonds
and traction of the principal or a fraction
OF the principal collected for the creation
of sinking fund with which to eventually
eeeding one and ons-half 1M) mills shall
be assessed and collected during any one
year and provided further. that if said FAX
of one and one-haif (1h) mills should be
insufficient to paw the interest and the prin-
cipal of said binds at the maturity thereof
tne a this tax shall continue and be assessed
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 the
City Of New Orleans, to fix the rate of taxa
ton TO be imposed upon said property for ;
that year sufficient to pay the interest
on said bonded debt and the fraction of the | J
the principal to constitute a sinking fund
for the retiring of said bonds Upon ascer-
tanning said amount. he shall direct the as /
SCISSOR or Board of Assessors or such other
authority charged with like duty of City {
OF New Orleans, or Parish OF Orleans. TO
sxsend upon the assessment rolls such rate
Of taxation as will yield amount sufficient
to pay said interest and fraction of prin. ]
ripai as aforesaid: provided that said tax
snail not exceed one and one-haif Il u mills
lor any one year This tax shall be assessed
Ind collected. without costs or commission
N the same manner State taxes are coll
ected and shall be paid by the collectors
directly to the Treasurer of the State Of
Louisiana. who is hereby authorized to dis
ourse the same to the holders of the bonds
herein provided for. in payment of the in h
crest and principal due on said bonds. upon
he presentation to him of the bonds or the
interest coupons as the case may be-
All funds arising hereunder which 20 into
he State Treasury whether same have been $
,eaiiIed from the sale of said bonds or from =,
ne levy and collection Of any tax or taxes
herein referred to shall by the Treasurer
~ deposited in the same depository in the :,
ame manner, at the same rate of interest
COn0ltlOnS
re other State funds and all interest ac- !.
ruing upon said deposits shall be credited
o the particular fund from which the in b
crest was derived. and shall be used for
he same purpose for which the principal of
aid sum is intended h
The bonds herein authorized and the tax :.
evied and collected and pledged for the "
ayment Of said bonds shall constitute q N
aid and binding contract, and the faith of .,
ne state OF Louisiana is pledged to the CON
Inuous collection of said tax authorized bv
aid Constitutional amendments. until the a,
nal payment of all of said bonds in prin ! u
ipa and interest. Said bonds shall be r,
xempt from all taxation. State. Parish and
Iunicipal and the tutors Of minors ard cura-
,rs Of interdicts are authorized to invest m
Ne fuads j. q sir hAhsa in said bonds
AnJ time after Eve years shall have iapsed IA
rom ~ cate of the issuf.nse of the bonds M
er-si authorized. the Treasurer of the State -
Louisiana shall at any interest paving N
eriot be authorized TO apply the sinking
md 70 the retirement of any outstanding
onds to the extent of said fund. in thei,