St. Landry clarion. (Opelousas, La.) 1890-1921, 1910-10-15
ACT No. q
80 p JOINT isG REsoLurroN.

ACT No. q
Senate Bill No. l.
JOINT RESOLUTION.
Proposing an amendment to the Constitution
OF the State of Louisiana, authorizing the
Worlds Panama Exposition Company 90
proposed by joint resolution embodied IN
Act No. Two {2) of the Acts Of tks
f asasEal tax nss e sRs City 81 a y New y o rSsi e e :
be levied and collected only after the tax
levied under the above resolution has
Section. /, Be it resolved by the Genesal
Assembly of the State Of Loulsiana in exssse
ordinary session convened, swo-thirds Of I'll
therein, that an amendment TO the Oonsti-
tuition Of the State of Louisiana be submitted
| to the qualified electors Of the State for thetT
APPROVAL or rejection, as required by Article
s$l Of Shs Contribution Of the State Of Louis.
lana, 90 the congressional election 20 be held
g %. TpssdsE next following tie arSs Mon
h. ordsI. that the tax authorized to be
levied by the Constitutional amendment pro:
RSse s.r 9S AS Session soa o of shs "a aoS q sne As As : e
c9 she State Of Louisiane for ths year 1910,
nsy, whom xatifed by the a1aliaed electors
81 ths State be made immediately available
Gop Che purpose Of constructing an exposi-
ssoa 60 eonTnemorate the opening Of the
R9nsms Csnal, the Worlds Panama Exs
os8ss6. when and NOS until che Congress- Of
8A0 United States shall designate the CITY
% NgR Orleans as the location for an *.
noagEua eomnemoFsting the opening Of the
Panama oansl, to issue bonds not TO- exceed
Ia principal Six Million Five Hundred Thou
sand [$6,6oo.o0ol, Dollars, 70 beaY . rats Of
interest net exceeding four peY centum "a pg
VsnSa per ennunn 70 be paid Ssma-snnpsIlysE
10 Sc sold for nos less than par and TO be
fsS1 ysars pSysbIs at the TFsasnry Of thss
Stats OF Lou3gianai and In order to. secure
g6a payment Of said bonds, the tag proposed
Fwu fSy Of Che Acts Of the regular Session
81 the General Assembly of Louisiana for
the year 1910, as well as 9 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
shall be deemed a valid and binding pledge
and contract.
The bonds herein authorized to be issued
bv the Worlds Panama Exposition Oompanv
shall be registered with the Auditor of the
State of Louisiana, and there shall be written
or printed the following across the face Of
said bonds:
flThis bond in principal and interest Ii
secured by the levy of a special tax auth
orized by amendments to the Constitution Of
the State of Louisiana adopted in 1919,
which shall have affixed thereto the signature
of the Auditor in his official capacity and
bear the impress OF the seal OF his Office.
The Auditor of the State shall deliver such
bonds when thus certified to the Worlds
PaRama Exposition Company. which company
is authorized to sell the same for not less
than par as above provided, and the pur-
chaser thereof shall be required to pay the
price directly to the Treasurer of the Stn+e
Of Louisiana, which funds ". .atG
the Treasury of the State shall only be paid
out for the purpose Of securing q site end
for the construction, equipment and main.
tenance Of the exposition and shall be dig.
bursed upon the warrant Of the Worlds
Panama Exposition Company, approved By
the Governor, Treasurer and Auditor of the
State Of Louisiana, or any two of them.
All expenses, commission or brokerage tna
cident to the sale Of said bonds shall be
paid by the Worlds Panama Ezposition
Gopnsnu ont of nfhar fundS haIonT3n1 Al
said company, and no part Of the Six Million
Five Hundred Thousand $50, 500, 0o0) Dollars
face of such bonds must be received and
lana as above provided
If the amendment TO the Constitution Sub.
mitted by Act No. Two l2) Of the Act az
the regular session Of the General Assembly
OF Louisiana for the year 1910 be ratified
tax collected after the issuing OF bonds herein
provided for, shall be used exclusively for the
purpose of paying tho interest and principal
OF said bonds and for no other purpose.
When the tax thus authorized shall have
Deen lapsed by the terms of said proposes
amendment then each year thereafter as long
As any Of the bonds herein authorized to be-
issued are outstanding, there shall be assessed
ana collected q tax, which is hereby levied
eMMcluslyely IN the City Of New Orleans upon
all property subject to State taxation, sumo
clent 70 pay the interest upon said bonds
a4o g traction Of the principal or q fraction
Of q sinking fund with which to eyentualiy
retlre said bonds; provided that no tax ex-
Seedlng one and one.half (1h1 mills shall
year; and provided further, that IL said tav
o. one and one-half (Ih mills should b
aHsunclent to pay the interest and the prin,
opal OF said bonds at the maturity thereoF.
tnen this tax shall continue and be assegsed
ana collected until the entire amount dps
~ ~ sald bonds IN principal and interest Is
From and after the time the tax herein
~ ~ ~ becomes operative. it shall be the duty
IL IL me treasurer Immediately after the annual
ni ssah and valuation Of the property in the
Glgy af New. Orleans, to FIX the rate 81 taxa.
tton 10 be imposed upon said property for
on said e bpnd sgtn saG t9 pay the interest
H. aneapal que that year or the fraction of
sae principal to constitute a sinking fund
tSin; sme retiring Of said bonds Upon ascsr.
ss s Z sala amount, he shall direct the as-
SCISSOR or Board of Assessors or such other
~ oFstn9rlty charged with like duty of CITY
OF New Orleans, or Parish Of ORLEANS ~
extend Ilpon the assessment rolls snch vsfa
TAXI \ as will yield an amount suhicient
" pay said interest and fraction of prun-
shal not exceed one and one.haif HB5 mills
aor any one year. This tax shall de assessed
collected, without costs or Commission.
- me same manner as State taxes are col.
tSctea and shall be paid by the collectors
9lEeeEiy to the Treasurer Of the State of
houlsiana, who is hereby authorized to dis
Sarss me same TO the holders of the bonds
nerean provided for, in payment Al Ans in.
.SIesS and principal due on said bonds mon
pLSSShsatAQn TO nlm of the bonds or the
AneeTest coupons as the case NAV be.
AZ 1undg arising hereunder which 20 intn
sne state Treasury whether same have been
rsallzed from the sale Of said bonds ar fyom
~ ieVy and collectiBn of any tax or tares
tein referred to shall by the Treasurer.
deposited IN the same depository. in the
az manner, aE the same rate Of fnteresk
49, Upon the same terms and conditions as
80 9Ener state funds and all Interest a.
SsulLE upon said deposits shall ba credited
y tne particular fund from which tie Ia.
.ISkssI was derived, and shall be used for
NJ ss ~ purpose for which the principal Of
'a!a sum is intended.
3ns ponds herein authorized and the tax
and collected and pledged for the
iii ens o. said bonds shall constitute 4
~ ~ ana binding contract, and the faith Of
sS SLate % Louisiana liz pledged Ia tie con-
NJ collection of said tax, authorized by
constitutional amendments, until Eha
payment Of all of said bonds in nrin.
,.p1 ana interest. Said bonds shalt he
sltpa from al taxation, State, Parish. and
ap and the tutors of minors and cura.
NJ N : VI antsrdiets are authorized 10 invest
Ns LanaR IN their hands IA said bonds.
Any time after i've years ghalt have lapsed
1a tns gate OF the issuance OF the bonds
u authorized, the Treasurer OF the state
Louisiana shall at any interest paving
and PC authorized to apply the sinking
,oad " tne retirement Of any outstanding
20 the extent of gaia fund. in their
Continued on page ~