The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-10-15
ACT No. 2
Senate Bill No. 1.
. Dill NO. i.
JOINT RESOLUTION.

proposing an amendment 10 the Constitution
OF the State of Louisiana authorizing the
Worlds Panama Exposition Company TO
issue bonds and pledge the tax which is
Ret So of the Scs Of ,h e
General Assembly of 1910. as well as a
further tax in the City of New Orleans, to
be levied and collected only after the tax
levied under the above resolution has
lapsed.
Section. 1. Be it resolved by the General
Assembly Of the State of Louisiana in extra
ordinary session convened, two-thirds of all
the members elected TO each house concurring
therein, that an amendment to the Constr
tuition of the State of Louisiana be submitted
to the qualified electors of the State for their
approval or rejection, as required by Article
S2l 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:
In order that the tax authorized to be
levied by the Constitutional amendment pro-
posed by Act No. Two (2) of the Acts of
the regular session of the General Assembly
of the State Of Louisiana for the wear iaio
may, when ratified by the qualified electors
Of the State be made Immediately available
ton TO commemorate the opening of the
Panama Canal, the Worlds Panama Ex-
position Company be and it is hereby auth
orized, when and not until the Congress of
the United States shall designate the City
Of New Orleans the location for an ex-
position eommemorating the opening of the
Panama Canal, TO issue bonds not to exceed
IN principal Six Million Five Hundred Thou
sand (s6 500. 000) Dollars to bear rate of
INTEREST not exceeding TOUR per cenfum y per
cent? per annum to be paid semi. annually.
TO be sold for not less than par and to be
due and payable in not longer than fifty
l50) years, payable at the Treasury of the
State of Louisiana: and in order to secure
the payment of said bonds. the tax proposed
by the joint resolution embodied in Act No.
Two (2) of the Acts of the regular session
Of the General Assembly of Louisiana for
the year 1910, as well further tax here
oresns be and ss an the city 81 Ns
for the payment of said bonds in principal
and interest, the said pledge of said tax
shall be deemed valid and binding pledge
The bonds herein authorized to be issued
by the Worlds Panama Exposition Company
shall 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 a special tax auth
orized by amendments 10 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
bear the impress of the seal of his Office
The Auditor Of the State shall deliver such
bonds when thus certified to the Worlds
Panama Exposition Company. which company
is authorized to sell the. same for moi less
thar par above provided. and the pur
chaser thereof shall be required to pay 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 site and
for the construction, equipment and main
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 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
Five Hundred Thousand (S6.500, 000) Dollars
shau be used for such purpose, but the full
face of such bonds must be received and
paid into the Treasury of the State of Louis
lana as above provided
mitted by Act No. Two (2) of the Acts Of
the regular session of the General Assembly
Of Louisiana for the year 1910 be ratified
by the pople, then the entire amount of said
tax collected after the issuing of bonds herein
provided for. shall be used exclusively for the
purpose of paying the interest and principal
Of said bonds and for no other purpose.
When the tax thus authorized shall have
been lapsed by the terms of said proposed
amendment, then each year thereafter long
ss any of the bonds herein authorized to be
issued are outstanding there shall be assessed
and collected a tax. which is hereby levied,
exclusively in the City of New Orleans upon
all property subject to State taxation, suff
cient to pay the interest upon said bonds \
and fraction Of the principal or fraction
Of sinking fund with which to eventually
retire said bonds; provided that tax
ssed.ng one and ons;half ia mills shall
year; and provided further. that il said tax
Of one and one-half az mills should be
intumCltnt 70 DAY tne interest ana the prlu-
eipal Of said bonds at the maturity thereof
then this tax shall continue and be assessed
and collected until the entire amount due
paid.
From and after the time the tax herein
levied becomes operative it shall be the duty
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
on said bonded debt and the fraction of the
principal due that year the fraction of
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, Parish of Orleans. TO
extend upon the assessment rolls snch rate
Of taxation as will yield amount sufficient
TO pay said interest and fraction of prin-
cipal as aforesaid; provided that said tax
shall not exceed one and one-half az mills
for any one year This tax shall be assessed
and collected, without costs commission,
In the same manner as State taxes are col
lected and shall be paid by the collectors
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 may be.
All funds arising hereunder which go into
the State Treasury whether same have been
realized from the sale of said bonds or from
the levy and collection of any tax or taxes
be deposited in the same depos,orr n ,ba
same manner, at the same rate of interest
and upon the same terms and conditions as
are other State funds and all interest ac-
cruing upon said deposits shall be credited
TO the particular fund from which the in
terest was derived, aad shall be used for
the same purpose for which the principal Of
said is intended
The bonds herein authorized and the tax
levied and collected and pledged for the
payment of said bonds shall constitute a
valid ana binding contract. aud the faith of
the STATE of Louisiana is pledged TO the con
tinuous collection of said tax. authorized by
said Constitutional amendments, until the
final payment of all of said bonds in prin-
cipal and interest Said bonds shall be
exempt from all taxation, State. Parish and
Municipal and the tutors of minors and cura-
tors of interdicts authorized to invest
the funds in their hands in said bonds.
Any time after five years shall have lapsed
from the date of the issuance of the bonds
neren authorized. the Treasurer of the State
of Louisiana shall at any interest paying