The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-09-17
ACT No. 2
Senate Bill No. /.
JOINT RESOLUTION.

OF the State of Louisiana, authorizing the
issue bonds and pledge the tax which is
proposed by Joint resolution embodied in
Act No. Two t2) of the Acts of the
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. l. 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 amendment TO the Constr
tuition of the State of Louisiana be submitted
approval or rejection. required by Article
S21 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 year 1910
may. when ratified by the qualified electors
of the State be made immediately available
for the purpose of constructing exposi
ton to commemorate the opening of the
Panama Canal, the Worlds Panama Ex
position Company be and il is hereby. auth
orized, when and not until the Congress of
the United States shall designate the City
Of New Orleans as the location for an ex-
position commemorating the opening of the
Panama Canal to issue bonds not to exceed
in principal Six Million Five Hundred Thou
sand ($6 500 000l Dollars. to bear a rate of
interest not exceeding four per centum "A 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
(5o) years. payable at the Treasury of the
State of Louisiana: and in order TO
the payment of said bonds. the tax proposed
by the joint resolution embodied in Act No.
Two CD of the Acts of the regular session
of the General Assembly of Louisiana for
the year 1910. 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
shall be deemed valid and binding pledge
and contract.
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
said bonds:
This bond in principal and interest is
secured by the levy of special tax auth
orized by amendments to the Constitution of
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 no, less
than par as 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
fenance OF the exposition ana snail be dis
bursed upon the warrant of the World S
Panama Exposition Company. approved by
the Governor Treasurer and Auditor of the
State of Louisiana, or any two of them.
An expenses, commission or brokerage in
cident TO the sale of said bonds shall be
paid by the Worlds Panama Exposition
said company, and no part of the Six Million
Five Hundred Thousand ts0.500. 000) Dollars
shall 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
II the amendment to the Constitution sub.
mitted by Act No Two CD of the Acts OF
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 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 as Iona
as any of the bonds herein authorized to be
issued are outstanding. there shall be assessed
and collected 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 the principal collected for the creation
of a sinking fund with which TO eventually
retire said bonds; provided that no tax ex
eeeding one and one.half GA mills shall
be assessed and collected during. any, on,
year; and provided further. that il said ~,
Of one and one-half t1h) mills should bs
insufficient to paw the interest and the prin
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 II
paid.
From and after the time the tax herein
levied becomes operative, IL shall be the dut,
of the Treasurer Immediately after the annua
City Of New Orleans, to fix the rate of taxa
ton to be imposed upon said property fo
that year ,safhsient to pay the inter IS
on said bonded debt and the fraction OF tn
principal due that year or the fraction
the principal to constitute a sinking fun'
for the retiring of said bonds Upon ascer
tanning said amount, he shall direct the as
SCISSOR or Board of Assessors or such othe
authority charged with like duty of Cit
of New Orleans. or Parish Of Orleans. I
of taxation viii yield amount sufhcien
to pay said interest and fraction of prin
cipsi as aforesaid; provided that said ia
for any one year. This tax shall be assesses
and collected, without costs or commission
In the same manner as State taxes are col
lected and shall be paid by the collector
directly to the Treasurer of the State o
Louisiana, who is hereby authorized to dis
burse the same to the holders of the bond
herein provided for. in payment of the in
terest and principal due on said bonds. upo
the presentation to him of the bonds or tn
interest coupons as the may be.
All funds arising hereunder which go int
the State Treasury whether same have bee
realized from the sale of said bonds or fror
the levy ana conectlon Ol any TAX OF TAKE
herein referred TO shall by the Treasurer
be deposited in the same depository. in tn
same manner. ut the same rate of interes
and upon the same terms and conditions a
ere other State funds and all interest az
cruing upon said deposits shall be credite
to the particular fund from which the il
terest was derived. and shall be used fo
the same purpose for which the principal
said sum is intended.
The bonds herein authorized and the IA
levied and collected and pledged for III
payment Of said bonds shall constitute
valid and binding contract. and the faith
the State of Louisiana is pledged TO the cor
tinuous collection of said tax. authorized
said Constitutional amendments. until tn
Anal payment of all of said bonds in prir
cipal and interest Said bonds shall
exempt from all taxation. State. Parish. an
Municipal and the tutors of minors ard curl
tors Of interdicts are authorized To inves
the funds in their hands in said bonds.
Any time after Eve years shall have lapse
from the date of the issuance of the bond
.aerein authorized. the Treasurer of the Stat
of Louisiana shall at any interest payin
period be authorized to apply the sinkin
fund to the retirement of any outstandin
bonds. to the extent Of said fund. in the