The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1910-09-17
ACT No. 2
senate Bill NO. /.
JOINT RESOLUTION.

JOINT RESOLUTION.
| Proposing an amendment to the Constitution
of the State of Louisiana, authorizing the
Worlds Panama Exposition Company to
issue bonds and pledge the tax which is
proposed by joint resolution embodied IN
| further tax in the City of New Orleans, to
| be levied and collected only after the tax
levied under the above resolution has
/ lapsed.
4 Section. /. 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 Constl-
tuition of the State of Louisiana be submitted
| to the qualified electors of the State for their
| approval or rejection, as required by Article
| 32l of the Constitution of the State of Louis
| 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:
| the regular session of the General Assembly
of the State of Louisiana for the year 1910,
| Of the State be made Immediately available
| for the purpose of constructing an EXPOSE
ton to commemorate T the opening Of the the
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 as the location for an ex-
| position concentrating the opening of the
| Panama Canal, to issue bonds not to exceed
/ IN principal Six Million rive 1nOu-
sand $50, 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
| (50) 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 t2) of the Acts OF the regular session
/ of the General Assembly of Louisiana for
the year 1910, as well as a 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.
| 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 81
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
bear the impress of the seal OF his office.
| The Auditor of the State shall deliver such
| Panama Exposition Company, which company
| Is authorized to sell the same for not less
than 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 a site and
for the construction, equipment and main
tenance of the exposition and shall be dis
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 in
cident to the sale of said bonds shall be
Company out of other funds belonging to
Five Hundred Thousand ($6,5oo0oo) 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.
| If the amendment to the Constitution sub.
mitted by Act No. Two ~ 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 lapged by the terms of said proposed
amendment then each year thereafter as long
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, sufii-
Gent to pay the interest upon said bonds
and fraction of the principal or fraction
of the principal collected for the creation
Of q sinking fund with which to eventually
retire said bonds provided that no tax ex-
ceeding one and one-half 11s mills shall
be assessed and collected during any one
of one and one-half (1h mills should be
insufficient to pay the interest and the prln-
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
From and after the time the tax herein
levied becomes operative it shall be the duty
! of the Treasurer Immediately after the annual
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
principal due that year or the fraction of
the principal to constitute a sinking fund
for the retiring of said bonds. Upon ascer-
SCISSOR or Board of Assessors or such other
authority charged with like duty OF City
of New Orleans. or Parish of Orleans to
extend upon the assessment rolls such rate
of taxation as viii yield an amount sufficient
TO pay said interest and fraction OF prln-
cipal as aforesaid; provided that sad t tai
for any one year. This tax shall be assessed
and collected, without costs or commission,
in the same manner as state t TAX are cor
directly to the Treasurer of the State OF
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 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 have been
realized from the sale of said bonds or from
the levy and collection of any tax or taxes
herein referred to shall by the Treasurer
be deposited in the 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 credited
to the particular fund from which the in
terest was derived, and shall be used fo1
the same purpose for which the principal o.
said sum is intended
The bonds herein authorized and the tai
levied and collected and pledged for the
payment of said bonds shall constitute {
valid and binding contract and 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 BIZ
exempt from all taxation, State, Parish, ane
Municipal and the tutors of minors and eura
tors of interdicts are authorized to invest
the funds in their hands in said bonds.
Any time after FIVE years shall have lapsee
from the date of the issuance of the bonds
herein authorized, the Treasurer of the State
of Louisiana shall at any interest paying