St. Landry clarion. (Opelousas, La.) 1890-1921, 1910-09-24
ACT No. 8
Senate Bill No. /.
I0TNrr PTs0T,nTJ0N

ACT No. 8
Senate Bill No. i.
JOINT RESOLUTION.
Proposing an amendment to The ConsttRt@I
OF the State Of Louisiana. authorizing ekai
Woxld's Panama Exposition Company 8
assns 6Snq q a nd pi se5a,,, ths s aa,b @aasa Il q
Act No. Two (2) OF the Acts Of the
General Assembly OF 1910. 90 wen So 9
s. levied and eoIfectsd only afts5 lie tsz
lapaad.
Assembly Of the State Of Louiaiana ~ sTtsss
ordinary session convened two.third8 az 81
she members elected to each house a0neuFfIn9
SasTsln. that "a amendmens 70 1Ae Uensas
tuition Of che State of Louisiana be Submitted
80 she Qualiaad electors Of The sssts foE SnssF
approval or rejection as required ~ Artagle
AL q shS oCnstlsuta2n q sh sssa fssts a v I9a VIZ
Qa She Tuesday next following ShS arsa Meas
day Of November. 1910, as soNoYr:
g order saAs she sax snseoglsea e ss
poasd 81 1ea No. Two (2s o. the Acts. eg
Ge regular session Of the General Assembly
q she Ssass ox LoutssianS 2og ses ysax AsAa.
az Che ssase be made Immediately washable
Sd9 The purpose Of contrasting an exu9ai.
saoa % e~qnamsmorats the opsasag o. shs
posssioa Company IS and ii il nersSy auE6
ogssaa. when and noS until ths QonRTesg eE
ths United. States shall deaignate shs ozgy
81 Msw Orleans 90 fhe location 4o9 an gxs
pasiaaaa COMMUNICATING the opening Of &ha
Panama ORneL To tsgns bonds not To- exceed
"a pY8ucipal Six Hilton Five Hnndrea Thee
sand (S6,6o0s00ol Dollars, TO hsar . Tata o.
masReM not ezessding four per eaatam e peg
eaAe5 pag. annum 70 be- paid s~amA.annua1EHsi
Be- 30 apld SOE not less thar par and % he
8ps and payable Ia mot longer than naty
lBol years payable at tho Treasury Of che
Sssse Of L6utsisnR; and In order to secure
sas psswfens Of Estd bonds, tae saE pFoPossa
y f2) Of She Acts Of the regular session
Of the General Assembly OF Louisiana for
the year 1910, as well as & farther tag here
matter levied exclusively in ths 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
ahall be deemed q valid and binding plsdg8
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 writtess
or printed the following neross the face Of
said bonds:
ssThis bond in principal and interest Is
secured by the levy of q special tax aushe
cried by amendments TO the Constitution Of
the State Of Louisiana adopted. In 1910,
which shall have affixed thereto che ~signafmxa
OF the Auditor In his official capacity end
bear the impress of the seal 81 his ohsess
The Auditor Of She State shall deliver such
bonds when thus certified to the WoylasE
Panama Exposition Company, which company
is authorized to sell the same for NOS less
than PAT az abSys Proylaad eng ths
price directly I'd the Treasurer of the StH5a
Of Louisiana, which funds when paid inta
the Treasury Of the State shall only be pai0
out for the purpose of securing e site as0
for the construction, equipment and naalu-
tsnance Of the exposition and shall be aa@
bnrsed upon the warrant Of tho Worl4sA
Panama Exposition Company. approved w
the Governor. Treasurer and Auditor on tho
State OF Louisiana, or any tw0 Of them.
All expenses, commissicn or brokerage IN
aid anE afnH4dn anAaEE nF uR7M hAMAn aMN41 hA
paid by the Worlds Panama Exposition.
Company out OF other funds belonging 90
said company, and no part Of we SsS Millson
shall be used for such purpose, but sh8 full
face OF such bonds must be recetFed aad
PAID into the Treasury ~ the State Of Louis
II the amendment to the Constitution sub.
mitted by Act No. Two. (21 Of She Acts o9
ne regular session % sae us ss AsssmslZ
by the popta, then the entire amount Of aasd
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
Dssn tapgsd by ~ tsrms 9l aaaa pEopssea
as any Of the bonds herein authorized Ia BE-
issued are outstanding. there shall ne assessed
ana collected g tax which e hereby levied,
sli property subject to State taxation, suli.
cienk to pay the interest upon said bonds
/ ana q 4THGGiQn Oh G46 EDT1uSEoAkNGT q ITASIzDD
Of the. principal collected fer the creation
OF q sinking fund with which 10 eventually
retire said bonds; provided that no tax eN.
oeeding one and ons,haR Ia mills shAli
be assessed and collected during any one
year; and provided further, that Il said tax
OF one and onashalt tIMs mills should be
insufficient to pay the interest and the priv
cipal Of said bonds at tho maturity thexaoe.
then this tax shall continue and be assessed
and collected until the enBAre amount Ode
On said bonds IN principal and interest d
From and after the time the tax herein
levied becomes operative, 1t shall be the duty
o. the Treasurer Immediately after the annual
listing and valuation Of the property ia the
City OF New. Orleans, to fix the rate Of taxa.
slon 20 ne imposed upon said property 9ar
shat yesE sgfa9isnt t9 pay the interest
principal due that year or the fraction az
the principal to constitute a sinking fuad
Tor ths retiring Of said bonds. Upon asesx
tanning said amount, he shall direct the a.
SCISSOR or Board Of Assessors or such other
authority charged with like duty 02 City
Of New Orleans, or Parish Of Orleans. "a
extend upon the assessment rolls such rata
Of taxation as will I'D an amount s~uf7eient
TO pay said interest and fraction of priu-
cipal as aforesaid; provided that said tag
shall not exceed one and one-half {1h) mills
for any one year. This tax shall be assassad
and collected, without costs on commission,
IN the same manner as State taxes ars eel.
lected and shall be paid by the collectors
directly 70 the Treasurer ct the State a
Louisiana, who is hereby authorized to dis-
burse the same to the holders Of the bnrHs
herein provided for, in payment Of the -.
Serest and principal due on said bonds, npag,
the presentation To him Of the bonds or 98e
interest coupons dis The case may 10.
All funds arising hereunder which W into
the State Treasury whether same have beT
realized from the sale Of said bonds or frnas
the levy and cellectien OF any tax or Eaz
herein referred to shall by the TreaguFs
be deposited tn the same depository, ia -
same manner 81 the same rate af kntaw@ma
snd upon tae saaqe terms and conditions ID
axe other State funds and aAH interese A
eEuing upon gaid deposits shall be cPeaita7
TO Che particular fund from which fha 81.
9sFest WIS derived, and shalt be need -
the same purpose for which the priactpaf 3
said sum 10 intended.
The bonds herain authorised and the 4ag
levied and collected and pledged for Sha
payment of gafd bonds SHALL constitute :
valid and binding contract, end the fafSh ~
she State Of Louisiana Is pledged 10 ths een.
Ennous coilsctioa e9 seid tax authorized -
nsid Constitutional amendments, until ~
Small payment oe all OF said bonds ~ 4rfn.
etpaI and interest. Said bonds shall ~
exempt from ell taxation, State, Perish. ass
Municipal and this tutors cf minors and enre,
tors OF fntsFdietg are authorized ID ;nVees
tbs funds ia their hands In said bonds.
Any TINS after ave years shall have Isrssd
from the date Of the issuance, 81 khe lt6nds
heeetn authorized, the Treasurer o9 shs 9tafs
Of Louisiana shall at any interest pavina
period 10 authorized 10 apply che ssnkina
5Wnd 80 the retirement of any 0ufssmnding
bends. to the extens Of said fund in theiF
tConfinusd on page D.