Lower coast gazette., 1910-09-03

Senate Bill No.
JOINT RESOnITION.

Proposing an umcn,lm"N} to IN" Con
s;itution Of the State Of Louisiana.
authorizing the WortI's Panama En-
position Company to issue bonds ami
pledge the tax which Is proposed y,
Joint resolution embodied in A No.
Two t2l Of the Acts Of the General
Assembly Of 1910 as well as L fur
Their tax in the City Of NrW Orleans.
to be levied ana Collected only after
the tax levied under the aboT" state.
resolution has lapsol.
Section |. Be it resolved by 'tt"
General Assembly Of the Stat" Of Lon
isiana in extraordinary session con
yeMrl. lWo-thirds Of all the members
elected 10 each house con Nrrlng iMrr"
in. that an amendment 70 he tonstitU
,ion Of the State Of Louisiana be sub
United TO the qualified electors Of the
State for their approval or rejection
as required by Article 32I Of the Con-
StituiiOn Of The State Of Louisiana a.
the Congressional election 10 be held
on the Tuesday next following the
first Moniay Of November, 1919, as
follows:
In order rha' the tax authorized to
DE levied by the Constitutional amends
ment proposed by Act No. two GU Of
the Acts of the regular session Of The
General Assembly Of the Stat" Of Lou
isiana for the year 1910, may, when
ratified by the qualified electors of the
State be made Immediately available
for the purpose of constructing an eN,
position to commemorate the opening
Of the Panama Canal. the Worlds Pan
ANA Exposition Company be and it is
hereby authorized. when and not until
the Congress of the United States shall
designate the City of New Orleans as
the location for an exposition com
%memOrating the opening Of the Pan
anna Canal, to ISSUE bonds nOt to eX-
coed in principal Six Million Five Hun
dred Thousand (SG,50o,O00) Dollars, to
bear a rate Of interest not exceeding
four per centum # per cent? per all.
mum 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 Treas.
ury of the State of Louisiana: and in
order to secure the payment of sad
bonds, the tax proposed by the joint
resolution embodied in Act No. TWO GU
Of the Acts Of the regular session Of the
General Assembly of Louisiana for the
year 1910, as well as a further tax
hereinafter 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,
and said pledge Of said tax shall be
deemed a valid and binding pledge and
contract.
The bonds herein authorized to be
issued by the Worlds Panama Elk.
position Company shall be registered
with the Auditor of the State of Lou
isiana, 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 a special tax
authorized by amendments to the Con.
stitutiOn 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 Of
flee. The Auditor of the State shall
deliver such bonds when thus certified
to the Worlds Panama Exposition
Company, which Company is author.
lied 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 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 mainten-
ance of the exposition and shall be dis
bursed upon the warrant of the Worlds
Panama Exposition Company, approx
ed by the Governor, Treasurer and Au-
ditor of the State of Louisiana or any
two of them.
All expenses, commission or broker.
age incident to the sale Of said bonds
shall be paid by the Worlds Panama
Exposition Company our of other funds
belonging to said Company, and no
part Of the Six Million Five Hundred
Thousand ($6,500, 00O) Dollars shall be
used for such purposes, but the full
face of such bonds must be received
and paid into the Treasury Of the State
of Louisiana as above provided.
If the amendment to the Constitu-
ton submitted by Act No. two GU Of
the Acts of the regular session of the
General Assembly of Louisiana for the
year 1910 be ratified by the people,
then the entire amount of said tax
collected for the issuing Of bonds here
in provided for, shall be used eXc]us-
lively for the purpose of paying the
interest and principal of said bonds
and for no other purpose.
When the tax thus authorized Shall
have lapsed by the terms of said pro,
posed amendment, then each year
thereafter as long as any of the bonds
herein authorized to be issued are out
standing, 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, sufficient to pay the interest
upon said bonds and a fraction of the
principal or a fraction Of the principal
collected for the creation Of a sink: