The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1910-09-03


Of the State be made immediately available
for the purpose OF constructing an expos.
ton to commemorate the opening OF the
| Panama Canal, the World $ Panama FIX
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 the location for an ex-
| position concentrating the opening OF the
| Panama Canal to issue bonds not to exceed
in principal Six Million Five Hundred Thou.
! sand S6.5O0.000) Dollars. to bear 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 he
| due and payable in not longer than fifty
| t5d) 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, well further tax here
| matter levied exclusively in the City of New
| Orleans, be and the same 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 he issued
| by the Worids 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
| the State of Louisiana adopted in 191O.'
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 World s
Panama Exposition Company. which company
is authorized to sell the same for no, 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 site and
for ehe construction, equipment and main
tenance of the exposition and shall be dis
bursed upon the warrant of the World $
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 $4,000, 6Oo) Dollars |
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 t2) 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 as long |
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 suti-
eient to pay the interest upon said bonds |
and fraction of the principal fraction |
of the principal collected for the creation
Of sinking fund with which to eventually |
retire said bonds; provided that no tax eX- |
ceeding one and on".half q y mills shall
be assessed and collected during any, one
year; and provided further. that if said FAX /
OF one and half q ~ mills should be
insufficient to 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 is
paid.
From and after the time the tax herein
levied becomes operative, it shall be the duty
of the Treasurer Immediately after the annual
listing and valuation of the property in the |
City of New Orleans to fix the rate of taxa
ton ton TO be imposed upon said property for
that year sufficient to pay the interest
principal due that year or the fraction OF
the principal to constitute a sinking fund
for the retiring of said bonds. Upon sscer-
tanning said amount, he shall direct the as
SCISSOR or Board of Assessors 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 will yield an amount sufficient
to pay said interest and fraction of prn-
shall not exceed one and one-half Il II mills
for any one year. This tax shall be assessed
and collected, without costs or commission |
in the same manner as State taxes are col |
lected and shall he paid by the collectors
directly to the Treasurer of the State of
Louisiana, who is hereby authorized to dis
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
20 n toS
herein referred to shall by the Treasurer,
be deposited in the same depository, in the
and upon the same terms and conditions as
are other State funds and all interest &C
eruing upon said deposits shall be credited
terest derived, and shall be used for
the same purpose for which the principal of
said sum is intended
levied and collected and pledged for the
payment of said bonds shall constitute a
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 of all Of s. said hd bonds in P
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
herein authorized. the Treasurer of the State
of Louisiana shall at any interest paying
period be authorized to apply the sinking
fund to the retirement Of any outstanding
reverse numerical order, and the Treasurer
all notify the bondhoders thereof by an
in one of the papers published
in the City of New Orleans and one pub |
lished in the City of New York, at least
sixty days prior to the day which the
bonds to be retired. giving the number |
and denomination of said bonds; and II said
bonds are not presented for payment at such
time, then the interest shall thereon.
The dissolution and liquidation of the |
Worl Ids Panama Exposition Company shall ,
not in any manner affect the validity of the
bonds herein authorized to be issued by said
corporation or the collection of the tax levied
by this Constitutions al dine H. 4ha4