The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-09-03
ACT No. 2
te Dill NO T.
JOINT RESOLUTION.

Act No Two (2) of the Acts of the
General Assembly Of 1910, as well as
be levied and collected only after the tax
levied under the above resolution has
lapsed-
Section. 1. 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 an amendment to the Consti-
tuition of the State of Louisiana be submitted
to the qualified electors of the State for their
approval or rejection, as required by Article
32i of the Constitution Of the State of Louis
lana. at the congressional election to be held
on the Tuesday next following the Arst Mon
day of November. 1910, as follows:
levied by the Constitutional amendment pro-
posed by Act No. Two (2) of the Acts of
the regular session of the General Assembly
may, when ratified by the qualified electors
Of the State be made Immediately available
for the purpose of constructing an exposi-
Panama Canal the Worlds Panama Elk
position Company be and il is hereby auth
orized when and not until tire Congress Of
the United States shall designate the City
position concentrating the opening of the
Panama Canal, to issue bonds not to exceed
in principal Six Million Five Hundred Thou
sand CSC, SOC. 000) Dollars. to bear a rate of
interest not exceeding four per eentum 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
f5o) 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 (2) of the Acts of the regular session
OF the General Assembly of Louisiana for
the year 1910. as well as 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 a 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 a special tax auth
orized by amendments to the Constitution of
the State of Louisiana adopted in 1sI0.''
which shall have affixed thereto the signature
bear the impress of the seal of his Office.
The, Auditor Of the State shall deliver such
bon when thus thus Certified to the Worlds
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
tenanee of the exposition and shall be dis
bursed upon the warrant of the Worlds
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 Nother funds belonging to
said company, and no part of the Six Million
Five Hundred Thousand ($6.500. o0o) 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 (2l of the Acts OF
the regular session of the General Assembly
OF louisiana for the year 1910 be ratified
by the popie, then the entire amount of said
tax collected after the Issuing of bonds herein I!
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 iapsed by the terms of said proposed
amendment then each year thereafter as long
as any Of the bonds herein authorized to be
and collected tax, which is hereby levied, |
exclusively in the City OF New Orleans upon
all property subject to State taxation. sufR-
cient to pay the interest upon said bonds
and fraction of the principal or a 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 one-haif (Ik) mills shall
be assessed and collected during any one |
year; and provided further, that il said TAX |
81 o. 10, one and one-half GA mills should be
cipal of said bonds at the maturity thereof !
then this tax shall continue and be assessed |
ana collected until the entire amount due
paid.
From and after the time the tax herein |
levied becomes operative, il 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
,ha, 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 |
Tor the retiring of said bonds. UpJn ascer- |
tanning said amount he shall direct the as |
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 prin-
cipal as aforesaid; provided that said tax |
shall not exceed one and one-half 1h) 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 be paid by the collectors
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 ON said bonds upon
the presentation to him of the bonds ar ths |
interest coupons as the case may be-
All funds arising hereunder which 90 into
the State Treasury whether same have been
realized from the sale OF said bonds or from
tht levy anu COitction OIL any tax taxes
herein referred TO shall by the Treasurer.
be deposited in the depository. in the
same manner. at the same rate of interest
aud apon the same terms and conditions as
are other State funds and all interes. &c
cruing upon said deposits shall be credited
to the particular fund from which the in
terest was derived. and shall be used for
the same purpose for which the principal Of
said sum liz intended
The bonds herein authorized and the tax
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
ssid Constitutional amendments, until the
dnal payment of all Of said bonds in prin- /
cipal and interest. Said bonds shall be
exempt from all taxation. State. Parish, and
Municipal and the tutors of minors and cura-
tors of interdicts are authorized to invest
the funds in their hands in said bonds
Any time after i've years shall have lapsed
from the date OF the issuance of the bonds
herein authorized the Treasurer Of the State
of Louisiana shall ut any interest paying
period be authorized to apply the sinking
fund 10 the retirement of any outstanding
bonds. to the extent Of said fund, in their