The Comrade. (Winnfield, La.) 1890-1914, 1910-11-18
ACT NO. 2
Senate BILL No. !.

Senate Bill No. /.
JOINT RESOLUTION.
Proposing an amendment to the Constitution
OF the State of Louisiana, authorizing the
Worlds Panama Exposition Company to
proposed BY joint resolution embodied in
act No. Two (2) OF the Acts OF the
General Assembly Of 1910 as well as
further tax in tho City of New Orleans, to
be levied and collected only after the tax
levi d under the above resolution has
Section. /. B. it resolved by the General
Assembly Of the State of Louisiana in extra
ordinary session convened, twothirds OF al!
the members elected to each house concurrins
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
921 OF the Constitution Of the State Of Louis
lana, at the congressional election to be held
day OF, November, 1910, as follows:
In order that tho tax authorized to be
levied by the Constitutional amendment pro.
posed by Act No. Two (2) of the Acts Of
OF the State Of Louisiana for the year 1910.
may, when ratified by the qualified electors
n the State be made Immediately available
for the purpose OF constructing an cxposi,
i,o on.n to commemorate comm the opening Of the
position Company be and it is hereby auth
oriEed. 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 Five Hundred Thou
sand ($6.500.oo0) Dollars, to bear rate of
interest not exceeding four per centum "a per
cent? per annum to be paid semi annually
to be sold for not less than par and to be
due and payable in not longer than fifty
(5o) years, payable at the Treasury of the
State of Louisiana; and in order to secure
the payment OF said bonds; the tax proposed
BY the joint resolution embodied in Act No.
Two ~. Of the Acts of the regular session
of the General Assembly of Louisiana for
the year 1910, as we'll as further tax here
matter levied exclusively in the City of New
Orleans. be and the same are hereby pledged
for the payment Of said bonds in principal
shall be deemed valid and binding pledge
and contract.
The bonds herein authorized to be issued
by the Worlds Panama Exposition Company
State OF Louisiana. aud there shall be written
or, printed the following across the face Of
said bonds:
This bond in principal and interest is
orissd by amendments to the Constitution Of
the State Of Louisiana adopted in 1910"
which shall have affixed thereto the signature
Of the Auditor in his official capacity and
besr the impress Of the seal Of his oface.
The Auditor Of the State shall deliver such
bonds when thus certified to the Werld 3
Panama Exposition Company, which company
is authorized to sell the same for no, less
than par as above provided, and the pur.
chaser thereof shall be required to pay the
Of Louisiana, which funds when paid into
the Treasury Of the State shall only be paid
out for the purpose OF securing site and
for the construction, equipment, and main
= kn~s ~ }ha md hall ho lie
bursed upon the warrant OF the World s
Panama Exposition Company, approved by
the Governor. Treasurer and Auditor Of the
State Of Louisiana, or any two of them.
oident to the sale Of said bonds shall be
paid by the Worlds Panama Exposition
Company out OF other funds belonging tc
said company, and no part Of the SIX Million
Five Hundred Thousand ($G.500,O00) Dollars
faes Of such bonds must be received and
paid into the Treasury of the State OF Louis
lana ak above provided.
II the amendment to tho Constitution sub
mitssd BY Act No. Two (2l Of the Acts O
of Louisiana for the year 1910 be ratified
by tho popls, thon the entire amount OF sale
tax collected after the issuing Of bonds hereir
provided for, shall be used exclusively for tht
81 ssid bonds and tor no other purpose.
When the tax thus authorized shall hay,
been iapsed by the terms Of said proposed
amendment, thea each year thereafter as Ion!
as any Of the bonds herein authorized to b.
issued are outstanding, there shall be assesse!
and collected Q tax, which is hereby levied
exclusively in the City of New Orleans upol
all property subject to State taxation, sufti
Gent TO pay the interest upon said bond
and : fraction Of the principal or Fraction
Of the principal collected for the creation
Of sinking fund with which to eventual,
retire said bonds provided that no tax ex
ceeding one aud ona-half I1s mills shall
4 be assessed ana collected during any. on
year; and provided further, that il said III
Of one and one:haf (11z) mills should b
insufficient to pay 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 du
on said bonds in principal and interest ]
paid.
From and after, the time the tax @herei
q levied becomes operative, it shall be the dut
of the Treasurer immediately after the alnnu mi,
listing and valuation of the property in tn
W. City: OF New Orleans to fix the rate of taxa
ton to be imposed upon said property 10
on said bonded debt and the fraction of til
principal due that year or the fraction
4 The principal to constitute q sinking tun
H for the retiring Of said bonds. Upon ascel
8 tanning said amount, he shall direct the rs
81 SCISSOR or Beard Of Assessors Or such othe
authority charged with like duty of Git
Il of New Orleans, or Parish OF Orleans, 7
81 extend upon the assessment rolls such rat
of taxation as willsyield an amount suficien
4 to pay said interest and fraction Of .prir
s cipal as aforesaid s; provided that said ia
shall not exceed one and one half q IL mill
Z for any one year, This tax shall be assesse
and collected, without costs or commission
III the same manner as State taxes IRE co
IS iected Eand shall be paid blythe collector
8 directly to the Treasurer of the State G
q Louisiana who is hereby authorized to di.
burse the same to the holders OF the bond
q herein provided for, in payment of the i
terest and principal due on said bonds, upo
-the presentation to him Of the bonds or tn
interest coupons as the case may be. s5s. u
iE All funds arising hereunder which go int
the State Treasury whether same have bee
realized from the sale of said bonds or 3frol
the levy and collection Of any tax or take
herein referred to- shaft by the Treasure
g be deposited in t he same depository, in th
B same manner, at the same rate of interes
III are other State funds and all interest al
q cruing upon said deposits shall be credite
81 10 the particular fund from which the il
terest was derived, and shall be used IL
che snrfe purpose for which the principal <
said sum is intend ed.
The bonds terein authorized and the ia
levied ard collected aud pledged for til
q payment of 8 said bonds shall constitute
valid and binding contract, and the: faith 4
tinuous collection OF said tax, authorized b
aad s Constitutional amendments until ii
d flnal payment Of all OF said honda in pri,
81 cipal and interest. & Said bends shall
81 exempt from all taxation. State, Parish. an
SS5 Municipal and the tutors of minors and cur,
5S tors ct intcrdiets are authorized to inves
the funds u tssir hafds in iaid bonds.
X - -. alx..lI ". ~.