The Comrade. (Winnfield, La.) 1890-1914, 1910-10-07
ACT No. 2
Eenate Bill No. l.
benate bin NO. /.
JOINT RESOLUTION,

issue bonds and pledge the tax which is
proposed by joint resolution embodied in
Act No. Two ~ of the Acts of the
further tax in the City of New Orleans. to
be levied and collected only after the tax
levied under the above resolution has
lapsed.
Section l. Be it resolved by the General
Assembly Of the State OF Louisiana in extra
ordinary session convened, twothirds of all
the members elected to each house concurring
therein, that an amendment to the Const
tuition of the State of Louisiana be submitted
to the qualified electors Of the State for their
approval or rejection, as required by Article
s21 OF the Constitution of the State of Louis.
lana, at the congressional election to be held
on the Tuesday next following the first Mon
day OF November, 1910, as follows:
In order that the tax authorized to be
levied by the Constitutional amendment pro-
The regular session of the General Assembly
Of the State of Louisiana for the year 1910,
may, when ratified by the qualified electors
Of the State be made Immediately available
ton to commemorate the opening of the
Panama Canal, the Worlds Panama Elk. |
position Company be and it is Sereby auth.
orized, when and not until the Congress OF
the United States shall designate the City |
Of New Orleans the location for ex
position commemoraing the opening of the |
Panama Canal. to issue bonds not to exceed |
in principal Six Million Five Hundred Thou,
>,
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
(50) 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.
&asFWo (2) Of the Acts OF the regular sessi ion
Sof 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 arc hereby pledged
for the payment of said bonds in principal
shall be deemed a valid and binding pledge
and contract.
The bonds herein authorized to be issued
by the Worlds Panama Exposition Company
y 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 1910
which shnl 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 Worlds
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
price directly to the Treasurer of the State
81 jf4 LOUISIANA, Wnlcn 1unuS WHEN pau Htn
1yhesT TREASURY of the State shall only be paid
out for the purpose OF securing site and
3or the construction. equipment and main
tenance Of the exposition and shall be dis.
q bursed upon the warrant OF the World s
Panama Exposition Company, approved by
& The Governor Treasurer and Auditor of the
Il State Of Louisiana. or any two, OF them
All expenses, commission or brokerage in
n cident to the sale of said bonds shall be
paid by the Worlds Panama Exposition
Company out of other funds belonging to
said company, and no part OF the Six Million
Five Hundred Thousand ($6,500,0 00) 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.
u lana as above provided.
the amendment to the CONSTITUTION SUB.
81 United by Act No. Two (2) OF the Acts OF
KS the regular session Of the General Assembly,
OF Louisiana for the year 1910 be ratified
by the pope, 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 end principal
Of said bonds and for no other purpose
Z When the tax thus authorized shall nave
" been. lapsed by the terms Of said proposed
b atas ,ntlment then each year thereafter as long
@S as any of the bonds herein authorized to be
~ issued are outstanding, there shall De ASSESSED
and collected tax, which is hereby levied
exclusively in the City of New Orleans upor
oil property subject to State taxation, SUN
cient to pay the interest upon said bonds
and fraction of the principal or tractor
Of the principal collected for the creator
Of o sinking fund with which to eventual!
retire said bonds provided that no tax eX
1 ceeding one and onc-haf on mills shall
as be assessed and collected during. any, on
year; and provided further that If said ~
Of one and one-half az mills should b
Insufficient to pay the interest and the pr'n
cipal Of said bonds at the maturity thereon
then this tax shall continue and be ASSESSED
and collected until the entire amount du
on said bonds in principal and interest
raia
From and after the time the tax hereii
levied becomes operative it shall be the dut
gfahe Treasurer Immediately after the a an ia
iiysng and valuation Of the property in tn
5 City Of New Orleans, to fix the rate OF taxa
ton to be imposed upon said property 10
that year sufficient to pay the lnter e.,
on said bonded debt and the fraction OF tn
principal due that year or the fraction o
the principal to constitute a sinking fun
for the retiring of said bonds. Upon ascel
tanning said amount, he shall direct the =. az as
authority charged with like duty OF Clt
al New Orleans or Parish of Orleans. t
extend upon the assessment rolls such rat
of taxation as will yield an amount sutllclen
#s cipal as aforesaid; provided that said "a
Z shall not exceed one and half Ih) mill
sS FOR any one year This tax shall be assesse
and collected, without costs or COMMISSION Hn
s In the same manner as State taxes are co
lected and shall be paid by the collector
directly to the Treasurer Of the State {
Ss5s& I1orisiar1a who is hereby authorized to On
80 bnrse the same to the holders of the bond
s5 herein provided for, in payment OF the II
4 terest and principal due on said bonds, upo
CO fhe presentation to him Of the bonds or tn
interest coupons as the case may, be.
800 An funds arising hereunder which go int
$50 Ahe State Treasury whether same have bee
Ss sranliaed from the sale of said bonds or fro
the levy and collection OF any tax or take
herein referred to shall by the Treasure
s8ssG be deposited in the same depository, IN tf
same manner, at the same rate OF intere
and npon the same terms and conditions
are other State funds and all interest a
~ cr1ine upon said deposits shall be credlte
iss 10 the particular fund from which the Il
ferest was derived, and shall be used II
#Es Che same purpose for which the principal
aaid sum is intended.
The bonds herein authorized and the "a
fayied and collected and pledged for II
sr,ayment OF said bonds shall constitute
valid and binding contract, and the 1alth
fhe State Of Louisiana is, pledged 10 the co
tinuous collection of said tax. authorized
AMID Constitutional amendments, until u
anal payment of all of said bonds in pr
9ls Gina and interest. Said bonds snail
exeInnt from all taxation, State, Parish. M
Municipal and the tutors OF minors and cur
TORS OF interdicts are authorized 70 lnve
aha funds in their hands in said bonds,
ANY time after five years shall have lapse
from the date Of the issuance OF the pom
Ssrein authorized, the Treasurer Of the sta
ss III Louisiana shall at any interest payii
e 8neriod be authorized to apply the slnk!'
fnnd to the retirement OF any ontStandli
honds, 70 the extent OF SAID fund.- IN sne