St. Landry clarion. (Opelousas, La.) 1890-1921, 1910-10-08
ACT No. q
Bill No. l.

ACT NO. q
Senate Bill No. /.
JOINT RESOLUTION.
Proposing an amendment to the GonstitutiS1a
Of the State Of Louisiana, authorizing the
Worlds Panama Exposition company "
issue bonds and pledge the tax when y
proposed a R Gv5 joint ~, re s9 ths S sgo0a u ssS
further tax in the City Of New Orleans, g
be Levied and collected tSs ab8 Snly re ssega Sss
sspetion. /. Be it resolved by The Gensrsl
Assembly Of the State of Louisiane IN eSt1ss
nTdinary session convened, two-+hirds Of ali
the members elected to each house oonepEEL1S
therein, that an amendmenS to the JumBEs
tuition Of Che State Of Louisiana be submitted
% fhe uualifed electors Of the State for ShGtr
approval or rejection, as required py AESeas
82l Of The Constitution Of the State cI Louis,
o. ale Tuesday next following the drss Mon
day q November, 1910, as 4ollows:.
In order that the tax authorized 70 Da
p posed s. 1ss 10. Two. ~. 81 ths Act. q
She regular session Of the General ASSEMBLY
Of tho State OK Louisiana for the year 1910.
~ So $50 Be- made Immediately available
Rox she purpose Of constructing an expost-
tlon 70 opnanemorate the ,ope4ing Of The
a%ao sd ! 6ompaSny 'I be and il Is bsrSSy auth.
0giEsG when and not NTH $h9 congress- e1
Che United states shall designate the CITY
81 EBH ORh&1A0 - NAI A0NAsASA va -
position COMMUNICATING the opening OF the,
Panama Canal, to issue bonds not TO- exceed
n pFinclpsil s I'm Ni Lien. Five Hundred S1aa "a Iao "a
interest moe e&eseding four peg centun n p9
Sen&a pas. ennam TO be paid s~emt.annnalllys
% Be aefd yOs pot less than par and 70 be
due and payable in not longer than nifty
essss Of LoIleiena; and in order to secure
ths Psysn s Of Os, ssit bonds smiSd tss fa E psoRo So
TWo (a1 OF the Acts Of the regular session
Of the General Assembly of Louisiana for
the year 1919, as. as well : LA ns q; 2 f thd sEtt tax * Mere NsS
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 q valid and binding pledge
The bonds herein authorized to be issued
by the Worlds Panama Exposition Company
shall be registered with the Auditor Of tho
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 1870
which shall have affixed thereto the signature
of the Auditor in his official capacity and
bear the impress of the seal Of his ottee.
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 Tor not less
chaser thereof shall be required to pay the
price directly to the Treasurer of the Stnto
Of Louisiana, which funds whea sd lAE0
the Treasury of the State shall only be paid
out for the purpose Of securing a site and
for the construction, equipment and main
tenanee Of the exposition and shall be dgs.
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 ba
paid by the World Panama Exposition
Company ont OF other funds belonging to
Five Hundred Thousand ($6, 500. 0oo) Dollars
shall be used for such purpose, but the full
face of such bonds must be received and
paid into the Treasury spf the State of Louis
lana as above provided.
II the amendment to the Constitution ans-
mitted by Act No. Two I'D 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 principals
OF said bonds and for no other purpose.
When the tax thus authorized shall have
been lapged by the terms Of said propogeH
amendment, then each year thereafter as long
as any of the bonds herein authorized to be
issued are outstanding, there shall be assessed
and collected d tax, which is hereby levied
exclusively in the City of New Orleans UPON
all property subject to State. taxation, snAR7
cient to pay the interest upon said bonds
and a fraction Of the principal or q fraction
OF the principal collected Tor the creation
OF a sinking fund with which to eventua Iy
retire said bonds; provided that no tax ex.
ceeding one and one-half {1B mills shall
be assessed and collected during any one
year; and provided further, that II said lax
OF one and one-half (1h3 mills should be
insufficient to pay the interest and the prin-
cIpaI Of said bonds at the maturity thereof.
then this tax shall continue and be assessed
and collected until the entire amount due
paid.
From and after the time the tax herein
leYled becomes operative, it shall be the dufy
Of the Treasurer Immediately after the annual
listing and valuation Of the property Ia the
ylty OF New. Orleans, to fix the rate Of taxa
ton to be imposed upon said property for
that year sufficient to pay the interest
on. said bonded debt and the fraction 81 the
principal due that year or the fraction Of
sne principal to constitute q sinking fun1
1or the retiring Of said bonds. Upon asgSr-
tanning said amount, he shall direct tie AZ
SCISSOR OF Board OF Assessors or such othsr
authority charged with like duty Oh civ
OF New Orleans, or Parish Of 0rleans X
extend rpon the assessment rolls such rafs
q TAXA as VIII yield an amount sufficient
" pay said interest and fraction az prin-
eipai as aforesaid provided that said rs,
shaH not exceed one and one-half (1M@ mills
zor any one year; This tax shall be assessed
n the same manner as State taxes are col
lected and shall be paid by the coIIecsora
alEectly 70 the Treasurer Of The State 81
Louls1ana, VINO rs hereby authorized ia dis
purse the same to the holders of the bonaa
herein provided for, in payment ~ the -
Lslese ana principal due on said bonds. unan.
tne presentation to him of the bonds or the
interest coupons as the case may be.
AL funds arising hereunder which M futc
ghe state treasury whether same have hear.
reaIzed from the sale of said bonds ar froya
tne levy and collection Of any tax or taxaa
herein referred to shall by the Traasnrer
pc deposited In the same depository. III tIes
same manner, ut the same rate of intarasf
ano upon the same terms and conditions ~
aIe other state funds and all interesf a.
cTu1ng upon. said deposits shall be crad;taa
20 the particular fund from which fha IN
crest was derived. and shall Be uaad Tar
tne same purpose for which the principal ~
said sum is Intended.
me bonds herein authorized and the tax
leYleu and collected and pledged for tbe
payment OF said bonds shall constitute )
Na19 ana DlndIng contract, and the faith ~
vs. state q Louisiana is pledged to the con-
said constitutional amendments. unfiI ia
hnal payment Of all of said bonds IN min.
eapa1 and interest. Said bonag shaft ha
exempt from al taxation, State. PaTiah nnS
Municipal and. the tutors of minora and cn-az
tors or lnterdlcts are authorized M ;nvasn
sne Iunds IN their hands in said bonda
any time after five years shall have Iansed
from the date of the issuance of 4ha hands
herein authorized, the Treasurer 0f fha gfaf@
OF Louisiana shall at any interest naying
period be authorized to apply the sinfin9
5und 20 the retirement Of any oufstandtn@
ponds. 70 the extent Of said fund. "a their
Continued on page y
TAc n FJEWEnTC ! Z RI rmrETc