Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1910-09-02

If the amendment to the Constitution s,h. !.
mitted by Act No. Two (2) of the Acts ~
the regular session of the General Assemble
of Louisiana for the year 1910 be rati6aS
by the pople, then the entire amount Of ssiS
tax collected after the issuing of bonds here;s
provided for, shall be used exclusively for tba
purpose of paying the interest and princ;n.i
of said bonds and for no other purpose
When the tax thus authorized shall hav.
been lapsed By the terms Of said proposal
amendment, then each year thereafter as Ions
any of the bonds herein authorized IN ~
issued are outstanding. there shall be assessed
and collected a tax, which is hereby lev;sS
exclusively in the City of New Orleans unor
all property subject to State taxation, sufs.
cient to pay the interest upon said bonds
and fraction of the principal or a fraction
of the principal collected for the creafior
of a sinking fund with which to eventuallv
retire said bonds; provided that no tar er
ceeding one and one-half az mills shail
be assessed and collected during any on.
year; and provided further, that II said tsr
OF one and one-half Il 1a) mills should be
insufficient to nav the interest and the nv;s'
cipal of said bonds at the maturity thereof
then this tax shall continue and be assesssS
and collected until the entire amount dus
on said bonds in principal and interest IA
paid.
From and after the time the tax hers;,
levied becomes operative, it shall be the dutv
Of the Treasurer Immediately after the annual
City Of New Orleans, to Ak the rate of tara.
ton to be imposed upon said property for
that year Sufficient to pay the interest
principa! due that year or the fraction az
the principal to constitute a sinking funS
for the retiring of said bonds. Upon sscer
tanning said amount. he shall direct the a.
SCISSOR or Board of Assessors or such oths.
authority charged with like duty Of Civ
of New Orleans, or Parish Of Orleans, to
extend upon the assessment rolls such rats
of taxation as will yield an amount suficient
to pay said interest and fraction Of prn.
cipal as aforesaid; provided that said tau
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
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 or the
interest coupons as the case may be.
All funds arising hereunder which 70 into
the State Treasury whether same have been
realized from the sale of said bonds or from
the levy and collection of any tax or tasss
herein referred to shall by the Treasurer
be deposited in the same depository, in the
same manner, at the same rate of interest
and upon the same terms and conditions a.
are other State funds and all interest sc-
cruing upon said deposits shall be credited
to the particular fund from which the in
the same purpose for which the principal Of
said sum is intended.
The bonds herein authorized and the tax
levied. and collected and pledged for the
payment of said bonds shall constitute .
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 payment of all of said bonds in prin.
| cipal and interest. Said bonds shall b
| exempt from all taxation, State. Parish, and
| tors of interdcts 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 Stats
| of Louisiana shall at any interest paying
| period be authorized to apply the sinking
bonds to the extent of said fund. in their
| reverse numerical order, and the Treasurer
shall notify the bondholders thereof by an
in the City of New Orleans and one pub
| lished in the City of New York. at least
sixty days prior to the day on which the
Of ssd SOnd .s
bonds are not presented for payment at such
time, then the interest shall cease thereon.
The dissolution and Liquidation nhn Of sAs
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 Constitutional amendment or by that
proposed by Act No. Two Of 1910 as afors-
said.
This amendment to the Constitution shall
|
stitution of the State of Louisiana. as well
| as any proposed amendment to the Constitu-
| ton to be voted on at the coming election
to be held Tuesday next following the
| directly or indirectly conflict herewith. and
shall be deemed supplemental to the amend
ment proposed by Act No. Two (2) OF the
| Acts Of the regular session Of the General
| Assembly of the State of Louisiana for IL
year 1910, and in case OF conflict herewith
| the provisions of this amendment shall pre-
vail and this amendment shall be in force
and effect only in the event the said proposed
No. Two (2) of the Acts of the regular SEES
sion of the General Assembly of 1910 is
| ratified by the people at the congressional
| election to be held on Tuesday next follow.
is declared to be self-executing and TO confer
directly the authority herein granted without
| an enabling act of the Legislature.
Section 2. Be it further resolved. etc,
said election shall have printed thereon the
For the proposed amendment to the Con
| stitution of the State of Louisiana, author
izing an issue of bonds by the WorIa :
OF a further tax in the City Of New Orleans
| all in further aid of the exposition cele.
brating the opening of the Panama Canal =
and the words, Against the proposed amsnd.
ment to the Constitution Of the State Of
Louisiana, authorizing an issue of bonds "
the Worlds Panama Exposition Company and
the levying Of further tax in the City Of
| New Orleans, all in further aid Of the expo
sition celebrating the opening Of the Panama
provided in the general election laws CT the
State whether he votes for or against the
proposed amendment N 1AMBREMosr
Lieutenant Governor and President Of the
| Senate.
H. G. DUPRE.