The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1910-11-03

IL secured by the levy Of a special tax I
authorised by amendments to the Con-
stitution Of the state OF Louisiana
fixed thereto the signature Of the Aud |
itor In his official capacity and bear
the impress OF the seal OF his office. |
such bonds when thus certified to the
Worlds Panama Exposition Company. |
which Company Is authorized to sell
the same for not less than par as
thereof shall be required to pay the
price directly to the Treasurer Of the
State OF Louisiana, which funds when
shall only be paid out for the e. purpose g2o
Of securing a site and for the construc-
ton. equipment and maintenance Of
the exposition and shall be disbursed
upon the warrant of the Worlds Pana-
ma Exposition Company. approved by
the Governor. Treasurer and Auditor of
the State of Louisiana or any two of
them.
All expenses, commission or broker
age incident to the sale of said bonds
shall be paid by the Worlds Panama
Exposition Company out OF other funds
part Of the Six Million Five Hundred
Thousand (s6,500.000O 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 Louisiana as above provided.
RI the amendment to the Constitution
submitted by Act No. Two ca OF the
Acts Of the regular session OF the Cen
1910 be ratified by the people. then the
entire amount of said tax collected at
ter the issuing Of bonds herein provid-
ed for shall be used exclusively for the
purpose of paying the interest and prin-
cipal Of said bonds and for no other
purpose.
When the tax thus authorized shall
| have lapsed by the terms of said pro-
posed amendment. then each year
thereafter as long as any Of the bonds
herein authorized to be issued are out
Collected a tax. which is hereby levied
exclusively in the City of New Or
leans upon all property subject to state
| taxation. sufficient 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-
shall be assessed and collected during
any one year; and provided further.
that VI said tax OF one and one-half
| nh) mills should be insufficient to pay
! the interest and the principal Of said
/ bonds at the maturity thereof. then this
/ tax shall continue and be assessed and
collected until the entire amount due
on said bonds in principal and interest
Is paid
| herein levied becomes operative, 1t
| snail De Cne Uuty OI the treasurer
] mediately after the annual listing and
valuation Of the property in the City Of
I New Orleans, to fix the rate of taxa
ton to be imposed upon said property
! for that year sufficient to pay the In
| terest on said bonded debt. and the
fraction of the principal due that year or
/ fraction of the principal to constitute
a sinking fund for the retiring OF said
bonds. Upon ascertaining said amount,
he shall direct the assessor or Board Of
Assessors or such other authority
charged with like duty OF the City of
New Orleans. or Parish of Orleans. to
| rate of taxation as will WELD an amount
sufficient to pay said interest an:
fraction Of principal as aforesaid: pro-
vided that said tax shall not exceed ose
| one and one-half 1H) mills Cor cnr
sne year This tax shall be assessed ant
collected without costs or commission,
in the same manner as State taxes are
lectors directly to the Treasurer Of the
State of Louisiana, who il hereby au-
thoriZed to disburse the same to the
for. in payment of the interest and
principal due on said bonds, upon the
presentation to him Of the bonds or the
interest coupons as the case may be.
go into the state treasury nssuoe whether as
same have been realized from the sale
Of said bonds or from the levy and
collection OF any tax or taxes herein
|
deposited In the same depository. In
the same manner. at the same rate Of
interest and upon the same terms and
and all interest accruing upon said
deposits shall be credited~to the par
tlcuiar fund from which the interest
was derived. and shall be used for the
4 same purpose for which the principal
of said sum Is intended.
The bonds herein authorized and the
tax levied and collected and pledged
constitute valid and. binding con:
tract. and the faith Of the State OF
Louisiana Is pledged to the continuous
collection Of said tax. authorized by
the final payment of all OF said bonds
In principal and interest Said bonds
snail be exempt from all taxation
state Parish; and Municipal. and the
terdicts are authorised to invest the
4 funds in their hands in said bonds.
Any time after five years shall have
laps ed from the date Of the issuance
Treasurer OF the State of Louisiana
shall. at any interest payment period
pc authorized to apply the sinking
!: standing bonds. to the extent Of said
fund, in their reverse numerical order
and the Treasurer shall notify the
J oondholders thereof by any ADVERTISE
] the City of New Orleans and one pub.
lished In the city Of New York, al
least sixty. days prior to the day or
} which the bonds are to be retired, CIV.
said bonds: and II said bonds are moi
presented for payment at such time
then the interest shall cease thereon.
the. Worlds Panama Exposition Com.
pany shall not in any manner affect
the validity OF the bonds herein au-
thorized to be issued by said corpora,
by this Constitutional amendment OF
by that proposed by Act No. 2 Of 1917
This amendment to the Constitution
the 81 e.. stass
amendment to the Constitution to s.
voted on at the coming election to b.
r,.I. on on Tuesday next following tn.
. may directly or indirectly conflict here.
with. and shall be deemed supplement.
, al to the amendment proposed by Ac
/; session Of the General Assembly Of tht
State OF Louisiana for the year 1910
and In case. of conflict Herewith the
.. provisions OF this amendment shall pre-.
vail and this amendment shall be II
force and effect only in the event tn,
said proposed amendment submitted
: for ratification by Act. No Two f2) o
the. Acts of the regular session of tn.
General Assembly OF 1910. is ratified b,
to be- held on Tuesday next followinf
the first Monday in November 1910
, and Is declared to be ssclf-exccutfns
! and to confer directly the auth0rit,
herein granted without an enabling
!. act OF the Legislature.
Sec. q Be It further resolved. etc.
! That the official ballot to be used 81
! The said election shall have printed
.For the prOnosed 4 amendment I.