The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1910-10-15
In order that the tax authorized to be

| for the purpose OF constructing an exposi-
| ton to commemorate the opening OF the
| Panama Canal. the World Panama Elk
| position Company be and IL Is hereby auth
! orlzed, when and Pot until the Congress OF
! the United States shall designate the CITY
| Of New Orleans 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 a So 500 00Ol Dollars, to bear rate Of
interest not exceeding four per centun + per
cent? per annum To be paid semi annually,
to BE- sold for not less than par and t. lac
| due and payable in not longer than fifty
SAY years. payable at the Treasury OF the
| State of Louisiana; and in order To secure
| the payment II said bonds. the tax proposed
| by the joint resolution embodied III Act No.
| Two 90 OF the Acts of the regular session
| If the General Assembly of Louisiana for
| the year 1910 as we'll as further tax here
matter levied exclusively in tine City of New
| Orleans he 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 valid and binding pledge
and contract.
The bonds herein authorized to he issued
by the World Panama Exposition Company
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:
secured by the levy of a special tax auth
orized 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
| 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
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
tenance of the exposition and shall be dis
bursed upon the warrant of the World
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
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 ($6,50o,000) 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
lana as above provided.
If the amendment to the Constitution sub
mitted by Act No. Two (2) 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 principal
Of said bonds and for other purpose.
When the tax thus authorized shall have
been lapsed by the terms of said proposed
amendment. then each year thereafter as long
any of the bonds herein authorized to be
issued are outstanding there shall be assessed
and collected a tax, which is hereby levied,
exclusively in the City of New Orleans upon
all property subject to State taxation, suff
cient to pay the interest upon said bonds
and fraction of the principal or fraction
of the principal collected for the creation
of sinking fund with which to eventually
retire said bonds provided that no tax ex
cceding one and one half Il X mills shall
be assessed and collected during any one
year; and provided further, that il said tax
Of one and one-half Il Il mills should be
insufficient to pay the interest and the prin-
clpal 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.
From and after the time the tax herein
levied becomes operative, il shall be the duty
of the Treasurer Immediately after the annual
listing and valuation of the property IN the
City of New Orleans, to fix the rate of taxa
ton to be imposed upon said property for
that year a sgi Ss to pay the interest It est
principal due that year or the fraction of
the principal to constitute sinking fund
for the retiring of said bonds. Upon ascer-
tanning said amount. he shall direct the as
SCISSOR or Board of Assessors or such other
authority charged with like duty of City
of New Orleans, Parish Of Orleans. to
extend upon the assessment rolls such rate |
of taxation as will yield an amount sufficient |
to pay said interest and fraction Of prin
cipal aforesaid; provided that said tax
shall not exceed one and one half 1a) 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 |
directly to the Treasurer of the State of |
Louisiana who is hereby authorized to dis !
burse the same to the holders of the bonds |
terest and principal due said bonds. upon
the presentation to him Of the bonds or the |
interest coupons az the may be.
All funds arising hereunder which 90 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 taxes
be deposited in the same depository, in the
same manner, at the same rate of interest |
and upon the same terms and conditions as
other State funds and all interest ac-
cruing upon said deposits shall be credited |
to the particular fund from which the in
terest was derived, and shall be used for
the purpose for which the principal of
said sum is intended.
The bonds herein authorized and the tax
payment of said bonds shall constitute a
valid and binding contract. and the faith Of
the State Of Louisiana is pledged to the con
said Constitutional amendments, until the
final payment Of all of sad bonds in prin-
cipal and interest. Said bonds shall be
exempt from all taxation State Parish and
Municipal and the tutors of minors and cura-
tors of interdicts 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 State
of Louisiana shall at any interest paying
period be authorized to apply the sinking
fund to the retirement of any outstanding
bonds. to the extent of said fund. in their
~"verSe numerical order. and the Treasurer
al notify the bondholders thereof by an
advertisement in one OF the papers published
in the City of New Orleans and one pub.
Iished in the City OF New York at least
sixty days prior to the day on which the
bonds are to be retired giving the numher
and denomination of said bonds; and if said
bonds are not presented for payment ct such
/. 81, sl,a I,,it al.
The dissolution and liquidation of the
Worlds Panama Exposition Company shall
not in any manner affect the validity Of the
bonds herein authorized to be issued by said
tim 0r thp rnIDcri1n If tho IevinI