The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-10-29
ACT No. 2
Senate Bill No. /
JOINT RESOLUTION.

issue bonds and pledge the tax which is
proposed by joint resolution embodied in
Act No. Two (2) of the Acts of the
General Assembly of 1910. well as q
further tax in the City OF New Orleans, to
be levied and collected only after the tax
levied under the above resolution has
lspsed.
Section. /. Be It resolved by the General
Assembly OF the State OF Louisiana IN extra,
ordinary session convened. two-thirds OF all
the mer,bers elected to each house concurring
therein. that an amendment to the Consti,
tuition Of the State OF Louisiana be submitted
to the qualified electors of the State for their
approval or rejection. as required by Article
s2l 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:,
levied by the constitutional amendment pro-
posed by Act No. Two. t2l OF the Acts OF
the regular session OF the General Assembly
may. when ratified by the qualified electors
of the State be made Immediately available
for the purpose OF constructing an exposi-
ton to commemorate the opening OF the
Panama Canal the Worlds Panama Ex-
position Company be and il is hereby auth.
orized. when and not until the Congress OF
the United States shall designate 1.-The City
OF New Orleans as the location for ex-
position commemorating the opening OF the
Panama Canal, to issue bonds not to exceed
In principal Six Million Five Hundred Thou.
sand CSC. 500 .00o) Dollars. &c bear a rate OF
interest not exceeding four per eentum "a PEE
cent? per annum to be paid semi annually,
due and payable in not longer than fifty
f5o) years, payable at the Treasury OF the
State OF Louisiana ma and IN S order to seeurs
by the joint resolution embodied in Act No
, Two t2) of the Acts Of the regular session
OF the General Assembly OF Louisiana for
the year 1910. as well as further tax here
matter levied exclusively In the City of New
Orleans, he and the same are hereby pledged
and interest. the said pledge Of said tax
shall be deemed . valid and binding pledge
and contract. !.
by the Worlds Panama Exposition Company
shall be registered with the Auditor OF the
State Of Louisiana, and there shall be written
OF printed the following across the face Of
This bond in principal and interest is
secured by the levy Of special tax auth.
orized by amendments to the Constitution OF
the State of Louisiana adopted in 1910"
which shall have afixed thereto the signature
Of the Auditor in hi. of,eisI espsss; i and
The Auditor OF the State shall deliver such
bonds when thus certified to the World
Is authorised to sell the same for no, less
than par as above provided. and the pur-
chaser thereof shall Be required to pay the
Of Louisiana, which funds when paid into
the Treasury of the State shall only Be paid
out for the purpose Of securing site and
tenance Of the exposition and shall be dis
bursed upon the warrant OF the World $
Panams 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
sidsns to the sale Of said bonds shall
Company out of other funds belonging. ts
said company, and no part Of the Six Miller
Five Hundred Thousand x9ooo9 sn, ~, poll f
face of such bonds must be received ant
paid into the Treasury of the State Of Louis
n the amendment to the Constitution sub
mitted by Act No. Two CD OF the Acts o
the regular session of the General Assembl,
By the pople. then the entire amount of sale
tax collected after the issuing Of bonds herein
provided for. shall be used exclusively for tn
81 said bonds and for no other purpose.
When the tax thus authorized shall hav
been lspsed BY the terms Of SAID propose,
a. any of the bonds herein authorized to b
issued are outstanding, there shall be assesse,
and collected tar; which is hereby levied
ali property subject to State taxation. sufa
cient to pay the interest upon said bond
and fr.ston q II. principal OF II. f irsso
Of . sinking fund with which to eventual
retire said bonds: provided that no tax e.
ssdns oss and and sse.,.a ds.nr % .ny
a one and one-half (Ih) mills should b
eipsi OF said bonds at the maturity thereof
then this tax shaii continue and be assesss
and collected until the entire amount du
on said bonds in principal and interest
From and after the time the tax hsrei
levied becomes operative. IL shall be the duf
Of the Treasurer immediately after the annui
listing and valuation Of the property in tn
City Of New Orleans. to fx the rate OF taxi
ton to be imposed upon said property e
n': Sondss dsss .nS S S fraction f
principal due that year or the fraction {
the principal to constitute sinking fun
tanning said amount, he shall direct the 81
SCISSOR or Board Of Assessors or such otns
authority charged with like duty OF Cit
of New Orleans, or Parish Of Orleans.
extend upon the Assessment rolls such raj
OF taxation as will yield an amount sufhcier
70 pay said interest and fraction CT ,priI
eipal rs aforesaid: provided that said IA
shall not exceed one and one-half q y mil
for any one year. This tax shall be sssesse
and collected, without costs or commission
IN the same manner as State taxes are co
leeted and shall be paid by the collector
directly to the Treasurer of the State
burse the same 20 the holders Of the bono
herein provided for. in payment of the Ii
serest and principal due on said bonds. upc
the presentation TO him Of the bonds or Il
interest coupons the case may be.
All funds arising hereunder which go In
the State Treasury whether same nave bee
realized from the sale of said bonds or fro
the levy and collection of any tax or tax
herein referred to shall by the Treasure
be deposited in the same depository. in Il
same manner at the same rate of intere
and upon the same terms and conditions
ere other State funds and all interest a
cruing upon said deposits shall be credit
20 the particular fund from which the
terest was derived. and shall be used 4
she same purpose for which the principal
said sum is intended.
The bonds herein authorized and the I,
levied and collected and pledged for q
payment Of said bonds shall constitute
valid and binding contract, and the faith
II .axsa "a nIader qA tn he 81
tinuous collection of said tax, authorized
said Constitutional smendments until :
Ansi payment of all Of said bonds IN PR
eipal and interest. Said bonds shall
EXEMPT from all taxation. State. Parish. al
Municipal and the tutors Of minors and cur
TORS of irterdicts are authorized to inve
the funds in their hands in said bonds.
Any time after I've years shall have laps
from the date of the issuance OF the bon
herein authorized. the Treasurer Of the Sta
of Louisiana shall at shy interest payii
period be authorised 10 apply the sinkii
fund to the retirement of any outstandi'
bonds. to the extent Of said fund. In the