The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-10-22

Senate Bin No. i
JOINT RESOLUTION.


Senate Bin No. 1.
JOINT RESOLUTION.
Proposing an amendment to the Constitution
OF the State OF Louisiana, authnrxing the
worlds Panama Exposition Company to
Proposed BY Joint resolution embodied in
Act No. Two te) of the Acts of the
General Assembly Of 1910. as well as a
be iesied and collected only after the tax
levied under the above resolution has
Section. L. Be IL resolved by the General
Assembly of the State of Louisiana in extra
ordinary session convened, two-thrds of all
shs,.; eos ERR elected to each house coneurring
tuition Of the State of Louisiana be submitted
TO the qualified electors Of the State for their
s21 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, follows:
In order that the tax authorized to be
levied by the Constitutional amendment pro-
posed by Act No. Two (2l of the Acts of
the regular session of the General Assembly
OF the State Of Louisiana for the year 1910
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 Elk
position Company be and it is hereby auth
orized, when and not until the Congress of
the United States shall designate the City
OF New Orleans as the location for an ex-
RrStti0n COMMEMORATIVE the opening OF the
Panama Canal, to issue bonds not to exceed
In principal Six Million Five Hundred Thou
sand ($6 500 oo0l Dollars. tc bear rate Of
interest not exceeding four per centun a per
cent? per annum to be paid semi-annuaily.
70 be sold for not less than par and to be
due and payable in not longer than fifty
(5o) years, payable at the Treasury of the
State Of Louisiana: and in order to secure
the payment of>said bonds the tax proposed
by the joint resolution embodied in Act No
Two (2l. OF the Acts of the regular session
of the General Assembly OF Louisiana for
the year 1910. rs well as further tax here
matter levied exclusively in the City of New
Orleans, be and the same 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
The bonds herein authorized to be issued
by the Worlds Panama Exposition Company
State Of Louisiana. and there shall be written
said bonds
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 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 10 sell the same for not less
than par r as above S, provided. and the pgr.
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
tensnce Of the exposition and shall be dis
-bursed upon the warrant of the Worlds
Panama Exposition Company, approved by
the Governor, Treasurer and Auditor of the
State Of Louisiana, OF any two Of them.
All expenses, commission or brokerage in
cident to the sale Of said bonds shall be
paid by the Worlds Panama Exposition
Company out Of other funds belonging to
wpfA md m ~ ,ff ha
Five Hundred Thousand go. 500 0o0) Dollars
shall be used for such purpose but the full
paid into the Treasury of the State Of Louis
lana as above provided.
If the amendment 10 the Constitution sub
United BY Act No. Two t2l 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
provided for. shall be used exclusively for the
purpose of paying the interest and principal
Of said bonds and for no other purpose.
When the tax thus authorized shall have
been lapsed by the terms of said proposed
amendment then each year thereafter as long
es any of the bonds herein authorized to be
issued are outstanding. there shall be assessed
and collected tax, which is hereby levied.
exclusively in the City of New Orleans upon
al property subject TO State taxation. sufi-
cient 20 pay the interest upon said bonds
and a fraction Of the principal or a fraction
Of the. principal collected Tor the creation
Of sinking fund with which to eventually
retire said bonds; provided that no tax ex.
ceeding one and one half (11z) mills shall
be assessed and collected during any
year. and provided further, that II said sax
of one and one-haif (lh) mills should be
Insufficient to pay the interest and the prin-
cipal Of said bonds at the maturity thereof,
then this tax shall continue and be assessed
and collected until the entire amount due
paid.
levied becomes operative, 1t 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 sufficient to pay the interest
on said bonded debt and the fraction Of the
principal due that year the fraction of
the principal to constitute sinking fund
for the retiring of said bonds. Upon ascer-
SCISSOR or Board of Assessors or such other
authority charged with like duty Of City
Of New Orleans or Parish of Orleans. to
extend upon the assessment rolls such rate
OF taxation as will yield an amount suficient
20 pay said interest and fraction CT prin-
cipal as aforesaid; provided that said tax
ehall not exceed one and one-haf Il u 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
iecfed 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
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 20 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
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 as
are other State funds and all interest ac-
cruing upon said deposits shall be credited
TO the particular fund from which the in
terest derived, and shall be used for
the same purpose for which the principal Of
said sum is intended.
The bonds herein authorized and the tar
levied and collected and pledged for the
payment Of said bonds shall constitute a
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
anal payment Of all Of said bonds in prin-
cipal and interest. Said bonds shall be
exempt from all taxation, State Parish and
Municipal and the tutors Of minors ard cura-
tors OF interdiets authorized to invest
the funds in their hands in said bonds