The Comrade. (Winnfield, La.) 1890-1914, 1910-09-23
ACT No. 2
Senate Bill No. l.
JOINT RESOLUTION.

Worlds Panama Exposition Company to
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. as we'll as a
further tax in the City of New Orleans, to
be levied and collected only after the tax
levied under the above resolution has
Section. l. Be 1t resolved by the General
Assembly OF the State of Louisiana in extra
ordinary session convened, two thirds of all |
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 !
lana, at the congressional election to be held |
on the Tuesday next following the first Mon.
day Of November, 1910, as follows,
In order I'D t tha the tax authorized to
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
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 OK.
position concentrating the opening Of the
in principal Six Million Five Hundred Thou.
sand ($65O0 0Oo) Dollars to bear rate Of
interest not exceeding four per centum ID per
to be sold for not less than par and to be
due and payable in not longer than fifty
$50 years, payable at the Treasury of the
State of Louisiana: and in order to secure
by the joint resolution embodied in Act No.
Two (2) of the Acts of the regular session
of the General Assembly of Louisiana for
the year 1910, as well as a further tax here.
ID o1,,cSr Nv no Na,v
Orleans, be and the same are hereby pied ged
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
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:
"This bond in principal and interest is
secured by the levy, OF q special tax auth:
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 srch
bonds when thus certified to the World s
Panama Exposition Company, which company
is authorized to sell the same for not less
than par as above provided md the p ".
Of Louisiana, which funds when paid int
the Treasury Of the State shall only be paid
out for the purpose OF securing q site ana Y!
tenance OF the exposition and shall be dis
bursed upon the warrant of the World
Panama Exposition Company. approved BY
al the Governor, Treasurer and Auditor OF the
State OF Louisiana, or any two, OF them.
All expenses commission or brokerage in
cldent to the sale Of said bonds sha! b.
paid by the Worlds Panama az, Exposatl9 y
said company, and no part of the Six Million
Five Hundred Thousand ($6,500000) Dollar
shall be used for such purpose but the Jul
face of such bonds must be e,. received an,
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 ~ Of the Acts 2
The regular session OF the General ~ ASSEM- xat;.
BY the poplc, then the. entire amount OF SAL
vax collected after the issuing OF bonds herei
provided for, shall be used exclusively Tor IN
purpose Of paying The interest .h. ana
Z When the tax thus authorized shall nav
been apsed BY the terms Of said propose
amendment, then each year thereafter IS :. ION =
any Of the bonds herein ss re- asaesse
and collected tax, which is hereby levlee
SD exclusively in the City Of New Orleans upo
eli property subject to State taxation, sun sun
Client to pay the interest upon ~ SaIl fractio
anu "a Va Ia
of the principal collected fof tne crta.'E
Of sinking fund with winch " esI - q,
81 retire said bonds PROVIDED tn l ~ u .", ha
seeding one and ona,nah n mi a,,1, on. az
be assessed and collected a lar4 aaSd ~
year; and provided further, that u sa. :
Of ono and onehalf N mills st 4ha' MI,
insufficient to pay the interest," anu Wy tIapan
cipal of said bonds at the matnil.y a Mo.n
then this tax shall commune ,auu , w dI
and collected until the entlle ai ;.4anos+ =
on said bonds in prlnclpal5 anu 4n u'''' ~
paid. hora
From and after the time tne taA %, no i, y
levied becomes operative, IT shall pe e, tne ~ y,
Of the Treasurer imme d;ateiy after tne amy =; :,
listing and valuation OF the propeIsy ~ 81 - -
CITY Of New Orleans, to NIX tne Ta.e " VOC g
sior to be imposed upon salu X ;ttara
that year suIhelssn En- 9 H. fract;on 81 Il
on said bonded debt ana the ta tnoot;on
I, principal due that year or the ;i,;ns. fn,
@ Che principal to constitute sI 4nt, osce
for the retiring OF SAID D9nds. ~ ptn tho .
81 tanning said amount, he shall dlrece sne e+h =
SCISSOR or Board Of Assessors 9r suen w ~;
authority charged with like auty I. y, y
Of New Orleans, or Parish OF oii .s, 70
ertend upon the assessment rolls SUCH !' q J; .
Of taxation as will ylea IN t an9uM Of mi
90 pay said interest anu that said t
cipal as aforesaid p rav ane'b.if a Ky mi
shall not exceed one ana one, sfa i, be assess
for any one year; MS .aA ot ~ cnmmssio
and collected, wlthont co Gsnta - tovea are q
In the same manner Us s 9sI ~. tha cnllectc
lected and shall pc pau ~ tho State
directly to the Ire aah', ,utbnr;zed to d