The Comrade. (Winnfield, La.) 1890-1914, 1910-09-09
ACT No. 2
Senete Bill No. /.
""e0 1@Rkf ANO' =.
JOINT RESOLUTION.

Worlds Panama Exposition COMPANY to
issue bonds and pledge the tax which is
RRl et So y vj JOINT re So h embodied i in
General Assembly of 1910, as we'll as a
further tax in the City OF New Orleans, to
pc levied and collected only after the tax
levied under the above resolution has
Section. |. Be it resolved by the General
Assembly Of the State Of Louisiana in extra.
ordinary session convened, two.thrds of all
me members elected to each house concurring
therein. that an amendment to the Consti.
sutton 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 that the tax authorized to be
posed by Act No. Two (2) 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
TOR the purpose of constructing an exposi
Panama Canal, the worlds Panama Ex
position Company be and it is hereby auth
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
sand $6,500.000) Dollars to bear rate of
Interest not exceeding four per centum a per
cent? per annum to be paid semi annually,
to be sold for not less than par and to be
due and payable in not longer than fifty
l50) 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 (2) of the Acts of the regular session
E OF the General Assembly of Louisiana for
the year 1910. as we'll as further tax here.
matter levied exclusively in the City of New
Orleans, be 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 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 special fax auth
orized by amendments to the Constitution of
the State of Louisiana adopted in 19l0.'
which shall have affixed thereto the signature
q of the Auditor in his official capacity and
bear the impress of the seal of his Office
q The Auditor of the State shall deliver such
bonds when tins certified to the World
Panama Exposition Company, which company
is authorized to sell the same for not less
Ahan par rs 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 nto
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 S
j 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
cident to the sale of said bonds shall be
paid by the Worlds Panama Exposition
Company out of other funds belonging to
said company. and no part OF the Six Million
IS Five Hundred Thousand ($C,500, 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
Z lana as above provided.
II the amendment to the Constitution sub:
mitted BY Act No. Two (2l of the Acts Of
the regular session of the General Assembly
of Louisiana for the year 1910 be ratified
II 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:
I When the tax thus authorized shall have
amendment, then each year thereafter as long
Ag any Of the bonds herein authorized to be
Sued are outstanding, there shall be assessed
.ndS collected o tax. which is hereby levied,
exclSsiyely in the city Of New Orleans upon up
81 Gent ITO pay the interest upon said bonds
and Traction of the principal or a fraction
u Of the principal collected for the creation
III of sinking fund with which to eventually
retire said bonds; provided that no tax ex;
cssding one and one.half az mills shall
u be assessed and collected during. any, one
year; and provided further, that ii said tan
Of one and one.ha h mills sa Sa 1oe nr; o.
" cipal Of said bonds at the maturity thereof
y chen this tax shall continue and be assessed
and collected until the, entire amount due
on said bonds in principal and interest Is
paid. 49,,
xom and after the time the tax herein
levied becomes operative It shall be the duty
Of the Treasurer Immediately after the annua
listing and valuation Of the property IN tne
sion to be imposed upon said property fo1
on said bonded debt and the fraction Of the
principal due that year OF the, 1ractlon !. o.
for the retiring Of said bonds. Upon ascer
tanning snid amount, he shall direct! the as
SCISSOR or Board of Assessors or such Other ne
authority charged with like duty OF Cll,
Of New. Orleans, or Parish Of Orleans, t.
extend upon the assessment rolls such, rate
\ of taxation as will yield an amount sufficient
60 pay said interest and fraction OF prln
cipal as aforesaid; provided that sal; said t.,
for any one year. This tax shall be assessed
and collected. without costs or commission
4 In the same manner as State taxes are col
lected and shall be, pald by tne coilectors
81 directly to the Treasurer Of the State o.
Louisiana, who is hereby authorized to dis
bnrse the same to the holders of the bond:
Il herein provided for, in payment, OF the in
81 terest and principal due on said bonds upoI
the presentation to him OF the bonds or tn
Il interest coupons as the case may be.
All funds arising hereunder which 60 int
che State Treasury whether same have bee,
realized from the sale of said bonds or from
the levy and collection of any tax or take
Seren referred to shall by the Treasurer
be deposited in the same depository. in tn
same manner at the same rate Of interes
and mon the same terms and conditions a.
$ are other State funds and all interest nc
sss cruing upon said deposits shall be creditet
"a the particular fund from which the IN
terest was derived, and shall be used TO-
2s 4ha same purpose for which the principal Q
Il said sum is Intended.
The bonds herein authorized and the ta!
fayied and collected and pledged Tor tn
55 payment Of said bonds shall constitute
81 valid and binding contract and the 1alth Q
she State of Louisiana is pledged 10 the con
s. tinnous collection OF said tax, authorized .!
aa;a Constitutional amendments, until tn
s5ss anal payment of all of said bonds IN prln
sinai and interest. Said bonds shall b.
S.s EXEMPT from all taxation, State, Parish, ant
Mnnicipal and the tutors OF minors and cura
& $3 tnrsS@of interdicts are authorized to inves
tbe funds in their hands in said bonds.
ANY time after Ave years shall have lapset
sron the date Of the issuance OF the bond
aerein authorized, the Treasurer OF the Stat
Al Louisiana shall at any interest payini
& neriad DO authorized to apply the sinkinl
ss8 fnnd to the retirement OF any outstanding