Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1910-10-28

II the amendment to the Constitution sub.
mitted by Act No. Two (2) of the Acts Of
the regu ar session of the General Assembly
Of Louisiana for the year 1910 be ratified
by the pope, then the entire amount OF said
tax collected after the issuing of bonds herein
provided for, shall be used exclusively fer 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
as any of the bonds herein authorized to b.
issued are outstanding, there shall DE assessed
and collected a tax. which is hereby levied
exclusively in the City of New Orleans upca
all property subject to State taxation. sum
Client to pay the interest upon said bond
and a fraction of the principal fraction
Of the principal collected for the creation
retire said bonds; provided that no tax ex
ceeding one and one-half (1h) mills shall
be assessed and collected during any one
year; and provided further. that IL said 'ax
II one and one-half az mills should be
insufficient TO paw the interest and the pria-
cipal of said bonds at the maturity tnel eof
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 herei,
levied becomes operative. it 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 or the fraction Of
the principal to constitute sinking fund
for the retiring of said bonds Upon ascer-
tanning said amount. be shall direct the as
SCISSOR or Board of Assessors or such other
authority charged with like duty Of Ctr
OF New Orleans, Parish of Orleans, TO
extend upon the assessment rolls such rsts
of taxation as will yield an amount sufficient
to pay said interest and fraction of prm
cipal as aforesaid; provided that said tax
Shan mt md halt v~.lf-
for any one year. This tax shall be assessed
and collected, without costs or commisson
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 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 from
the levy and collection of any tax or taxes
herein referred to shall by the Treasure
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 M-
to the particular fund from which the ir-
terest was derived, and shall be used for
the same purpose for which the principal Of
said sum is intended.
levied and collected and pledged for the
payment OF said bonds shall constitute .
valid and binding contract, and the faitA Of
the State of Louisiana is pledged to the con-
tinuous collection OF said tax, authorized BY
said Constitutional amendments. until the
final payment of all Of said bonds in pfin-
exempt from all taxation, State, Parish, md
Municipal and the tutors of minors and curs,
tors of interdicts are authorized t. invest
the funds in their hands in said bonds.
Auv time after Ave hall hava
from the date Of the issuance of the honda
herein authorized, the Treasurer of the Stats
of Louisiana shall at any interest pavng
period be authorized to apply the sinking
fund to the retirement of any outstanding
bonds, to the extent of said fund, in their
reverse numerical order, and the Treasurer
shall notify the bsndholders thereof bv an
advertisement in one of the papers published
in the City of New Orleans and one pub
lished in the City of New York. at least
sixty days prior to the day on which ~
bonds are to be retired giving the humber
and denomination of said bonds: and IL said
bonds are not presented for payment a. such
time, then the interest shall cease thereon.
The dissolution and liquidation Of Tie
Worlds Panama Lxpositi n Dany hall
not in any manner affect the VALIDITY II the
bonds herein authorized TO be issued by sa4
corporate n or the collection NJ the tax ievisd
by this Constitutional amendment br by that
proposed by Act No. Two Of 1919 as sfors-
said.
This amendment to the Constitution shalI
prevail over all other provisions Of the On
stituiion of the State of Louisiana. as we'll
as any proposed amendment to the Constitu-
ton to be voted en- at the coming election
to be held Tuesday next following the
first Monday in November. 1910. which may
directly or indirectly conflict herewith. "a
shall be deemed supplemental 70 the amsud-
Acts Of the. regular session Of the General
Assembly of the State Of koNisiana for ~
year 1910. and in -ase - h
the provisions Of this amendment shan ~
vail and this Amendment
and effect only in he event ~ ~ sed
amendment submitted for ratification By Act
: Ho T%o Ct ss ACTS sss OF 9e 'es
ratified by the people at the CONGRESSMAN
election to be held on Tuesday next follow;
inc ss first M Or in N0ySmosT s 1910 s:s
directly the authority herein granted wifhost
an enabling act If the Legislature.
Section q: Be IL further resolved, ~.
said election shall have printed there's ~
words:
:. For the propc,ed amsndment to the Goa.
izing an issue II bonds by the Wn-,es
Panama Exposition Company and the leyyiss
o; further tax ID the City NJ New Orlesls
sr,r further Ss sDen. Of ,s Ss f, SDSsICS Cans.
ard the words. AGAINST the proposed amand
ment to the C,Etitution Of the ststs Of
Louisiana, auth ,ri,ing an issue IT bonds oy
the 'e-virg If q ,urther tax in the City Of
New Orleans, all n further aid Of the erpo-
siiion celebrating he opening Of the Panama
Canal" and each elector shall indi,sfe, o
provided in the general election lawx 81 The
State whether he votes for or against Ne
proposed amendment.
P. M. LANppEMoNr
Lieutenant Governor and President Of he
Senate.
VI. q. DUPRE,
Speaker Of the House of Representatives
Approved: august 10. 1910
J. Y. SANDfRS,