The Comrade. (Winnfield, La.) 1890-1914, 1910-09-02
ACT No. Q
@A~ = AVE-
Senate Bill No. !.


proposed by joint resolution embodied in
Act No. Two GU Of the Acts of the
General Assembly of 1910. as well as a
further tax in the City of New Orleans, to
levied under the above resolution has
lapsed.
Section L. Be it resolved by the General
Assembly OF the State of Louisiana in extra
ordinary session convened. two-thirds of all
the members elected to each house concurrng
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
321 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:
In order, that the tax authorized to be
levied by the Constitutional amendment pro-
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
ton to commemorate the opening of the
Panama Canal the Worlds Panama Elk.
position Company be and it is hereby auth
orzed. when and not until the Congress of
the United States shall designate the City
of New Orleans as the location for an ex.
Panama Canal, to issue bonds not to exceed
in principal Six Million Five Hundred Thou.
sand ($6500 100000 Dollars, to bear a rate of
interest not exceeding four per centum "a per
to be sold for not less than par and to be
due and payable in Snot longer than fifty
(50) 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
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
and interest, the said pledge of said tax
shall be deemed valid and binding pledge
and contract.
The bonds herein authorized to be issued
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:
secured by the levy of a special tax auth.
orized by amendments to the Constitution of
the State of Louisiana adopted in 1907
which shall have affixed there.o the signature
of the Auditor in his official capacity and
bear the impress, OF the seal of his office.
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 and the pur-
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
tenance 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, or any two of them.
All expenses, commission or brokerage in.
nd To I'm In rs honA -hoN
paid by the Worlds Panama Exposition
Company out of other funds belonging to
said company, and no part of the Six Million
Five Hundred Thousand ($6,5O0,O0O) Dollars
face of such bonds must be received and
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 Of
of Louisiana for the year 1910 be ratified
by the pople, then the entire amount of said
tax collected after the issuing of bonds herein
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
as 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
all property subject to State taxation, suffi-
Gent to pay the interest upon said bonds
and a fraction oflthe principal or fraction
Of the principal collected for the creation
retire said bonds; provided that no tax ex-
ceeding one and onehalf (11k) mills shall
be assessed and collected during any one
year; and provided further that If said tax
Of one and onehalf (lk mills should be
cipal OF said bonds at the maturity thereof,
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 herein
levied becomes operative, it shall be the duty
OF the Treasurer Immediately after the annual
Listing I3:a and valuation of the property in the
Gt;lty Of New Orleans, to fix the rate Of taxa.
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 a sinking fund
Tor the retiring of said bonds. Upon ascer.
tanning said amount, he shall direct the as.
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 sufficient
to pay said interest and fraction of prn.
clpal as aforesaid; provided that said tax
shall not exceed one and One-half az 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
lected and shall be paid by the collectors
directly to the Treasurer Of the State of
Louisiana, who is hereby authorized ia 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.
De 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 &C.
crulng upon said deposits shall be credited
to the particular fund from which the in.
tereSt was derived, and shall be used for
the same purpose for which the principal az
said sum is intended. ID Sc
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, md the faith Of
the State Of Louisiana is pledged to the con-
SAID Constitutional amendments, until the
tnal payment of all of said bonds in prin.
clpal and interest. Said bonds shalt be
exempt from all taxation, State, Parish. and
Z Municipal and the tutors of minors and cura.
tors OF lnterdicts are authorized to invest
the funds in their hands in said bonds. ~
ANY time after five years shall have lapsed
from the date OF the issuance Of the bonds
herein authorized, the Treasurer of the State
{ OF Louisiana shall at any interest paying
period be authorized to apply the sinking
rnf INIT nj