St. Landry clarion. (Opelousas, La.) 1890-1921, 1910-09-03
AeT No.
Senate Bill No. /.
I0INT RES0LITTYnN

Senate Bill No. /.
JOINT RESOLUTION.
Proposing an amendment to the Constitution
OF the State ot Louisiana authorizing the
Worlds Panama Exposition Company col
issue bonds and pledge the tax which isl
proposed by joint resolution embodied in
Act No. Two !l2) of the Acts OF &he
General Assembly Ct 1910. as well as .
further tax IN the City Of New Orleans, CO.
be levied and collected only alter the 1ax
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-thirds ot .als
the members elected to each house coneurrinsI
fhsrein, that an amendment to- the Uonstas
tuition Of the State of Louisiana DO submitse1
60 the qualified electors Of the State for their
approval or rejection, as required by article
391 Of the Constitution Of the State of Louis
lena. at tbs congressional electi2n 90 be held
OF the Tuesday next f2lloWing the arst Mon
in order that the tax authorized to he
levied by the Constitutional amendment pro.
posed by Act No. Two t2l OF che Acts, oil
c2 the State Of Louisiana fer the year 1910
may. when ratified By the qualified electors
o. The State be made immediately available
Tor the purpose OF constructing an expgsll
eion TO commemorate the opening of the
Panama Canal, the Worlds Panama ES.
posttion Company be and Is is hereby auth.
oriEed, when and NOT until the Congress- 01I
the United States shall designate the CITY
Of New Orleans as the location for an ex-
position COMMUNICATING the opening Of the
Panama Canal, to issue bonds not TO exceed
in principal Six Million Five Hundred Thou
sand $4,000, o00l Dollars, to bear q rate Of
5nteSsst not exceeding four per centrum ~ PER.
Co be sold for not less than par aud to be
due ard payable in not longer than nifty
500 years payable at the Treasury Of tbs
EtaEs Of Louisiana; and Ia order to secure
aho payment Of said bonds. the tax proposed
By She Joint resolution embodied in Act No.
Two {2) of the Acts of the regular session
- Ta-aE 80 NrrlA - re- EAn
the year 1910, as we'll ms q further tax l1ere-
matter levied exclusively in the City OF Nav
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 q 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 oe
This bond in principal and interest Is.
secured by the levy Of a special tax AUTH
orized by amendments to the Constitution Of
the State Of Louisiana adopted IN I91o,''
which shall have affixed thereto fhe 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 to sell the same for not less
than par as above provided, and the ppr-
chaser thereof shall be required to pay the
price directly to the Treasurer of the Stats
Of Louisiana, which funds when paid into
the Treasury of the State shall only be paid
out for the parpose Of securing d site and
for the construction equipment and mai1s
tenance Of the exposition and shall be dis
bursed upon the warrant OF the Worlds
Panama Exposition Company, approved BIZ
the Governor, Treasurer and Auditor Of the
State of Louisiana, CIR any two OF them.
cident to the sale of said bonds shall DO
paid by the Worlds Panama Expositteh
said company, and no part Of the Six Million
Five Hundred Thousand $4,000, 0003 Dollars
shall be used for such purpose, bue the full
face of such bonds must be received snd
paid into the Treasury of tbs State of Louis
lana as above provided
If the amendment to the Constitution sub
the regular session Of the General Assembly
of Louisiana for the year 1910 be ratified
by the pople, then the entire amount of gaid
tax collected after the issuing Of bonds herein
provided for, shall be used exclusively for the
purpose Of paying tbs interest and principal
OF said bonds and for no other purpose.
When the TAX thus authorized shall have
been lapged 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 a tax, which is hereby levied,
exclusively in the City OF New Orleans upon
all property subject to State taxation, smfi-
Gent to pay the interest upon said bonds
and q fraction of the principal OF d fraction
OF the principal collected for the creation
Of q sinking fund with which I'd eventually
retire said bonds provided that no tax ok,
ceeding one and one-half TIFF mills shall
be assessed and collected during any one
year; and provided further, that If said tax
Of one and one-half i1Es mills should be
insufficient to pay. the interest and the prins
eipal of said bonds ut the maturity thereof.
then this tax shaM continue and be assessed
and collected until the entire amount dne
paid.
From and after the time the tax herein
levied becomes operative ii 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
on said bonded debt and the fraction Of the
principal due that year or the fraction OF
the principal to constitute Q stalking fund
for 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 She assessment rolls sueh rate
OF taxation as viii d an amount sufficient
TO pay said interess and fraction III prin-
shall not exceed one and oneshaH tIM1 mills
for any one year. This tax she'll be assessed
and collected without costs or commission,
IN the same name 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 20 the holders of the bonds
herein provided fer, ii payment BIT tie I'll.
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 end collection Of any tax or taxes
herein referred to stall by the Treasurer.
be deposited in the same depository. III the
same manner, a. the same rate OF interest
and upon tine same terms and conditions al
are other State funds and bill iHterega ac-
cFuing upon said deposits shat be- credited
10 the particular fund from which the IN
terest was derived, and shslI be Used 20
the same purpose TOR which the principal az
said sum is Intended.
The bonds haTein authorized and the knx
levied and collected and pledged for fhs
payment OF said bonds shall constitute 3
valid and binding contract, and the faith of
the State OF LouiBiaDa n pledged 10 HE con
tanuous collection Of said tax, authorised by
said Constitutional amendments, until the
dnaI payment Of al Of said bonds IN prin-
cipal end interest. Said bonds shaft be
exempt from all taxatiou, gtate. Parish. ana
Municipal and the tntOra of minors and cnra-
tors of interdiets are authorized "a invest
the funds In their hands IN sHid bonds.
Any time after Aye years ghaIs have lansed
from the date OF the issuance 81 the bonds
herein authorized, the Treasurer 81 the State
Of Louisiana shall at any interest paFing
period be authorized to apply the sfnkfpe
fund to the retirement Of any outstanding
bends. TO the extent of SAID fund. III shsfr
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