The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-11-05
ACT No. 2
Sonata Bill No.
AA'' Dl'' JOINT OF, !, RESOLUTION.

Proposing an amendment 20 the Constitution |
of the State OF Louisiana authorizing the
Worlds Panama ,, hxapos, nor COMPANY cs
proposed by joint resolution embodied IN |
Act No. Two CD of the Acts of the |
General Assembly OF 1910. as well 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
the merahers elected 10 each house concurring |
therein, that an amendment to the Constr. |
tuition OF the State of Louisiana be submitted
TO the qualified electors OF the state for their
approval or rejection. required by Article
S21 of the Constitution Of the State OF Louis,
lana. at the congressional election 70 be held
on the Tuesday next following the first Mon
day of Novembes, 1910. as follows:
In order that the tax authorized to be
levied by the Constitutional amendment pro.
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 EXPOSE
fion TO commemorate the opening of the
Panama Canal the w9ra; psnsma .n Es
orized, when and not until the Congress- OF
the United States shall designate the City
position commemorating the opening Of the
Panama Canal, to issue bonds not to exceed
In principal Six Million Five Hundred Thou.
interest not exceeding four per centum "a per
centl per annum to be paid semi annually,
10 be sold for not less than par and 10 be
due and payable in not longer than fifty
(50l years, payable at the Treasury OF the
Etafe Of Louisiana; and in order to secure
NV Ike ioint resolution embodied in Act No
Two (2) Of the Acts of the regular session
Of the General Assembly of Louisiana for
inafter 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 o valid and binding pledge
The bonds herein authorized to be issued
By the Worlds Panama Exposition Company
rhni be registered with the Auditor ef the
State OF Louisiana. and there shall be written
or printed the following across the face OF
'.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 1910"
which shall have affixed thereto the signature
of the Auditor in his official capacity and
The Auditor Of the State shall deliver such
bonds when thus certified to the World 8
Panama Exnesition Company, which company
Il authorized 20 sell the same for not less
than par rs above provided and the pur-
chaser thereof shall be required to pay the
srsey to the ws. OF s sas
the Treasury OF the State shall only be paid
out for the purpose Of securing 9 site and
te ter Of the exposition and shall be dis
bursed upon the warrant of the World s
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 te
said company, and no part Of the SIX M i,,E
Five Hundred thousand sSS;soo9SOU, ~, poll az,
face Of such bonds must be received ant
paid into the Treasury of the State Of Louis
n the amendment to the Constitution sub
nitted by Act No. Two t2l Of the Acts Q
the regular session of the General Assembi,
BY the pople, then the entire amount Of sai'
tsx collected after the issuing of bonds herein
provided for. shall be used exclusively for tn
q said bonds and for no other purpose;
When the tax thus authorized shall hav
been Iapsed by the terms Of said propose
as any Of the bonds herein authorized to b
issued are outstanding. there shall be sssesse
and collected tax which Ne ,s hereby osn uno
ell property subject TO State taxation. sun
cient to pay the interest upon said bond
Of the principal collected Tor the creatio
Of . sinking fund with which to evsntuail
retire said bonds: provided that no tax e,
be assessed and collected during any On
year; and provided further. that II said -
Of one and one-half Il NJ mills should 3
eipal of said bonds at the maturity thereo
then this tax shall continue and be assesse
and collected until the entire amount du
ON said bonds in principal and interest
From and after the time the tax herei
levied becomes oPeratlys i snsn Dc h the emu, ou,
City Of New Orleans. to fx the rate of tax
U TO BE .nssu. 10 r s:d
on said bonded debt and the fraction OF Il
principal due that year or the fraction
the principal to constitute sinking fur
Tor the fetiring of said bonds. Upon asce
tanning said amount. he shall direct the .
SCISSOR or Board of Assessors or such 9th
o. S'n Sew Orleans sd or Parish Of Orleans.
extend upon the assessment rolls such 70
Of taxation as Will yield an amount sufnciel
20 pay said interest and fractian Of pri
eipai as aforesaid provided thet said Z!
shall not exceed one and one-half q mil
for any one year This tax shall be
IN the same manner as State taxes are e
iected and shall be paid by the colecto
directly to the Treasurer Of the State
louisiana. who is hereby authorized 20 d
burse the same 10 the holders of the bon
herein provided for. in payment of the
the presentation 10 him Of the bonds or &
interest coupons as the case may be.
All funds arising hereunder which go in
the State Treasury whether same have be
realized from the sale of said bonds or fro
the levy and collection OF any. tax or tax
herein referred e shall b. the Treasure
same manner at the same rate of intert
and upon the same terms and conditions
Are other State funds and all interest
cruing upon said deposits shall be credit
20 the particular fund from which the
terest was derived, and shall be used
the same purpose for which the principal
ssid sum is intended.
levied and collected and pledged Tor
payment Of said bonds shall constitute
valid and binding contract and the faith
the State Of Louisiana is pledged to the e.
tinuous collection Of said tax, authorized
said Constitutional, smendments until
6nal payment of all OF said bonds IN pr
cinal and interest. Said bonds shall
exempt from all taxation. State. Parish. a
Municipal and the tutors Of minors and Gu
tors OF interdicts are authorized 70 inv
the funds in their hands in said bonds;
Any time after Ave years shall have lap.
herein authorized. the Treasurer OF the St
Of Louisiana shall at any interest pay