The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-11-19

senate Bill No. /.
rf 4~Vs a
JOINT RESOLUTION.


Proposing an amendment to the Constitution
OF the State of Louisiana. authorizing the
World Panama Exposition Company 10
issue bonds and pledge the tax which is
proposed by joint resolution embodied in
Act No Two ca of the Acts of the
General Assembly OF 1910. as well as a
be levied and collected only AFTER the tax
lspsed.
Section. l. Be it resolved by the General
Assembly Of the State of Louisiana in extra
ordinary session convened. fwo-thirds of all
the members elected TO each house eoncurring
therein, that amendment to the Consti-
tuition of the state of Louisiana be submit ed
to the qualified electors of the State for their
approval or rejection. as required by Article
81 OF the Constitution Of the State OF Louis
lam, 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 CD 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
VI the State be made Immediately available
Tor the purpose of constructing an exposi-
ton TO commemorate the opening of the
Panama Canal. the Worlds Panama Ex-
position Company be and il Is hereby auth
orized, when and not until the Congress Of
the United States shall designate the CITY
OF New Orleans as the location for an ex
position concentrating the opening of the
fanana canal to issue bonds not TO- exceed
sand tS6. 500. 000l Dollars to bear rate OF
Interest not exceeding four per eentum "a per
CENT per per snnum to be paid semi annually,
due apd payable in not longer than ffty
s5o) years psrable 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. Cd of the Acts of the regular session
OF the General Assembly of Louisiana for
the year 1910, as well as further tax here
matter levied exclusively in the City of New
Orleans. be and the same hereby pledged
Tor the payment of said bonds in principal
and interest. the said pledge OF said tax
shall be deemed valid and binding pledge
and contract.
by the Worlds Panama Exposition Company
Ehail be registered with the Auditor of the
State of Louisiana. and there shall be written
said bonds:
This bond in principal and interest is
secured by the levy OF a special tax auth.
the State of Louisiana adopted in I9l0,'''
which shall have affixed thereto the signature
OF the Auditor in his official capacity and
bear the impress of the seal of his Office.
The Audtnr 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 no, less
than par as above provided. and the pur
chaser thereof shall be required TO pay the
price directly 10 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
Tor the construction. equipment and main
tensnce 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
cident to the sale Of said bonds shall be
paid by the Worlds Panama Exposition
Company ont of other funds belonging to
said company, and no part of the Six Million
Five Hundred Thousand $500. ooo) Dollars
he cd FIR crrl ratIrr h,,t . h. fall
face Of such bonds must be received and
paid into the Treasury of the State of Louis
lana as above provided.
II the amendment to the Constitution sub
mitted by Act No. Two f2) of the Acts OF
the regular session of the General Assembly
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 iapsed by the terms of said proposed
amendment then each year thereafter long
rs any of the bonds herein authorized to be
issued are outstanding. there shall DE assessed
and collected tax, which is hereby levied,
exclusively in the City of New Orleans upon
al property subject to State taxation. sufi-
cient TO pay the interest upon said bonds
and fraction of the principal or fraction
OF the principal COLLECTED for the creation
Of 9 sinking fund with which to eventually
retire said bonds; provided that no tax ex-
ceeding one and one-haf Il Il mills shall
be assessed and collected during any one
year: and provided further that il said
Of one and one-half ia mills should be
insufficient TO pay the interest and the prin-
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
From and after the time the tax herein
levied becomes operative, il 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
said bonded dsSa an % asy es If sss
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, he shall direct the as
SCISSOR 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
20 pay said interest and fraction of prin-
shall not exceed one and one half f15z mills
for any one year. This tax shall be assessed
and collected, without costs commission.
IN the same manner State taxes are col
iected 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 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 may be-
All funds arising hereunder which go 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.
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 ac-
eruing 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 of
said sum is intended.
The bonds herein authorized and the tax
levied and collected and pledged for the
payment OF said bonds shall constitute
valid and binding contract. and the faith of
the State OF Louisiana is pledged TO the con
tinuous collection Of said tax. authorized by
said Constitutional amendments. until the
6nal payment OF all of said bonds in prin-
cipaf and interest. Said bonds shall be
exempt from all taxation. State. Parish. and
Municipal and the tutors of minors and cura-
tors 81 interdicts are authorized to invest
the funds g. sssiF hzEIs in Said bonds
AM time after five years shall have lapsed
from . q GATE Of the issusnse Of the bonds