The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1910-10-08

LEVIN. bl he Con. : pa! a'4pt. s.'"sit pro,
| posed f'y A'f No. ~ - me AIS, ol
! 'tE Tr-a'ar SESSION pl- raV 'tt"tFat ASssHtbt!
| ~ TIC STATE %; 1sI"ir .aa" i'F NJ. Esaf itl9.
! maE. wh"n Taf'htf ey tie 4naited electors
J a Tie STAT l., made .s'.At ai"tetE a'aIlaote
| Tor tAc Ie5F,-t rt ro"-tEnet3nE al eNp"SI-
! tIon to roaHlE-Irn att TIC opening u The
| Panama Cana, lie World Panama TX
| pasitlnn t"lGp"tE he and II IS hereby aHth.
"rlzed, when a&t got uutll the Congress OF
! tAe / Hited STATES shall designate the cry
| Of New Orleans the location for an ex'
position c"lnmemolatIng the opening OF the
| Panama Canal, 10 issue bonds not 10 exceed
/ il principal SIX Million Five Hundred Thou.
! sand So 100000 Dollars. To bear rate OF
interest not exceeding four per centum a per
cent per aunum Ia he paid semi annually,
! to be sold for not less than par and to be
| due and payable IL not longer than fifty
| 800 wears. PAYABLE at the Treasury OF the
| State al Louisiana. and III order 10 secure
| the payment q said bonds the tax proposed
by the joint resolution embodied in Act No.
Two - of the Acts Of the regular session
the year 1910, well as further tax here
matter levied exclusively in the City of New
for the payment Of said bonds in principal
and interest. the sand pledge of said tax
shall be deemed a valid and binding pledge
and contract,
The bonds herein authorized to be issued
by the World : Panama Exposition Company
shall be registered with the Auditor OF the
State of Louisiana and there shall be writer
| or printed the following across the face of
said bonds:
This bond in principal and interest is
secured nv The lew ~ a snecIa1 tax auth
orized bv amendmen,s to the CONSTITUTION o,
the state Of Iouisiana adopted in 1910"
which shall have affixed thereto the signature
of the Auditor in his official capscity and
bear the impress of the seal of his office
The Auditor of the State shall deliver such
bonds when thus certified 10 the Worlds
Panama Fxnositinn Company which company
Is anthoriltd "a sell the same for no, less
than mar AS above provided and the pur.
chaser thereof shall be required TO pay the
nrice directly 10 the Treasurer of the State
ii 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 equipinent and main,
teranca Of rho exposition and shall be dis
bursed npon 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 1be sale Of said bonds shall be
paid bv the Worlds Panama Exposition
ComraIiy ont of other fund.- belonging to
said COMPANY and no part of the Six Million
Five Hundred Thousand Sc 500 O0O) Dollars
shall he used for such purpose hut the full
face Of such bonds must be received and
paid into the Treasury of the State of Louis
lana as above provided
If the amendment 10 the Constitution sub
mittad by Act No Two ~ of the Acts of
the regular session OF the General Assembly
Of Louisiana Tor the year 1910 be ratified
nv the poule then the entire amount OF said
tax COLLECTED after the issuing of bonds herein
provided for shall be used exclusively for the
of rh. nal
Of said bonds and for no other purpose
When the fax Tins authorized shall have
been laesed bv 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 civ of New Orleans upon
all property subject to state taxation. suhi-
Gent 70 nav the interest uppn said bonds
and a frartion Of the principal or a fraction
Of the principal collected + the creation
! ! \
retire said bonds; provided that no tax ex-
ceeding one and one. half tlla) mills shall
be assessed and collected during any one
wear: and provided further. that II said TAX
Of one and ore-haIf a. mills should be
instl ffcient TO pay the interest and the prin-
cipaI 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 III principal and interest is
From and after the time the tax herein
levied becomes operative it shall be the duty
of the Treasurer immediately after the annual
listing and valuation of the property IN the
ton to he imposed upon said property for
that year sufficient 10 pay the interest
principal due that year or the fraction of
the principal to constitute a sinking 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 the assessment rolls such rate
of taxation as will yield an amount sufficient
to pay said interest and fraction of prin-
cipal as aforesaid; provided that said tax
shall not exceed one and one half Il a mills
for any one wear 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
Louis lana who is hereby authorized to 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 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