The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1910-09-24
ACT No. 9
JOINT RESOLUTION.

World Panama Exposition Company to
issue bonds and pledge the tax which is
proposed by joint resolution embodied in
Act No. Two (2) of the Acts of the
General Assembly of 1910, well a
be levied and collected only after the tax
levied under the above resolution has
lapsed.
Section. 1. Be 1t 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 coneurring
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
821 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 (2l of the Acts OF
the regular session of the General Assembly
of the State of Louisiana for the year 1910,
Of the State be made Immediately available
for the purpose of constructing an exposi-
ton to commemorate the opening Of the
postion company be and Pit it is hereby auth
orized, when and not until the Congress of
the United States shall designate the City
position concentrating the opening of the
Panama Canal to issue bonds not to exceed
In principal Six Million Five Hundred Thou
sand ($6, 500, oool Dollars, to bear rate Of
POI
cent? per annum to be paid semi annually,
to be sold for not less than par and to be
due and payable in not 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 ~ 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
for the payment of said bonds in principal
and interest, the said pledge of said tax
shall be deemed 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 OF
said bonds:
This bond in principal and interest is
secured by the levy. OF a special tax auth.
the State of Louisiana adopted in 1910.
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 Auditor of the State shall deliver such
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-
chaser thereof shall be required to pay the
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 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
Five Hundred Thousand ($6,500,00o) Dollars
shall be used for such purpose, but 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 to the Constitution sub
mitted by Act No. Two, ~ 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
amendment then each year thereafter as long
Rs 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, suf6-
cient to pay the interest upon said bonds
and traction of the principal or fraction
of the principal collected for the creation
of sinking fund with which to eventually
retire said bonds; provided that no tax ex-
ceeding one and one-haf on mills shall
year; and provided further, that if said tax
of one and one-half M mills should be
insufficient to pay the interest and the prln-
eipal 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 and valuation of the property in the
Of 0rla tp 6If his rat nj a.
ton to be imposed upon said property for
that year sufficient to pay the interest
On said bonded debt and the fraction of the
principal due that year or the fraction OF
Che principal to constitute a sinking fund
for the retiring of said bonds. Upon ascer-
tanning said amount, he shall direct the as
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 amount sufficient
cipal as aforesaid; provided that said tax
shall not exceed one and one-haI Il IA 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
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
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 &C,
cruing upoa 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 a
valid and biz ding 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
final payment of all of said bonds in prin-
cipaI and interest. Said bonds shall be
exempt from all taxation, State, Parish. and
Municipal and the tutors of minors and cura-
tors of interdicts are authorized to invest
the funds in their hands in said bonds.
Any tirae 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
fund to the retirement OF any outstanding