The Comrade. (Winnfield, La.) 1890-1914, 1910-11-04
ACT No. 2
Senate Bill No. |.
JOINT RESOLUTION.

-
Worlds Panama Exposition Company to ,,
issue bonds and pledge the tax which is
proposed by joint resolution embodied IN
Act No. Two {e) of tho Acts -, OF the
further tax in the City Of New Orleans. to
be levied and collected only after tho tax
levied under the above resolution has
lapsed. +,
Section l. Be it resolved by the General
Assembly of the State of Louisiana in extra.
ordinary session convened, twothirds OF all
the members elected to each house concurrlng
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, as required by Article
s21 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:
Tn order that the tax authorized to be
posed by Act No. Two ~ of the Acts Of
( the regular session Of the General Assembly
Of The State of Louisiana for the year go,
may, when ratified by the qualified ELECTORS
for the purpose OF constructing an eSpoS'-
ton to commemorate the opening Of the
Panama Canal, the Worlds Panama TX
position Company be and it is hereby a@' nf
the United States shall designate the City |
of New Orleans as the location for an ex
position concentrating the opening Of the
Panama Canal. to issue bonds not to- exceed
in principal Six Million Five Hundred Thou. |
sand CsG. ooo) Dollars, to bear rate Of
interest not exceeding four per centum 4 per
cent? per annum to be paid sem:aanu " y
due and payable i'll not longer than hfty
t5o) years, payable at the Treasury OF the
State of louisiana: and in order to secure
. by the Joint resolution embodied in Act No
Two i(o) of the Acts Of the regular session
of the General Assembly OF Louisiana for
the year 1910. as well as further tax mere Mrer
matter levied exclusively in the City OF New
Orleans, be and the same are hereby pledged
for the payment OF said bonds III principal
and interest the said pledge Of said tax
shall be deemed valid and binding pleose
The bonds herein authorized to be issued
:. BIZ the Worlds Panama Exposition Company
shall be registered with the AUDITOR S OF the
OF printed the following across the face OF
said bonds: .fs
''This bond in principal and interest is
secured by the levy OF speelsi !ax aus ~
tho State of Louisiana adopted, in 1917,
which shall have affixed thereto tho signature
OF the Auditor in his official capacity enc and
The Auditor of the State shall deliver such
bonds when thus certified to the World s
Panama Exposition Company, which company
Is authorized e sell the same for mo- no. less less
chaser thereof shall be required to pay the
price directly to the Treasurer Of the State
of Louisiana, which funds, when paid INTO
out for the purpose OF securing site and
for the construction, equipment ana man l!1
tenance Of the exposition and shall De as q
bursed unon the warrant q me were ~
State of Louisiana. or any two Of them.
All expenses, commission or brokerage &c. IN =,
edsn to the sss sa Panama Esposo1
95 Gompany out Of other funds belonging, t.
said company, and no part OF the Six Million
Five Hundred Thousand 9oo) poi la,
Il shaft be used for such purpose, but the iul
face Of such bonds must be received an.
naid into the Treasury of the State Of Louis
lana as above provided. !, !,
II the amendment to the Constitution sur
nitted by Act No. Two (2l Of the Acts .
che negufar session Of the General Assembl
of Louisiana fer the year 1910 be rattle
By the pople, then the entire amount q IS sal
provided for, shall be used exclusively Tor IN
f,nrpose OF paying the interest and principa
o 81 SAID bonds and for other purpose;
When the tax thus authorized sn u nav
been lapsed by the terms OF SAID propose
amendment, then each year thereafter as ION
4 a. anv n the bonds herein authorized to B
issued are outstanding, there shall 70 asses ;s
and collected ta5 wnafn n Orleans upo
aiS property subject to State taxation, sur
cieflt 40 pay the interest upon SAD 5bo ~
and fraction Of the principal OF iraetie
50$
Of sinking fund with which to eventual
!: retire said bonds; provided that no tax 9
sS. ceeiing one and one.half uAl mills sha
assessed and collected d tha4 & s saId :,
sof one and one.half on mills should
insnf6c;ent 10 pay the interest and the pr
cipal Of said bonds ct the maturity There's ssss
then this tax shall continue ana % o usses a
and collected until the entire amount y
On said bonds in principal and interest,"
5Ssf$$ paid ~ 535E ss2E .465s ), . ~.
From and after the time the tax tha he dn
o2sIaddH after Z the snnu
listing ana valuation Of the property in 7
Gitv Of New Orleans, to fix the rate Of tai
ton TO be. Imposed upon sald properly =; -,
81 ana .saiS bonded debt and the fraction Ct
81 5 principal due that year or the 1s sa
The principal 10 constitute . sinking ~
Tor thseretiring OF said bonds. ppn th "'o
tanning said amount, he shall dlrect t'e ~ !,
SCISSOR or Board OF Assessors OF, such OF :,
anthority charged with like duty OF Y
al New q Orleans, or Parish OF orleans.
extend upon the assessment .ro.s sa ~ a
snf taxation as will yield an amount sumcl
s55ss "a nav said interest and fraction 81 pr
sinai ns aforesaid & provided, that, saio
shali not exceed ore and one. half = ! m
and collected, without costs OF $commlssl
in the same manner as state taxes .a ate
incted and shall be paid by the collect sol
directly to The Treasurer 81 ne ! S. o.
WIZ liz :,
nurse the same to the holders o. the .. "
hereii, provided for, in payment !, O. ING
ferest ana principal due on said bonds, y
Am presentation to him Of the bones OF
s infrrest coupons as the case may . DC.
~, III funds arising hereMnd der when 80 /
lin state Treasury whether same nave
rsa ;4ed from the sale of said BONDS or y
tba law and coectioIfi OF any tax 8 g ta
.s bars ii eferred to shnll by the Ireasn
hasE ienosited in the same dep 8. IN 8.
kssr,e manner, ut the same rate q inte
,,rr,r, the same terms and tondslons
3aral nther State funds and all zlnteross
sr,,in : ,1po1l said deposits shnh pc cred
- ne particular fund from which the
.sts svtas derived, and shall be USED
M - so ma nnrpose for which the prnefpa
sa;d sum is intended . r$ Il, 4.
20 sa1 RIO honda herein authorized and the
,a,;aa md g SOLICITED and pledged for
y. ~ nov ,rant ~ said bonds shall constitut
r s;S binding contract, and the faitl
tha state 81 Louisiana is pledged 70 the
. ..s rn leutiot of said tax, authorize
a;I Is f,on stitutinnal amendmsats untli
a,a,s 2navr,ent nj Sall OF said bonds IN
s.;.al and 4intereat. Said bonds shait
I, sant frnmN oil taxation. State, Parish..
sS,,r;s sinai and the tutors OF minors aIa 8
.,ts nterdicta are authorized 70 IN
.ss n afs ~ IL 3irS ha aus in said bonds
~ time after fire years sha have ia
~ "a fe Of The Issuance OF the D.
a. rhoriHed the Treasurer ct the II
1t Lt.lisiann shall any Z. pa
mari he anthoriIed 70 apply 6the. SIN
fund to the retirenen of 3; y. sah