The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-11-26
ACT No, 2
Senate Bill No
JOINT REsoLurros

vr tne state OF Louisiana, authorizing the
Issue bonds and pledge the tax which =
proposed by Joint resolution embodied an
a aen np Two Cd of the Act of III.
further tax in -. ,,,v 81 Nsr o msn as "a
leu and collected only after the tax
levied under the above resolution has
Section. /. b. il resolved by the General
Assembly of the State of Louisiana in extra
ordinary session convened, twothirds of all
the members elected TO each house concurring
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
Sei 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 I'D 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
81 the State be made Immediately available
for the purpose of constructing an exposi-
Panama c.nai lie wesid GpsfP' aaam 81 X fsF
position Company be and it is hereby auth
p{ised wasn and not until the Congress of
q 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 (s6. 500 0o0l Dollars. to bear rate Of
interest not exceeding four per centu,n "a per
cent? per Ia . I'm to be paid semi ,a1nuaIy
due and payable in not longer than fifty
l5o) years, payable at the Treasury of the
the payment Of said sonds the o 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 a further tax here
irsfter 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
ssid bonds onds. VIC ''s A''''' 'As 'A'e o.
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
ghs. Auditor Of ths-state shall deliver such
bonds when thus certified to the Worlds
Panama Exposition Company which company
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
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 brokerage in
cident to the sale Of said bonds shall be
by as, other nas ;,
Fivs Hundred Thousand $500. 0oo) Dollars
shall be used for such purpose, but the full
NJ anr m he fvad nd
paid into the Treasury Of the State of Louis
lana as above provided.
mitted by Act No. Two ca 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
tar collected after the issuing of bonds herein
provided for. shall be used exclusively for the
purpose of paying the interest and principal
When the tax thus authorized shall have
been lapsed by the terms OF said proposed
amendment. then each year thereafter long
IS 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
all 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
retire said bonds; provided that tax
seeding one and one.half q II mills shall
YEAR ana provided furtbsr iaas Il s saia .aT
Of one and nehalf an mills should be
insufficient TO psy the interest and the prin-
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, ii shall be the duty
Of the Treasurer Immediately after the annual
City of New Orleans. 10 fix the rate Of taxa
tion TO be imposed upon said property for
that year sufficient TO pay the interest
principal due that year or the fraction Of
the principal to constitute n sinking fund
for the retiring of said bonds Upon ascer-
SCISSOR Board of Assessors or such other
authority charged with like duty OF City
of New Orleans. or Parish of Orleans 10
extend upon the assessment rolls such rate
of taxation will yield an amount sufhcienf
20 pay said interest and fraction of prin-
cipal as aforesaid; provided that said tar
shall not exceed one and one-half az mills
for any one year. This tax shall be assessed
snd collected, without costs commission.
lected 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 to the holders OF the bonds
herein provided for, in payment of the in
ferest and principal due on said bonds, upon
the presentation TO him of the bonds or the
Interest coupons the case may be.
All funds arising hereunder which 20 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 ard conditions rs
are other State funds and all interest ac
cruing upon said deposits shah be credited
20 the particular fund from which the in
teresf was derived. and shall be used for
the same purpose for which the principal Of
oaid sum is intended
The bonds herein authorized and the tax
levied and collected and pledged fer the
payment of said bonds shall constitute
valid and binding contract. and the faith Of
the State of Louisiana is pledged 70 the con-
tinuous collection of said tax authorized by
said Constitutional amendments until the
Gnal payment Of all Of said bonds in .prin-
cipsl and interest Said bonds shall be
exempt from all taxation. State. Parish. and
Municipal and the Tutors Of minors and crra-
tors cf interdicts are authorized to invest
the funds - sesir hands in lad bonds.
Ans time after I'VE years shall have lapsed
from de cate Of the issuance Of the bonds
herein authorized. the Treasurer OF the State