The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1910-10-08
ACT No. z
Senate Bill No. 1
JOINT RESOLUTION.


be levied and collected only after the 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, two-thirds 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
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 ~ 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
of the State be made Immediately available
for the purpose of constructing an exposi-
Panama Canal, the Worlds Panama Elk
position Company be and it 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 ex
position concentrating the opening of the
Panama Canal, to issue bonds not to exceed
In principal Six Million Five Hundred Thou
Band-( S., soc, o00l Dollars, to bear rate Of
interest not exceeding four per centum a per
cent? per annum to be paid semi annually,
due and payable in not longer than fifty
t50l years payable at the Treasury OF the
State of Louisiana: and in order to secure
by the joint resolution embodied in Act No.
Two {2) 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 are hereby pledged
for the payment of said bonds in principal
and interest, the said pledge of said tax
shall be deemed a 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
''This bond in principal and interest is
secured by the levy of special tax auth
orized by amendments to the Constitution of
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 8
Panama Exposition Company, which company
Is authorized e sell the same for no not less
chaser l 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 tae State shall only be paid
out for the purpose of securing 3 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.
eident to the sale of said bonds shall be
paid by the Worlds Panama Exposition
Company out Of other funds belonging to
said company, and no part of the Six Million
Five Hundred Thousand ($6.500, o00) 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
nitted by Act No. Two (2l 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 other purpose.
When the tax thus authorized shall have
been lapsed by the terms of said proposed
amendment then each year thereafter long
any of the bonds herein authorized to be
issued are outstanding, there shall be assessed
exclusively in the City of New Orleans upon
all property subject to State taxation, suffi-
oient to pay the interest upon said bonds
and fraction 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.
be assessed and collected during any
year; and provided further, that if said tax
Of one and one-haH 1h) mills should be
Insufficient to pay the interest and the prin-
epai of said bonds at the maturity thereof,
then this tax shall continue ard 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
City Of New Orleans, to fix the rate of taxa
ton to be imposed upon said property for
sn sal. endsd oB 3 of If TT
principal due that year or the fraction of
the principal to constitute a sinking fund
for the retiring of said bonds. Upon ascsr-
faiT ior odd ha g.
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 viii yield an amount sufficient
10 pay said interest and fraction of prin-
cipal aforesaid; provided that said tax
shall not exceed one and one-haif Il " mills
for any one year. This tax shall be assessed
and collected, without costs or commission,
in the same manner State taxes are col
lected and shall be paid by the collectors
directly to the Treasurer of the State of
Louisiana who is hereby authorized to dis
burss 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 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
cruing 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 tor the
payment OF said bonds shall constitute
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
anal 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 tcura-
tors of interdicts are authorized to invest
the funds in their hands in said bonds.
Any tiae after i've 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
iInd TO the retirement OF any outstanding
bsRda, - sae &Ktsns OF said fund, In thssS