St. Landry clarion. (Opelousas, La.) 1890-1921, 1910-09-17
.ACT No. a
SUMAB6 bLI NO, I.
JOINT RESOLUTION.

ACT No. a
Senate Bill No. I.
JOINT RESOLUTION.
Proposing an amendment 10 inc Constitution
OK the State OF louisiana authorizing the
Worlds Panama Exposition Company 80
issue bonds and pledge the tax which is
proposed by joint resolution embodied In
Aet No. Two ~ OF the Acts Of the
General Assembly Of 1890 as we'll as 3
further tax in the City Of New Orleans, TO
be levied and collected only asteg Che TAX
levied under the above resolution has
lapsed.
Assembly Of the State Of Louisiana IN axG9as
ordinary session convened, two.thirda OF alE
She members elected to each house conenrying
therein, that an amendment to The gonstf-
tuition Of tbs State Of Louisiana be submitted
to the qualified electors Of tbs state Tor thsiS
approval or rejection, So required by article
lama az the congressional election 20 DO held
On Che Tuesday next following the 6rst Mon.
dsy Of November, 1910, as follows:
3 order q thss ne taz ansnoIazed t. ns
posed BY Act no. Two I2l Of the Acts of
shA regular session Of the General Assembly
q ths ssate Of Louisiana Cog the year, 1910
msgy when ratified by thu dgaliaed eleetoES
o. she state be mad immediately available
Tor The purpose OF constructing an exp0ats
s5oa 20 commemorate the opening of tbs
position Company be and e Is hereby AUTH
oFiEed, when and NOT until The Congress- DE-
sse United States shall designate the GsSy
Of New Orleans IS the location fog en- exr
position COMMUNICATING the opening o9 tho
Panama CanaL to Issue bonds net TO exceed
an principal Six Million Five Hundred Thou
sand 3 6,600,o0ol Dollars. TO bear q rate OK
nss@ass aot exceeding four per cAntam e. per
gsnS9 per Aanunn TO be paid senni.annually,i
% b. sold fox NOT less than par and to Do
&HQ and payable in not longer than Fifty
l809 years. payable at the Treasury Of the
E4SsS Of louisiana and In order to secure
she payment OF said bonds. The TAX proposed
MsP cha S6fSfAa TaAnlgsS5an nn1hnHfAA Iva 4 AZ Ma
Two (29 OF the Acts of the regular session
OF the General Assembly of Louisiana for
The year 1919, as well q 9 further tax here
Orleans, be and the same are hereby pledged
for the payment of said bonds in principal
and interest, the said piedge 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
said bonds:
ftThis bond in principal and interest is
secured BY the levy of a 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 n
bear the impress OF the seal of his Offices
The Auditor of the State shall deliver s1eh
bonds when thus certified to the World
Panama Exposition Company, which company
is authorized to sell the same for not less
than par Is above provided and The plt
price directly to the Treasurer or The Stats
Of Louisiana, which funds when paid Into
the Treasury Of the State shall only BIO paid
out for the purpose of securing 0 site and
for the construction, equipment and maids
tenanee OF the exposition and shall be dias
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 or brokerage In.
aidbHk 40 Efh1E rAia%a4 aAldE hn%aS nAn4l h@
paid by the World's Panama Exposition
Company out of other funds belonging til
said company, and no part Of the Six Million
Five HUNDRED Thousand ($6,500, 0004 Dollars
shall be used for such purpose, but the full
face of such bonds must he received and
paid into the Treasury pf the State Of LOUIS
II the amendment 10 the Constitution sub
mltted BY act No. Two t29 of the Acts OF
the regular session Of the General Assembly.
Of Louisiana for the year 1910 be ratified.
by the popIe, 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 fer no other purpose.
When the tax thus authorized shall have
been lapsad by the terms Of said proposed
amendment, then each year thereafter as long
as any Of the bonds herein authorized I'd be-
issued are outstanding there shall be assessed
and collected a tax, which ii hereby levied,
exclnsIYaly In the City of New Orleans upon
81 property subject to State taxation, sniff
etent to pay the interest upon said bonds
and 2 fraction Of the principal Of q fraction
OF the principal collected for the creation
OF a sinking fund with which to eventually
retire said bonds; provided that no tax ex.
eeeding one and ona-hatf (1h1 mills shall
be assessed and collected during any ons
year and provided furthsr, that Ii said sag
OF one and one-hnlf lI53 mills should be
insufficient TO pay the interest and the prin.
clpRl of said bonds ait 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 ia
paid.
From and after the time tke tax herein
levied becomes operatives, it shall lie 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.
mat yeaT sufficient to pay the interest
principal due that year or the fraction Of
the principal to constitute d sinking fnnd
for the retiring of said bonds. Upon aseerr
tanning said amount, he shall direct the as
SCISSOR or Board of Assessors Or such other
authority charged with like duty az CITY
q New Orleans, or Parish OF Orleans. to
OF taxation as Will Id an amount sufficient
to pay said intere91 and fraction M nrfn.
eipal as aforesaid provided that said tax
shall not exceed one and 0ne-half fI1kA mills
Tor any one year. This tax gfaiI IA faasseasa5
and collected; without costs or eommissioii
N the same manner rs State taxes are col.
lseted and shall be paid BIZ The collectors
Louisiana, who is hereby authorized to dis.
lburse the same to the holders Of the honda
herein provided for, in payment Of tbs IA
4erest and principal due on said bonds. anon
the presentation to him Of the bonds 81 Cha
interest coupons as the case may be.
All funds arising hereunder which 70 into
tne State Treasury whether saps have been
realized from the sale oil said bonds or fr01o
she levy and collection Of any tax or taxseI
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 M
are. other state funds and all interest so-
upon said deposits shall be- credited
20 the particular fund from which the In
terest was derived, and shall be used s0r
she same purpose for which the principal oe
said gum is intended.
The bends herein authorized and the tag
levied and collected and pledged for theI
Of said bonds shall eonstitRta
valid and binding contract, and tho faith II
the State OF Louisiana is pledged Ia the CON.
sannous collection OF said tax, authorized nv
said Constitutional amendments. unsiI kha
anal payment OF oil Of said bonds Ia nrf7.
cipal and interest. Said bonds ahaf hs
exempt from all taxation, State, Parish. ana
Municipal and the tutors of minors and c9lra-
tors OF thterdicts are authorized To invest
fhe. funds in their hands In said bonds.
Any time after Ave years shall have laDsed
from the date OF the issuance OF the bonds
herein authorized, the Treasurer Of che STATE
OF Louisiana shall at any interest navin@
period be authorized to apply the s3nkine
to the retirement OF any ontstsndinS
bonds. to the extent of said fund. in theft
Continued on tpage 81