St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1910-09-03
ACT No. q
Senate Bill No. /.
JOINT RESOLUTION. '

Senate Bill No. 1.
JOINT RESOLUTION.
Proposing amendment to the Constitution
OF the State of Louisiana, authorizing the
Worlds 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
further tax in the City Of New Orleans, to
be levied and collected only after the tax
levied under the above resolution has
lapsed.
Section. 1. 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 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
321 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, 1870 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
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-
ton to commemorate the opening of the
Panama Canal, the Worlds Panama Ex-
position Company be and It is hereby auth.
the United States shall designate the City
of New Orleans the location for an ex-
position concentrating the. opening of the
in principal Six Million Five Hundred Thou Thou
sand $6,5oo.ooo) Dollars, to bear q 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
900 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. (2) of the Acts of the regular session
Of the General Assembly OF Louisiana for
the year 1910, as well as a further tax here.
matter levied exclusively in the City of New
Orleans, be and the same are hereby pledged
fol. the payment of said bonds in principal
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:
''This bond in principal and interest is
secured by the levy Of special tax auth
orized by amendments to the Constitution of
the State at Of Louisiana adopted in 1910"
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
Panama Exposition Company, which company
is authorized to sell the same for not less
than par as above provided, and the pur-
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 q site and
tenance Of the exposition and shall be dis.
bursed upon the warrant of the World 8
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
naid hv
Company out of other funds belonging to
said company, and no part of the Six Million
Five Hundred Thousand (s6,5o0, 0o0) 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.