The St. Mary banner., 1910-10-29

levied by the Constitutional amendment pro.
posed by Act No Two (2) 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
TOR the purpose OF constructing an eNposl
ton to commemorate the opening OF the
Panama Canal, the Worlds Panama Ex-
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 the location for an ex-
position c0mmemorating the opening OF the
Panama Canal, to issue bonds not to exceed
in principal Six Million Five Hundred Thou
sand $1,000. 00O) Dollars. to bear a rate OF
interest not exceeding four per centum a per
to be sold for not less than par and to be
due and payable in not longer than fifty
f5o) 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 CD 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
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 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
bonds when thus certified to the World s
Panama Exposition Company. which company
is authorized to sell the for less
than par above provided and the pur
chaser thereof shall be required to pay tho
price directly to the Treasurer of the State
of Louisiana which funds when paid into
the Treasury of the State shal only be paid
out for the purpose of securing site and
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.
All expenses, commission or brokerage in
cident 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 ($6.50o.00O) 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 above provided.
If the amendment to the Constitution sub
mitted by Act No. Two t2) 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 as long
as any of the bonds herein authorized to be
issued are outstanding, there shall be assessed
and collected a tax which Is hereby levied
exclusively in the City of New Orleans upon
all property subject to State taxation, suff-
cient to pay the interest upon said bonds
and fraction of the principal or fraction
of the principal collected for the creation
of a sinking fund with which to eventually
ceeding one and one-half I " mills shall
be assessed and collected during any one
year; and provided further. that if said TAX
of and one-half U12) mills should be
insufficient to the interest and the prin-
cpa 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 it shall be the duty
Of the Treasurer Immediately after the annual
listing and valuation of the property III the
City Of New Orleans. to fix the rate OF taxa
that year sufficient to pay the interest
on said bonded debt and the fraction of the
principal due that year or the fraction of
the principal to constitute a sinking fund
for the retiring of said bonds. Upon ascer-
tanning said amount, he shall direct the as
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 will yield an amount sufficient
to pay said interest and fraction of prin-
cipa aforesaid; provided that said tax
shall not exceed one and one-half I1a) mills
for any year This tax shall be assessed
and collected, without costs or commission,
in the same manner as 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
burse the 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. ii the
same manner, at the same rate of interest
and upon the same terms and conditions as
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 for the
payment of said bonds shall constitute a
valid and binding 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
final payment If all of said bonds in prin-
cpal and interest. Said bonds shall be
exempt from all taxation, State, Parish and
Municipal and the tutors of minors aud cura-
tors of iuterdicts authorized to invest
the funds in their hands in said bonds.
Any time after five 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 paving
period be authorized to apply the sinking
fund to the retirement of any outs tanding
bonds. to the extent of said fund in their
~"verse numerical order and the Treasurer
III notify the bondholders thereof by an
advert isement in enc of the papers published
in the City of New Orleans and one pub
lished in the City of New York. at least
sixty days prior to the day on which the
bonds are to be retired. giving the number
and denomination of said bonds; and if said
bonds are not presented for payment at such
time then the interest shall cease thereon