The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-10-01
ACT No. 2
Senate Bill No. 1
JOINT RESOLUTION.

OF the state OF L0uislana 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
General Assembly of 1910. as well as
further tax in the City of New Orleans, to
be levied and collected only after the tax
levied under the above resolution has
Section. /. 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 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
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, 1910. as follows:
In order that the tax authorized to be
levied by the Constitutional amendment pro-
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-
ton to commemorate the opening of the
Panama Canal. the Worlds Panama Ex-
position Company be and il 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 an ex-
position communicating the opening OF the
Panama Canal, to issue bonds not to exceed
in principal Six Million Five Hundred Thou
sand (s6. 50o.00ol Dollars. to bear a rate of
cent? per annum to be paid semi annually.
TO be sold for not less than par and to be
due and payable in not longer than fifty
(50) 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 t2) of the Acts of the regular session
of the General Assembly of Louisiana for
the year 1910 as wen further tax here
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 q valid and binding pledge
The bonds herein authorized to be issued
by the Worlds Panama Exposition Company
State Of Louisiana, and there shall be written
or. printed the following across the face of
said bonds:
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
Panama Exposition Company. which company
Is authorized to sell the same for not less
than par 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 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.
All expenses, commission or brokerage in.
paid by the Worlds Panama Exposition
Company out of other funds belonging to
said and par. Of the six Million
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.
II the amendment TO the Constitution sub.
mitted by Act No. Two t2l of the Acts OF
es sr the o. ses be asssS
by the pople, then the entire amount of said
Tax collected after the issuing Of bonds herein
1urpose of paying the interest and principal
Of said bonds and for no other purpose.
When the tax thus authorized shall have
amendment, then each year thereafter as long
IS any Of the bonds herein authorized to be
issued are outstanding there shall be assessed
exclusively in the City Of New Orleans upon
ell property subject to State taxation, sufi
cient 70 pay the interest upon said bonds
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 one
year; and provided further. that IL said 'az
Of one and one half IL mills should be
cipal Of said bonds at the maturity thereof
then this tax shai continue and be assessed
and collected until the entire amount due
psid
From and after the time the tax herein
levied becomes operative, 1t shall be the duty
of the Treasurer Immediately after the annua
listing and valuation of the property IN the
City Of New Orleans, to fix the rate of taxa
tion to be imposed upon said property fol
~ ExsH liant IN NM
on said bonded debt and the fraction of the
principal due that year or the fraction o.
the principal to constitute q sinking FUND
Cor the retiring of said bonds. Upon ascer
tanning said amount, he shall direct the as
SCISSOR or Board of Assessors or such othel
authority charged with like duty OF CIT,
extend upon the assessment rolls such rate
of taxation as will yield an amount sufficient
70 pay said interest and fraction OF prin
eipal as aforesaid; provided that said tai
shall not exceed one and one-half I'D mill
for any one year. This tax shall be assessed
and collected, without costs or commission
In the same manner rs State taxes col
lected and shall be paid by the collectors
directly to the Treasurer of the State o
Louisiana, who is hereby s authorised to dis
herein provided for, in payment of the in
terest aud principal due on said bonds. upoI
the presentation to him OF the bonds or tn
All funds arising hereunder which 60 int
the State Treasury whether same have beer
realized from the safe OF sara Donus OF iron
the levy and collection of any tax or take
herein referred TO shall by the Treasurer
be deposited In the same depository. in tn
same manner. at the same rate of interes
and upon the same terms and conditions q
are other State funds and all interest &C
cruing upon said deposits shall be credite'
20 the particular fund from which the in
terest was derived. and shall be used TO
the same purpose for which the principal o
said sum Is intended.
The bonds herein, authorized and the "a
levied and collected and pledged for tn
PAYMENT Of said bonds shall constitute
valid and binding contract, and the faith o
the State Of Louisiana is pledged to the con
tinuous collection of said tax. authorized b.
said Constitutional amendments. until tn
Anal payment of all of said bonds in prin
eipal and interest Said bonds shall. b
exempt from all taxation, State. Parish an
Municipal and the tutors Of minors and cura
tors of nterdicts are authorized to inves
the funds in their hands in said bonds.
Any time after Eve years shall have lapse,
from the date OF the issuance of the bond
herein authorized, the Treasurer of the Stat
Of Louisiana shall at any interest payin
period be authorized to apply the sinfin
land TO the retirement of any oufstar din
boads 70 the extent Of said fund. in thei