New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1910-09-03
ACT No. 2
Senate Bill No. /.
JOINT RESOLUTION.

nEoOLOllON.
OF the State of Louisiana. authorizing the
Worlds Panama Exposition Company to
issue bonds and pledge the tax which 10
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
lapsed.
Section. 1. Be it resolved by the General
Assembly of the State of Louisiana in extra
ordinary session convened, twothirih of all
the members elected to each house ctncurring
therein. that an amendment to- the Consti.
to the ousIsed eeetor. 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
day Of November. 1870 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
for the purpose Of constructing an exposi.
ton to commemorate the opening of the
Panama Canal, the World. Panama Ex.
orised, when and not until the Congress- Of
the United States shall designate the City
Of New Orleans as the location for an ex.
position commemorating the opening Of the
Panama Canal, to issue bonds not to exceed
In principal six Million Five Hundred Thou.
sand ($6, ,000l Dollars. to bear a rate Of
interest not exceeding four per centum q Der
cent? per snnum to be paid semi annually,
to be sold for not less. than par and to be
due and payable in not longer than fifty
State Of Louisians; and in order to secure
the payment Of said bonds the tax proposed
by the joint resolution embodied in Act No.
Of the General Assembly of Louisiana for
the year 1910, as well as q further tax here
matter levied exclusively in the City Of New
Orleans, be and the same s are hereby pledged
and interest. the said pledge of said tax
shall be deemed . 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 10
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
The Auditor Of the State shall deliver such
bonds when thus certified to the Worlds
Panama Exposition Company, which company
than par As above provided and the pur.
chaser thereof shall be required to nay the
price directly TO- the Treasurer Of the State
the Treasury of the State shall only be paid
out for the purpose Of securing q site and
for the construction, equipment and main.
tensnce Of the exposition and shall be dis.
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.
cident to the sale of said bonds shall be
paid by the Worlds Panama Exposition
Company out Of other funds belonging 10
said company, and no part Of the Six Million
Five Hundred Thousand $50. SOC. 000) 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.