The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-10-08
ACT No. 2
peHdte BIZ NO. I.
JOINT RESOLUTION.

4
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. we'll
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 1t 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 an amendment to the Consti-
tuition of the State of Louisiana be submitted
to the qualified electors of the State for their
approval 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-
posed by Act No. Two t2l 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
for the purpose of constructing exposi
ton to commemorate the opening of the
position Company be and it is hereby auth
orized. when and not until the Congress- of
the United States shall designate the City
position commemorating the opening of the
Panama Canal, to issue bonds not to- exceed
In principal Six Million Five Hundred Thou
sand csc, 500. 000) Dollars, to bear a rate of
interest not exceeding four per centum A PEI
cent? per annum to be paid semi annually
due and payable in not longer than fifty
(50) years. payable at the Treasury of the
State Of Louisiana and and in or crdsr to secure
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 further tax here
matter levied exclusively in the City Of New
Orleans. be and the game hereby pledged
for the payment of said bonds in principal
and interest. the said pledge Of said tax
shall be deemed valid and binding pledge
The bonds herein authorized to be issued
by the Worlds Panama Exposition Company
sha1l 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
orized by amendments to the Constitution of
the State Of Louisiana adopted in 1910"
which shall have affixed thereto the signature
bear the impress of the seal of his office.
The Auditor of the State shall deliver such
bonds when thus certified to the Worlds
Panama Exposition Company. which company
Is authorized TO sell the. same for no, less
than par as above provided, and the pur-
sh Be 70 bs the
OF Louisians, which funds when paid into
the Treasury of the State shall only bs paid
for the construction. equipment and main.
Surssd upon the warrant Of the Worlds
the Governor, Treasurer and Auditor Of the
State Of Louisiana. any two Of them.
All expenses commission or brokerage in IN
Company out Of other funds belonging to
Five anndneS pon
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
If the amendment to the Constitution sub
mitted by Act No. Two CD 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 no other purpose.
When the tax thus authorized shall have
been iapsed 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 o tax, which is hereby levied
exclusively in the City of New Orleans upon
all property subject to State taxation, sufi-
cient to pay the interest upon said bonds
and fraction of the principal or a fraction
of the principal collected for the creation
OF sinking fund with which ,h to eventually
ceeding one and one.half ON mills shall
be assessed and collected during any one
Of one and one-half GMJ mills should be
insufficient to pay the interest and the prin-
cipal of said bonds at the maturity thereof.
and collected until the entire amount due
on said bonds in principal and interest is
From and after the time the tax herein
levied becomes operative il shall be 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
ths. year sufficient to pay the interest
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
SCISSOR or Board of Assessors or such other
authority charged with like duty of City
of New Orle9ns, or Parish OF Orleans. to
OF taxation as will yield an amount sufficient
to pay said interest and fractian CT prin-
cipal as aforesaid: provided that said tax
shall not exceed one and one-half Il "a mills
for any one year. This tax shall be assessed
and collected, without costs or commission,
IN the same manner as State taxes are col
directly to the Treasurer Of the State of
Louisiana, who Is hereby authorized to dis
burse the same 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 or the
interest coupons as the case may be.
All funds arising hereunder which 60 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, in the
and upon the same terms and conditions as
are other State funds and all Interest. ae.
cruing upon said deposits shall be credited
TO the particular fund from which the in
terest was derived. and shah be used for
the same purpose for which the principal OF
said sum is Intended.
The bonds herein authorized and the tar
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 of all of said bonds in prin-
cipal and interest. Said bonds shall be
exempt from all taxation, State. Parish and
Municipal and the tutors of minors and cura
tors OF interdicts are authorized to invest
lii. la.a A. In, AZ hn1d