The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1910-09-10
ACT No. q
Senate Bill No. L.
JOINT RESOLUTION

| word fanama Exposition Company 4
issue bonds aud pledge the tax which il
proposed by joint resolution embodied il
Act No. Two CD of the Acts of the
| General General Assembly Of 1910; as well as !
| be levied and collected only after the tar
| 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 concurrne
| 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 or rejection. as required by Article
s2l 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 (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 imssAdiately available
| for the purpose of constructing an EXPOSE
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 as the location for an ex-
position commemorafing the opening of the
Panama Canal: to issue bonds not to exceed
In principal Six Million Five Hundred Thou
sand t$6, soc. 000l Dollars, TO bear a rate OF
interest not exceeding four per centum a per
cent? per annum to be paid semi annually,
to be sold for not less than par and 20 be
due and payable in not longer than fifty
l5J) 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 I'D 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
mr. int
shall be deemed valid and binding pledge
and contract.
The bonds herein authorized to be issued
ny the World s 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
This bond in principal and interest is
secured by the levy of a special tax auth
orized by amendments to the Constitution of
the State of Louisiana adopted in 1901
which shall have affixed Thereof the signature
OF the Auditor in his official capacity and
bear the impress of the seal of his Office
bonds when thus certified to the Worlds
Panama Exposition Company, which company
is authorized to sell the same for not less
chaser thereof shall be required TO pav the
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
for the construction, equipment and main
tenanee 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
cident to the sale Of said bonds shall be
paid by the Worlds Panama Exposition
Company out of other funds belonging to
Five Hundred Thousand fs6. 500, o00l Dollars
shall be used for such purpose but the full |
race OF snch bonds must be received and |
lana as above provided.
III the amendment TO the Constitution sub |
mitfed by Act No. Two CD of the Acts of |
Of Louisians for the year 1910 be ratified /
by the pople, then the entire amount of said |
tax collected after the issuing of bonds herein |
purpose OF paying the interest and principal /
OF said bonds and for no 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
exclusively in the City of New Orleans upon
all property subject to State taxation. sum
cient to pay the interest upon said bonds
and fraction of the principal or n fraction
Of the principal collected for the creation
OF sinking fund with which to eventually
retire said bonds; provided that no tax ex-
he as one and ons,half uAl mills shall
year; and provided further. that IL said tax
p ~ one and one-half (1h) mills should be
insufficient to pay the interest and the prin- |
cipaf of said bonds at the maturity thereof 1
then this tax shall continue and be assessed
and collected until the entire amount due
paid "NN %
From and after the time the tax herein
evied becomes operative, it shall be the duty 1
:; ;s, ine treasurer immediately after the annual
slty OF New Orleans, to fix the rate of tara
, hn, 10 De imposed upon said property for
IN said bonded debt and the fraction of the
jnrihcipai que That year or the fraction of
me principal to constitute sinking fund
or the retiring of said bonds Upon ascer-
aiming said amount, he shall direct the as
'essor or Board of Assessors or such other
authority charged with like duty of City I,
y New orleans, or Parish of Orleans. to ,
xtend upon the assessment rolls such rate
y taxation as VIII yield an amount sufficient
9 pay said interest and fraction Of prin-
haIl not eae cresa on pr9vnaed tat said tax
or any one year. This tax shall be assessed /,
nd collected. without costs or commission,
me same manner as State taxes are col {
ected and shall be paid by the collectors ,
irectiy to the Treasurer of the State OF (
louisiana, who is hereby authorized to dis q
afse the same to the holders of the bonds i,
erein provided for, in payment of the in
crest and principal due on said bonds unon a
he presentation to him of the bonds or The !.
interest coupons as the case may be
AL funds arising hereunder which go into /
ne state Treasury whether same have been I.
ealized from the sale of said bonds or from I
he levy and collection of any tax or taxes Il
erein referred to shall by the Treasurer,
e deposited in the same depository in the 3
anne manner. at the same rate of interest
nd upon the same terms and conditions as t.
re other State funds and all interest ac-
ruling upon said deposits shall be credited K
, the particular fund from which the in :
crest was derived, and shall be used for Q
ne same purpose for which the principal Of In
aid sum is intended .
The bonds herein authorized and the tax q
WED and collected and pledged for the liz,
ayment Of said bonds shall constitute q .
he State of Louisiana is pledged TO the con- ] o
nnous collection of said tax authorized by
nd Constitutional amendments, until the
nal payment of all of said bonds in prin- |
pal and interest. Said bonds shall be
Sempt from all taxation, State, Parish and
unicipal and the tutors of minors and eura- l.
RS of interdicts are authorized to invest ~
lie funds in their hands in said bonds la,
Any time after FIVE years shall have lapsed