The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1910-10-01

the regular session OF the General Assembly
af TIE State al louisiana for the year 49, D..
may when ratified by the qualified electors
Of the State be made Immediately available
for the purpose OF constructing an eNpoSl
tion to commemorate the opening OF the
Panama Canal, the World Panama ES-
position Company be and it is hereby auth.
uriZed when and not until the Congress OF
the tEIted States shall designate the tily
OF New Orleans as the location Tor an tA
position concentrating the opening OF inc
Panama Canal, to issue bonds not 10 exceed
in principal Six Million Five Hundred Thou
sand (S6.500.0oo) 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 to be
due and payable in not longer than hfty
f50) 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 C2( OF the Acts of the regular session
of the General Assembly of Louisiana for
the year 1910, 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 World s Panama Exposition Company
shall lie registered with the Auditor of the
State of Louisiana and there shall be writer
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 oil
the State of Louisiana adopted in 191o'
which shall have affixed thereto the signature
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
bends when thus certified to the World s
Panama Exposition Company, which company
is authorized to sell the same for not less
chaser thereof shall be required to pay 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 a 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 brokerage in
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 (s6 500 ,oooJ 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 as above provided
II 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
of said bonds and for other purpose.
When the tax thus author lied 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 tax, which is hereby levied,
exclusively in the City of New Orleans upon
all property subject to State taxation. sufti-
cient to pay the interest upon said bonds
and fraction of the principal or a fraction
of the principal collected for the creation
nf w which n
retire said bonds; provided that no tax ex-
ceeding one and one-half Ul2) mills shall
year; and provided further that If said
of one and one half Il y mills should be
insufficient to pay the interest and the prin-
cipal 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 in the
City of New Orleans to fix the rate of taxa
ton to be imposed upon said property for
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
SCISSOR or 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-
cipal as aforesaid; provided that said tax
shall not exceed one and ne-half Il n mills
for any one year. This tax shall be assessed
and collected without costs or commission,
in the same manner as State taxes 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 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 may be.
All funds arising hereunder which go into
the State Treasury whether same have been
the levy and collection of any tax or taxes
herein referred to shall by the Treasurer,
be deposited in the same depository, in the
manner, at the rate of interest
and upon the same terms and conditions
other State funds and all interest
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 is intended.
The bonds herein authorized and the tax
payment of said bonds shall constitute
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, ana
Municipal and the tutors of minors and cura
tors of interdicts are 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 paying
period be authorized to apply the sinking
fund to the retirement of any outstanding
bonds. to the extent of said fund, in their
reverse numerical order. and the Treasurer
all notify the bondholders thereof by an
Il .ien,p INIT in nf bo baA
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.
Worlds Panama Exposition Company shall
not in any manner affect the validity of the
bonds herein authorized to be issued by said
corporation or the collection OF the tax levied
tllnt