The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1910-10-01
ACT No. 2
Senate Bill No. /.

Jp1N1 hESOLUIlON.
proposing an amendment to the Constitution
OF the. State of Louisiana, authorizing tina
world Panama Exposition Company to
issue bonds and pledge the tax which is
Act No. Two (2) of the Acts of the
General Assembly of 1910 as well as a
be levied and collected only after the ta ~
lapsed. t'N
Section. |. Be it resolved by the General
assembly OF the State of Louisiana in extra
PRIMARY session convened, two-thirds of all
the members elected to each house concnrrins
therein, that an amendment to the Cnnsrtis
TUITION of the State of louisiana be submitted
TO the qualified electors of the State for their
S21 Of the Constitution Of the State Of Louis
lana, at the congressional election to be held
Say me of fNResday next following the first Mon
In order that the tax authorized to be
Levied by the Constitutional amendment pro-
ths regular session of the General Assembly
OF the State OF Louisiana for the year 1916
~ nay WIEN ben ratified by the qualified electors
Tor the purpose of constructing an exposi-
non to commemorate the opening of the
position Company be and it is hereby auth.
orized, when and not until the Congress- of
tae United States shall designate the City
OF New Orleans as the location for an ex-
position concentrating the opening of the
Panama Canal, to issue bonds not to exceed
In principal Six Million Five Hundred Thou
sand ($6, 500 o0l Dollars, to bear a rate NJ
interest not exceeding four per centun "a ner
cent? per annum to be paid semi annually,
70 be sold for not less than par and to he
due and payable in not longer than 6fty
SS5o) 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 Nc
Two I'd OF the Acts of the regular session
OF the General Assembly of Louisiana for
the year 1910, as well further tax here.
matter levied exclusively in the CITY OF New
Orleans, be and the same are hereby pledged
DaYmCDt in
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 |
said bonds;
This bond in principal and interest Il |
secured by the levy OF special tax auth
oriEed 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 t
bear the impress of the seal of his office t
bonds when thus certified to the Worlds i
Panama Exposition Company, which company l.
Is authorized to sell the same for moi less
chaser thereof shall be required to pay the II
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
bursed upon the warrant of the Worlds |,
p Panama Exposition Company, approved Bs
State Of Louisiana. or any two Of them.
All expenses commission brokerage in.
esd b1 20 the q 'aPa D0nd shall
Company out of other funds belonging to
said company, and no part Of the Six Million h
Five Hundred Thousand t$6.5oo, ooo) Dollars l.
shall be used for such purpose, but the full I
face OF s1ch bonds must be received and Ir
paid into the Treasury of the State of Louis ,
q
If the amendment to the Constitution sub Ec
Initted by Act No. Two, ~ of the Acts of g
of Louisiana for the year 1910 be ratified lie
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 Ip
purpose of paying the interest and principal :
OF said bonds and for no other purpose
When the tax thus authorized shall have Id
been lapsed by the terms of said proposed
amendment, then each year thereafter as long
as any of the bonds herein authorized to be lie
issued are outstanding, there shall be assessed
and collected tax, which Is hereby levied, To
exclusively in the City of New Orleans upon Ia
cient TO pay the interest upon said bonds "
and fraction of the principal a fraction liz
Of the principal collected for the creation -
Of sinking fund with which to eventually
retire said bonds; provided that no tax ex Isl
seeding one and one half (11s) mills shall h
be assessed and collected during any one le
rear; and provided further, that Il said tax EpI
't one and onehalf (1A) mills should be IL
asuficient to pay, the interest and the prin- -
hen this tax shall continue and be assessed =,
md collected until the entire amount due &c
N said bonds in principal and interest is Ig'
From and after the time the tax herein p
eyied becomes operative, it shall be the duty I'm
Il the Treasurer Immediately after the annual ~
listing and valuation of the property in the ;"
Jity of New Orleans, to fix the rate of taxa ut
ion ion to be imposed upon said property for lst
N said bonded dobt aud the fraction of the tx
principal due that year or the fraction Of
he principal to constitute sinking fund
or the retiring of said bonds. Upon sscer-
aiming said amount, he shall direct the as
essor or Board Of Assessors or such other
I New Orleans, or Parish Of Orleans, to ~
xtend upon the assessment rolls such rate Iqu
( taxation as viii yield amount sufficient luz,
0 pay said interest and fraction of prin
ipal as aforesaid; provided that said tax I'VE
hall not exceed one and one-half 1hl mills tn
Or any one year. This tax shall be assessed ~
nd collected, without costs commission, Ia
a the same manner as State taxes are col ba
scted and shall be paid by the collectors -
irectly to the Treasurer of the State Of TN
who is hereby authorized to dis Ifol
urse she same to the holders of the bonds -
erein provided for, in payment of the in len
srest and principal due said bonds, upon lea
ne presentation to him Of the bonds or the - =,
lterest coupons the case may be. irol
All funds arising hereunder which go into Iall
lie State Treasury whether same have been -,
aalized from the sale Of said bonds from WI
,e levy and collectioa Of any, tax or taxes Ebrt
sren referred to shall by the Treasurer,
deposited in the same depository, in the co
ime manner al the same T&le OF interest," I'm
i'd upon the same terms and conditions as
e other State funds and all interest ae- on
-ung upon said deposits shall be credited
the particular fund from which the in
rest was derived and shah be used for
e same purpose for which the principal of
id sum is intended. ,
The bonds herein authorized and the tax
We'd and collected and pledged for the imU
lyment of said bonds shall constitute 3
lid and birding contract and the faith of ian
e State of Louisiana is pledged TO the con- Iant
auous collection of said tax, authorized by -
id Constitutional amendments, until the ant
sal payment of all of said bonds in prin- liza,
pal and interest. Said bonds shall be
empt from all taxation State. Parish, and rs
unicipc and the tutors of minors and ezra line
RS of interdiets are authorized to invest
e funds in their hands in said bonda Nd
Any time after Eve years shall have lapsed icor
orn the date of the issuance of the bonds -,
rein authorized, the Treasurer of the State roy
Louisiana shall at any interest paying anG
riod be authorized TO apply the sinking i
nd TO the retirement of any outstanding Il .
nds, 70 the extent Of said fund. in their RAV