The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1910-09-24
Mr.. and Mrs. LOUIS


of the State lie made Immediately available
; for Tie Teri'sr II constructing an expos
! Panama CanaI the wdrld's Panama Is. Ex se
. position Company te and II IS hereby auth
orlzed, wtrn and not until the Congress OF
. ! the United States shah designate the City
Of New Orleans IS the location for an ex
position comm generating the opening of the
Panama Cana - issue bonds not to exceed
sand tS6,50o CGl Dollars. 10 bear a rate of
interest not exceeding four per centum Is per
cent PEI. annum Ie te paid semi annually,
10 t. sold for not less than par and to be
due and payable IL not longer than fifty
5"l years. payable ST the Treasury OF the
State ot Louisiana and in order to secure
the payment Of said bonds. the tax proposed
by the joint resolution embodied in Act No.
Two Of the Acts Of the regular session
| of the General Assembly Of Louisiana for
me year $40, as well as further tax here
| matter levied exclusively in the City of New
Orleans he and the came are hereby pledged
for tie payment Of said bonds in principal
and interest the said pledge of said tax
shall he deemed valid and binding pledge
| and contract.
The bonds herein authorized TO be issued
by the Words 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 II principal and interes. is
| 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 IL his official capacity and
bear the impress G: the seal of his ONCE
| The Auditor of the State shall deliver such
bonds when thus certified to the World s
| Panama Exposition Company. which company
| is authorized TO sell the same for not less
chaser thereof shall s. required to pa pay ' the
| price directly 10 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 Q. securing site and
for the construction. equipment and main |
and shall he lis
bursed upon the warrant of the World S |
Panama Exposition Company. approved by |
State OF Louisiana. or any Two of them.
All expenses, commission or brokerage in |
cdent, to tbs sale Of said bonds shall! be
Company out Of other fund.- belonging to
said er9mpanL ara nc part Of the Six Million
f fsf ae IA oid nousah h Dollars
face Of such bonds must be received and
paid into the Treasury OF the State OF Louis
lana above provided
If the amendment 10 the Constitution sub
mlt'ed by Act No Two 81 of the Acts Of
the regular session Of the General Assembly
OF Louisiana for the year 1910 be ratified
by the pope, then the entire amount of said
tax collected after the Issuing of bonds herein
provided for, shall be used exclusively for the
purpose o. paying the interest and principal |
of said bonds and for other purpose
When the lax 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
and collected tax which is hereby levied
exclusively IL the City OF New Orleans upon
all property subject TO State taxation sufi-
clent IL pay the interest upon said bonds
and Fraction. OF the principal or a fraction
OF the principal collected for the creation
of a sinking fund with which 10 eventually |
retire said bonds; provided that tax ex-
ceeditg one and oLa-haf II Y mills shall
be assessed and collected during any one
year ana provided further. that il said FAX
of one and one half 4 IL mills should be
q INT. and |
clpai 81 said bonds at the maturity thereof,
then TINS tax shail continue and be assessed ,
ana collected until the entire amount due
paid.
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 I
NY OF New Orleans, TO fix the rate of taxa
on said bonded debt and the fraction of the !
principal due that year or the fraction of
for the retiring OF said bonds. Upon ascer- &
tanning sald amount he shall direct the as ;
SCISSOR or Board of Assessors or such other | 9
authority charged with like duty of City ! e
Of New Orleans or Parish of Orleans to5
extend upon the assessment rolls such rate
to pay SAID interest and fraction OF prin-
rIpal as aforesaid; provided that said tax y
snail not exceed one and half 1A) mills b
and collected, without costs or commission.
n the same manner State taxes are col.
eeted and Shall be paid by. the collectors
who is hereby authorized to dis
curse the same TO the holders Of the bonds .
lereln provided for in payment OF the in
he presentation to him Of the bonds or the
interest coupons as the case may. be.
Az funds arlslnS hereunder which go into K
eaiized from the sale Of said bonds or from
he levy ana collection of any tax taxes
'e deposited II the same depository, in the n
anne manner at the same rate of interest -,
nd upon the same terms and conditions as VI
re other State funds and all interest ac- al
ruing upon said deposits shall be credited o.
the PARTICULAR fund from which the in -
crest was derived and shall be used for
aid sum is intended.
The bonds herein authorized and the tax tt
ayment of said bonds shall constitute a d
aid and binding contract, and the faith Of IN
he state Of Louisiana is pledged to the con- A.
nuous collection Of said tax. authorized by ! tn
aid Constitutional amendments. until the
nal payment of ali OF said bonds in prin-
pal and interest. Said bonds shaft be
Nempt from all taxation. State. Parish and "a
lunlclpai and the tutors of minors and cura-
'rs of interdicts authorized to invest m
le funds in their hands in said bonds ~.
Any time after FIVE years shall have lspsed .l>
ON the date OF The issuance of the bonds tn
erein authorized, the Treasurer of the State
Louisiana shal! at any interest paving
sriod be authorized 10 apply the sinking
Ind 10 the retirement of any outstanding an
4nds. 10 the extent Of said fund. in their az
verse numerical order, and the Treasurer nc
all notify the bondhoders thereof by an 1o
iFernsement in one of the papers published eo
the CITY Of New Orleans and one pub 70
she'd IN the City OF New York at least
KY days prior to the day on which the
'nds are to be retired. giving the number
I'd determination Of said bonds: and if said u-
nds are not presented for payment at such w
ne then the interest shall cease thereon bu
The dissolution and liquidation of the h
t in any manner affect the validity of the an
nds herein authorized to be issued by said -
operation or the collection OF the tax levied GU
TINS Constitutional amendment or bv that
nnnseC by No Tun nf 1ain aS afnra.