The Comrade. (Winnfield, La.) 1890-1914, 1910-10-14
ACT No. 2
geuate Bill No. l.
JOINT RESOLUTION.

Proposing an amendment to the Constltut1on
OF the State of Louisiana, authorizing the
Worlds Panama Exposition Company to
issue bonds and pledge the tax which is
proposed by joint resolution embodied in
Act No. Two (2) Of tina Acts of the
General Assembly Of 1910. as we'll as a
further tax in the City Of New Orleans, to
be levied and collected only after the tax
levied under the above resolution has
Section l. Be it resolved by the General
Assembly OF the State of Louisiana in extra
ordinary session convened two'thlrds OF all
the members elected to each house concnrring
tuition Of the State Of Louisiana be submitted
to the qualified electors OF the State for their
approval or rejection. as required by Article
32l of tho Constitution of the State Of Louis,
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 Immediately available |
for the purpose of constructing an cxposl |
ton to commemorate the opening OF the
Panama Canal, the Worlds Panama EX-
position Company be and it is hereby auth.
the United States shall designate the City
of New Orleans as the location ior an eX-
position commemoratipg the opening OF the
Panama Canal, to issue bonds not to exceed
in principal Six Million Five Hundred Thou.
sand ($G 500 OO0) Dollars, to bear rate OF
interest not exceeding four per centum "a per
cent) per annum to be paid scmi-annually y.
to be sold for not less than par ana to e De
due and payable in not longer than fifty
(50) 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 20.
Two (2) Of the Acts Of the. regular session
of the General Assembly OF Louisiana for
the year 1910, as we'll as a further tax here.
nafter levied exclusively in the City OF New
fer 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.
by the Worlds 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 in principal and interest is
secured by the levy OF a special tax auth,
orized by amendments to the Constitution, OF Of
the State Of Louisiana adopted in 1910
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 1ns such
bonds when thus certified to the World
Panama Exposition Company. which company
Is authorized to sell the same for 10, less
than par as above provided, and the pur.
chaser thereof shall be REQUIRED 70 th pay ,he
Of Louisiana, which funds when paid into
the Treasury of the State shall only be PAID
out for the purpose OF securing site and
tenunce Of the exposition and shall b, be dis !
hursed upon the warrant of the World
Panama Exposition Company. approved b!
the Governor, Treasurer and Auditor OF INT
State of Louisiana or any two OF them
All expenses, commission, or brokerage IN
cident to the sale of said bonds shall! b.
paid by the Worlds Panama Exposition
Company out of other funds be q; s,ni;,d t.
Five Hundred Thousand (s6,50o,oo0) Dollar
shall be used for such purpose, but the fui
face of such bonds must be received AM
paid into the Treasury OF the State OF Louis
If the amendment to the Constitution SUI
mitted by Act No. Two az Of the Acts
the regular session of the General AssemDl
OF Louisiana for the year 1910 be ratlhe
nv the pople, then the entire amount OF sal
tax collected after the issuing of bonds herel
provided for. shall be used exclusively for tn
purpose of paying. the interest and prlnc'ps
Of said bonds and for no other purpose;
When the tax thus authorized shall nav
been lapsed by the terms OF said propose
amendment, then each year thereafter as ION !,
as any of the bonds herein authorized 70
Issued are outstanding, there shall De asses :
and collected a tax, which is hereby levie
exclusively in the City of New Orleans upo
all property subject to State taxation, sun
cient to pay the interest upon sa'u fra nyl;e
of the principal collected for the creatlS
of a sinking fund with which to eventual
retire said bonds; provided that no o., TAX .,,es
ceeding one and ons,haif q "a? MUS anv sn u,
year; and provided further, that |! saia :!
Of one and one-half az mills should
insufficient to pay the interest and the pr
cipal of said bonds at the maturity .ne, {,
then this tax shall continue and be assess
and collected until the entire amount u
on said bonds in principal and interest
paid. 49, 80 haro
levied becomes operative it shall be the du
of the Treasurer Immediately after the ahhu
listing and valuation OF the properly IN -,
sai. CITY Of New Orleans, to fix the rate Oh sas
siou to be imposed upon said properly
shat year sufieient to pay the i, n IL :
on said bonded debt and the fraction OF: OF
principal due that year or the fraction
the principal to constitute SINKING I1Inn s ~
for the retiring of said bonds upon asc
tanning said amount, he shall direct the !,
SCISSOR or Board of Assessors or such. OF
authority charged with like duty OF U
Of New Orleans, or Parish OF. OF or rMah ;,
OF taxation as will yield an amount saihcis
20 nav said intcres. and fraction OF pr
& cipal as aforesaid; provided taat i sa1a :,
shall not exceed one and one-half q ~ M M
and collected without costs or colnmssl
in the same manner as State taxes are s
iected and shall be paid by the coliect
i;rectly to the Treasurer of the state
Tnuisiana, who is hereby authorized 70
nurse the same to the holders Of the Dol
herein provided for. in payment OF the
terest and principal due on said bonds VI
the presentation to him OF the bonds or
interest coupons as the case may Pc
An funds arising hereunder which go J
tha State Treasury whether same have Q
realized from the sale Of said bonas or II
3he levy and collection OF any tax or 10
herein referred to shall by inc. lreasu
he deposited in the same depository, IN
go sa,nae manner. at the same rate OF inter
and mon the same terms and conditions
ave other State funds and all interest
crninr upon said deposits shall be credl
a. he particular fund from which the
terest was derived, and shall be used
the same purpose for which the prlnclpal
$ said sum is intended A..
The bonds herein authorized anu the
i.yied and collected and pledged ior
nnyment OF said bonds shall constituIl
Valid and binding contract, and the taitf
Ans State Of Louisiana is pledged 10 the
t;nnoms collection of said tax authorized
sa;f Constitutional amendments, until
anal nnvment of all Of said bonds IN
cinal and interest. Said bonds shall
exempt from all taxation, State, Parish.
s3ss3 Municipai and the tutors OF minors ana 9
i Tors oil interdicts are authorized 70 IN
the funds in their hands in sad 9, bonds;
5sSi ANY time after five years snail nave ial
from the date OF the issuance OF the % =
herein authorized, the Treasurer OF tue =
az Louisiana shall ct any interest ga
neriod be authorized to Apply the SIN
Fund to the retirement OF any 9als y J,