The Comrade. (Winnfield, La.) 1890-1914, 1910-09-16
ACT No. 2
Senate Bill No. l.

issue bonds and pledge the tax which is
Prapo Sa By joint resolution So ito embodied in
General Assembly of DO, as '; we'll Il as IA
further tax in the City of New Orleans, to
be levied and collected only after the tax
levied under the above resolution has
lapsed.
Section. l. 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 concurring
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
32l Of the 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
posed by Act No. Two az of the Acts of |
the regular session of the General Assembly |
OF the State of Louisiana for the year 1910, |
m when Stnt ratified til BY the aHaed electors
for the purpose of constructing an expos
ton to commemorate the opening of the
Panama Canal, the Worlds Panama Elk
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 concentrating the opening of the
in principal Six Million Five Hundred Thou
sand ($6,500,000) Dollars, to bear rate of
interest not exceeding four per centum "a per
cent? per per- a nm m. to be pal. PAID semaanualy
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 Tux proposed
by the joint resolution embodied in Act No.
Two (2) of the Acts of the regular session
of the General Assembly of Louisiana for
the year 1910, as we'll 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 Worlds Panama Exposition Company
shall be registered with the Auditor of the
or printed the following across the face of
''This bond in principal and interest is
secured by the levy, Of a special tax auth
orzed by amendments to the Constitution OF
the State of Louisiana adopted. in 19lo.'
which shall have affixed thereto the signature
of the Auditor in his, official capacity and
The The Auditor Of the State shall deliver such
bonds when thus certified to the World $
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 site and
3 for the construction, equipment and main
tenance of the exposition and shall be dis
e bursed upon the warrant. Of the World aa Z; $
the Governor, Treasurer and Auditor of the
State of Louisiana, or any two. Of them
All expenses, commission. or brokerage IN
cident to the sale of said bonds shall !. be
Company out Of other funds belonging, te
said company, and no part of the Six Million
Five Hundred Thousand ($6,5oo.ooo) Dollars
shall be used for such purpose, but the iul
face of such bonds must be received ant
y paid into the Treasury OF the State OF Louis
lana as above provided.
If the amendment to the Constitution sub
mitted by Act No Two (2l OF the Acts !, .
of Louisiana for the year 1910 be rat1het
by the pople, then the entire amount OF sag
tax collected after the issuing of bonds her en-
provided for, shall be used exclusively for tn
purpose Of paying the interest and principa
Of said bonds and for no other purpose
When the tax thus authorized. sha!i nav nav
been apsed by the terms q sala psopGsn
as any OF the bonds herein authorlSed 70 .
Issued are outstanding, there shall be assesse
and collected tax which is hereby e ,,no
ali property subject to State taxation, suf +
Gent to pay the interest upon said bono
and a fraction Of the principal or frac t .
q Of the principal COLLECTED for the creatl0
retire said bonds; provided that no tax e,
cseding one and one.half (l1a) mills sha
be assessed and collected during any, on
year and provided further int sh sa,H
insufficient to paw the interest and the prlI
cipal Of said bonds at the maturity thereo
then this tax shall continue and be assesse
and collected until the entire amount uu
on said bonds in principal and interest
From and after the time the tax herei
levied becomes operative, it shall be the du.
Of the Treasurer Immediately after Inc u
City 81 New Orleans, to fix the rate OF tax
ton to be imposed upon said property r, IL i
that year sufficient t9 Ray shG mere of e
principal due that year or the fraction
Che principal to constitute a sinking fur
for the retiring OF said bonds. Upon asce
tanning said amount. he shall direct - she ga a
authority charged with like duty OF VI
extend upon the assessment rolls such "a
Of taxation as will yield an amount s ~ e;,s;
cipal Us aforesaid; provided that s. said Y
shall not exceed one and ONT. half ~ MI,
for any one year. This tax shall be assess :s.:
and collected without costs or commisslo
in the same manner as State taxes are g
lected and shall be paid by. the collecto
directly to the Treasurer OF the state ),
Louisiana, who is hereby authorized e, to a
herein provided for, in payment, OF the
terest aud principal due on said bonds up
5s the presentation to him OF the bonds or
interest coupons as the case may be.
All funds arising hereunder which. 60 IN
fhe State Treasury whether same nave De
realized from the sale of said bonds or frt
Aha levy and collection Of any. tax or tax
III herein referred to shall by the Treasur
{ sl he deposited in the same depository, IN
5sE53 same manner, at the same rate OF inter'
q #335 and upon the same terms and conditions
are ether State funds and all interest
crnirg upon said deposits shall be credit
S5| 4 IA the particular fund from which the
sfarest was derived and shall be used
tha snme purpose for which the principal
# snid sum is intended. ~
The bonds herein authorized and the
levied and collected and pledged Tor
gB7S nayment OF said bonds shall constitute
valid md binding contract. and, the faith
the State OF Louisiana is pledged to the G.
tinuous coIlectisn of said tax, authorized
$: ea;d 4 Constitutional amendments. until
anal nayment of all of said bonds in pr
ass @ cinal and interest. Said bonds shall
EXEMPT from all taxation, State, PARISH,
Municipal and the tutors OF minors ana Gu
tors Of interdicts are authorized to Inv
the finds in their hands in said bonds.
Any time after five years shall nave lap
from the date OF the issuance Of the boz
herein authorized, the Treasurer OF the st
of Louisiana shall at any interest pay
period be authorized to Apply the slis !
3$@5 fund to the retirement OF any 0utsta'fi
bonds, to the extent OF said fund. N ~