St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-10-03

ba parable at any time between July /. 1924.
and July /, 1859. Said bonds shall De ora"n
payable to bearer and shall be styled
Commission Bonds They shall be OF the de-
nomination of one thousand dollars tS1,oOo.tOl
each paya5l4 in lawful money or the Ohiteu
States with semi-annuGi interest coupons at
tached. due July LIST and January lst lnes
shall be signed by the President and counter
signed BY the Secretary Of the Board OF Com
missioners of the Port OF New orleans. . IneS
shall be exempt from all taxation. STATE
parish and municipal. and the tutors OF minors
and curators of interdicts shall be authorized
to invest the funds in their hands In sucn
bonds They may be registered and released
from registry under such rules and regulations
as NAV be prescribed by said Board OF Com
uissionrs Of the Port of New orleans, anu
no registered bond shall be negotiabie. IheS
shall bs receivable deposit with the State'
or it's oiLcers. any of its political SUBDIVISIONS
or Municipalities In all cases where. by law,
deposits of bends are required or allowed 10
be made as security with the state or It's ON
GERS or any of its political subdivisions OF
municipalities.
section 2 Be it further enacted. etc. That
as soon as the Constitutional authority for the
issuance Of said bonds shall have been obtained,
it shall be the duty of the Board Of Commits
sioners Of the Port of New Orleans to cause
said bonds to be engraved and executed. The
Board Of Commissioners of the Port OF New
Orleans Is hereby authorized and empowered
on and after January 1, 1909, to exchange. at
not more than par and accrued interest, so many
of said bonds may be necessary TO fetlfe
outstanding obligations of said Board coupons
past due at the date of exchange TO De de-
tached and Cancelled by said Board before
delivery of bonds; and said Board is hereby
authorized and empowered to sell the remain
der of said bonds, in whole or in part IN such
manner, and upon such terms and conditions,
as nv said Board may be deemed advisable:
provided, that no sale shall be made by said
Board at price which will net to the Board
less than par and accrued interest coupons
attached to said bonds. past due at the time of
delivery shall be detached and Cancelled by
said Board before delivery Of the bonds.
Section 8. Be it further enacted, etc, That
the principal and interest Of said bonds shall
be paid by preference from the revenues of
the Board of Commissioners of the Port OF
New Orleans and all revenues collecttble under
the laws, existing, shall be and are
hereby pledged to secure said bonds and inter
est In no event shall the charges imposed
by said Board, under the law now existing, be
reduced to an amount less than necessary Tor
the payment Of the principal and interest OF
said bonds; and the Board of Commissioners
of the Port of New Orleans. as presently Or
ganized and without elimination OF existing
territorial Jurisdiction. shall continue In legal
existence until all the bonds issued in ac-
cordance with this Act shall have been paid in
principal and interest; provided that the mem
| bers of said Board shall be appointed by the
| Governor, subject to removal by the Governor
| and the Governor shall have power to I'LL
| all vacancies
The interest on said bonds shall be evidenced
| by coupons attached thereto payable semi-an-
| nually by the Treasurer of the State or
| louisiana on the first days OF July and Janu-
| ary, and said Board shall place on deposit
| on or before April 1, 1909, and on or BEFORE
| the first of April of every subsequent year.
| with the Treasurer of the state of Louisiana
| TO the credit of special account TO be styled
| "Interest Account" an amount equal to the
annual interest on all bonds that may have
been delivered. Said Treasurer Is hereby en-
powered and directed. and it Is made MS duty
to pay any and all such coupons that may be
due on the LIST of July, place on deposit, on or
before April l. with the Treasurer Of the
! State of louisiana to the credit of special
account to be styled tBond Redemption Ac-
count sum of one hundred thousand dollars
| ($1oO 000. OO), and the said Treasurer is here
| by empowered and directed, and 1t is made his
duty, to pay, on the LIST OF July, or the year
1924 and annually thereafter, out of said Bond
| Redemption Account, one hundred (10O) of said
| bonds in the reverse ORDER OF their issue;
and all bonds and coupons retired under this
| Act shall be by said Treasurer duly Cancelled
ana delivered to the Board of Commissioners
| of the Port of New Orleans which shall re-
ceipt for same, and which shall retain and paste
the same as vouchers. in book to be by 1t
kept for that purpose. 1t snail De the duty
of said Treasurer to require said deposits to be
made as aforesaid; and in case of failure on
| the part of said Board to make said deposits,
/ or to impose, under the law as now existing,
the charges for the of said wharves, land.
ings sheds and appurtenances thereto, or to
| collect the revenues therefrom, In an amount
sufficient to provide for the payment of interest
1
bonds as provided in this Act, said Treasurer
| ia hereby empowered and directed, and 1t is
| made his duty, to impose said charges and
collect said revenues, and to apply the same
TO the purposes of this Act and to that ex
tent and for that purpose only, and for such
time as may be necessary to that end, the said
Urea surer is hereby authorized to exercise al
the powers and is charged with all the duties
vested under existing law in the Board OF
Commissioners of the Port Of New Orleans
Section A. Be it further enacted. etc, That
all of the provisions of this Act shall consti
tute a contract between the holder OF the
bonds issued Hereunder. the State of Louisiana
and the Board of Commissioners Of the Por
of New Orleans.
Section g. Be it further enacted. etc, Thaj
the Board of COMMISSIONERS OF the Port Of
New Orleans shall and it Is hereby authorized
and empowered to expend the proceeds Of sait
bonds for the extension Of existing wharVes
for building new wharVes, for erecting sheds
for constructing roadwaTs and other improve
mepts: for the purchase of suitable dredges
barges and tugboats; for the payment o.
wharves other property purchased or ex
propriated, and for the payment Of obliga
lions heretofore contracted and outstanding
provided that no private property shall b.
taken without just and adequate compensa
|. ton previously paid.
On the thirty-frst day Of December of eaci
year, the said board shall furnish detailed
account of the receipts and expenditures to thu
Governor of the State; which report shall b
published once in the Official journal of thu
City of New Orleans.
Section g. Be 1t further enacted. ETC., Tina
at the Congressional election to be held Il
this State on the first Tuesday following th
first Monday of November, 1908, the following
amendment to the Constitution of the Stat
of Louisiana shall be submitted to the elector
of the State to wit: 1.-The Board of Commits
, sioners Of the Port of New Orleans shall hay
power and it shall be Its duty, to issue thre
million Ave hundred thousand dollars l$3,5oe,
0O0.O O1 of bonds to be known as Port Com
mission Bonds for the purposes and under tn
provisions and conditions set forth in the Ac
of the Legislature adopted to that end an
for that purpose at the regular session of Gen
eral Assembly of 1908, which said Act /
hereby ratified and approved; and all pro
visions of the present Constitution Of tn
State in conflict with the provisions of thi
Act, and with this amendment are. to that ex
tent and for that purpose only. repealed
Section z. Be it further enacted etc. Tha
on the official ballots to be used at said cleo
ton shall be placed the words For tn
Port Commission Bond Amendment" and tn
words: against the Port Commission Bon
! Amendment" and each elector shall indicat
his vote on the proposed amendment as pre-
vided by the general election laws Of thi
State.
Speaker of the House of Representatives
p. NJ. LAMBREMoNT,
Lieutenant Governor and President of tn
Senate.
Approved July 8, 1905
!, J. Y SANDERS,
r Governor of the State of Louisiana
true copy.
JOHN T. MICHEL,
| Secretary of State.
$ ACT NO. 245.
s Senate Bill No. IS. By Mr. Barrett
JOINT RESOLUTION
e Promising an amendment to the Constitutio