The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-10-17
constitutional A tL'tas Pssn!t

osLouisiana authorizing tNe
State Of said bonds and ra'lfying
i;'aa gsyisions Of this Act is recon ,
the asd by the Port investigation n
n e,nni,sion, created by Act Act No.. No. 9
| ' the Extra Session Of 1907 there
, tote, !. Be it enacted by the Gen.
: 1'I assembly Of the State of LOUISIANA
~ . III, Of all the members elected to
y. House concurfing; ...: : o,o
4 ~ that, subject to the ratification Of u the
l l,,a| If the State Of louisiana by the
i 's s'pt;o n Of an amendment to the Const'-
'a'p.' " the State, hereinafter submitted
l' ,ssr, the Board Of Commissioners OF
\. ' poT Of New Orleans, created by Act
y N If the General Assembly of 1896.
y , nj by Act No. Sc Of the Cen
J ;. p' ss,embIy Of the year 1900 IS here
Unauthorized and empowered and it snaI,
!, 4, duty. toissue bonds not to exceed
:. u,;lon five hundred thousand dol
j.. ls5,5OO,O00.0O} in amount dated
'4.,,, w 1909, bearing five per cent
], ,Dppm interest, payable semI-annu-
=, tbe principal of which shall be pay
w. y. II anv time between July |, 1924,
y InIv /, 1859. Said bonds shall be
lawn payable to bearer and shall be
sdysd "pot Commission Bonds They
IN 10 ofthe denomination Of one thous-
M dollars (Sl,OOO.OO) EACH payable in
I,vfuI money Of the United States, with
,.n-annual interest coupons attached,
!. hlv lst and January lst. They
Ian be signed by the President and
undersigned by the Secretary of the
Ro,rd Of Commissioners of the Port OF
NV Orleans. They shall be exempt
ham all taxation, State, parish and mu-
ricipal, and the tutors Of minors and Gu
,tms Of interdicts shall be authorized to
invest the funds in their hands in such
bonds. They may be registered and re-
a,edfrom registry under such rules and
regulations as may be prescribed by said
Board Of Commissioners Of the Port OF
New Orleans, and no registered bond
hall be negotiable. They shall be re-
siVabe on deposit with the State, or its
tisers, or any of its political subdivi-
sens or municipalities, in all cases, where
Rby law, deposits of bonds are required OF
allowed to be made as security, with the
State, or its officers, or any of its politl-
al subdivisions or municipalities.
& Section 2. Bel further enacted, etc.
7That, as soon as the Constitutional au-
harty for the issuance of said bonds
ihall have been obtained, it shall be
be duty Of the Board of Commissioners
81 the Port of New Orleans to cause sale
bonds TO be engraved and executed. The
Board Of Commissioners of the Port OIL
New Orleans is hereby authorized anc
Empowered, on and after January |
slsO9, to exchange. at not more than pal
and accrued interest, so many of sale
ponds as may be necessary to retire out
Standing obligations of said Board, cou-
Pans past due at the date of exchange tt
y detached and Cancelled by said boarc
sI0fe delivery Of bonds; and said Boarc
hereby authorized and empowered tc
eI the remainder Of said bonds, in whole
p IN part, in such manner, and upor
futh terms and conditions, as by sale
PICARD may be deemed advisable; pro-
fasd' that no sale shall be made by sale
pOard at a price which will net to the
n0afd less than par and accrued interest
coupons attached to said bonds, past due
p'ins time of delivery, shall be detached
4 za cancelled by said board before de-
Hsry Of the bonds.
section 8. Be it further enacted, etc.,
laat the principal and interest of sale
!. 4'ioS Shall be paid by preference from
-NleSenues of the Board of Commission
Us Of the Port of New Orleans and al
avenues coIlectible under the laws, as
's existing, shall be and are hereby
'0se0 10 secure said bonds and inter
IN no event shall the charges i'm
'aOy said Board, under the law now
SNas be reduced to an amount less
-, - necessary for the payment of the
I. ~ypa' and Interest of said bonds; anc
AN '0"fd OF Commissioners of the PORT
: New Orleans, as presently organized
~, - without diminution of existing terri
a. jurisdiction, shall continue in Iega
y, ''u'e until all the bonds issued in &C
~ with this Act shall have beer
, a. IN principal and interest; provided
~, - ne members of said Board shall bt
s .sponlsd by the Governor, subject to re.
y '~'a BY the Governor, and the Cover.
" s snail have power to fill all Vacancies
interest on said bonds shall be eyi.