The southern sentinel. (Winnfield, La.) 1883-1910, 1908-10-09
AIT No lS0
ACT No. lS0.
House Bill No. l52. By Mr. Barrett
AN ACT

ACT No. lSO.
House Bill No. I52 By Mr. Barrett.
AN ACT
To authorize the Board OF Commits
sioners OF the Port OF New Orleans
to issue three million. five hundred
Thousand dollars IsS.sJJ.I'..JV OF i've
(5D per cenI bonds. nIcn snail De eN-
empt IRON. IaA..Aaon; ~ .iusnoriZe the
>fxcnange of so many or sdio oonus a.
may De necessary ID reslre Ndlid Out
standing obligations oI sala BOARD
and To slroN-a Tor lne sale ~ Tue re-
mainder thereof: to provide tor the
A payment OF lie principal and interest,"
of said bonds ana the disposition OF
the proceeds thereof: 20 define the
powers and duties OF the Board OF
Commissioners of tie Port of New
Orleans and the Treasurer OF the
State of Louisiana i'm relation there
to: to continue said board in exist
ence until tue payment OF said bonds,
and TO submit TO the people an
amendment to the constitution of the
State of Louisiana authorizing the
issue of said bonds and raIifying the
provisions of this Act.
Whereas the Board OF Commissioners
OF the Port of New Orleans. created
under the provisions of Act 40 of
the General Assembly OF the year
1886. as amended by Act. No 80 OF the
General ASSEMBLY OF the year 1900.
Is vested with the administration of
the public wharves and landings of
the port and harbor of New Orleans.
and charged with the duty of extend
ing. improving and maintaining the
same and the appurtenances there
to: and
Whereas. said Board of Commissioners
OF the Port of New Orleans assumed
the duties imposed on At by law. at
the termination OF the lease between
the City of New Orleans and the
Louisiana Construction * Improve
ment company. on the 2sth day of
Whereas, said Board out of its revenues
has. since said date. practically re-
built the entire wharf system re-
ceiyed from said Louisiana Construc-
ton * Improvement Company. built
new wharves. erected steel sheds on
Z the wharyes and landings for the
protection OF merchandise in transit,
constructed paved roadways and APP
breaches thereto. provided suitable
= dredge and tugboats for dredging
and fire protection purposes; has
maintained sufficient depth of water
and provided for the lighting and po-
Icing of the wharves. landings.
sheds and appurtenances thereto; and
whereas. on account of the growing
commerce II the port and harbor OF
New OrleanS, IL is now necessary that
additional waarves be constructed
and extensive senlargements and i'm
provements OF the system of wnarves,
Ian iings. sheds and appurtenances be
made so that tbs facilities for the
handling OF exporI and import car
goes In the port AMI harbor of New
Orleans will be equai.Sif not superior.
70 similar facilities at Rny South At
lantIc or Gulf port; and
funds cannot beSmade avail
able Tor o., these hes purposes except by the
Whsreas. the Board of Commissioners
Of the Port of New Orleans "a assu..-
ed that provision can safely be made
from its reveneus for the paym. NJ of
the interest annually. and the .ay-
ment OF the principal at maturity,
OF three million. five hundred thous-
and dollars (x3.500, 100000 of five per
cent bonds; and
legislation providing for the
issue Of said bonds and recommend
Ing the submission to the people of
an amendment to the Constitution of
the State of Louisiana authorizing
the Issuance Of said bonds and rati-
Tying the provisions of this Act is
recommended by the Port Investiga-
ton Commission created by Act No.
OF the Extra Session Of 1907. there
fore:
Section 1. Be 1t enacted by the Gen.
eral Assembly Of the State of Louisia-
ma. two-thirds of all the members
elected to each House concurring:
That. subject to the ratification of
the people of the State OF louisiana, by
the adoption of an amendment to the
of the State, hereinafter
to them. the Board of Com
missioners Of the Port of New Orleans.
created by Act No. 10 of the General
Assembly of 1896, as amended by Acf
No. SO Of the General Assembly of the
year 1900. Is hereby authorized and
empowered. and IL shall be its duty. to
issue bonds not to exceed three million
live hundred thousand dollars (s350O.-
eee:ool In amount. dated January /.
1903. bearing five per cent per annum
interest. payable semi-annually. tina
of which shall be payable al
any time between July 1. 1924. and July
|. 1853. Said bonds shall be drawn
PAYABLE to tearer and shall be styled
Port Commission Bonds They shall
be of the denomination OF one thousand
dollars 81. o00.00) each. payable in law
lul money of the United States. with
interest coupons attached,
shall be signed by the President and
by the Secretary OF the
Board OF Commissioners of the Port of
New Orleans. They shall be exer,nt
roma, al taxation. State, parish and mu-
,urators of interdicts shall be authoriz-
ID to invest the funds in their hands
n such bonds. They may be register
ID and released from registry under
'ucn rules and regulations as may be
'ioners Of the Port of New Orleans. and
10 registered bond shall be negotiable.
they shall be receivable on deposit
With the State. or its Officers. or any
y rs political subdivisions or munich
,alities. In all cases where. by law. de-
,osits of bonds are required or allowed
o be made as security with the State.
" Its officers. or any Of its political
of municipalities.
Section Z. Be 1t further enacted. etc.
That. as soon as the Constitutional au-
hortty Tor the issuance Of said bonds
hall have been obtained. II shall be the
|uty OF the Board Of Commissioners OF
he Port Of New orleans to cause said