The southern sentinel. (Winnfield, La.) 1883-1910, 1908-10-09

Of April and October. 1909. and annual
| ly thereafter, to provide for the pay
ment of the semi-annual interest aus
July l and January ! OF each s1os s.
| Public Belt Railroad of the City OF New
| Orleans. after deducting the expenses
OF maintenance and operation. whicn
| appropriations shall be credited on the
books of the Trea surer of the City Of
New Orleans. to a special account 10 De
| styled Public Belt Railroad Bond In
| tcrest Account" amounts equal TO inc
semi-annual interest on all bonds thar
may have been delivered. The Treasur-
er of the City of New Orleans Is hereby
empowered snd directed. and IL Is made
his duty. TO pay any and all such cou,
pons that may be due when presented
by any holder thereof.
In the year 1889. and annually there
after. the City of New Orleans. shait
In addition to the amount OF the semi
annual interest due on the first or July
and January of each year appropriate
on or before the first day of April. out
OF the revenues OF the Public Belt Rail-
deducting the expenses of maintenance
and operation. which appropriations
shall be credited on the books of the
Treasurer of the City of New Orleans
lie Belt Railroad Bond Redemption Ac-
count" the sun, of one hundred thous-
and (s10O.000.o0) dollars. and the said
Treasurer is hereby empowered and d.
on the first day of July of the year
1889. and annually thereafter. out of
said bond redemption account. one
hundred thousand (s1oo. oOo.oO) dollars
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 and be pasted
as vouchers in book to be by said
Treasurer kepb for that purpose.
In case of failure ON the part nf the
City of New Orleans to make said APP
d OPERATIONS at the times herein fixed
and to administer and operate said
Public Belt Railroad OF the Citv OF
New Orleans and 10 collect tho reve-
nues therefr,'m to provide for the pay
and the redemption OF bonds, as pro.
yided for in this Act. the Board of
Commissioners of the Port of New Or
leans is hereby authorized. empowered
and directed. and IL is made it's duty
TO administer and operate said Public
Belt Railroad. to impose such charges
as IL may fix and collect said revenues
and levy and collect the special tax
hereinafter provided for and to apply
the same to the purposes of this Act.
and to that extent and for that purpose
only. and for such time as may be nee
essary to that end. said Board of Com
missioners of the Port of New Orleans
Is hereby authorized to exercise all the
powers an Is charged with all the du-
ties vested under this Act In the City
Section 4. Be It further enacted. etc,
That In case there should be- In any
year deficiency In the revenues afore-
said TO pay the full interest upon all Of
said bonds outstanding, such deficiency
or interest shall be funded into bonds
or such denominations as may be nee
essary and convenient. bearing the
same rate OF interest rs the original
bonds and having a term to run equal
10 She balance of the-term of the origi-
nal ponds. but subject to call at will
by tse City Of New Orleans; and in
IN hAu
snail be stamped across their face I'm
terest Funding Bonds issued subject to
immediate call" and they shall be pay
able out O. the special tax of two CD
mills per anniIm. which shall be levied
on and after January I. 1913 as here
matter provided Said interest funding
ponds shall hAve all the guarantees
bonds In this Act for their payment
principal and interest.
In case the revenues Of the Public
leans should not be sufficient to pro-
vide for the payment OF the annual in
terest on, or for the remeption annual-
~. on and after January 1. 1889. or any
OF said bonds. as hereinabuve set forth.
the redemption of said bonds shall be
postponed until January I, 1914 and
the City of New Orleans shall levy up:
on All OF the taxable property within
city special tax of two CD mills. be- \
ginning with and including the wear
1873, the entire proceeds whereof shall
OF the bonds issued under this Act ara
All interest that may be then or there.
after due thereon. and all outstanding
interest funding bonds" until all OF
said bonds shall have been retired in
principal and interest II any surplus
OF said two CD mills tar in the last
year of its levy shaliex,st. such sur
public Improvement to be fesignated by
the City of New Orleans
Section 5. Be IL further enacted, eto.
That the City of New Orleans shall be
ana II is hereby authorized and en-
powered to expend the proceeds OF said
bonds for the construction and eouip-
ment OF Public Belt Railroad System
In and for the City Of New Orleans. in
GLIDING tracks. sidings. switches. spurs.
crossovers and all appurtenances and
accessories thereto:- the building Of
s Ihep%os ., ffoundhouses. warehouses.
necessary structures incident to the
construction and equipment of rail-
roads for the purchase of locomotives.
sary rolling stock: for the payment of
property purchased or appropriated
Tor the purpose of laying tracks, sid
inss. switches. spurs: crossovers. etc.
lures and buildings incident to rail-
roads; for the purchase of existing
roadoeds. tracks. switches, sidings.
ton of the same: for the purchase OF
barRes and tugboats and other proper
" incident to the operation of \ barge
system; and generally for the purchase
and equipment of all property. movable
and immovable. necessary and proper
TO construct and equip said public belt
railroad system. and as an Incident
thereto. a barge system.
Section s. Be II further enacted. etc |
THAT there shall be and there lis here
by irrevocably dedicated to the people
OF the City of New Orleans for perpet-
ual and exclusive public use said Pub |
lie Belt Railroad System. as the same
has been heretofore. or may hereafter
De established by the City of New Or
leans. the title and use to which said |
pubic belt railroad system shall be |
ana snail forever be In the people of |
the CITY OF New Orleans.
That all laws servitudes. privileges |
ana rights in favor of the State of |
Louisiana, the City of New Orleans and |
the people of the City of New Orleans |
property on or contiguous to the Mis-
sissippi river shall continue 20 exist |
unimpaircd until the full payment OF /
the principal and interest NJ the bonds 1
TO be issued under this Act.
Section Z. BE u further enacted. etc
That the City of New Orleans shall con-
struct. equip. maintain and operate said I
Public Belt Railroad System in the City \
of New Orleans, through and by means
of such board or commission. as may
have been or may be organi tied by the
City of New Orleans. the members of
which shall be appointed by the Mayor
of the City OF New Orleans with the
consent Of the Council. the powers, du-