The southern sentinel., 1908-09-18
ACT No. 179.
House Bill No. lss. By Mr.. Barrett.


AN ACT
To authorize the City of New Orleans
to issue two million ($2.o0, ,000) dol
lars of five (5) per cent bonds. which
shall be exempt from taxation; to
provide for the sale thereof: To pro-
and interest of said bonds; to pi o, ide
for the disposition of the proceeds
thereof. through such Publ: Belt
Railroad Commission as the City of
New Orleans may have heretofore or
ganized. or may hereafter organize.
the members of which shall he ap-
pointed by the Mayor of the City of
New Orleans, and the powers, duties
and functions of which shall be pre-
scribed by the City of New Orleans;
to define the powers and duties of the
City of New Orleans and the Board of
Commissioners of the Port of New
Orleans in relation thereto. and to
submit to the people of the State of
stitution OF the State of Louisiana
authorizing the issue of said bonds
and ratifying the provisions OF this
Act.
Section ]. Be it enacted by the Gem
eral Assembly of the State Of Louisiana,
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 an amendment
to the Constitution of the State. herein
after submitted to them, the City Of
New Orleans is hereby authorized and
empowered to issue bonds not to ex-
ceed two million $4,000. .0e0.00) dollars
In amount. to be dated January i. 1909.
bearing five (5) per cent per annum
interest. payable semi-annually. the
principal of which shall be payable at
any dme between July /. 1888. and
said bonds shall be drawn payable to
bearer and shall be styled: -PubIic
Belt Railroad Bonds Of the City of New
Orleans--- They shah be of the denomi-
natioi-s and be numbered as follows, to-
wit: ,, -
Five thousand is.ooo) of one hundred
.tsloo.oo) dollars each. numbered from
] to 5000. both inclusive.
One thousand d.ooo) of five hundred
($50o,0o) dollars each. numbered from
S0o1 10 5000. both inclusive.
One thousand u.oee) Of one thousand
(S1. 1.ooo-oo) dollars each, numbered from
6ool to 1000. both inclusive.
They shall be payable in lawful mon
~ of the United States. with semi-an-
nual interest coupons attached. due
July ] and January I. They shall be
Orleans and countersiened by the
Comptroller and the Treasurer of the
City of New Orleans. They shall be ex-
empt from all taxation. State. parish
and municipal. and the tutors of mi-
authorized to invest all funds in their
hands. In such bonds. They may be
registered and rele used from registry
under such rules and regulations as
Orleans. and no reg stored bond shall
be negotiable. They shall be received
on deposit with the state or its officers
or any Of tte political subdivisions
or municipalities In all cases where. by
law. deposits of bonds are allowed or
required to be made, ~ security with
the State, or its officers. or with any of
its political subdivisions or municipai-
section :. Be Il further enacted. etc.
That az soon as constitutional author
ity for the issuance of said bonds shall
have been obtained. the City of New
Orleans shall be authorized to cause
ed. The City Of New Orleans IL hereby
AUTHORISED and empowered. on and at
ter January 1. 1908. to ssll said bonds.
Al such times and In such numbers and
ditfons az the City of New Orleans may
deem advisable. provided that no sale
shall be made by oaid city. except upon
sealed proposals to be submitted to
said city after advertisement for the
same shall be had for thirty (so) con-
secutive days In one or more daily
nswspaper or ncwspapers OF the cities
OF New York and New Orleans respec-
lively. and provided that no sale shall
be made by said city a. . price less
than par and accrued interest. The city
to have always the right to reject any
ana all bids Coupons attached to said
bonds. past due at the time Of delivery.
csty before delivery OF the bonds. :
Section g. Be- II further enacted. etc.
That the principal and interest of said
bonds shall be paid by preference from
road OF the City OF New Orleans after
deducting the expenses OF maintenance
and operation. and all Public Belt rev.
enues coliecfible under existing laws
or ordinances. or amendrsents thereto.
and nll future Public Belt Railroad
revenues after. dedue ting the expenses
OF matutenance an1 operation. are
hereby pledged to secure said bonds
shall be evidenced bv scoupons attached
thereto. payable semf-annualiy by the
Ire1xufer OF the City ~ New Orleans,
on the first DAYS of July and January.
and the City OF New Orleans shall ap.
prcpriaee % OF before the firsi days