The southern sentinel., 1908-09-25


Approved July 3. 1903.
]. Y. SANDEFS
Governor of the State of louisiana
A true copy. JOHN T. MlClItL.
Secretary Of Stl
ACT No. $50.
House Bill No. l52. By Mr. Barrett.
AN ACT
To authorize the Board of Commis-
sIoners OF the PORT of New Orleans
to issue three million. five hundred
thousand dollars t.J.SJ0.V's.SO OF i've
(5D per cent bonds. nicn shall be ex-
empt FROM I.Xa1IOn; To autnorize the
exchange OF so many OF said oonds as
may be necessary To reNire valid OUT
standing obligations OF said board.
and To proviue for the sale OF the re-
mainder thereof; to provide Tor the
payment OF the principal and interest
OF said bonds and the disposition OF
the proceeus thereof: to define the
powers and duties of the Board OF
Commissioners OF the Port of New
Orleans and the Treasurer of the
State of Louisiana In relation there
to: to continue said board in exist
ence until the 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 ratifying 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
1896. as amended by Act. No. 30 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
-
of the Port of New Orleans assumed
the duties imposed on ~ by law, at
the termination of the lease between
the City of New Orleans and the
Louisiana Construction a. Improve
ment Company, on the 2sth day u
May. 1901: and
Whereas. said Board out of its revenues
has, since said date, practically re-
built the entire wharf system re-
cetved from said louisiana Construc-
tion Improvement Company, built
new wharves. erected steel sheds on
the wharves and landings for the
protection OF merchandise In transit.
constructed paved roadways and ap-
proaches 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 OF the port and harbor OF
New Orleans IL Is now necessary that
additional wharves be constructed
and extensive enlargements and Inn
provements of the system of wharyes.
Ian 1ings. sheds and appurtenances be
made SO that the facilities for the
handilng OF export and import car
goes In the port and harbor of New
Orleans will be equal. IL not superior.
70 similar facilities at any South At
lantic or Gulf port: and
Whereas. funds cannot be made avail
able for these purposes except by the
issue OF bonds: and
whereas. the Board of Commissioners
OF the Port Of New Orleans IL assu.-
ed that provision can safely be made
from It's reyeneus for the payment of
the interest annually. and the pay
ment OF the principal at maturity,
of three million. five hundred thous-
and dollars ss;5oo.ooo.oo) of five per
Whereas. 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-
flying the provisions Of this Act Is
recommended by the Port Investiga-
tion Commission created by Act No.
81 the Extra Session OF 1907; there
fore:
Section I. Be Il enacted by the Gen.
,ral Assembly of the State Of Louisia-
IA. two-thirds of all the members
elected to each House concurring:
That. subject to the ratification of
he people Of the State Of louisiana. By
he adoption of an amendment to the
of the State, hereinafter
Iubmitted to them. the Board OF Com
nissioners of the Port OF New Orleans.
created by Act No. 20 Of the General
Assembly of 1896. as amended by Act
No. 36 of the General Assembly Of the
rear 1900. is hereby authorised and
u4 ~ - y
ssue bonds not to exceed three miiiios
i've hundred thousand dollars (s3,s0O.-
,00.0ol In amount. dated January /.
1908. bearing five per cent per annum
interest. payable semi-annually.. tina
principal of which shall be payable al
my time between July L. 1924. and July
|. 1853. Said bonds shall be drawn
,ayable to bearer and shall be STYLED
Port Commission Bonds" They shall
De Of the denomination of one Thousand
dollars ts1.oeo.oe) each payable in law
'u1 money of the United States. with
lemi-annual interest coupons attached.
iue July LIST and January 1st. They
mall be signed by the President and
Board OF Commissioners of the Port of
New Orleans. They shall be exemnt
rom az taxation. State. parish ana mti-
1icipai. and the tutors of minors and
ID to invest the funds in their hands
n such bonds. They may be register
ID and released from registry under
'uch rules and regulations as may be
prescribed BY said Board OF Commis-
'foners OF the Port OF New Orleans. and
20 registered bond shall be negotiable.
rhey shall be receivable on deposit
With the State. or It's officers. or any
u It's political subdivisions or munici-
,alities. IN all cases where. BY law, de-
,osifs Of bonds are required or allowed
% be made as security with the State.
" its officers. or any of its political
Of municipalities.
section z Be IL further enacted. etc,
rhat. as soon as the Constitutional au-
horIty f)r 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