The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-09-10

Governor of tn, State of Louisiana.
A true copy. JOHN r. MICHEL.
Secretary of State.
ACT 10. 179
House Bill No. 1as BY Mr.. Barrett.
AN .AC'r
To authorize the City OF New Orlear.i
to issue two million tS20o. 1000 dol
lars of five % per cent bonds, which
shall be exempt from taxation; TO
provide for the sale thereof. 10 pro
vide for the payment of this principal
and interest of said bonds; to pro, ide
for the disposition OF the proceeds
thereof through such Publ Belt
Railroad Commission as the City of
New Orleans may have heretofore Or
ganZad. or may hereafter organize,
the members OF which shall lie APP
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 ".,e"..s.
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
Louisiana an amendment to the Con-
sti1ution of the state of Louisiana
authorizing the issue of said bonds
and ratifying the provisions of this
Act.
Section 1. Be it enacted by the Gen
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 all 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
coed two million $4,000. 10000 dollars
in amount. to be dated January /. 1895?
bearing five (5) per cent per annum
interest. payable semiannually. the
principal of which shall be payable at
any time between July l. 1888. and
July /, 1863.
Said bonds shall be drawn payable to
bearer, and shall be styled: Public
Belt Railroad Bonds of the City of New
Orleans They shall be of the denomi-
nat $ and be numbered as follows to-
wit:
Five thousand t5.Ooo) of one hundred
(SlDn.o0) dollars each. numbered from
l to 5000, both inclusive.
One thousand 1.oo0) of five hundred
$50o,0o) dollars each. numbered from
500l TO 5000. both inclusive.
One thousand 1.Ioo) of one thousand
($1, ooO.O0) dollars each. numbered from
600l to 1000. both inclusive.
They shall be payable in lawful mon
nual interest coupons attached. due
July l and January !. They shall be
signed by the Mayor of the City of New
Orleans and countersiSned 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
nors and curators of interdicts shall be
authorized to invest all funds in their
hands in such bonds. They may be
registered and released from registry
under such rules and regulations as
may be prescribed by the City of New
Orleans. and no reg stored bond shall
be negotiable They shall be received
u.
or any of Its political subdivisions
or municipalities in all cases where. by
law. deposits of bonds are allowed or
required to be made. as security with
the State. or it's officers. or with any of
it's political subdivisions or municipal
tiles.
Section 2. Be it further enacted, etc,
That as soon as constitutional author
ity for the issuance of said bonds shall
have been obtained. the City of New
said bonds to be engraved and execut-
ed The City of New Orleans is hereby
authorized and empowered. on and at
ter January /, 1909. to sell said bonds
at such times and In such numbers and
amounts. and upon such terms and con-
ditions as the City of New Orleans may
deem advisable. provided that no sale
shall be made by said city. except upon
sealed proposals to b. submitted to
said city after advertisement for the
same shall be had for thirty 500 con-
secutiNe days in one or more daily
newspaper or nswsDarerS of the cities
OF New York and New Orleans. respec-
lively and provided that no sale shall
be made by said city Il price less
than par and accrued interest. the city
to have always the right to reject any
and all bids. Coupons attached to said
bonds. past due at the time of delivery.
shall he detached and Cancelled by said
city before delivery OF the bonds
SecSion ,. Be it further enacted. etc.
That the principal and interest of said
bonds shall be paid by preference from
the revenues of the Public Belt Rail-
road of the City of New Orleans. after
dedncting the expenses of maintenance
and operation. and all Public Belt rev.
enues collcctible under existing laws
and all future Public Belt Railroad
revenues. after deducting the expenses
of maintenance and operation are
hereby pledged to secure said bonds
and Interest The interest on said bonds
shall be evidenced by coupons attached
thereto. payable semi-annually by the
Treasurer OF the City of New Orleans,
on he first DAYS Of July and January,
and the City of New Orleans shall APP
proprfate on or before the first days
ly thereafter. to provide for the pay
ment of the semi annual interest due
july l and Januar! l of each subse-
Quent year, out of the revenues of the
uoiiS oeIt IAdIlEodu OF the City OF New
Orleans. after deducting the expenses
OF maintenance and operation, which
appropriations shall be credited on the
books of the Urea surer of the City Of
New Orleans. to a special account to be
styled Public Belt Railroad Bond In
terest Account" amounts equal to the
interest on all bonds tina.
may have been delivered The Treasure
er of the City of New Orleans is hereby
empowered and directed and it 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 1899. and annually there
after the City of New Orleans shall
IN addition to the amount of the semi
annual interest due on the first of July
ana January OF each year appropriate
on or before the first day of April. out
OF the revenues of the Public Belt Rail-
ROAD OF the City of New Orleans, after
deducting the expenses of maintenance
ana operation. which approximations
snail be credited on the books of the
! treasurer of the City of New Orleans
C. 70 a special acc ount to be STYLED Pub
Tic Belt Railroad Bond Redemption Ac-
count the sum of one hundred thous-
and $100.00o.00) dol.ars. and the said
1 d IS ,<r- ~.