The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-09-24

II. u. DUPRE,
Speaker of the House Of Representatives
go p. M. LAMBREMONT,
Governor and President of
the Senate.
Approved July 8, 1903.
J. Y. SANDERS
Governor of the State Of Louisiana.
A true copy. JOHN T. MICHEL.
Secretary OF State
ACT No. $50.
House Bill Nc. l5a. ny MT. Barrett,
AN ACT
To authorize the Board of Commits
sioners of the Port of New Orleans
- to issue three million, five hundred
thousand dollars ($3,5OO,0U0.00 of five
(5) per cent bonds, which shall be ex-
empt from taxation; to authorize the
exchange of SO many of said bonds as
,sfay be necessary to retire valid out
standns aF e e s sa il t SSea fe
maindef thereof; to provide for the
payment of the principal and interest
OF said bonds and the disposition of
the pseseeds thereof; to define the
mfaI aaa Guys af tee Pe ert h 81 Aea
Orleans and the Treasurer of the
State Of Loui siana In relation there
to; to continue said board in exist
and to submit to the people an
amendment to the constitution OF the
. State of Louisiana authorizing the
n ssua % sai q t fbs Aaaa TIE
Whereas the Board of Commissioners
of the Port of New Orleans, created
under. the provisions of Act 20 of
the General Assembly Of the year
General Assembly of the year 1900,
he 1 paSe ~h Ss ana 81
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
% ths PoF. ct New Orleans IS assumed u
the termination of the lease between
the City of New Orleans and the
Louisiana Construction Improve
ment Cor, Company, On the 18th day of
Whereas, said Board out of its revenues
built the enttirs Wharf system fs=
ceived from said Louisiana COnstruc.
: new wharves erected steel sheds on
the wharves and landings for the
protection of merchandise in transit,
constructed paved roadways and APP
Ptoaches thereto. provided suitable
and fire PROTECTION purposes; has
maintained sufficient depth of water
and provided for the lighting and po-
fas and 'as saSas
Whereas. on gGcennt OF the, growing
commerce OF the port and karhor al
New Orleans it is now necessary that
additional wharves be constructed
prOvements of the system of wharves,
+, landings, sheds and appurtenances be
made So that the facilities for the
banding nans in tb OF export apa Import sar-
Orleans will be equal, if not superior.
to 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 boRdsi and
Whereas. the Board of Commissioners
of the Port of New Orleans Is assur-
ed that provision can safely be made
from it's reveneus for the payment of
the interest annually, and the pay
ment of the principal at maturity,
of three million, five hundred th9us-
and dollars tss,5oo.o0o.ool Of five per
cent bonds; and
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-
ton Commission created by Act. No
fore:
Section !. Be it 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
Constitution of the State, hereinafter
missioners of the Port of New Orleans
created by Act No. 70 of tbs, Genera!
Assembly Of 1896. as amended by Act
No SO of the General Assembly Of the
year 1900. Is hereby authorized and
empowered. and it shall be its duty. te
issue bonds not to exceed three million
five hundred thousand dollars ($3,5OO,.
000.O0l in amount. dated January l
1903. bearing five per cent per annun
interest, payable semi-annually, tn.
principal of which shall be payable a,
any time between July /, 1924, and July
l. 1859. Said bonds shall be drawn
PAYABLE to bearer and shall be styled
Port Commission Bonds" They shall
be of the denomination Of one THOUSAND
dollars Isl, O0O.O0) each, payable in law:
full money of the United States, with
semi-annual interest coupons attached
shall be signed by the President and
countersigned by the Secretary of this
Board of Commissioners Of the Port o.
New Orleans. They shall be exempt
from all taxation, State, parish and mu
| nicipal, and the tutors of minors an6
curators of interdicts shall be authoriz
ed to invest the funds in their hand:
in such bonds. They may be register.
ed and released from registry under
such rules and regulations as may bt
prescribed by said Board Of Commits
sioners of the Port of New Orleans, ana
/ no registered bond shall be negotiable
They shall be receivable on deposi
with the State. or it's officers. or any
of its political subdivisions OF munich
palities. in all cases where. by law. de
posits of bonds are required or allowed
to be made as security with the State
or its officers, or any of it's politica
subdivisions Of municipalities.
Section 2. Be 1t further enacted. etc.
That. as soon as the Constitutional au
thority for the issuance of said bonds
shall have been obtained. 1T shall be tn,
duty Of the Board of Commissioners o
the Port Of New Orleans to cause sait
bonds to be engraved and executed
The Board Of Commissioners OF the
| Port of New Orleans is hereby author.
ICED and empowered. on and after
January 1. 1909, to exchange. at not
more than par and accrued interest, sc
many Of said bonds as may be neces'
sary to retire outstanding obligations
of said Board, coupons past due at the
| date of exchange to be detached and
Cancelled by said Board before deliv'
cry of bonds; and said Board Is hereby
authorized and empowered to sell thu
| remainder of said bonds, in whole OF