St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-10-24
ACT Nv. l19.
ACI 1G9.
House Bin No. I53 By Mfr. Barrett.

ASDnS
two million ($2, 600, O00) dollars of five t5y
per cent. bonds, which shall be exempt from
taxation; to provide for the sale thereof; to
provide for the payment Of the principal and
interest of said bonds; to provide for the
disposition of the proceeds thereof through
such Public Belt Railroad Commission as the
City of New Orleans may have heretofore
organized, may hereafter organize, the
members Of which shall be appointed by the
Mayor of the City of New Orleans. and the
powers, duties and functions of which shall
be prescribed by the City of New Orleans;
to define the powers and duties OF the City
of New Orleans and the Board of Commits
sioners 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-
stitution of the State Of Louisiana authoriz-
ing the issue of said bonds and ratifying the
provisions of this Act.
Section /. Be it enacted by the General
Assembly of the State of Louisiana, two-thirds
of all the members elected to each House con-
curing, That, subject to the ratification of the
people of the State of Louisiana, by an amend
meRt to the Constitution of the State, here
matter submitted to them the City of New
Orleans 10 hereby authorized and empowered
to issue bonds not to exceed two million 49,
0O0, 100000 dollars in amount TO be dated Jan
uary /, 1909, bearing five (5) per cent. per an
mum interest, payable semi-annualy, the prin-
cipal of which shall be payable at any time
between July 1, 1889, and July l. 1882
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 denominations and be num-
bered as follows to witt
Five thousand (5,9Oo) of one hundred
($100.00) dollars each, numbered from to
5000, both inclusive.
One thousand (1,00O) Of five hundred
($50o.0O) dollars each numbered from 5001 to
G000, both inclusive.
One thousand Q.0o0l of one thousand
$1,00000) dollars each, numbered from 0001
to 1000, both inclusive
Thay all he lawful 0f
the United States, with semi-annua1 interest
coupons attached. due July 1 and January 1.
They shall be signed by the Mayor of the City
of New Orleans and countersigned by the Comp
troller and the Treasurer of the City of New
Orleans. They shall be EXEMPT from all taxa
ton, State, parish and municipal, and the tutors
Of minors 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 registered bond shall
be negotiable. They shall be received de-
posit with the State or its officers or any of
It's political subdivisions municipalities in all
cases where, By law, deposits of bonds are
allowed or required to be made, as security
with the State or its officers, or with any of
its political subdivisions or municipalities.
Section q Be it further enacted etc., That
as soon as constitutional authority for the
issuance of said bonds shall have been OBJ
tained, tse City of New Orleans shall be
authorized to cause said bonds to be en-
graved and executed. The City of New Or
leans is hereby authorized and empowered,
and after January 1, 1909, to sell said bonds,
at such times and In such numbers and
amounts and upon such terms and conditions
as the City of New Orleans may deem advis-
able, provided that no sale shall be made by said
city except upon sealed proposals to be sub
mitted to said city after advertisement for
the same shall be had for thirty 800 consecu-
tive days in one or more daily newspaper or
newspapers of the cities of New York and
~ {ln5
no sale shall be made by said city at q 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 be de-
tached and cancelled by said city before deliy-
cry Of the bonds.
Section 8. 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 Railroad of Che City Of New
Orleans. after deducting the expenses of mainte-
nance and operation, and all Public Belt reTe-
nues collectible under existing laws ordinances
or amendments thereto, and all future Pub
lie Belt Railroad revenues, after deducting the
expenses of maintenance and operation. are
hereby pledged to secure said bonds and In
terest. The interest on said bonds shall be
evidenced by coupons attached thereto, paya-
BILE semi-annually by the Treasurer Of the
City OF New Orleans, the first days of July
and January. and the City of New Orleans
shall appropriate or before the first days
of April and October, 1909, and annually
thereafter, to provide for the payment of the
semi interest due July ] and January
i of each subsequent year, ont of the revenues
CT the Public Belt Railroad OF the City Of
New Orleans, after deducting the expenses of
maintenance and operation, which appropria-
lions shall be credited on the books OF the
Treasurer of the City Of New Orleans, to
special account to be STYLED Public Belt Rail-
road Bond Interest Account" amounts equal
to the semi~annual interest on all bonds that
may have been delivered The Treasurer of the
Nv oP Nor 10 hapa
directed, and it is made his duty. to Fay any
and all such coupons that may be due when
presented by any holder thereof.
In the year 1899, and annually thereafter
the City of New Orleans. shall in addition to
the amount of the semi annual interest due
on the first Of July and January of each
year appropriate, on or before the first day
of April. out of the revenues of the Public
Belt Railroad of the City of New Orleans
after deducting the expenses of maintenance
and operation which appropriations shall be
credited the books of the Treasurer of the
City of New Orleans to a special account to be |
styled Public Belt Railroad Bond Redemp- |
ton Account the sum of one hundred thousand |
($100, 00o0) dollars, and the said Treasurer |
Is hereby empowered and directed, and it is |
made his duty to pay, on the first day of July |
Of the year 1885, and annually thereafter, out |
of said bond redemption account one hun
dred thousand ($100,000.00l 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 vouchers in a book to be |
BY said Treasurer kept for that purpose.
In case of failure on the part of the City |
sf New Orleans to make said appropria lions |
at the times herein fixed and to administer |
and operate said Public Belt Railroad OF the
City of New Orleans, and 10 collect the rev.
enues therefrom to provide for the payment
IF interest due or to become due, and the re-
1emption of bonds, provided for in this |
Act, the Board of Commissioners of the Port |
IF New Orleans is hereby authorized empower
Il
administer and operate said Public Belt Rail-
road, to impose such charges as it may FIX |
md collect said revenues and levy ard collect |
he special tax& hereinafter S15Sitl@i for and |
10 aep!T Etsa sasxs' - &ag purposes of this Act
md to that extent and for that purpose only
md for such time may be necessary to that
md, said Board of Commissioners to exercise
I'll the powers and is charged with all the
futies vested under this Act In the City of
New Orleans.
Section 4. Be IT further enacted ETC.. That
n case there should be in any year a def
,iency in the revenues aforesaid to pay the
ull interest upon all Of said bonds outstand-
ng, such deficiency OF interest shall be funded
ntO bends Of such denominations as
nay be necessary and convenient.
bearing the same rate of interest as the
,rigina1 bonds. and having a term 70 21n
,qual to the balance of the term of the r~tSi- |
lal bonds but subject to call at will by ,ta
Jity of New Orleans; and In case any sLce |
londs are issued they shall be stamped across |
heir face Interest Funding Bonds isseud
ubject to immediate call and they shall be |,
'ayable out of the special tax of two (2) 1
Mills per annum which shall be levied on and
fter January /. 1913, as hereinafter provided |
said interest funding bonds shall have all |
he guarantees and securities provided for the
riginal bonds in this Act for their payment |
principal and interest
In case the revenues of the Public Belt
railroad of the City of New Orleans sho1lld |
lot be sufficient to provide for the payment of
he annual interest on, or for the redemption
nnually. and after January /. 1899, of any