The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-09-26
Institutional Amendments nasn
Il's'''asd from Second Page

/ ir''' ,t =, bonds and recommending
;as Of Sa ,i.sion to the people of an
the 'ao,,,, to the Constitution Of the
State e.. " # said bonds and fat'fymg
lar .,'' n|s, is Of this Act is rsso"
the pm 9 Nv the Port investigation
Qa n'noS ;..; M created by Act No. 9
laa s dbe Extra Session OF ''''' '''''S
= f'l re-, I. Be it enacted by the Gen. Gen.
S'; a...n i, Of the State of Louisiana
Ss','' IL all the members elected to
,'I ."biect to the ratification OF the
1S'1 :, '4 tSs State Of Louisiana, by the
's # an amendment to the Const'- ,
'Pu. ..tbs State, hereinafter submitted
t n,n % t s,, Board Of Commissioners Of
asp, u New Orleans, created by AcE
Al r - = ~ tbe General Assembly Of 1896.
''s . ~ 40 ID by Act No. 56 o Of the Gen.
, 1.ssmbly Of the year 1900, IS here :,
l1 ",'f and empowered, and it shall,
al"' ..;.cro bonds not TO exceed
IS A' ra1on five hundred thousand dol
s5oO,oOOOO) in amount, dated
1909, bearing five per cent
p'' ..nr interest, payable seml-annu-
m ' ~. D,inciual of which shall be pay
Z .' ~, time between July |, 1924,
III, !, 1859. Said bonds shall be
-, Davable to bearer and shall be
3.pot Commission Bonds. They
M. dthe denomination of one thOus-
SIars (sl,OOO.OO) each, payable in
mi money Of the United States, with
annual interest coupons attached,
|, hIv Isl and January lst. They
N BE- signed by the President and
,ntstsgned by the Secretary OF the
,,J Of Commissioners Of the Port OF
W. Orleans. They shall be exempt
nm al taxation, State, parish and mu~
dOal and the tutors of minors and Gu
Nm; Of interdicts shall be authorized to
,s,t the funds in their hands in such
MD. They may be registered and re-
,,sdfrOm registry under such rules and
uations asmay be prescribed by said
lard Of Commissioners of the Port OF
sv Orleans, and no registered bond
an be negotiable. They shall be re-
Unable on deposit with the State, or its
Ulcers or any Of its political subdiVi-
ns or municipalities, in all cases, where
law deposits Of bonds are required or
owed to be made as security, with the
as, or its officers, or any of its pollti-
| IMbdivsions or municipalities.
Section 2. Be it further enacted, etc,
Bat as soon as the Constitutional au-
az for the issuance of said bonds
al have beer obtained, it shall be
EQUITY Of the Board of Commissioner:
AsPOrt of New Orleans to cause Sale
'nds 10 be engraved and executed. The
s,a lard Of Commissioners of the Port Of
E Orleans is hereby authorized anc
rNgered, on and after January |
sOS to exchange, at not more than pal
Z accrued interest, so many of sale
mn ads as may be necessary to retire out
aNang obligations of said Board, cou-
=, Spast due at the date of exchange tc
" detached and Cancelled by said boarc
lore delivery Of bonds; and said Boarc
OIl hereby authorized and empowered tc
iEheremalnder Of said bonds. in whole
lnO part in such manner, and upor
On terms and conditions. as by sale
a'd may be deemed advisable; pro-
GEO. that no sale shall be made by sale
Alo AZ a price which will net to the
a'd less than par and accrued interest
Apon' attached to said bonds, past due
nefme of delivery, shall be detached
cancelled by said board before de-
'gO the bonds.
section 8. Be it further enacted, etc.,
= h' principal and interest of sale
o'' snail be paid by preference from
. revenues of the Board of Commission
~ The Port of New Orleans and al
venues collectible under the laws, a:
existing, shall be and are hereby
%'a " secure said bonds and inter
ID no event shall the charges i'm
sll 'u0y said Board, under the law now
Be sung be reduced to an amount les:
! ! necessary for the payment of thu
p'' and interest Of said bonds; anc
M 0'afd Of Commissioners of the Port
J, rev '.y Orleans, as presently organized
r "'''0as diminution of existing terri.
jurisdiction, shall continue in lega
IN, sa's until 1.-THE bonds issued in &C,
a'S with this Act shall have beer
M % Principal and interest; provided
! l,.,' as members of said Board shall b.