The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-10-15

Bond Amendment" and the words:
Against the Public Belt Railroad Bond
and each e1ector shall in
dictate his vote on the proposed amend
ment as provided by the general cleo
ton laws OF the STATE 1i7ppr
Speaker of the House of Representatives
p, NJ LAMBREMONT,
Governor and President OF
the Senate.
Approved July 3. 1908
Governor of the State of Louisiana.
A true copy. JOHN T. MICHEL
Secretary OF State
ACT No. $50.
House Bill No 1872 By Mr.. Barrett
AN ACT
To authorize the Board of Commits
sioners of the Port of New Orleans
to issue three million, five hundred
thousand dollars ($3,5O0,OOO.00 Of five
60 per cent bonds. which shall be ex-
empt from taxation; to authorize the
exchange of so many of said bonds as
may be necessary to retire valid out
and to provide for the sale of the re-
mainder thereof; to provide for the
- payment of the principal and interest
of said bonds and the disposition OF
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 70 of
1896. as amended by Act. No. So 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
Whereas. said Board Of Commissioners
Of the Port of New Orleans assumed
the duties imposed on it by law, at
the termination of the lease between
the City of New Orleans and the
Louisiana Construction & Improve
ment Son, Somp amy on the ssth day OF
Whereas said Board out Of Its revenues
has, since said date, practically re.
built the entire wharf system re.
eeived from said Louisiana Construc=
ton Il Improvement Company, built
new wharves, erected steel sheds on
the wharves and landings for the
protection of merchandise in transit.
constructed paved roadways and APP
proaches thereto, provided suitable
dredge and tugbOats for dredging
and fire projection 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 1t is now necessary that
additional
and extensive engagements and i'm
proyements OF the system of wharves
landings. sheds and appurtenances be
made so that the facilities for the
goes in the port and harbor of New
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 bonds: and
| Whereas the Board of Commissioner:
| of the Port of New Orleans is assur.
| ed that provision can safely be made
| from it's reveneus for the payment o.
| the interest annually, and the pay
| ment of the principal at maturity
of three million. five We hundred thous
cent bonds; and
| Whereas. legislation providing for tn
issue of said bonds and recommend
ing the submission to the people o
an amendment to the Constitution o
the State of Louisiana authorizing
the issuance of said bonds and rati
flying the provisions of this Act i
recommended by the Port Investiga
ton Commission created by Act. Nc
/ 9 of the Extra Session of 1907; there
fore:
Section /. Be 1t enacted by the Gen
eral Assembly of the State of louisa
ma. two-thirds of all the member
elected to each House concurring:
That. subject to the ratification o
the people of the State of Louisiana. b.
the adoption of an amendment to tn
submitted to them. the Board of Com
missioners of the Port of New Orleans
created by Act No. 10 of the Genera
Assembly Of 1896. as amended by Ac
| No. SO of the General Assembly of tn
year 1900. is hereby authorized an
empowered. and it shall be it's duty. t
issue bonds not to exceed three millio
five hundred thousand dollars ($3.500,
0OO.00) in amount, dated January
1909. bearing five per cent per annur
interest. payable Semi-annually, tn
principal of which shall be payable a
any time between July l, 1924, and Jul
payable to bearer and shall be style
Port Commission Bonds" They sha
be of the denomination of one thousan
dollars ($1.000.00) each, payable in law
semi-annual interest coupons ATTACHED
due July 1st and January LIST. The
shall be signed by the President an
countersigned by the Secretary of til
Board Of Commissioners of the Port {
New Orleans They shall be exemI
from all taxation, State, parish and mt
nicipal, and the tutors of minors an
curators of interdicts shall be authori,
ed to invest the funds in their han6
. in such bonds. They may be register
ed and released from registry unde
such rules and regulations as may /
,, prescribed by said Board of Commi:
sioners of the Port of New Orleans, an
, no registered bond shall be negotiabl
. They shall be receivable on depos
with the State. or it's officers, or an
of it's political subdivisions or munic
! palities. in all cases where, by law, d,
. posits of bonds are required or above
, to be made as security with the Stat
, or it's officers, or any of its politics
, subdivisions Of municipalities
Section 2. Be 1t further enacted. ct,
That, as soon as the Constitutional a,
, thority for the issuance of said bono
. shall have been obtained. 1t shall be tt
, duty of the Board Of Commissioners
, the Port of New Orleans to cause sa
bonds to be engraved and execute
! The Board Of Commissioners OF tn
Port of New Orleans is hereby author
: tied and empowered, on and afte
January l. 1909, to exchange, at M
more than par and accrued interest, s
many Of said bonds as may be nece:
sary to retire outstanding obligation
of said Board, coupons past due at tt
date of exchange to be detached ar
Cancelled by said Board before deli,
cry of bonds; and said Board is hereh