The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-10-31

Continued from Page IL

submit to the people an amendment
to the Constitution OF the state OF
Louisiana authorizing the issue or
said bonds and ratifying the provi-
sions Of this Act.
Whereas, the Board Of Commits
sioners of the Port Of New Orleans
created, under the provisions OF Act
10 Of the General Assembly OF the
year 1895, as amended by Act NO.
Sc Of the General Assembly OF the
year 1900, is vested with the ad-
ministration of the public wharves
and landings of the port and har-
Dor Of New Orleans, and charged
with the duty of extending, improv-
ing and maintaining the same and
the appurtenances thereto: ana
Whereas, said Board Of Commits
sioners of the Port of New Orleans
assumed the duties imposed on 1t by
law, at the termination of the lease
between the City of New Orleans
and the Louisiana Construction &
Improvement Company, on the 18th
day Of May. 1901; and
Whereas, said Board out of it's
revenues has, since said date. prac-
tically rebuilt the entire wharf sys-
tom received from said Louisiana
Construction & improvement Com
pany, built new wharves, erected
steel sheds on the wharves and land
ings for the protection of merchan-
disc In transit, constructed paved
roadways and approaches thereto.
provided suitable dredge and tug
boats for dredging and fire protec-
ton purposes; has maintained suffi-
cient depth of water and provided
for the lighting and policing of the
wharves, landings, sheds and ap-
purtenances thereto; and
Whereas. on account of the grow
ing commerce of the port and har-
Dor Of New Orleans 1t Is now neces-
sary that additional wharves be con-
structed and extensive engagements
and improvements of the system of
wharves, landings sheds and appur-
tenances be made so that the facil-
tiles for the handling Of export and
import cargoes in the port and har-
Dor of New Orleans will be equal.
II not superior. to similar facilities
| at any South Atlantic or Gulf port;
and
available for these purposes except
by the issue Of bonds; and
Whereas.the said Board of Com
m:sfoners of the Port Of New Or.
leans is assured that provision can
safely be made from its revenues
for the payment Of the interest an
nually. and the payment of the prin-
cipal at maturity, Of three million
i've hundred thousand dollars ($3.-
6O0,000.00) Of ave per cent bonds;
and
Whereas, legislation providing for
the issue of said bonds and recon-
mending the submission to the peo-
pie OF an amendment to the Consti-
tuition of the State Of Louisiana au-
thorizing the issuance of said bonds
and ratifying the provisions of this
Act, Is recommended by the Port
Investigation Commission, created
by Act No. 9 of the Extra Session of
1907; therefore,:
Section 1. Be it enacted by the
General Assembly of the State of
Louisiana, two-thirds Of all the mem
Oers elected to each House concurr-
ing:
That, subject to the ratification
of the people of the State of Louisi-
ana, by the adoption of an amend
ment to the Constitution of the
State, hereinafter submitted to
them, the Board of Commissioners
of the Port of New Orleans, Gre
ated by Act No. 20 Of the General
Assembly Of 1885, as amended by
Act No. SO of the General Assembly
of the year 1900, is here
by authorized and empowered, and
1t shall be its duty, to issue bonds
not to exceed three million five hum
dred thousand dollars ($3,5O0.OOO.-
OO) in amount dated January 1,
1909. bearing live per cent per an
mum interect. payable semi-annuaily.
the principal of which shall be pay
able at any time between July 1
1924,and July 1. 1859. Said bonds
shall be drawn payable to bearer and
shall be styled Port Commission
Bonds" They shall be of the denomi-
nation Of one thousand dollars ($1,-
oOO.0O) each, payable in lawful mon
ey Of the United States, with semi
annual interest coupons attached, due
July 1st and January 1st. They shall
be signed by the President and coun-
S0I0lXlOQ W tUS 0GCESI0Iy VI tuS
board Of Commissioners Of the Port
Of New Orleans. They shall be exempt
from all taxation. State, parish and
municipal, and the tutors of minors
and curators of interdicts shall be
authorized to invest the funds in
their hands In such bonds. They may
be registered and released from reg
istry under such rules and regula-
lions as may be prescribed by said
Board Of Commissioners Of the Port
Of New Orleans, and no registered
bond shall b., negotiable. They shall
be receivable on deposit with the
State. or ito officers, or any or its
political subdivisions or municipali-
ties. in all cases where, by law, de-
posits of bonds are required or al