The southern sentinel., 1908-09-25

OF Aprii and October. 1909. and annual
| ly thereafter. to provide for the pay
ment of the semi-annual interest due
! July l and January i OF each supse-
ouent year. out OF the revenues OF the
Public Belt Railroad of the City or New
| Orleans. after deducting the expenses
OF maintenance and operation. which
appropriations shall be credited on the
books of the Treasurer of the city or
! New Orleans. to a special account to be
styled Public Belt Railroad Bond In
| forest Account" amounts equal to the
semi-annual interest on all bonds that
er of the City of New Orleans is hereby
| empowered and directed. and IL Is made
his duty. to pay any and all such cou.
pons that may be due when presented
| by any holder thereof
In the year 1889, and annually there
after. 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 Rail-
road of the City OF New Orleans. after
| deducting the expenses OF maintenance
| and operation. which appropriations
shall be credited on the books of the
Treasurer of the City of New Orleans
| to special acc )unt to be styled Pub
lie Belt Railroad Bond Redemption Ac-
| count" the sun, of one hundred thous-
| and (S100,00oo0) dohars. and the said
Treasurer is hereby empowered and d.
Efcteu, ana IL Is maze MS duty 10 pay
on the first day of July of the year
1889. and annually thereafter. out of
said bond redemption account, one
hundred thousand ts100. .o00.00) dollars
their issue: and all bonds and coupons
retired under this Act shall be by said
| Treasurer duly Cancelled and be pasted
as vouchers In a book to be by said
| Treasurer kept for that purpose.
In case OF failure on the part nf the
City of New Orleans to make said APP
preparations at the times herein fixed
and to administer and operate said
Public Belt Railroad of the Citv of
New Orleans and to collect the reve-
nues therefru'm to provide for the Day
and the redemption of bonds. as pro-
vided for in this Act. the Board of
Commissioners of the Port of New Or
leans is hereby authorized. empowered
and directed. and IL Is made its duty
to administer aud operate said Public
Belt Railroad. TO impose such charges
as IL may fix and collect said revenues
and levy and collect the special tax
hereinafter provided for and to apply
the same to the purposes of this Act.
and to that extent and for that purpose
only. and for such time as may be nee
essary to that end. said Board OF Com
missioners of the Port OF New Orleans
Is hereby authorized to exercise all the
| powers AMI Is charged with all the du-
ties vested under this Act in the City
Section 4. Be IL further enacted. etc,
That In case there should be In any
year deficiency In the revenues afore-
said to pay the full interest upon all Of
| said bonds outstanding, such deficiency
| of interest shall be funded into bonds
| of such denominations as may be nec-
| essary and convenient. bearing the
same rate Of interest as the original
bonds. and having a term to run equal
| to the balance of the term of the origi-
nal bonds. but subject to call at will
by the City of New Orleans; and in
case any such bonds arc issued they
shall be stamped across tneir face IN
terest Funding Bonds issued subject to
immediate call" and they shall be pay
| able out of the special tax of two CD
mills per annum. which shall be levied
on and after January I. is43. as here
matter provided. Said interest funding
and securities provided for the original
bonds in this Act for their payment
| principal and interest
In case the revenues OF the Public
Belt Railroad of the city of New Or
leans should not be sufficient to pro-
vide for the payment of the annual in
terest on, or for the remeption annual
iy. on and after January 1. 1889. or any
of said bonds. as hereinabove set forth.
the redemption of said bonds shall be
postponed until January I, 1914. and
the City OF New Orleans shall levy up
on all OF the taxable property within
the present territorial limits OF said
city special tax of two ca mills, be-
ginning with and including the year
be applied annually to the redemption
OF the bonds issued under this Act and
All interest that may be then or there
auer due thereon. and all outstanding
interest funding bonds" until all OF
said bonds shall have been retired in
princfpal and interest IL any surplus
Of said two t2) mills tax in the last
plu: shall be dedicated to works of
public improvement to be designated by
the City Of New orieana
Section s. Be IT further enacted. etc.
and II Is hereby authorised and EN-
powered to expend the proceeds of said
bonds for the construction and equip
In and for the City Of New Orleans, in
cluding tracks. sidings, switches spurs
crossovers and all appurtenances and
accessories thereto: the building of
sheds. statiors. signals and all other
necessary structures incident to the
construction and equipment of rail-
roads; for the purchase of locomotives.
switch engines. cars and other neces-
sary rolling stock: for the payment of
property purchased or appropriated
tor tne purpose OF laying tracks. sid
or for the erection Of necessary struc-
, lures and buildings incident to rail-
roads. for the purchase of existing
roadbeds. tracks. switches, sidinrs.
spurs. crossovers. or for the expropria-
ton of the same: for the purchase Of
oarRes and tugboats and other proper
~ incident to the operation of a barge
system: and generally for the purchase
and equipment OF all property, movabls
and ffnmovable. necessary and proper
to construct and equip said public belt
railroad system, and an an incident
thereto. a barge system-
Section s. Be 1t further enacted etc
That there shall be and there is here
Dy irrevocably dedicated to the people
OF the City Of New Orleans for perpet-
ual and exclusive public use said Pub
lie Belt Railroad System. as the Same
has been heretofore. or NAV hereafter
De established by the City Of New Or
leans. the title and use to which said
public belt railroad system shall be
and shall forever be In the peopls OF
the City OF New Orleans
That all laws. servitudes. privileges
and rights In favor OF the State OF
Louisiana. the City OF New Orleans and
the people of the City Of New Orleans,
now existing In or on the lands or
property on or contiguous to the Mis-
sissippi river shall continue TO exist
unimpaired until the full payment of
the principal and interest II the bonds
to be issued under this Act
Section Z. Be Ii further enacted. etc,
That the City Of New Orles rs shall con-
struct equip. maintain and operate said
Public Belt Railroad System In the City
of FeW Orleans. through and by means
of such board or commission. as may
have been or may be organized by the
City of New Orleans. the members OF
which shall be appointed by the Mayor
of the City of New Orleans with the
consent of the Council. the powers, du-