St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-09-05
ACT N0. l79.
House Bill No. 153. By Mr.. Barrett

ACT NJ. l7s.
House Bill No. 153. By Mr. Barrett.
AN ACT
To authorize the City of New Orleans to issue
two million 49, OO0) dollars of five (5l
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, Or 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 ratfying the
provisions OF this Act.
Section /. Be 1t enacted by the General
Assembly of the State of Louisiana, two-thlfds
of all the members elected to each House con-
curing, That, subject to the ratifcatlon OF the
people of the State of Louisiana, by an amend
ment to the Constitution of the State, mere
matter submitted to them, the city OF New
Orleans is hereby authorized and empowered
to issue bonds not to exceed two million 80
900 600. O0l dollars in amount, to be dated jan
uary l. 1909, bearing five (5) per cent. per an
mum interest. payable seml-annualy' the Ptlh-
cipaI of which shall be payable at any time
between July ], 1899, and July l, 1852
Said bonds shall be drawn payable to bearer.
and shall be styled: public Belt Railroad
Bonds of the City of New Orleans. Ihey
shall be of the denominations and De num-
bered as follows. to wit:
Five thousand $4,000 of one hundred
($1OO.O0l dollars each, numbered from to
5000, both inclusive.
One thousand (1,000) of five hundred
| $500 OO) dollars each, numbered from 5OO1 to
| 5000, both inclusive. ,
| Isl, OO0.OO) dollars each, numbered from oooI
| to TO0O both inclusive
They shall be payable In lawful money of
| the United States, with semi-annual interest
| coupons attached, due July l and January L.
! They shall be signed by the Mayor OF me Guy
| NJ New Orleans and countersigned by the Comp
| troller and the Treasurer Of the City OF New
| Orleans They shall be exempt from all taxa
! tion State parish and municipal, and the tutors
| of minors and curators OF interdicts snail De
| authorized TO invest all funds in their hands
| In such bonds They may be registered AND
| released from registry under such rules ana
regulations as may be prescribed by the CITY
| of New Orleans. and no registered Dohd snaA
| no negotiable They shall be received on de
| posit with the State or its officers or any OF
its political subdivisions or munlclpahtles IN al
cases where. by law, deposits OF bonds are
| allowed or required to be made, as securlt!
| with the state, or its officers. or with any OF
| its political subdivisions or municipalities.
| Section 9 Be it further enacted ETC., Tha
! as soon as constitutional authority FOR th'
issuance of said bonds shall have been Cd
| tanned the City of New Orleans shall b'
authorized to cause said bonds TO De en-
crayed and executed. The City OF New of
leans Is hereby authorized and empowered. oil
| and after January l. 1909 to sell said bonds
at such times and in such numbers an'
amounts and upon such terms and CONDITION.
as the City of New Orleans may deem advls
Gale he
CITY except upon sealed proposals to be sun
mitted to said city after advertisement 10
the same shall be had for thirty (3o) consecl
tive DAYS in one more daily newspaper o
! narsnsners of the cities of New York an
New orleans respectively. and provided tina
no sale shall be made by said city at prie
less than par and accrued interest, Hhe cit
| to have always the right to reject any an
| oil bids Coupons attached to said BONDS
mast due at the time of delivery, shall be dc
tacbed and cancelled by said city before dellV
cry of the bonds.
the principal and interest of said bonds sha
| be paid by preference from the revenues
| the Public Belt Railroad of the Clty OF Me-
| Orleans after deducting the expenses OF maintt
I nance and operation. and all Public Belt revt
nues collectble under existing laws or ordinances
I or amendments thereto, and all 1uture fnt
lie Belt Railroad revenues after deductlng IN
oxpenses of maintenance and operation. al
, harohv uledged to secure said bonds ana IL
tercst The interest on said bonds snail
4 | evidenced by coupons attached thcfeto, paE'
BILE semi-annually by the Treasurer OF u
Cyitv of New Orleans. on the first days of Jul
a and January and the City of New OrleaI
: shall appropriate on or before tne hrst ga!
of April and October, 1902 and annual
a thereafter to provide for the payment OF IL
a semi-annual interest due July l and Janual
: / of each subsequent year, out of the revenue
n of the Public Belt Railroad of the City
= New Orleans after deducting the expenses
: maintenance and operation, which appropri
| lions shall be credited on the books OF
! Treasurer of the City of New orleans TO
special account to be styled Public Belt Raj
% | road Bond Interest Account" amounts ecu
:, | to the semi-annual interest on all bonds tn
= may have been delivered. The Treasurer OF u
4 | City of New Orleans is hereby empowered al
directed, and it is made his duty. to pay al
and all such coupons that may De que WIZ
n | presented by any holder thereof
y In the year 1899, and annually thereatte
. the City of New Orleans. shall In ADDITION
= the amount of the semi-annual interest d
e on the first of July AND January of ca
u year appropriate, on or kefore the nrst q
- Of April, out Of the rrYnues OF the PUB
i Belt Railroad of the u nv of New orleaI
- after deducting the ex %nses OF matntenan
&c and operation, which appropriations shall
- credited on the books Of the Treasurer OF t
- CITY of New Orleans to special account 10
IL styled Public Belt Railroad Bono heaen
- tion Account - the sum of one hundred thousa
$500 OOOO) dollars and the said Ireasui
=, is hereby empowered and directed, and II
n made his duty to pay. on the nfst gay oL 81
oF he
-, of said bond redemption account one nj
- ~ dred thousand ($100, 100000 dollars OF Sc
~ bonds in the reverse order OF their lss.
= | and all bonds and coupons retired under q
'e Act shall be by said Treasurer duly cancer
If and be pasted as vouchers in DOOR TO
u | nv said Treasurer kept for that purpose.
= Tn case of failure on the part OF the U
:, | Of New Orleans to make said approprlau'
IA at tho times herein fixed and to ADMINS
"a and onerate said Public Belt Railroad OF
:. | CITY of New Orleans, and TO collect the II
,a | enues therefrom to PROVIDE ZOE the pay
Nv of interest due or to become que, ana the
20 demntjou of bonds, provided Tor IN
u y, Act the Board of Commissioners OF the
~ ~ Of New Orleans is hereby authorized, empoW
~ cd and directed, and 1t is made It's nuty
~ administer and operate said PupHc oelt ~
road to impose such charges as 1t may
=: and collect said revenues and levy ana con
IN the special tax hereinafter PROVIDED tor
~ to apply the same to the purposes OF tnls a
% and to that extent and for that PURPOSE " ;.
"a And for such time as may be necessary 10 L
g end said Board of Commissioners TO eAer'
NOR all the powers and is charged with an
~ duties vested under this Act in the city
ial New Orleans. - r
lie in case there should be in any year
he cheney in the revenues aforesaid 10 pay
Of full interest upon all of said bonds outsta
pw ing such deficiency of interest shall De 1uh
T ne into bonds of such denominations
act may be necessary and convene
ebt bearing the same rate of interest as
lb- original bonds. and having a term 10
of equal to the balance OF the term oA -, uhI "a
We nal bonds but subject to call at will by
as City of New Orleans; and in case any
tu- bonds are issued they shall be stamped ac
their face Interest Funding Bonds lss
nat subject to immediate call and they snaii
ity payable out of the special tax of two
es, mills per annum, which shall be levied ON
INK after January ], 1913. hereinafter PROVE
ese Said interest funding bonds snail nave
aid the guarantees and securities PROVIDED hor
be original bonds in this Act for their paym
ion principal and interest.
In case the revenues Of the Public
Railroad of the City of New orleans sh
mot be sufficient to provide for the payment
e annual interest on, for the redemp