The southern sentinel., 1908-08-28

port of New Orleans Is he fter
- md empowered. on ana -,
Ia,'.arv / 1909. to exchange, az 80
wo,s than par and accrued lntei -'..s.
many of said bonds as NAY ,UO,iaattons
sary 10 retire OUTSTANDING S,a NJ the
of said Board. coupons past uus md
a.. of exchange To be detacheu H.
s.''ncaled by said Eoard before i,',
cry of bonds: and said Boaru u s.n tbs
authorized and empowsu, , whole or
rsmainder OF said bonds. IN sucn
ID narf In such manner. ana upon hi..a gu.
terms and conditions. as Dy sal1 sal1,.';5.ad
may he deemed advisabie; ia
that no sale shall De lii1 nidp nat TO the
Poard less tnan par and accrued Ii ill.,
est Coupons attached 70 sho n
nast due at the time of delivery p.rd
be detached and cancelled py saiu Do"'N
before delivery Gf the bonos. a,c
Section 4 Be II further enacted: etc;
That the principal and Interest OF sdIu
bonds shall be paid by prefeIenTse T,mis- mis-
sioners of the Port of New orleans,
and ali revenues collectible under tne
laws, as now existing. shall oe anu
hereby pledged to secure saiS sSaII the
charges imposed by said Board. unuea
the law now existing. be reducea 10
amount less thru necessary TOT wy
payment of the princlpai ana at com.
missioners of the Port OF New orleans
as presently organized and without oi-
minuation of existing territorla, Ju
risdiction. shall continue In lesG
istsnce until all the bonds issued In ac-
cordance with this Act shall nave peeh
paid I'm principal and interest provlu
ed that the members of said Board snali
be appointed by the Governor suoJsct
to removal by the Governor. and the
Governor shall have power to III all
vacancies.
The interest on said bonds shall be
evidenced by coupons attached thereto.
payable semi-annually. by the Treasur-
er of the State of Louisiana, on the
first days of July and January: and
said Board shall place on deposit on
fore the first of April OF every suose-
auent year. with the Treasurer OF the
State of Louisiana. to the credit OF
special account to be styled Interest
Account" an amount equal to the an
nual interest on all bonds that may
have been delivered Said Treasurer is
hereby empowered and directed and IL
such coupons that may be due when
presented by any holder thereof In
the year 1924. and annually Thereafter
said Board shall. in addition 10 the
amount OF the annual interest due on
the Ist of July. place on deposit. on or
before April 1, with the Treasurer OF
the State of Louisiana. TO the credit
OF a special account to be styled Bond
Redemption Account" a sum OF one
hundred thousand dollars ts1o0. 100000.
and the said Treasurer Is hereby en-
powered and directed. and IL Is made
his duty. TO pay. on the LIST OF July. OF
the year 1924. and annually thereafter,
out OF said Bond Redemption AcrYunt,
one hundred (10e) of said bonds In the
reverse order of their issue; and all
bonds and coupons retired tznder this
Act shall be by said Treasurer duly
Cancelled and delivered to the Board or
Commissioners OF the Port OF New Or
leans. which shall receipt for same.
and which shall ret5sfn and paste the
~
IL kept for that purpose 1t shall be
the duty of SAID Treasurer to require
said deposits 10 be made as aforesaid:
and in case os failure on the part OF
said Board - make said deposits. or tn
impose. unSer the law as now existing.
the charges for the use OF said
wharveD' landings. sheds and appur-
tenancIs thereto. or to collect the reNe-
nues s-therefrom. In an amount suffi-
cieRf to provide for the payment OF in
terest due or to become due. and the
Act. said Treasurer is hereby empower
ed and directed. and IL Is made his duty
to impose said charges and collect said
revenues, and to apply the same TO the
purposes of this Act. and To that eX-
tent. and for that purpose only. and for
such time as may be necessary to that
end. the said Treasurer Is hereby au-
thorized TO exercise all the powers and
IS charged with all the duties vested
under existing law in the Board of
Commissioners of the Port OF New Or
leans
Section 4. Be 1t further enacted. etc.
That all of the provisions of this Act
shall constitute a contract between the
holder OF the bonds issued Hereunder.
the State of louisiana. and the Board
of Commissioners OF the Port of New
Orleans.
Section s. Be IL further enacted. etc.
That the Board of Commissioners of
the Port of New Orleans shall. and IL
is hereby authorized and empowered to
he mr. nf sal
the extension OF existing wharves. for
building new wharves. for erecting
sheds. for constructing roadways. and
of suitable dredges. barges and tug
boats: for the payment of wharves or
other property purchased or expropri
ated. and for the payment of obliga-
standing: provided that no private
property shall be taken without Just
and adequate compensation previously
on the sIst day of December Of each
year. the said board snail furnish a de-
tailed account of the receipts and ex-
penditures to the Governor of the
once In the official journal Of the City
of New Orleans
Section s. Be IL further enacted, etc,
That at the Congressional. election to
day following the first Monday of No
vember. 1908. the following amendment
to the Constitution of the State of
Louisiana shall be submitted to the
electors of the State. to-wit: The
Board of Commissioners of the Port of
New Orleans shall have power. and A
shall be Its duty. to issue three million
five hundred thousand dollars (g35OO.-
oeo-oo) Of bonds to be known as Port
Commission Bonds.' for the purposes
and under the provisions and condi-
tfons set forth In the Act of the Legis-
lature adopted to that end and for that
purpose at the regular session of the
General Assembly of 1908. which said
Act Is hereby ratified and approved:
and ali provisions of the present Con-
stitution of the State In conflict with
the provisions of this Act and with
this amendment are: to that extent and
for that purpose only. repealed
Section z. Be IL further enacted etc
That. on the official ballots to be used
at said election shall be placed the
words:> For the Port Commission
Bond Amendment" and the words:
Against the Port Commission Bond
Amendment" and each elector shall in
dicate his vote on the proposed amend.
ment as provided bv the general elc,-
tfon laws of this State
H. G. DUPRE.
Speaker of the House OF Representatives
p. NJ LAMBREMONT.
Lieutenant Governor and President of
the Senate
Approved July 8. 1903.
j. Y. SANDERS.
Governor of the State of Louisiana
A true copy. JOHN T. MICHEL.
Secretary of State.