St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-09-05

bearing FIVE per cent per annum interest. pRya- |
BILE serni-annualiy. the principal Of which SHAH
he payable at any time between July l. 1924,
and July / 1859. Said bonds shall be drawn
payable 10 bearer and shall be styled Port |
Commission Bonds" They shall be Of the de- |
nomination of one thousand dollars t$i,W':ool
each payable in lawful money of the United |
States with semi-annual interest coupons at
tecbed due July LIST and January 1st. They
shall be signed by the President and counter
signed by the Secretary OF the Roard Oh 1om-
missioners of the Port of New Orleans Ihev
shall be exempt from all taxation. state
narfsh and municipal. and the tutors or minors
and curators of interdicts shall be authorized
to invest the funds in their hands IN sucn
bonds They may be registered and released
from registry under such rules and regulations
as NAV be prescribed by said Board OF Com
missions of the Port Of New Orleans, ana
no registered bond shall be negot1aoie. Inc!
shall be receivable deposit with the state
or it's officers or any of its political Subdivisions
or municipalities. in all cases where by Jaw
deposits of bonds are required or allowed 10
be made security. with the state. or IT'S Oh,
GERS, or any of its political subdivisions of
municipalities.
Section 2. he 1t further enacted. etc. mat
MS soon as the Constitutional authority Tor the
issuance of said bonds shall have been obtained
it shall be the duty of the Board of Commits
sioners of the Port Of New Orleans TO cause
said bonds to be engraved and executed. Inc
Board Of Commissioners of the Fort OF New
IL
on and after January J.. 1909 to exchange at
not more than par and accrued interest. so many
Of said bonds may be necessary to retire
outstanding obligations of said Board. coupons
past due at the date of exchange TO he de-
tached and Cancelled by said Board before
delivery of bonds; and said Board Is hereby
authorized and empowered to sell the remain
der of said bonds. in whole or in part. IN such
manner and upon such terms and conditions,
as by said Board may be deemed advisable:
provided. that sale shall be made by said
Board at a price which will net to the Board
less than par and accrued interest. Coupons
| attached to said bonds. past due at the time or
| delivery. shall be detached and cancelled by
| said Board before delivery of the bonds
| Section 3. Be it further enacted, etc. That
the principal and interest of said bonds shall
| be paid by preference from the revenues of
| the Board of Commissioners of the Port OF
| New Orleans, and all revenues collectible under
| the laws. as existing. shall be and are
| hereby pledged to secure said bonds and inter-
| est In no event shall the charges imposed
| by said Board. under the law now existing, be
| reduced to an amount less than necessary Tor
the payment of the principal and interest of
said bonds; and the Board of Commissioners
| of the Port of New Orleans, as presently Or
| ganized and without elimination of existing
| territorial jurisdiction. shall continue III legal
| existence until all the bonds issued in ac-
cordance with this Act shall have been paid in
| principal and interest; provided that the mem
bers of said Board shall be appointed by the
Governor, subject to removal by the Governor.
! and the Governor shall have power to NIL
all vacancies.
The interest on said bonds shall be evidenced
| by coupons attached thereto, payable semi
nually. by the Treasurer of the state OF
Louisiana, on the first days OF July and Janu-
airy, and said Board shall place on deposit
on or before April l. 1909. and on or before
the first of April of every subsequent year,
| win the Treasurer of the state of Louisiana
to the credit of special account to be styled
Interest Account" amount equal to inc
annual interest all bonds that may nave
Cuid TraaS hereby
powered and directed, and it is made his duty
to pay any and all such coupons that may bt
due on the LIST Of July, place on deposit, on OF
before April l. with the Treasurer of thu
state of Louisiana to the credit of a specia
account to be styled Bond Redemption Ac
| count of one hundred thousand dollars
C$10O 0O000). and the said Treasurer is here
: | by empowered and directed. ard 1t Is maze MI
, | duty to pay, on the LIST of July, of the yea
1924 and annually thereafter. out of said Bon'
; | Redemption Account one hundred (100) OF salt
| bonds in the reverse orcer OF their issue
and all bonds and coupons retired under TIL
. Act shall be by said Treasurer duly cancclet
and delivered to the Board of Commissioner
+ of the Port of New Orleans. which shall re
ceipt for same. and which shall retain and past
the same as vouchers. in a book to be by
kept for that purpose. 1t shall be the dut
of said Treasurer to require said deposits to h
made as aforesaid; and in case of failure o
the mart of said Board to make said deposits
= or TO impose, under the law now existing
= the charges for the use of said wharves, lane
ings sheds and appurtenances thereto, or I
collect the revenues therefrnm in an amour
= sufficient to provide for the payment of interes
a due or to become due. and the redemption c
bonds as provided in this Act said treasure
. is hereby empowered and directed. and 1t
a | made his duty. to impose said charges an
a | collect said revenues and to apply the sam
: | to the purposes of this Act. and to that q
| tent and for that purpose only. and for sue
= | time as may be necessary to that end, the sal
:. Treasurer is hereby authorized to exercise a
:, | the mowers and is charged with all the dutit
o vested under existing law in the Board
4 | Commissioners Of the Port of New Orlean
Is Section 4 Be it further enacted. etc, Thi
all of the provisions of this Act shall const
tute a contract between the holder of Il
bonds issued Hereunder. the State of LOusian
and the Board of Commissioners Of the Pc
of New Orleans.
- Section g. Be it further enacted etc. TIL
the Board of Commissioners of the Port
New Orleans shall, and it is hereby authorize
and empowered to expend the proceeds of sa
bonds for the extension of existing wharve
- for building new wharves, for erecting shed
for constructing roadways and other improV
ments: for the purchase of suitable dredge
barges and tugboats; for the payment
wharves or other property purchased or g
propriated. and for the payment Of obig
t. lions heretofore contracted and 0utstandin
provided that no private property shall
taken without just and adequate compens
ne ton previously paid.
re On the thirty-frst day Of December of ca
X year the said board shall furnish a detail
10 account or the fecelptS anu expenditures 4" /
u, Governor of the State; which report shall
Id published once in the official journal of
10 City of New Orleans.
to Section g. Be it further enacted. etc. TIL
+: at the Congressional election to be held
al this State on the first Tuesday following t
IL first Monday of November, 1908, the follow
ne amendment to the Constitution of the Sta
IS of Louisiana shall be submitted to the electt
be of the State to wit: THE Board of Comm
"a sioners of the Port of New Orleans shall la
is, power and it shall be It's duty. to issue thu
nd million five hundred thousand dollars $500
ne 600 OOl of bonds to be known as Port Co
u mission Bonds for the purposes and under
y provisions and conditions set forth in the
of the Legislature adopted to that END a
ne for that purpose at the regular session OF u
70 oral Assembly of 1908. which said Act
ny hereby ratified and approved; and ali
81 visions of the present Constitution Of
No. state in conflict with the provisions OF I
I'D Act and with this amendment are. to that
hu tent and for that purpose only, repealed
.th Section T. Be it further enacted. etc. III
Az on the official ballots to be used at sa1u eI
re- ton shall be placed the words: For
Port Commission Bond Amendment ana
ne words: Against the Port Commission ~
m. Amendment and each efector shall indie
mo his vote on the proposed amendment as !
'ns yided by the general election laws OF
~ State.
Sneaker of the House of Representati'
as T. NJ. LAMBREM0NT
t tn Lieutenant Governor and President OF
NV Senate.
w, Approved July g. 1908.
e. Governor of the State of L0uisia
90 A true copy.
tn JOHN T. mitchell.
ioi Secretary of State