The southern sentinel., 1908-08-28
ACT No. 1St


House B.D No. l52 Ey Mr. Barrett
AN ACT
To authorize the Board of Commits
sioners of the Port of New Orleans
to issue three million. five hundred
thousand dollars G. j.SOO,V. 30 OF rive
(5) per cent bonds. wnicn snail be ex-
empt from taxa.sCn; To autAorize the
exchange OF so Istany or saIu bonus as
may be necessar., 10 retire valid out
standing oohga lions of said board
and to prov.de Tor the sale ga the re-
mainder ti.ereof. to provide for the
payment OF the principal and interest,"
or said bonus ana the disposition OF
the proceeds thereof. 10 define the
powers and duties OF the Board or
Commissioners of the Port OF New
Orleans and the Treasurer OF the
state of Louisiana In relation there
to: to continue said board in exist
ence until the payment OF said bonds,
and To submit to the people an
amendment TO the constitution OF the
State of Louisiana authorizing the
issue of said bonds and raIifying the
provisions of this Act.
Whereas the Board OF Commissioners
OF the Port of New Orleans. created
under the provisions OF Act 40 OF
the General Assembly OF the year
1896. as amended by Act. No. SO OF the
General Assembly OF the year 1890.
Is vested with the administration OF
the public wnarves and landings OF
and charged with the duty OF extend
Ing. Improving ana maintaining the
same and the appurtenances there
to; and
Whereas. said Board of Commissioners
OF the Port OF New Orleans ass-.med
the duties Imposed ON At by fw, at
the termination OF the lease ketween
the City OF New Orleans Sand the
Louisiana Construction a AsfImprove-
msn Msnt ,sS5 SSnpans' amy on the 9th day of
Whereas. said Board out II its revenues
has. since said date. practically re-
built the entire wharf system re-
ceived from said louisiana Construc-
tion Il Improvement Company. built
new wharves. erected steel sheds on
the wharves Ead landings for the
protection OF merchandise in transit
constructed paved roadways and ap-
proaches thereto. provided suitable
dredxe and tugboats for dredging
and fire protection purposes: has
maintained sufficient depth of watei
and provided for the lighting and po-
llcfnK OF the wharves. landings
sheds and appurtenances thereto: and
whereas. on account of the growing
commerce OF the port and harbor OF
New Orleans IL Is now necessary that
additional wharves be constructed
and extensive enlargements and i'm
provements OF the system OF wnarves
Ian 1ings. sheds and appurtenarices be
made 30 that the facilities for the
handling OF export and import car
Eoes In the port and harbor of New
Orleans viii be equal. IL not superior.
TO similar facilities at any South At
lantic or Gulf port. and
whereas. funds cannot be made avail
able for Thea purposes except by the
issue OF bon Is: and
Whereas. the 5oard of Commissioners
Of the Port OF New Orleans Is assu..-
ed that provision can safely be made
from Its reveneus for the payment of
the Interest annually. and the pay
ment OF the principal at maturity.
of three million. five hundred thous-
and dollars (33. 500. .o00.oo) OF five per
cent bonds; and
Whereas. legislation providing for the
issue OF said bonds and recommend
Ing the submission to the people of
an amendment to the Constitution of
the State of Louisiana authorizing
the issuance of said bonds and rati-
fyinK the provisions of this Act Is
recommended by the Port Investiga-
ton Commission created by Act. No.
8 OF the Extra Session of 1907; there
Section 1. Be IL enacted by the Gen.
eral Assembly of the State OF Louisia-
ma. two-thirds of all the members
elected to each House concurring:
the people OF the State OF Louisiana. by
the adoption OF an amendment to the
Constitution of the State. hereinafter
submitted to them. the Board of COM
created by Act No. 20 of the General
Assembly of 1896. as amended by Act
No. 80 of the General Assembly OF the
year 1900. is hereby authorised and
empowered. and 1t shall be it's duty. to
five hundred thousand dollars fss5o0. :
o00.ool In amount. dated January /,
1908. bearing five per cent per annum
interest payable seruf-annually. thu
principal OF which shAt1 be payable at
any time between July l. 1924, and July
i. 1853 Said bonds shall be drawn
PAYABLE to bearer and shall be styled
Port Commission Bonds" They shall
be OF the denomination OF one thousand
dollars t1.ooo-o0) each. payable in law
interest coupons attached
due July LIST and January LIST. They
shall be signed by the President and
countersizped by the Secretary of the
New Orleans. Thew shall be exempt
from all taxation. State. parish and mu-
nicipai. and the tutors OF minors and
curatcrs of interdicts shall be authorIx-
ed TO invest the funds In their hands
In such bonds They may be register
ed and released from registry under
such rules and regulations as NAV he
prescribed by said Board of Commis-
sioners of the Port of New Orleans. and
no REGISTERED bond shall be negotiable.
They shall be receivable on deposit
with the State. or its officers, or any
OF It's political subdivisions or munich
paiities. In all cases where. by law. de-
posfts OF bonds are required or allowed
70 ee mgde as security with the State,
or its Officers. or any of it's political
subdivisions of municipalities
Section :. Be II further enacted. etc.
That. as soon as the Constitutional au-
fhorfty f)r the issuance of said bonds
shall have been obtained. n shall be the
duty Of the Board Of Commissioners of
the Port OF New Orleans to cause said
bonds q - engraved and executed