The true Democrat., 1908-09-19


sealed proposals to be submitted TO
said city after advertisement for the
same shall be had for thirty (3O) con-
secutive days in one or more daily
of the cities OF New YORK
and New Orleans, respectively, and
provided that no sale shall be made
by said city at a price less than par
and accrued interest, the city to have
always the right to reject any and all
bids. Coupons attached to said bonds,
past due at the time of delivery, shall
be detached and Cancelled by said city
before delivery of the bonds.
Sections. Be it further enacted, etc.,
That the principal and interest OF said
bonds shall be paid by preference
from the revenues of the Public Belt
Railroad of the City of New Orleans,
after deducting the expenses OF main
tenance and operation, and all Public
Belt revenues collectible under exist
ing laws or ordinances, or amend
ments thereto, and all future Public
Belt Railroad revenues, after deduct
ing the expenses of maintenance and
operation, are hereby pledged to Sc
cure said bonds and interest. The in
terest of said bonds shall be evidenced
by coupons attached thereto, payable
semi-annually by the Treasurer OF the
City of New Orleans, on the first days
of July and January, and the City OF
New Orleans shall appropriate on or
before the first days of April and Oc-
tober, 1909, and annually thereafter,
to provide for the payment of the semi
annual interest due July and January
of each subsequent year, out OF the
revenues of the Public Belt Railroad
of the City of New Orleans, after de-
ducting the expenses of maintenance
and operation, which appropriations
shall be credited on the books of the
Treasurer of the City of New Orleans,
to a special account to be styled
"Public Belt Railroad Bond Interest
Account, amounts equal to the semi
annual interest on all bonds that may
have been delivered. The Treasurer
of the City of New Orleans is hereby
empowered and directed, and it 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 1899, and annually
thereafter, the City of New Orleans,
shall, in addition to the amount OF the
semi i-annual interest due on the frs
of July and January of each year ap
propriate, on Or before the first day o.
April, out of the revenues of the Pub
lie Belt Railroad of the City of New
Orleans, after deducting the expense:
of maintenance and operation, which
appropriations shall be credited OF
the books of the Treasurer of the City
of New Orleans to a special accoun
to be styled "Public Belt Railroad
Bond Redemption Account, " the sun
of one hundred thousand $500, 10000
dollars, and the said Treasurer il
hereby empowered and directed, ant
it is made his duty to pay, on tn,
first day of July of the year 1899, ant
annually thereafter, out of said bone
redemption account, one hundred
thousand ($1OO, ,OOO.O0) dollars of saie
bonds, in the reverse order of their is
sue; and allbonds and coupons retire'
under this Act shall be by said Treas
urer duly Cancelled and be pasted a
vouchers in a book to be by sai'
Treasurer kept for that purpose.
In case of failure on the part of th
City of New Orleans to make said ap
8 preparations at the times herein fiXe
and to administer and operate sal
Public Belt Railroad of the City @
New Orleans, and to collect the reve
nues therefrom to provide for the pay
, ment of interest due or to become due
and the redemption of bonds, as pro
, vided for in this Act, the Board c
Commissioners of the Port of Ne,
Orleans is hereby authorized, empow
cred and directed, and it is made it
duty to administer and operate sal
Public Belt Railroad, to impose sue
charges as it may fix and collect sal
revenues and levy and collect tn
special tax hereinafter provided fo
and to apply the same to the purpose
. of this Act, and to that extent and fo
that purpose only, and for such tim
as may be necessary to that end, sal
Board of Commissioners of the POI
of New Orleans is hereby authorize
to avano;ca a IL tho nouopc op6 &c oh q M