St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-09-12
ACT no. 179.
House Bill No. 1853.
By MFR. Barrett.

taxation; 10 provide Tor the sale Thereon; 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 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 authorlz
ing the issue of said bonds and ratifying the
provisions of this Act.
Section l. Be it enacted by the General
Assembly of the State of Louisiana. two-thirds
Of all the members elected to each House con-
curing, That subject to the ratification of the
people of the State Of Louisiana, by an amend
ment to the Constitution of the State. here
matter submitted to them, the City OF New
Orleans is hereby authorized and empowered
to issue bonds not to exceed two million t$Z-
0OO, OO0.O0) dollars in amount, to be dated Jan
uary /, 1909, bearing five ~ per cent per an
mum interest, payable semiannually. the prin-
cipal of which shall be payable at any time
between July /, 1880, and July /, 1859.
Said bonds shall be drawn payable to bearer,
and shall be styled: Public Belt Railroad
Bonds of the City of New Orleans. They
shall be of the denominations and be num-
beFed as follows. to wit:
Five thousand $4,000 Of one hundred
(S1OO.0O) dollars each, numbered from 1 to
5000, both inclusive
One One thousand Q,ooo) of five hundred
($5oO. 0O) dollars each, numbered from 5O01 to
5000, both inclusive.
one thousand $1,000 of one thousand
g.; 00o. O0) dollars each, numbered from 6OO1
to 1000, both inclusive
They shall be payable in lawful money OF
the United States, with semi-annual interest
coupons attached, due July and January l.
NV fba Of fho ~
of New Orleans and countersigned by the Comp
troller and the Treasurer of the City OF New
Orleans. They shall be exempt from all taxa
ton, State parish and municipal. and the tutors
of minors and curators Of interdicts shall be
authorized to invest all funds in their hands
in such bonds They may be registered and
released from registry under such rules and
regulations as may be prescribed by the City
of New Orleans, and no registered bond shall
be negotiable They shall be received on de-
posit with the State or its officers or any OF
its political subdivisions or municipalities In all
cases where, by law, deposits of bonds are
allowed or required to be made security
with the State or its officers, or with any of
its political subdivisions or municipalities
Section 9 Be it further enacted. ETC., That
as soon as constitutional authority for the
issuance of said bonds shall have been OBJ
tanned, the City of New Orleans shall be
authorized to cause said bonds TO De en-
graved and executed. The City Of New Or
leans is hereby authorized and empowered, on
and after January /, 1909. to sell said bonds.
at such times and in such numbers and
amounts and upon such terms and conditions
as the City of New Orleans may deem advis-
able provided that no sale shall be made by said
city except upon sealed proposals to be sub
mftted to said city after advertisement for
the same shall be had for thirty (3O) consecu-
tive DAYS in one or more daily newspaper or
newspapers of the cities Of New York and
New orleans respectively. and provided that
no sale shall be made by said city at price
less than par and accrued interest, the CITY
oI,,-a %ha TfU 70 and
all bids Coupons attached to said bonds,
past due at the time Of delivery shall be de-
tached and cancelled by said city before deliv-
cry of the bonds.
saction z Re IL further enacted. etc.. That
the principal and interest of said bonds shalt
be paid by preference from the revenues OF
the Public Belt Railroad of the City of New
Orleans. after deducting the expenses OF malnte-
| nance and operation, and all Public Belt reve-
nues collectb1e under existing laws or ordinances
| or amendments thereto, and all fature PUP
| lie Belt Railroad revenues after deduetlng the
| expenses of maintenance and operation, are
| hereby pledged to secure said bonds and in
| terest The interest said bonds shall be
| evidenced by coupons attached thereto, paya-
| HE 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 October, 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 deducting the expenses OF
| maintenance and operation, which appropria'
| lions shall be credited on the books OF the
| Treasurer of the City Of New Orleans, to a
| special account to be STYLED Public Belt Rail
| road Bond Interest Account, amounts equal
| 70 the semi-annual interest on all bonds that
| NAV have been delivered The Treasurer OF the
| City of New Orleans is hereby empowered ant
! directed and it is made his duty. to pay any
and all such coupons that may be Que WneE
| tad hp holder thereof,
| In the year 1899. and annually thereafter
| the City of New Orleans, shall in addition t(
! the amount Of the semi annual interest due
| on the first Of July and January OF eact
| year appropriate. on before the first day
| of April out of the revenues OF the Public
| Belt Railroad of the City of New Orleans
after deducting the expenses OF malnte eil
| and operation, which appropriations shall bt
| credited on the books Of the Treasurer OF th'
| city of New Orleans to a special account to bt
| styled Public Belt Railroad Bond Redemp
| +ion Account the of one hundred thousand
| Is1Oo 90 0O) dollars, and the said Treasurer
| is hereby empowered and directed, ana 1t il
made his duty to pay, on the hrst Gay OF Jul!
| of the year 1889, and annually thereafter gu
| NJ said bond redemption account, one hun
| dred thousand ($100, 000.00) dollars OF salt
| bonds, In the reverse order of their issue
| and all bonds and coupons retired under thl
| Act shall be by said Treasurer duly Cancelled
| md he pasted as vouchers In a book to b.
by said Treasurer kept for that purpose
| In case Of failure the part OF the Cit!
| of New Orleans to make said appropriation
| at the times herein fixed and to admin1ste
| and ,onerate said Public Belt Railroad of thu
| civ of New Orleans, and to collect the rev
enues therefrom to provide Tor the paynen
| of interest due to become due, and the re
| demption of bonds as provided Tor IN Uni
\ Act the Board of Commissioners of the Por
| OF New Orleans is hereby authorized. empower
| ed and directed, and it is made its duty I
| administer and operate said Pubic Beit hadl
road to impose such charges as 1t may n
| and collect said revenues and levy and collec
the special tax hereinafter provided for ant
| TO apply the same to the purposes OF this ACT
and to that extent and for that purpose only
| and for such time as may be necessary TO ina
| end said Board of Commissioners to exercls
all the powers and is charged with an IN
duties vested under this Act in the City o
New Orleans
saction Be ii further enacted, ETC., Tha
In case there should be in any year def
cheney in the revenues aforesaid to pay IN
fuI1 interest upon all Of said bonds outstand
ing such deficiency of interest shall be funde
into bonds of such denominations a
NAV be necessary and convenient
bearing the same rate of interest as IN
original bonds. and having term TO ru
equal to the balance of the term of the orig
| nal bonds but subject to call at will by tn
civ of New Orleans; and in case any sue
bonds are issued they shall be stamped acros
| their face Interest Funding BONDS lsseu
snhiact to immediate call - and they shall b
nayable out of the special tax of two u
mills per annum, which shall be levied on an
after January /. 1913, as hereinafter provided
Said interest funding bonds shall have a
the guarantees and securities provided for tn
original bonds in this Act for their payment
| principal and interest.
In case the revenues Of the Public Be
Railroad of the City of New Orleans shoul
NOT be sufficient to provide for the payment 9
, the annual interest on, or for the redempt1o
annually on and after January ], 1882 OF an
81 o;d bonds as hereinabove set forth, the RI
demption of said bonds shall be postponed III
. til January l. 1914 and the City of New %
, leans shall levy upon all Of the taxable prof.
, erty within the present territorial limits
. satd citv special tax of two (2) mills. b.
, ginning with and including the year 194'
, tba entire proceeds whereof shall be apple
s....1I.- 4. the reclamation Of the bonds issue