The Natchitoches enterprise., 1908-09-24
NO. 81

I penSeS OF maintenance ana operation,
neutrality-suspicious. shall be credit
ed on the book of the Treasurer Of
the City of New Orleans to special
account be STYLED "Public Belt
Railroad Bond Redemption Account p
the sum of one hundred thousand
| $780, O00) dollars, and the said
Treasurer is hereby empowered and
directed, and it is made his duty TO
pay, on the first day of July Of the
year 1889, and annually thereafter. out
Of said bond redemption account, one
hundred thousand (Sl00 100000 dollars
of said bonds, in thei reverse order
of their issue; and all bonds and cou-
pons retired under this Act shall be
by said Treasurer duly Cancelled and
be pasted as vouchers in a book TO be
by said Treasurer kept for that pur-
pose.
In case of failure on the part Of the
City of New Orleans to make sSid 3p-
propriations at the time herein fixed
and to administer and operate said
Public Belt Railroad of the City of
New Orleans, and to collect the rev
enues therefrom to provide for tie
payment of interest due or to become
due, and the redemption of bonds as
provided for in this Act, the Board Of
Commissioners of the Port of New Or
leans is hereby authorized, empower
ed and directed, and it is made his
duty to administer and operate said
Public Belt Railroad, to impose such
charges as it nay fix and collect said
revenues and levy and collect the spe-
cial tax hereinafter provided for and
to apply the same to the purposes of
this Act, and to that extent and for
purpose only, and for such time as
may be necessary to that end, said
Board of Commissioners Of the Port
of New Orleans is hereby authorized
to exercise all the powers and is charg-
ed with all the duties vested under
this Act in the City of New Orleans.
Section f. Be it further enacted,
etc, That in case there should be in
any year a deficiency in the revenues
aforesaid to pay the full interest upon
all of said bonds outstanding. such
deficiency of interest shall be funded
into bonds of such denominations as
may be necessary and convenient.
bearing the same rate Of interest as
the original bonds, and having a term
to run equal 10 the balance of the
term of the original bonds, but sub
ject to call at will by the City Of New
Orleans: and in case any such bonds
are issued they shall be stamped
across their face Interest Funding
Bonds issued subject to immediate
call, " and they shall be payable out
of the special tax of two ~ mills per
annum, which shall be levied on and
after January l, 1913, as herein proYi-
ded. Said interest funding bonds
shall have all the guarantees and Sc
curities provided for the original
bonds in this Act for their payment,
principal and interest.
In case the revenues OF tlsg ENsssfc
I Belt Railroad Of the city Of New Gr-
leans should not be sufficient to pro-
vide for the payment of the annual
interest on, or for the redemption an
nually, on and after January l, 1889,
of any of said bonds shall be postpun-
ed until January l, 1914, and the City
of New Orleans shall levy upon all the
taxable property within the present
territorial limits of said CITY q special
tax of two ~ mills, beginning with
and including the year 1913, the en-
| tire proceeds whereof shall be applied
annually to the redemption OF the
bonds issued under this Act and all
interest that may be then or there
after due thereon and all outstanding
interest funding bonds, until all
of said bonds shall have been retired
IN principal and interest If any sur
plus of said two (2) mills tax in The
last year of its levy shall exist such
surplus shall be dedicated to works Of
| public improvement to be deSignat ed
by the City of New Orleans.
Section ). Be it further enacted
etc, That the City of New Orleans
shall be and is hereby authorized and
empowered to eXpend the proceeds of
said bonds for the construction and
equipment Of a Public Belt Railroad
System in and for the City of Nsw
| Orleans, including tracks, si3iugs,
switches, spurs, croSSovers and all ap-
purtenanceS and accessories tIai o;
the building of depots, roundh0gses,
| warehouses, sheds, stations, signals
and all other necessary structures NJ
! cident to the construction ana equip
ment of railroads, for The purchase Of
locomotives, switch engines, cars and
other necessary rolling stock for the
payment OF property purchased or eS-
propriated for the purpose Of laying
tracks, Sidings, switches, spurs, cross
overs. etc, or for the erection of ne
ceSSarY structGres and building IN
cident to railroads; for the gufc ase
of existing roadoeds, tracks, sNitCi es,
! sidings, spurs, cTosSoyerS, or for he
/ appropriation of the same: for Inc
! purchase of barges and tugbOaGs and
| other property incident to the 0naTa
! tion Of a barge system; and gene ally
! for the purchase and equipmeN Of
all property, ,smoVable and imm0raDle
/ necessary aad proper to construct ND
/ equip said public belt railroad m
and as an incident thereto, a barge
/ system.
Section G. Be it further enacted
etc That there shall be and there il
/ hereby irTeyOcably dedicated ta the
people of the City Of New Orean- fol
perpetual and exclusive public lst
SAID Public Belt Railroad Sga as
/ the same has been heretofore 1Iy
hereafter be established by 5ty
/ of New Orleans, the title an J
which said public belt railroad ses
TEN hall be and shall foreta. il
the people Of the City of New Dreams
That all laws, serVitudeS, pri 2,
and rights in favor of the OI
/ Louisiana. the City Of New u,
ami tile people Of the Cifg v
T Orleans, now existing in or b ut
lands or property on or cont. ID
the Mississippi river shall can.fa tC
exist unimOaHed until the ..t paw
.neat of the principal ana in Of
ue bonds he Issued undef et
Section !. Ee il further d.
That the City Of New Orleans ali
construct, equip, maintain and 1pe-
rate said Public Belt Railr0a S. en-
oil the City Of New Orleans Though
and by means Of such board ON.
mission as may have been or Ha be
organized by the City Of New orleans
the members Of which shall 5s ap-