The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-09-26
EMENT TO THE ST. MARY BANNER. FRANKLIN La sATUB
ACT No. 179.
House Bill No. 1873. BY Mr.. Barrett.
AN ACT

ACT No. 179.
House Bill No. 1873. BY Mr.. Barrett.
AN ACT
To authorize the City of New Or
leans to issue two million ($2,OOO,-
OOO) dollars of five 80 per cent.
bonds. which shall be exempt from
taxation; to provide for the sale
thereof; 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 Commits
sion as 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 Com
missioners of the Port of New Or
leans in relation thereto, and to sub
nit to the people of the State of Lou
isiana an amendment to the Consti-
tuition of the State Of Louisiana au-
thorfzing the issue Of said bonds and
ratifying the provisions of this Act.
Section /. Be it enacted by the
General Assembly of the State OF
Louisiana, two-thirds of all the MEM
bers elected to each House concur
ring, That, subject to the ratifica.
tior of the people of the State of
Louisiana, by an amendment to the
Constitution of the State, hereinaf-
ter submitted to them, the City OF
New Orleans is hereby authorized
and empowered to issue bonds not to
exceed two million ($2,OO0,O0O.0O)
dollars in amount, to be dated Janu-
airy /, 1909, bearing five 60 per
cent. per annum interest, payable
semi-annually, the principal of which
shall be payable at any time between
July 1, 1889, and July l, 1859.
Said bonds shall be drawn paya-
BILE to bearer, and shall be styled:
Public Belt Railroad Bonds of the
! City of New Orleans" They shall
be of the denominations and be num-
bered as follows. to-wit:
| Five thousand (5,O00) of one hun
dred d$,OO.Oc) dollars each, num-
bered from 1 to 5000, both inclu-
sive.
One thousand (1,OOO) of five
hundred ($5O0.00) dollars each
numbered from 5,001 to 5000, both
inclusive.
One thousand u.OOO) of one thou.
sand (S1,OOO.O0) dollars each
numbered from 6,OO1 to 1000. both
inclusive.
They shall be payable in lawful
money of the United States. with
semi-annual interest coupons attach
ed, due July and January l. They
shall be signed by the Mayor of tbs
City of New Orleans and counter
signed by the Comptroller and the
Treasurer of the City of New Or
leans. They shall be exempt from
all taxation. State, parish and mu
nicipal, and the tutors of minors anf
curators Of interdicts shall be au
thorized to invest all funds in theil
hands In such bonds. They may b.
registered and released from regis
try under such rules and regulations
as may be prescribed by the City o
New Orleans, and no registered bono
shall be negotiable. They shall b.
received on deposit with the Stat
or its officers or any of its politica
subdivisions or municipalities In al
cases where, by law. deposits o
bonds are allowed or required to b
made. as security with the State. o.
it, officers. or with any of its politi
cal subdivisions or municipalities.
Section 2. Be 1t further enacted
etc., That as soon as constitutions
authority for the issuance of salt
bonds shall have been obtained. tn
City of New Orleans shall be author
lied to cause said bonds to be en-
graved and executed. The City o
New Orleans is hereby authorizes
and empowered, on and after Janu
ary l, 1909, to sell said bonds, a
such times and in such numbers an
amounts, and upon such terms AM
conditions as the City Of New Or
leans may deem advisable, provide'
that no sale shall be made by sal
city. except upon sealed proposals t
be submitted to said city after ad
vertisement for the same shall b
had for thirty (3O) consecutive day
in one or more daily newspaper O
newspapers of the cities of New Yorl
and New Orleans. respectively, an
provided that no sale shall be mad
BY said city at q price less than pa
and accrued interest. the city to nav
always the right to reject any an
all bids. Coupons attached to sal
. bonds, past due at the time OF deliv
cry, shall be detached and cancele
by said city before delivery of tn
bonds.
Section 3. Be 1t further enacted
etc., That the principal and intcres
of said bonds shall be paid by pref
. erence from the revenues Of the Put
, lie Belt Railroad of the City OF Me-
Orleans, after deducting the expense
of maintenance and operation. an
all Public Belt revenues collectibl
under existing laws or ordinances. o