St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-10-17
ACT NV. 179.

House Bill No. 1853. By Mr.. Barrett
AN ACT
To authorize the City of New Orleans to issue
two million $4,000, O00) dollars of five (5)
per cent bonds, which shall be exempt from
taxation; to provide for the sale thereof; to
provide for the payment of the principal ana
interest of said bonds; to provide for the
disposition of the proceeds thereof. through
such Public Belt Railroad Commission 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, ana the
mowers duties and functions of which shall
be prescribed by the City of New Orleans;
to define the powers and duties OF the Clty
of New Orleans and the Board OF CoInmlS-
sioners of the Port Of New Orleans IN reiatioh
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 ana rat1iylhs tne
provisions of this Act.
section / Be it enacted by the General
Assembly of the State of Louisiana, two-thiros
of all the members elected to each HHlse con
curing, That, subject to the rattncation OF the
people of the State of Louisiana. by an amend
mept tn the Constitution Of the State, mere
matter submitted to them, the CITY OF New
Orleans iE hereby authorized ana empowered
to issue bonds not to exceed two million w.
600 GOO, O0l dollars in amount. to be dated Jan
uary l. 1909, bearing five (5} per cent. per an
mum interest payable semi-annually. the prin-
cpal of which shall be payable at any time
~OO
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-
bered as follows. to witt
Five thousand (5.O0O) OF one hundred
(s10o, oo) dollars each, numbered from / to
g. OOO both inclusive.
One thousand O,oOO) of five hundred
(F5oO.00) dollars each, numbered from oVOA 10
8000 both inclusive.
One Thousand Q.o00) of one thousand
ISL 900, O0) dollars EACH numbered from O001
to 1000, both inclusive.
tbe limited States with semi-annual interest
coupons attached, due July and January l.
They shall be signed by the Mayor of the City
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 may be prescribed by the CITY
of New Orleans, and no registered BOND shaH
he negotiable They shall be received on de-
posit with the State its officers or any of
its political subdivisions municipalities in all
cases where by law, deposits Of bonds are
allowed or required to be made, as security
with the State its officers. or with any OF
its political subdivisions or municipalities.
section g Be it further enacted, etc., That
as soon as constitutional authority for the
issuance
tanned *he City of New Orleans shall be
authorized to cause said bonds to be en-
grayed 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 sale shall be made by said
citv exeept upon sealed proposals to be sub
mitted to said city after advertisement for
the same shall be had for thirty (3o) eonsecu-
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
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 de-
tsched and cancelled by said city before deliv-
cry of the bonds.
section g. 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 Sne City Of New
Orleans. after deducting the expenses of mainte-
nance and operation, and all Public Belt reve-
nues colectible under existing laws ordinances
or amendments thereto. and all future Pub
lie Belt Railroad revenues, after deducting the
expenses Of maintenance and operation are
hereby pledged to secure said bonds and in
terest. The interest on said bonds shall be
evidenced by coupons attached thereto paya-
BILE 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 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
IN $h0 Liant iOfnFpQf honda
| 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 coupons that may be due when
! presented by any holder thereof
| In the year 1880. and annually thereafter,
| the City of New Orleans, shall in addition to
the amount of the semi-annual interest due
| on the first Of July and January Of each
| year appropriate, on or before the first day
| of April ont of the revenues Of the Public
| Belt Railroad of the City of New Orleans.
after deducting the expenses Of maintenance
and operation. which appropriations shall be
| credited on the books of the Treasurer Of the
| City Of New Orleans to special account to be
| styled Public Belt Railroad Bond Redemp-
| ton Account" the sum of one hundred thousand
| $500, 000D) dollars, and the said Treasurer
is hereby empowered and directed and 1t is
| made his duty to pay, on the first day Of July
| of the year 1885, and annually thereafter, out
| of said bond redemption account, one hun
| dred thousand ($1O0, 000.0O) dollars Of said
! bonds in the reverse order of their issue;
| and all bonds and coupons 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 purpose.
| In case of failure the part Of the City
| Of New Orleans to make said appropriations
| at the times herein hxed 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 the payment
| Of interest due or to become due, and the re-
| demption of bonds, provided for in this
| Act the Board of Commissioners Of the Port
| of New Orleans is hereby authorized, empower
| ed and directed. and it is made it's duty to
| administer and operate said Public Belt Rail-
/ road to impose such charges as it may fix
| and collect said revenues and levy ard collect
/ S5e special tax hereinafter yGJFided for and
| to apniy Sae 4aEEo ~ sAs purposes of this Act.
and to that extent and for that purpose only,
| and for such time as may be necessary to that
! end, said Board Of Commissioners to exercise
| all the powers and is charged 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 def
| cheney in the revenues aforesaid to pay the
| full interest upon all Of said bonds Outstand-
ing. 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 term 70 r1n
| equal to the balance of the term of the ~~iEi
| nal bonds. but subject to call at will by 'hS
City Of New Orleans; and in case any sEcG
bonds issued they shall be stamped across
| their face Interest Funding Bonds isseud
| subject to immediate call - and they shall be
1 payable out of the special tax of two (2)
| mills per annum, which shall be levied on and
/ after January l. 1913. as hereinafter provided
Said interest funding bonds shall have all
/ the guarantees and securities provided for the
| original bonds in this Act for their payment,
| principal and interest.
| In case the revenues of the Public Belt
/ Railroad of the City of New Orleans should
/ not be sufficient to provide for the payment Of
the annual interest on, for the redemption
| annually. on and after January ], 1888, of any
| of said bonds as hereinabove set firth, the re-
| demption OF said bonds shall be postponed I'M
| til January /, 1914, and the CITY q New Or