The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-09-17

provided in the general election laws ot
the State. p. NJ. i.AMBREMoNr.
Governor and Pre- Sident OF
II. C. DUPRE
Spca kcr of the Hnuse Of Representatives
Approved July End. 1905:
j. y. SANbEkH,
Governor of the State OF Louisiana.
A true copy. JOHN r. MICHEL.
Secretary of State
ACT No. 179.
House Bill No. 1853 BY AIR. Barrett
AN ACT
To authorize the City of New Orlsans
to issue two million t$2,00t .00O) dol
lars OF five 90 per cent bonds, which
shall be exempt from taxation; to
provide for the sale thereof. to pro-
vide for tho payment of the principal
and interest Of said bonds TO pi o\ ide
for the disposition Of the proceeds
thereof through such Publ. Belt
Railroad Commission ns the City of
New Orleans may have heretofore or
ganized, or may hereafter organize,
the members of which shall be APP
pointed by the Mayor of the City of
New Orleans. and the powers, duties
and functions Of which shall be pre-
scribed by the City Of Kew Orleans;
to define the powers and duties of the
City Of New Orleans and the Board OF
Commissioners of the Port of New
Orleans in relation thereto. and to
submit to the people of the State of
Louisiana an anne ndment to the Con-
stitution of the State OF Louisiana
authorizing the issue of said bonds
and ratifying the provisions of this
Act
Section i. Be it enacted by the Gen
eral Assembly of the State of Louisiana,
two-thirds of all the members elected
to each House concurring. That. subject
to the ratification of the people of the
State of Louisiana, by an amendment
to the Constitution of the State. herein
after submitted to them. the City of
New Orleans lis hereby authorized and
empowered to issue bonds not to eX-
coed two million ($2.O0O.e 600. 900 dollars
in amount. to be dated January l. 1903
bearing five 90 per cent per annum
principal of which shall be payable at
any time between July 1. 1889, and
July l. 1859
Said bonds shall be drawn payable to
bearer. and shall be styled: Public
Belt Railroad Bonds of the City of New
Orleahs.' They shall be OF the denomi-
nati. :, and be numbered as follows. to-
wit:
Five thousand $4,000 of one hundred
s10ou0) dollars each. numbered - T.
to 5000. both inclusive. efundrcc
One thousand l.9eefa. A. Numbered froml
l$1oo.Go) doIlarss inclusive.
Ono Thousand t1,roh) of one thousaA-t
(s1. Doo.00} dollars each, numbered from
OuVl 10 tuVVs DOtu lHcluSiNe.
They shall be payable in lawful mon
ey of the United States. with semi-an-
nual interest coupons attached. due
July l and January l. They shall be
signed by the Mayor Of the City, of New
Orleans and countersgned by the
Comptroller and the Treasurer of the
City of New Orleans. They shall be ex-
empt from all taxation State, parish
and municipal. and the tutors of mi
nors and curators OF intcrdicts shall be
~ n n
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 reg stored bond shall
be negotiable. They shall be received
on deposit with the state or it's 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. as security with
the State. or its officers. or with any of
Its political subdivisions or municipal
tiles.
That as soon as constitutional author
ity for the issuance of said bonds shall
have been obtained, the City of New
Orleans shall be authorized to cause
ed The City of New Orleans is hereby
authorized and empowered. on and at
ter January !. 1909. to sell said bonds
at such times and in such numbers and
amounts and upon such terms and con-
ditions us the City Of New Orleans may
deem advisable. provided that no sale
shall be made by said city. exccp. upon
sealed proposals to J." submitted to
said city after advertisement for the
same shall he had for thirty 500 con-
secutive days in one or more daily
newspaper or newspapers of the cities
of New York and New Orleans respec-
tfvelv. and provided that no sale shall
be made by said city price less
inf 1T
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
Section :. 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 Rail-
road of tie City of New Orleans, after
deducting the expenses of maintenance
and operation. and all Public Belt rev.
enues collectihle under existing laws
or ordinances. or amendments thereto.
and all future Public Belt Railroad
revenues. after deducting the expenses
of maintenance and operation are
hereby pledged to secure said bonds
and interest The interest OH said bonds
shall be evidenced bv coupons attached
thereto. payable semi-annually bv the
Treasurer Of the City of New Orleans,
on The first days of july and January.
and the City of New Orleans shall APP
prOpTldte on or DeIofc inc flrSt Gays
OF April and October. 1909. and annual
ly thereafter, to provide for the pay
ment of the semi annual interest due
July l and Januar! l of each subse-
quent 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
appropriations shall be credited on the
books of the Urea surer of the City Of
New Orleans. to special account to be
styled Public Belt Railroad Bond In
terest Account" amounts equal to the
semi-annual interest on all bonds that
may have been delivered The Treasur-
or of the City of New Orleans is hereby
empowered and directed and it is made
mis- duty. to pay any and all such cou-
pons that may be due when presented
by any holder thereof
In the year 1889. and annually there
after 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 out
OF the revenues of the Public Belt Rail-
road of the City of New Orleans. after
deducting the expenses of maintenance
ana operation. which appropriations
shall be credited on the books of the
Treasurer of the City of New Orleans
to special acc ount to be styled Pub
lie Belt Railroad Bond Redemption Ac-
count. the SUM of one hundred thous-
ana tS1eo.o0o.0O dollars. and the said