The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-10-22

+. VI.
Lieutenant Governor and President of
'"' ~ II. G. DUPRE.
Speaker of the House of Representatives.
Approved July End. 1908
Governor Of TIL" State Of louisiana
A true copy. JOHN T. MICHEL.
Secretary of State.
ACT No. 179.
House Bill No. 1873. By Mr.. Barrett.
AN ACT
To authorize the City Of New Orleans
to issue two million ($2,00t .U0O) dol
lars of five go per cent bonus, Whlch
shall be exempt from taxation; TO
provide for the sale thereof. 10 pro-
vide for the payment Of the rrlnclpal
and interest of said bonds; to pr ide
for the disposition of the proceeds
thereof through such Publ: Belt
railroad Commission as the City or
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 New 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
stitutiOn of the State of louisiana
authorizing the issue of said bonds
and ratifying the provisions of this
AcI.
Section l. 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 is hereby authorized and
empowered to issue bonds not to eX-
| coed two million $4,000. 10000 dollars
| in amount. to be dated January l, 1903,
| bearing five (5) per cent per annum
| interest. payable semi-annually. the
| principal of which shall be payable at
| any time between July l, 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
| Oriea,-,.' They shall be of the denomi-
nat; and be numbered as follows. to-
| wit:
Fiv. thousand t5oOO) of one hundred
! (Sl0a.r0) dollars each. numbered from
| to 5000, both inclusive.
One thousand I.0e0) of five hundred
| ($590.O0) dollars each, numbered from
5001 to 5000. both inclusive.
One thousand u,:3a) of one thousand
E1.aoo.oo) dollars eash; numbered from
| COOL to 1000. both inclusive.
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 b.
| signed by the Mayor of the City OF New
Orleans and countersigned by thu
Comptroller and the Treasurer of thu
City of New Orleans They shall be eX
empt from all taxation. State, parisl
| and municipal and the tutors of mi
| nors and curators of interdicts shall b.
authorized to invest all funds in thei
hands in such bonds. They may b.
registered and rele Used from registr.
| under such rules and regulations a
may be prescribed III the City of Ney
Orleans. and no reg stored bond shall
be negotiable. They shall be receive
, | on deposit with the state or it's officer
| or any of Its political subdivision
, or municipalities in all cases where, b
, law, deposits of bonds are allowed o
: required to be made. as security wit
, | the State or it's officers, or with any G
its political subdivisions or municipal
= tiles.
Section 2. Be it further enacted. etc
That as soon as constitutional author
: ity for the issuance Of said bonds sha
:, have been obtained. the City of Me-
!. Orleans shall be authorized to caus
;. said bonds to be engraved and execut
ed. The City of New Orleans is hereb
authorized and empowered. on and al
: ter January l. 1909. to sell said bond
> =, at such times and in such numbers an
amounts. and upon such terms and cor
: ditions as the City of New Orleans MA
deem advisable. provided that no sa
. shall he made by said city. except upo
sealed proposals to b" submitted
y said city after advertisement for tt
u same she'll be had for thirty 800 cor
y secutive days in one or more dali
II newspaper or newspapers of the citi,
Of New York and New Orleans respe,
70 lively. and provided that no sale sha
n be made by said city price lie.
s than par and accrued interest. the eli
y to have always the right to reject al
"a and all bids. Coupons attached to sa
l. bonds. past due at the time of deliver
shall he detached and cancelled by sa
IS city before delivery of the bonds.
d Section 3. Be it further enacted. ct
ID That the principal and interest of sa
le bonds shall be paid bv preference fro
II the revenues Of the Publ" Belt Raj
road of TIE City of New Orleans. aft
l. deducting the EXPENSES of maintenan
d. and operation. and all Public Belt re
lie enues collectible under existing Law
IN or ordinances. or amendments theret
n and all future Public Belt Railro;
Of revenues after dedue ting the expens
le of maintenance and oneration. a
er hereby pledged to secure said bon
Id and interest. The interest on said bon
e. shall be evidenced tv coupons attach
x theoeto payable Semi-annually by t
i'd Treasurer of the Civ of New Orlear
TT on The first DAYS of July and Januar
i'd and the City of New Orleans shall a
I'd propriate on or before the first da
" Of April and October. 1909. and annua
u ly thereafter. to provide for the pa
Id ment of the semi-annual interest d.
MS July l and Januar! l of each subs
We Quent year. out of the revenues of Il
id Public Belt Railroad of the City of Ne
tn Orleans, after deducting the expens
s. Of maintenance and operation. whi,
tie appropriations shall be credited on Il
so books of the Trea Surer of the City
H. New Orleans. to a special account to
~ styled Public Belt Railroad Bond /
terest Account" amounts equal to Il
c., semi-annual interest on all bonds tn
B. may have been delivered. The Treasu
mt er of the City Of New Orleans is herel
IT. empowered and directed. and it is MAJ
e. his duty. to pay any and all such co
st pons that may be due when presents
n by any holder thereof
w In the year 1899. and annually Their
er after. the City of New Orleans, sha
1t in addition to the amount of the sem
of annual interest due on the first of Ju
"a and January OF each year appropriate
re on or before the first day of April. o
40 of the revenues of the Public Belt Raj
nj road of the City of New Orleans, aft
o. deducting the expenses of maintenan
of and operation. which appropriatio