St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-09-26

and July i, 1859. Said bonds shall be drawn
payable to bearer and shall be styled Fort
Commission Bonds They shall be of the de-
nomination of one thousand dollars t$1.0oo.0o)
each payable in lawful money OF the Uhlteu
States with semi-annual interest coupons al
tached. due July 1st and January ISL. Inc!
shall be signed by the President and counter
signed by the Secretary of the Board or Com
missloners of the Port of New Orleans They
shall be exempt from all taxation, stare.
parish and municipal and the tutors of minors
and curators of interdicts shall be authorized
to invest the funds in their hands IN sucn
bonds They may be registered ana reieaseu
from registry under such rules and regulations
as may be prescribed by said Board OF CON
noissionrs Of the Port of New Orleans, and
no registered bond shall be negotiable. ihev
shall be receivable deposit with the state
its officers. or any OF Its poiltlcal suDd'isohs
or municipalities. in all cases where by law
deposits Of bonds required or allowed to
be made as security, with the State. or its OH.
GERS. or any of its political subdivisions OF
municipalities.
Sac+ion Q Re II further enacted ETC.. That
| as soon as the Constitutional authority for the
issuance Of said bonds shall have been obtained.
| it shall be the duty of the Board OF Oommis-
| sioners of the Port of New Orleans to cause
! said bonds to be engraved and executed. The
Board of Commissioners of the Port OF New
| Orleans is hereby authorized and empowered
| on and after January /, 1909, to exchange, at
| not more than par and accrued interest, 30 many
/ Of said bonds may be necessary TO retire
| outstanding obligations Of said Board, coupons
| past due at the GATE OF eACnauPe u Dc Ut
tached and cancelled by said Board before
/ delivery of bonds; and said Board is hereby
authorized and empowered to sell the remain
der of said bonds, in whole or in part, IN such
| manner and upon such terms and conditions.
as by said Board may be deemed advisable;
| provided. that no sale shall be made by said
| Board at price which will net to the board
| less than par and accrued interest. Coupons
| attached to said bonds, past due at the time of
delivery shall be detached and Cancelled by
| said Board before delivery Of the bonds.
/ Section 3. Be it further enacted, ETC., That
the principal and interest of said bonds shall
be paid by preference from the revenues of
the Board of Commissioners of the Port OF
| New Orleans and all revenues coIlectible under
| the laws, as now existing, shall be and are
| hereby pledged to secure said bonds and inter-
est. In no event shall the charges imposed
| by said Board, under the law now existing be
reduced to amount less than necessary Tor
the paFment Of the principal and interest of
said bonds; and the Board of Commissioners
of the Port of New Orleans, as presently Or
gantzed and without elimination of existing
territorial Jurisdiction, shall continue In legal
existence until all the bonds issued in ac-
cordance with this Act shall have been paid In
principal and interest; provided that the mem
bers of said Board shall be appointed by the
Governor subject to removal by the Governor,
and the Governor shall have power to MI
all vacancies.
The interest on said bonds shall be evidenced
by coupons attached thereto, payable seminar
nuaily. by the Treasurer OF the state OF
louisiana on the first days OF July and Janu-
airy, ana said Board shall place on deposit,
on or before April /, 1900, and on or before
the first of April of every subsequent year
with the Treasurer of the State of Louisiana
to the credit of a special account to be styled
/, Interest Account an amount equal to the
annual interest all bonds that may have
been delivered. Said Treasurer is hereby en-
powered and directed, and it Is made his duty
to pay any and all such coupons that may be
due on the list of July, place on deposit, on OF
, before April i, with the Treasurer of the
! oe To1isf 10 "a
account to be styled Bond Redemption Ac
. count" of one hundred thousand dollars
$500, 900. OO), and the said Treasurer is here
by empowered and directed, and 1t Is mace his
: duty to pay on the LIST of July, of the veal
: 1924 and annually thereafter, out of said Bono
! Redemption Account, one hundred lO0l OF sale
: bonds in the reverse order OF tner Issue 81,
and all bonds and coupons retired under thl
Act shall be by said Treasurer duly cancelef
= and delivered to the Board Of Commissioner
: of the Port of New Orleans. which shall re
: ceipt for same. and which shall retain and past
, the same as vouchers. in book to be by
= kept for that purpose. It shall be the dut.
of said Treasurer to require said deposits to b.
made rs aforesaid; and in case of failure o.
the mart of said Board to make said deposits
| or TO impose, under the law now existing
= the charges for the use of said wharves, land
o | ings sheds and appurtenances thereto, OF t
= | collect the revenues therefrom, in an amour
- | sufficient to provide for the payment of interes
o due or TO become due and the redemption o
), bonds as provided in this Act, said Treasure
/ Is
a made his duty, to impose said charges an
a | collect said revenues, and to apply the sam
= to the purposes of this Act, and to that eS
tent and for that purpose only, and for sue
- tine as may be necessary to that end, the sal
Treasurer is hereby authorized to exercise a.
;, the powers and is charged with all the dutie
% vested under existing law in the Board g
a Commissioners of the Port of New Orleans
~ section 4 Be it further enacted, etc., Tha
20 all of the provisions of this Act shall const
. tute contract between the holder of tn
bonds issued Hereunder. the State of Louisisni
Il and the Board OF commissioners OF the Fol
of New Orleans.
,e Section s. Be it further enacted. etc, Ths
the Board of Commissioners Of the Port {
New Orleans shall, and 1t is hereby authorize
and empowered to expend the proceeds Of sal
bonds FOR the extension of existing wharve
for building new wharves, for erecting shed
for constructing roadways and other improv
ments; for the purchase OF suitable dredge
hargeR and tugboats; for the payment
vharyes or other property purchased e!
propriated, and for the payment of oblig
l. lions heretofore contracted and outstanding
provided that no private property shall /
:. taken without just and adequate compens
ee ton previously paid
l. On the thirty first day of December Of eat
IS. year. the said board shall furnish a detatlt
u account of the receipts and expenditures to tt
Id Governor of the State; which report Shall
i'd publishcd once in the Official journal of Il
to City of New Orleans.
I; Section g. Be 1t further enacted etc. tn
al a at the Congressional election to be held
81 this State on the first Tuesday following Il
ne hrst Monday of November, 1908, the followir
s- amendment to the Constitution Of the Sta
he of Louisiana shall be submitted to the electo
a. of the State, to wit: THE Board of Commi
ls sioners of the Port of New Orleans shall ha
au power and it shall be its duty. to issue thr
ne million FIVE hundred thousand dollars ($3,50t
u 600 00) of bonds to be known Port Coz
y mission Bonds for the purposes and under t
provisions and conditions set forth in the
Ae If legislature adopted to that enQ al
~ for that purpose at the regular session of &c
~ eral Assembly of 1908. which said Act
~ hereby ratified and approved; and all pr
~ visions of the present Constitution of t
W State in conflict with the provisions Of tt
tn Act and with this amendment are, to that e
tent and for that purpose only, repealed"
- Section Z. Be it further enacted. ETC.. TIL
on the oficial ballots to be used at said ele
he ton shall be placed the words For t
ne Port Commission Bond Amendment and
'os words against the Port Commission 30
na Amendment" and each elector shall indtca
1e- his vote on the proposed amendment as pi
~ vided by the general election laws of Il
State. -
.n' Speaker Of the House of Representative
ST. P NJ LAMBREMONT,
~. Lieutenant Governor and President of
on Senate
r. Approved July 8, 1908.
for Governor of the State of LouisiaI
las true COPY.
nd JOHN r MICHEL.
OF Secretary of State.
is ACT no. 24s.
be senate Bill No. IS. By Mp. Barre
y" A JOINT RESOLUTION
,de Promising an amendment to the Constitut