The southern sentinel., 1908-09-04

NJ
led and empowered. on and no,
To,'.ary L 1909. TO exchange, uI NJ, -
NOR. than par and accrue1 NJ ~ reces
nIany OF said bonds as may oza,tons vi
Sarv tn retire ou. standing opngatioothss ots
- IA ISoard coupons past due At tus
80, % exchange to be detacheu anu
cInCeIed by said Board before hv
cry OF bonds; and sad eoaiI 10 sell the
nuthorized and empowered 10 So -
remninder of said bonds. In whoie ".
i'm nart in such manner, ana uPon oaard
terms and conditions. as D. saI1 sa1o,DtSad D
NAV be deemed advisable; -. a.
that no sale shall be made Oy saiu
BOARD at a price which VIII net 10 te
Board less than par ana accrueu I.
est. Coupons attacheo ,f.'arv shall
past due at the time OF delivery sna "a
be detached and Cancelled BY SAID boaiu
before delivery e the bonds. ate
section 5 Be n further % enacted 20 ssfd s
That the principal and interest OF saio
honds shall be paid by preference from
the revenues of the Board OF Commls
sioners of the Port OF rev Oiieaus ~.
and all revenues collectioIs unoea ar. ar
laws, as now existing. shall De ana AZ
hereby pledged to secure saia 1onus
and interest In no event snail .he
charges imposed by said boaro, uhueI
the law now existing, oe reouceu 70 ,Ha
payment of the principal ana lntere'
of said bonds: and the boaro OF NSM
missioners of the Port OF New orleans
as presently organized and ytthausSot-
minuation of existing territorial tu-
risdiction' shall continue in legal ex-
istence until all the bonds issued IN ac-
cordance with this Act shall nave oeen
paid in principal and interest: PROVO,
ed that the members of said Board shaiI
be appointed by the Governor. subject
to removal by the Governor. apd. ms
Governor shall have power to III ali
vacancies. .. =.
The interest on said bonds shall be
evidenced by coupons attached thereto.
payable semi-annually. by the Treasnr-
90 stSIn
first days of July and January; and
said Board shall place on deposit, on
or before April I. 1903. and on or De-
fore the first Of April OF every s9ose.
state of Louisiana, to the credit OF q
special account to be styled Interest
Account" an amount equal TO the an
have been delivered. Said Treasurer Is
hereby empowered and directed and-it
IS made his duty. to pay any and all
such coupons that may De que wneh
the year 1924. and annually thereafter.
said Board shall In addition to <he'
amount of the annual interest due on
before April i, with the Treasurer of
the State of Louisiana, to the credit
of a special account TO be styled Bond
Redemption Account. q sum OF one
and the said Treasurer In hereby en-
powered and directed. and IL Is made
his duty. to pay. on the LIST OF July. OF
the year 1879 ana annually tnereaa,'
one hundred (10O) of said bonds In the
reverse order of their issue; and Az
bonds and coupons retired under THIS
cancelled and delivered to the Board of
Commissioners OF the Port OF New Or
leans. which shall receipt for same.
and which shall retain and paste the
same as vouchers. In a book TO be by
IL kept for that purpose. II shall be
the duty of said Treasurer To require
said deposits to be made as aforeSaid:
said Board to make said deposits. or tn
impose. under the law as now existing.
the charges for the use of said
wharves. landings. sheds and appur-
nues therefrom. I'm an amount suffi-
cient to provide for the payment OF in
terest due or to become due. and the
redemption OF bonds as provided In TINS
Act. said Treasurer is hereby empower
ed and directed. and IL Is made his duty
to impose said charges and collect said
revenues. and to apply the same TO the
purposes of this Act. and to that ex-
tent. and for that purpose only. and for
such time as may be necessary to that
end. the said Treasurer is hereby au-
thorized TO exercise all the powers and
is charged with all the duties vested
under existing law in the Board of
Commissioners of the Port of New Or
leans.
section 4. BE IL IuFtHtr tudChtu- ETC.,
That all of the provisions of this Act
shall constitute a contract between the
holder of the bonds issued Hereunder.
the State of Louisiana and the Board
of Commissioners of the Port of New
Orleans.
Section 5. Be II further enacted. etc.
That the Board of Commissioners OF
the Port of New Orleans SHALL and IL
Is hereby authorized and empowered to
expend the proceeds of said bonds for
the extension of existing wharves. for
building new wharves. for erecting
sheds. for constructing roadways. and
other improvements: for the purchase
of suitable dredges. barges and tug
boats: for the payment of wharves or
other property purchased or expropri-
ated. and for the payment OF obltga-
tions heretofore contracted and out
standing: provided that no private
property shall be taken without just
and adequate compensation previously
paid. -
On the sIst day of December OF each
year. the said board shall furnish a de-
tailed account of the receipts and ex-
State: which report shall be published
once In the official journal of the City
Section s. Be IL further enacted. etc.
be held IN this State on the first Tues
day following the first Monday OF No
vember. 1908. the following amendment
Iouinians ins 0nsniSn asaii S ahi o sns STATE Of
electors OF the State. to- wit. The
Board of Commissioner of the Port of
New Orleans shall have power, and Il
shall be its duty. to issue three million
five hundred thousand dollars (S3.500.-
oo0.0o) of bonds to be known az Port
Commission Bonds.' for the PURPOSES
and under the provisions and condi-
tfons set forth In the Act of the Legis-
lature adopted to that end and for that
purpose at the regular session of the
General Assembly Of 1908. which said
Act Is hereby ratified and approved:
and all provisions OF the present Con-
stftution of the State In conflict with
the provisions OF this Act. and with
this amendment are. to that extent and
for that purpose only. repealed
Section z. Be II further enacted. etc.
That. on the official ballots to be used
at said election shall be- PLACED the
words: For the Port Comuiissisrf
Bond Amendment" and the words:
Against the Port Commission Bond
Amendment" and each elector shall in
dicate his vote on the proposed amend.
ment AZ provided by the Een4raI cleo
tion laws of this State.
III, @. QUPRE., -,tst} ~.
Speaker of the House 81 Repfesentatiy$ess'
p. n. LAMBREMONT
Lieutenant Governor and President M
the Senate.
Approved July :. 1908.
= J. Y. SANDERS.
u Governor of the State of Louisiana.
Z true copy. JOHN T. MICHEL
Secretary of State.