The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-10-03
ACT No. lT9.

ACT No. lT9.
louise Bill No. 1853. BY Mr.. Barre'''
AN ACT
70 authorize the City of New Orleans
to issue two million (S2,Ooo,OOo)
dollars of five ~ per cent hondS'
which shall be exempt from taxa
ton: TO provide for the sale there
nf: TO provide for the payment Oh
the principal and interest OF Salo
bonds: to provide for the DISPOSE
ton of the proceeds thereof,
through such Public Belt Railroad
Commission as the City OF New
Orleans may have heretofore Or
ganized, or may hereafter organ
i've, the members of which shall be
appointed by the Mayor of the
City of New Orleans, and the pow
ers. duties and functions OF when
shall be prescribed by the City OF
New Orleans: 10 define the powers
and duties of the City of New Or
leans and the Board of Commits
sioners of the Port of New Orleans
in relation thereto, and to submit
to the people of the State OF
Louisiana an amendment to the
Constitution of the State OF Loulsl-
ana authorizing the issue OF said
bonds and ratifying the provisions
of this Act.
Section BE it enacted by the
General Assembly of the State OF
Louisiana. tw0-thirds of all the mem
bers elected to each House concurrlng,
That. subject to the ratification OF the
people of the State OF Louisiana, by
a;a amendment to the Constitution O
the State, hereinafter submitted tt
them. the City of New Orleans is here
BIZ authorized and empowered to IS
sue bonds not to exceed two million
81. 900. 600. 00) dollars in amount, t.
be dated January |, 1909, bearing nv
| (5) per cent per annum interest, paya
bic ut any time between July /, l939
and July /, 1859.
Said bonds shall be drawn payabl
to bearer, and shall be styled: Pub
| lie Belt Railroad Bonds Of the City G
New Orleans. They shall be of tn
denominations and be numbered a
follows, tOwit:r
Five thousand 5000 of one hur
dred $500. 00) dollars each, numbere
from to 5000, both inclusive.
One thousand $1,000 of five hundre
$500. OO) dollars each, numbered frol
1901 to 5000, both inclusive.
One thousand Q,00W of one thou
sand ($l. 000.00) dollars each, humble
ed from G00l to 1000, both inclusive.
They shall be payable in lawf1
money of the United States, with sem
annual interest coupons attached, dl
= July | and January !. They shall
signed by the Mayor of the City
New Orleans and counterSigned by tt
Comptroller and the Treasurer OF Il
City of New Orleans. They shall
exempt from all taxation, State, pa
t ish and municipal, and tn; tutors
5 minors and curators of interdicts shf
/ be authorized to invest all funds
their hands in such bonds. hey nj
be registered and released from reg
e try under such rules and regulatio
, as may be prescribed by the City
! New Orleans. and no registered bo
f shall he negotiable. They shall
/ received on deposit with the State
t its officers or any of its political ST
= divisions or municipalities in
: cases where, by law, deposits OF bon
= are allowed or required to be MAJ
T as security with the State, or its 0
: GERS, or with any of its political $,
C divisions or municipalities.
II Section 2. Be it further enactt
e ETC., That as soon as constitution
authority for the issuance of Sc
bonds shall have been obtained,
: City of New Orleans shall be auth
!. lied to cause said bonds to be
!, graved and executed. The City
+ New Orleans is hereby authorized a
a empowered, on and after January
# 1899, to sell such bonds. at such tin
and in such numbers and amour
S and upon such terms and conditie
S as the City of New Orleans may de