The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-09-12

be made by said city, except upon
sealed proposals to be submitted to
said city after advertisement for the
same shall be had for thirty t3o} con-
secutive days in one or more daily
newspapers of the cities OF New York
and New Orleans, respectively, ana
provided that no sale shall be made
by said city at price less than par
and accrued interest, the city 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 3. 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
Railroad of the City of New Orleans.
after deducting the expenses of main
tenance and operation. and all Public
Belt revenues cOllectible under exist
ing laws or ordinances, or amend
ments thereto, and all future Public
Belt Railroad revenues. after deduct
ing the expenses of maintenance and
operation, are hereby pledged to Sc
cure said bonds and interest. The in
terest of said bonds shall be evidenced
by coupons attached thereto, payable
mi-annually by the Treasurer OF the
City of New Orleans, on the first days
of July and January, and the City OF
New Orleans shall appropriate on or
before the first days of April and De-
tober, 1909, and annually thereafter,
to provide for the payment of the semi
annual interest due July and January
| of each subsequent year, out OF the
revenues of the Public Belt Railroad
of the City of New Orleans, after de-
Quoting the expenses of maintenance
and operation, which appropriations
shall be credited on the books OF the
Treasurer of the City of New Orleans,
to a special account to be styled
'Public Belt Railroad Bond interest
Account" amounts equal to the semi
annual interest on all bonds that may
have been delivered. The Treasurer
of the City of New Orleans is hereby
empowered and directed, and it is made
his duty, to pay any and all such cou-
pons that may be due when presented
by any holder thereof.
In the year 1899, and annually
thereafter, 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 APP
propriate, on or BEFORE the first day OF
April, out of the revenues of the Pub
lie 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 Treasurer of the City
of New Orleans to a special account
to be styled "Public Belt Railroad
Bond Redemption Account" the sum
of one hundred thousand $500, 000.00)
dollars, and the said Treasurer is
hereby empowered and directed, and
it is made his duty to pay, on the
first day of July of the year 1899, and
annually thereafter, out of said bond
redemption account, one hundred
thousand $500, O00.0O) dollars of said
bonds, in the reverse order OF their is
sue; and all bonds and coupons retired
under this Act shall be by said Treas
urer duly Cancelled and be pasted as
vouchers in a book to be by said
Treasurer kept for that purpose.
In case of failure on the part of the
City of New Orleans to make said ap-
preparations at the times herein fixed
and to administer and operate said
Public Belt Railroad of the City of
New Orleans, and to collect the reve.
nues therefrom to provide for the pay,
ment of interest due or to become due,
and the redemption of bonds. as pro-
| vided for in this Act, the Board OF
Commissioners of the Port of New
Orleans is hereby authorized, empow,
cred and directed, and it is made its
duty to administer and operate said
Public Belt Railroad, to impose such
charges as it may fix and collect said
revenues and levy and collect the
special tax hereinafter provided fol
and to apply the same to the purposes
of this Act, and to that extent and for
that purpose only, and for such time
as may be necessary to that end, said
Board of Commissioners of the Port
of New Orleans is hereby authorized
to exercise all the powers and is charg,