The southern sentinel., 1908-09-04
ACT No. 17s.


House Bill No. I5s BY Mr.. Barrett
AN ACT
To authorize the City of New Orleans
to issue two million (s2.00t .00v) dol
lars of five (5) per cent bonds. which
shall be exempt from taxation; to
provide for the sale thereof: 10 pro-
vide for the payment of the principal
and interest of said bonds; to pi o, ide
for the disposition of the proceeds
thereof. through such Pubhs Belt
Railroad Commission as the City of
New Orleans may have heretofore or
ganized, or may hereafter organize.
the members of which shall he ap-
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
Louisiana an amendment to the Con-
stitution of the State of Louisiana
authorizing the issue of said bonds
and ratifying the provisions of this
Act
Section 1. 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-
ceed two million $4,000. .0o0.00) dollars
bearing five (5) per cent per annum
interest. payable semi-annually, the
principal of which shall be payable at
any time between July 1. 1899. and
July 1, 1853.
Said bonds shall be drawn payable to
bearer. and shall be styled: Public
Belt Railroad Bonds Of the City of New
Orleans" They shall be of the denomi-
natioi . and be numbered as follows. to-
wit:
Five thousand (s,ooo) of one hundred
(sl0o.0o) dollars EACH. numbered from
to 5000. both inclusive.
One thousand u.ooo) of five hundred
soo1 TO 5000. both Inclusive.
One thousand u.ooo) Of one thousand
($1. 1.oeo.oo) dollars each. numbered from
soe1 to 1000. both inclusive.
They ot tss ssI United Se IN
nual interest coupons attached. due
July ] and January 1. They shall be
signed by the Mayor OF the City OF New
Orleans and eounterslsned by the
City of New Orleans. They shall be ex-
empt from all taxation. State, parish
and municipal. and the tutors of NIL
nors and curators Of interdicts shall be
hands In such bonds. They may be
registered and released from registry
under such rules and regulations as
may be prescribed hy the City of New
Orleans. and no reg stered bond shall
on deposit with the state or its officers
or any OF Its political subdivisions
or municipalities In all cases where, by
law. deposits of bonds are allowed or
required to be made. AZ security with
M n n nj q mr. my Of
its political subdivisions or municipal
tiles.
Section . Be It further enacted. etc.
THAT az soon as constitutional author.
ity for the Issuance of said bonds shall
have been obtained. the City of New
Orleans shall be authorized to cause
said bonds to be engraved and execut-
eC The City Of New Orleans Is hereby
ter January 4. 1905. to sell said bonds.
at such times and In such numbers and
amounts and upon such terms and con-
ditions as the City Of New Orleans may
shall 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
newspaper or newspapers of the cities
OF New York and New Orleans. respec-
lively. and provided thai no sale shall
be made hv said cifv a price less
IMAM DAT ana 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 deiiverv of the bonds
Section 3. Bc IL further enacted. etc.
That the nrincipal and interest OF said
bonds shall be raid bv preference from
the revenues IF the Public Belt Rail-
road of the City of New Orleans. after
deducting the exnenses. of maintenance
and operation. ard all Public Belt rev.
enues collectible under existing laws
or ordinances. or amendments thereto
and nll future Public Belt Railroad
revenues. after dedue ting the expenses
OF maintenance anf operation. are
hereby pledged to secure said bonds
and interest. The interest on said bonds
shall be evidenced bv coupons attached
thereto. pavabie seni-annually bv the
Treasurer of the City of New Orleans
on the first days Of July and January,
and the CITY Of New Orleans shall app
propriate on or before the first days