The southern sentinel., 1908-09-04

the senate
Approved July 3. 1908
J. Y SANDEES
Governor of the State OF louisiana
A true copy. JOHN T. MICHEL
Secretary of Stite
ACT No. lSO
House BIZ No. l52 by Mr.. Barrett
AN ACT
To authorize the Board of Commis-
sioners OF the Port Of New Orleans
to issue three million. five hundred
Thousand dollars IsS.SJJ,V, 80 of five
(5) per cent bonds. wnISn snail De ex-
empt from taAasiOn, 10 duthoriLe the
exchange OF so Iiis.Iay OF s..id pohos a.
may be necesSar! To retlrc Ndllu OUT
standing obligations OF said board.
and TO prov .ue Tor the sale Vi the re-
mainder ttIreof; To provide Tor the
payment OF the principal and ln.erest
of sand bcnds ana the disposition or
the proceeds thereof; TO define the
powers and duties of the Board OF
Commissioners of the Port OF New
Orleans and the treasurer OF the
State OF Louisiana In relation there-
to: to continue said board IN exist
ence until the payment OF said bonds;
and to submit To the people an
amendment 10 the constitution OF the
State OF Louisiana authorizing the
issue OF said bonus anu raTifying the
provisions OF this Act
Whereas the Board OF Commissioners
under the provisions OF Act 80 OF
the Genera Assembly Of the year
1896. as amended by act. No. 80 OF the
General Assembly of the year 1890,
is vested with the administration of
the public wharves and landings of
the port and haroor OF New Dreams,
and charged with the duty of extend
ing. improving ana maintaining the
same and the appurtenances there
to. and
Whereas, said Board of Commissioners
OF the Port of New Orleans assumed
the duties Imposed OIL at by law. at
the termination of the lease between
the city OF New orleans and the
Louisiana Construction ~ Improve
ment Company. on the 18TH DAY OF
May. 1901; and
Whereas. said board out OF its revenues
has, since said date. practically re-
built the entire wharf system re-
celved from said Louisiana Construc-
tion Improvement Company, built
new wharves. erected steel sheds on
the wharves and landings for the
protection OF merchandise in transit
constructed paved roadways and ap-
proaches thereto. provided suitable
dredge and tugboats for dredging
and fire protection purposes; mas
maintained sufficient depth of water
and provided for the lighting and po-
Icing Of the wharves. landings.
sheds and appurtendnces thereto; and
Whereas. on account OF the growing
commerce of the port and harbor OF
New Orleans IL Is now necessary that
additional wharves be constructed
and extensive enlargements and i'm
proyements OF the sy stem of wharyes,
Ian 1inRs. sheds and appurtenances be
made so that the facilities for the
handling of export and import car
goes In the port and harbor of New
Orleans VIII be equal. IL not superior.
tosfmilar facilities at any South At
Iantic or Gulf port: and
whereas. funds cannot be made avail
issue of bonds. and
Whereas. the Board Of Commissioners
of the Port Of New Orleans IL assu..-
ed that provision can safely be made
from Its reveneus for the payment of
the interest annually. and the pay
ment of the principal at maturity,
of three million. five hundred thous-
and dollars Os.5oo.eoo.oo) OF five per
Whereas. legislation providing for the
issue OF said bonds and recommend
Ing the submission to the people Of
an amendment to the Constitution of
the State of Louisiana authorizing
the issuance of said bonds and rati-
Tying the provisions of this Act is
recommended by the Port Investiga-
tion Commission created by Act. No.
fore:
Section l. Be Il enacted by the Gen.
eral Assembly OF the State OF Louisia-
ma. two-thirds of all the members
That. subject to the ratification of
the people of the State Of Louisiana, by
the adoption Of an amendment to the
Constitution Of the State. hereinafter
misstoners OF the Port of New Orleans.
created by Act No. 40 OF the General
Assembly of 1896. as amended by Act
No. 3s of the General Assembly Of the
year 1900, is hereby authorized and
empowered. and IL shall be its duty, to
issue bonds not to exceed three million
five hundred thousand dollars (S3,5e0.-
000.0oD In amount. dated January 1.
interest. payable semi-annuaily. ths
principal OF which shall be payable al
any time between July 1. 1924. and July
/. 1853. Said bonds shall be drawn
Port Commission Bonds" They shall
be Of the denomination of one thous "a nd
dollars ts1. .o00.00) each. payable in law
ful money of the United States. with
due July lst and January LIST. They
shall be signed by the President and
countersigned by the Secretary of the
Board OF Commissioners OF the Port of
New Orleans. Thew shall be EXEMPT
from all taxation. State parish and mu-
nicipal. and the tutors of minors and
curators Of interdicts shall be authoriz-
ed TO invest the funds in their hands
In such bonds. They may be register
ed and released from registry under
such rules and regulations as NAV be
prescribed by said Board Of Commis-
sioners of the Port of New Orleans, and
no registered bond shall be negotiable.
They shall be receivable on deposit
with the State. or its officers. or any
of its political subdivisions or munich
palities. In all cases where. by law. de-
posfts of bonds are required or allowed
to be made as security with the State.
or its officers, or any of its political
subdivisions Of municipalities
Section 2. Be IL further enacted. etc.
That. as soon as the Constitutional au-
thority f,r the Issuance of said bonds
shall have been obtained. IL shall be the
duty OF the Board of Commissioners of
the Port of New Orleans to cause said