The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-09-10


New Orleans and to collect the reve-
nues therefrnm 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 Or
leans is hereby authorized, empowered
and directed. and it is made it's 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 for and to apply
the same to the purposes of this Act.
and 10 that extent and for that purpose
only. and for such time as may be nee
essary to that end. said Board of Com
missioners of the Port of New Orleans
is hereby authorized to exercise all the
powers an is charged with all the du-
ties vested under this Act in the City
of New Orleans.
Section 1. Be it further enacted. ETC.,
That in case there should be in any
year a deficiency in the revenues afore.
said to pay the full interest upon all of
said bonds outstanding. such deficiency
of interest shall be funded into bonds
of such denominations as may be nee
essary and convenient, bearing the
same rate Of interest as the original
bonds. and having a term to run equal
to the balance of the term of the origi-
nal bonds. but subject to call at will
by the City of New Orleans; and in
case any such bonds are issued they
snail be stamped across their face Elm
terest Funding Bonds issued subject to
immediate call" and they shall be paw
able out of the special tax of two (2)
mills per annum, which shall be levied
on and after January l. 1919 as here
matter provided. Said interest funding
bonds shall have all The = .ranties
and securities provided for the original
bonds in this Act for their payment
principal and interest
In case the revenues of the Public
/ se!t Railroad of the City of New Or
leans sh"uid not be sufficient to pro-
vide for the payment of the annual in
tcrest on, or for the remeption annual
~. on and after January /, 1889. or any
of said bonds, as hereinabove set forth.
Tbs redemption of said bonds shall be
postponsc until January l. 1914 and
the city Of New Orleans shall levy up
on all OF the taxable property within
the present territorial limits of said
city Il special tax of two (2) mills. be-
/ ginning with and including the year
1913, the entire proceeds whereof shall
be applied annually to the redemption
OF the bonds issued under this Act and
all interest that may be then or there
after due thereon. and all outstanding
interest funding bonds" until all Of
said bonds shall have been retired in
principal and interest. Il any surplus
of said two ca mills tax in the last
| year of its levy shall exist such sur
plus shall he dedicated to works Of
public tmprovemeat to be designated by
| the City of New Orleans
Section >. Be it further enacted. etc.
| That the City of New Orleans shall be
and it is hereby authorized and en-
powered TO expend the proceeds Of
! bo;,.> ..r the Construction and equip
| msnt of Il Public Belt RAILROAD System
| in and for the City Of New Orleans. in-
GLIDING tracks, sidings. switches. spurs
crossovcrs and all aDDurtenances and
accessories thereto: the building Of
depots. roundhouses warehouses;
sheds statiors. signals and all other
necessary. structures incident to the
construction and equipment Of rail-
| roads. for the purchase of locomotives
switch engines cars and other naees-
sary rolling stock; for the payment Of
property purchased or expropriated
Tor the purpose of laying tracks. sid
| inss, switches: spurs. crossovers. etc.
! or for the erection of necessary struc-
lures and buildings incident to rail-
roads; for the, purchase OF existing
spurs crossovers, or for the expropria-
| ton Of the same; for the purchase Of
barges and tugboats and other proper
| ~ incident to the operation of a barge
system: and generally for the purchase
| and equipment of all property. movable
| and iEH0vable. necessary and prOpe,
to construct and equip said public belt
railroad system. and as an incident
| thereto, a barge system.
| Section G. Be it further enacted ETC.,
! That there shall be and there is here
| by irrevocably dedicated to the people
Of the City of New Orleans for perpet.
/
lie Belt Railroad System, as the same
| has been heretofore. or may hereafter
be estaablished by the City of New Or
| leans, the title and use to which said
| public belt railroad system Shall be
and shall forever be In the people Of
| the City of New Orleans.
That all laws. servitudes, privileges
and rights in favor of the State OF
Louisiana, the City of New Orleans and
/ the people Of the City of New Orleans
| now existing in or on the lands or
property on or contiguous to the Mis-
| sissippi river shall continue 70 exist
the principal and interest If the bonds
| to be issued under this Act.
Section Z. Be it further enacted, ETC.,
| That the City of New Orleans shall con-
struct. equip, maintain and operate said
| Public Belt Railroad System in the City
Of New Orleans. through and by means
of such board or commission. as may
| have been or may be organized by the
which shall be appointed by the Mayor
of the City of New Orleans with the
consent of the Council. the powers du-
ties and functions of which shall be
prescribed by the City of New Orleans.
| The City of New Orleans shall always
have the power and authority to make
such changes in the location of the
| tracks and roadbed of the Public Belt
| Railroad system as may by said city
/ be deemed necessary or proper The
control. administration, management
and supervision of the construction.
maintenance operation and develop
ment of the Public Belt Railroad of the
! City of New Orleans shall be exclusive
ly vested and remain in such board or
commission which shall always be sep
arate and distinct from that of anv
railroad entering the City of New Or
| leans. and no director. officer or en-
| ployee of any State or interstate rail
road shall ever be allowed to act as a
! member of said commission. or as an
| officer of the Public Belt Railroad or
be employed by said Public Belt Rail-
road. and no rights or privileges shall
| be granted To any railroad company to
| control. manage. use or operate the
said Public Belt Railroad System. or
any part the rcof, and said Public Belt
| Railroad System shall be and remain
| the sole property of the people of the
| City of New Orleans at all times. and
| shall in no way or manner ever be hy-
| pothecatod or alienated, provided. how
| ever, that the revenues of said Public
Belt Railroad of the ely of New Or
| leans, after the deduction of the ex-
penSeS OF maintenance N operation,
shall be and remain pledged for the
payment Of the, bonds il I,l .ipal and
| interest. the issue of which is herein
authorized; to such extent as may be
necessary under this Act
Section 8. Be it further enacted. etc.
Ihat all the provisions of this Act shall
constitute contract be II zen the hold
er of the bonds issued thereunder, the
! Orleans and the Board Ct Commission.
ers of the Port of New Orleans
Section 8. BE it further enacted, etc,
That at the congressional election to
! be held in this State on the first Tues.
! day, after the first Monday in the
month of November, 1908. the following
amendment to the Constitution of the
State of Louisiana shall be submitted
TO the electors, to-wit:
/ T n |