The southern sentinel. (Winnfield, La.) 1883-1910, 1908-10-02
ACT No. $50.
ACT No. $50.
House Bill No. i52. by Ar. Barrett
AN ACT


House R.ll No. I52. by Ar. Barrett.
AN ACT
To authorize TIE Board of Commits
sioners of the PERI OF New Orleans
to issue three million. fave hundred
Thousand dOias-rs t>s.s0O.Otj.3V OF i've
(5D per cent bonds. wnlcL snail De ex-
empt from ssa2.ltivn IL authorize the
exchange Of so naSny OF sad bonds as
may be necessary 10 reure wand out
standing oDlisa lions OF said board.
and to provade Ior the sale "a tne re-
mainder thereof: TO provide for the
payment of the principal and interest
of said bonds and the disposition OF
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 TO the constitution OF the
State of Louisiana authorizing the
issue of said bonds ana raIifying the
provisions of this Act.
whereas the Board of Commissioners
of the Port of New Orleans. created
under the provisions OF Act ~ OF
the General Assembly of the year
1886. as amended by Act No. 80 of the
General Assembly of the year 1900.
Is vested with the administration OF
the public wnarves and landings of
and charged with the duty of extend
Ing. improving and maintaining the
same ana the appurtenances there
to: and
OF the Port OF New Orleans assumed
the duties imposed on IL by law, at
the termination of the lease between
the city OF New Orleans and the
Louisiana Construction q Improve
nient Company. on the 2sth day of
May. 1901: and
Whereas. said board out of its revenues
has. since said date. practically re-
built the entire wharf system re-
ceived from said Louisiana Construc-
ton a Improvement Company. built
new wharves. erected steel sheds on
the wharves and landings for the
protection OF merchandise in transit.
constructed paved roadways and APP
proaches thereto, provided suitable
dredRe and tugboats for dredging
and fire protection purposes; has
maintained sufficient depth of water
and provided for the lighting and po-
Icing of the wharves. landings,
sheds and appurtenances thereto; and
whereas. on account of the growing
commerce. of the port ana harbor OF
New Orleans IL is now necessary that
additional wharves be constructed
and extensive engagements and inn
provements of the system of wnaryes
lan1ings. 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
70 similar facilities at any South At
lantlc or Gulf port. and
whereas. funds cannot be made avail
able Tor these purposes except by the
issue of bonds: and
whereas. the Board of Commissioners
OF the Port of New Orleans Is 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 t$3.500. 100000 of five per
cent bonds: and
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-
ton Commission created by Act No
9 OF the Extra Session of 1907; there
fore:
Section 1. Be It enacted by the GEN.
raj Assembly OF the State Of Louisia-
Ia. two-thirds of all the members
elected to each House concurring:
That. subject to the ratification of
he people of the State of Louisiana. by
he adoption of an amendment to the
of the State, hereinafter
unlimited to them. the Board of COM
nissioners OF the Port of New Orleans
treated by Act No. 20 of the General
assembly OF 1885. as amended by Act
70. 80 OF the General Assembly of the
rear 1900. is hereby authorized and
Empowered. and IL shall be it's duty. to
ssue bonds not to exceed three million
I've hundred thousand dollars (ss.5OO.-
10000 In amount. dated January /
SOS. bearing five per cent per annum
interest," payable semi-annually the
of which shall be payable ar
my tine between July I, 1894. and July
(. 1853. Said bonds shall be drawn
'ayable to bearer and shall be styled
Port Commission Bonds" They shall
'e of the denomination of one thousand
dollars 01.00o-00) each. payable in law-
al money of the United States. with
mi-annual interest coupons attached.
lue July LIST and January LIST They
hall be signed by the President and
by the Secretary Of the
soard OF Commissioners of the Port of
few Orleans. They shall be exemnt
rom all taxation. State. parish and mtI-
icipal. and the tutors of minors and
TRAITORS OF interdicts shall be authoriz-
d to invest the funds In their hands
SUCH oonds. They may be register
UGH rules and regulations as may be
rescrfbed by said Board of Commits
toner's of the Port of New Orleans. and
Q registered bond shall be negotiable.
hey shall be receivable on deposit
nth the State. or its officers. or any
Z its political subdivisions or municf-
alities. IN all cases where, by law. do
ostts OF bonds are required or allowed
o be made as security with the State.
r its officers. or any of its political
of municipalities
Section 2. Be IL further enacted. etc.
hat. as soon as the Constitutional au-
hority for the issuance of said bonds
hall have been obtained. IL shall be the
uty Of the Board OF Commissioners OF
he Port OF New Orleans to cause said
ouos % - engraved asd executed