St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-10-17

bearing dve per cent per annum interest paya-
bic semi annually, the principal of which snail
be payable at any time between July 1, 1924.
and July /, 1850. Said bonds shall be drawn
payable to bearer and shall be styled Port
Commission Bonds" They shall be of the de-
nomination of thousand dollars t$1,o00.0O)
each, payable In lawful money of the United
States. with semi-annual interest coupons at
tached, due July LIST and January list They
shall be signed by the President and counter
signed by the Secretary of the Board of Com
missioners of the Port of New Orleans They
shall be exempt from all taxation, State.
parish and municipal, and the tutors of minors
and curators of interdicts shall be authorized
to invest the funds in their hands in such
| bonds. They may be registered and released
from registry under such rules and regulations
may be prescribed by said Board OF Com
nissionrs OF the Port of New Orleans, and
registered bond shall be negotiable. They
| shall be receivable deposit with the State.
its officers. any of its political Subdivisions
or municipalities. in all cases where, by law,
| deposits of bontis required allowed to
| be made as security. with the State. or it's Off
| GERS. any of its political subdivisions of
| municipalities.
| as soon the Constitutional authority for the
issuance of said bonds shall have been obtained,
| it shall be the duty of the Board of Commits
| sioners of the Pert of New Orleans to cause
| said bonds to be engraved and executed The
| Board of Commissioners of the Port of New
| Orleans is hereby authorized and empowered
| and after January l. 1909, to exchange. at
not more than par and accrued interest, so many
| of said bonds as may be necessary to retire
outstanding obligations of said Board, coupons
| past due at the date of exchange to be de-
| tached and cancelled by said Board before
| delivery of bonds; and said Board is hereby
/ authorized and empowered to sell the remain
/ der of said bonds, in whole or in part, In such
manner, and upon such terms and conditions
/ as by said Board may be deemed advisable
| provided, that sale shall be made by said
| Board at price which will net to the Board
/ less than par and accrued interest Coupons
| attached to said bonds. past due at the time of
| delivery. shall be detached and Cancelled by
! said Board 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 Board of Commissioners of the Port Of
| New Orleans, and all revenues coleetible under
| the laws, as now existing, shall be and are
hereby pledged to said bonds and inter
| est. In event shall the charges imposed
| by said Board, under the law now existing he
| reduced to an amount less than necessary for
the payment Of the principal and interest Of
said bonds; and the Board of Commissioners
of the Port of New Orleans. presently Or
ganized and without diminuation Of existing
| territorial Jurisdiction shall continue in legal
existence until all the bonds issued in ac-
cordance with this Act shall have been paid in
| principal and interest; provided that the mem
bers of said Board shall be appointed by the
| Governor, subject to removal by the Governor,
and the Governor shall have power to fill
| ali vacancies.
| The interest on said bonds shall be evidenced
| by coupons attached thereto, payable semt-an-
! nually. by the Treasurer of the State of
Louisiana, the first days OF July and Janu-
| airy, and said Board shall place deposit,
on or before April l. 1909, and on or before
| the first of April of every subsequent year,
/ with the Treasurer of the State of Louisiana
| to the credit of special account to be styled
| Interest Account" an amount equal to the
annual interest on all bonds that may have
been delivered Said Treasurer is hereby en-
powered and directed and 1t Is made his duty
to pay any and all such coupons that may be
due the LIST OF July, place on deposit, on or
before April 1, with the Treasurer Of the
State of Louisiana, to tie credit of special
account to be styled "Bond Redemption Ac-
count" of hundred thousand dollars
($10O, 600. 00), and the said Treasurer is here
by empowered and directed, and 1t is made his
duty, to pay, on the list Of July. of the year
1924, and annually thereafter out of said Bond
Redemption Account, one hundred (100) of said
bonds in the reverse ORDER of their issue;
and ali bonds and coupons retired under this
Act shall be by said Treasurer duly Cancelled
and delivered to the Board of Commissioners
of the Port of New Orleans. which shall re-
ceipt for same, and which shall retain and paste
the vouchers. in a book to be by 1t
kept for that purpose. IL shall be the duty
of said Treasurer to require said deposits to be
made as aforesaid; and in case of failure on
the part of said Board to make said deposits,
or to impose, under the law existing,
the charges for the of said wharves, land,
ings, sheds and appurtenanees thereto, or to
collect the revenues therefrOm, in amount
sufficient to provide for the payment of interest
due or to become due, and the redemption Of
bonds as provided in this Act, said Treasurer
Is hereby empowered and directed, and it is
made his duty, to impose said charges and
collect said revenues, and to apply the same
to the purposes of this Act and to that ex.
tent, and for that purpose only. and for such
time as may be necessary to that end, the said
Urea surer is hereby authorized to exercise all
the powers and is charged with all the duties
vested under existing law in the Board OF
Commissioners of the Port of New Orleans.
Section 4. Be it further enacted. etc., That
all of the provisions of this Act shall consti
tute a contract between the holder of the
bonds issued Hereunder, the State of Louisiana
and the Board of Commissioners of the Port
of New Orleans.
Section 8. Be it further enacted. etc. That
the Board of CommissioESrs OF the Port OF
New Orleans shall, and it is hereby authorized
and empowered to expend the proceeds Of said
bonds for the extension OF existing wharves
for building new wharVss, FOE erecting sheds
for constructing roadwaTs and other improve
ments; for the purchase of suitable dredges
barges and tugboats; for the payment OF
wharves or other property purchased ex.
propriated, and for the payment Of obliga.
lions heretofore contracted and outstanding
provided that no private property shall be
taken without just and adequate compensa
ton previously paid.
On the thirty first day of December Of each
year, the said. board shall furnish detailed
account of the receipts and expenditures to the
Governor of the State; which report shall be
published in the official Journal of the
City of New Orleans.
Section 9. Be it further enacted. etc., That
at the Congressional election to be held in
this State on the first Tuesday following the
first Monday of November, 1908, the following
amendment to the Constitution of the State
of Louisiana shall be submitted to the electors
Of the State, to wit: The Board of Commits
sioners Of the Port OF New Orleans shall have
power, and 1t shall be its duty to issue three
million five hundred Thousand dollars ($9hDu'
900. COY of bonds to be known as Port Com
mission Bonds for the purposes and under the
provisions and conditions set forth in the Act
of the Legislature adopted to that end and
for that purpose at the regular session of Gen
!. eral Assembly of 1908, which said Act ii
hereby ratified and approved; and an pro
visions Of the present Constitution OF the
State In conflict with the provisions of THU
Act. and with this amendment are. to that ex
tent and for that purpose only, repealed"
Section Z. Be 1t further enacted etc. That
on the official ballots to be used at said cleo
tion shall be placed the words: 'For the
Port Commission Bond Amendment" and the
words: against the Port Commission Bond
Amendment" and each elector shall indicate
his vote the proposed amendment as pro
yided by the general election laws Of this
State.
Speaker Of the House OF Representatives
p. NJ LAMBREMoNT,
Lieutenant Governor and President of the
Senate.
Approved July 8, 1908.
J. Y SANDERS.
Governor of the State Of Louisiana
true copy.
JOHN T. MICHEL.
of TAFT