The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-10-22


ton laws of the State.
II. G.. DUPRE,
Speaker of the House of Representatives,.
p. M. LAMBREMONT,
Governor and President OF
the Senate.
Approved July 3. 1903:
]. Y. SANDERS
Governor of the State of louisiana.
A true copy. JOHN T. MICHEL.
Secretary OF State
ACT Nc. $50.
House Bill No. 1872 By Mr.. Barrett.
AN ACT
To authorize the Board of Commits
sioners of the Port of New Orleans
to issue three million, five hundred
thousand dollars G3,500,000.00 of five
go per cent bonds. which snail be ex-
empt from taxation; to authorize the
exchange of 50 many Of said bonds as
may be necessary to retire valid out
standing obligations of said board,
and to provide for the sale of the 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
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 and ratifying the
provisions of this Act.
Whereas the Board Of Commissioners
of the Port of New Orleans, created
under the provisions of Act 20 of
the General Assembly Of the year
1896. as amended by Act. No. Sc of the
General Assembly Of the year 1900,
is vested with the administration of
the public wharves and landings of
the port and harbor OF New Orleans,
and charged with the duty OF extend
Ing, improving and maintaining the
same and the appurtenanceS there
to; and
Whereas. said Board of Commissioners
of the Port of New Orleans assumed
the duties imposed on 1t 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 it's revenues
has, since said date. practically re-
built the entire wharf system re-
ceived from said Louisiana COnstruc-
ton 4 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
and fire protection purposes; has
maintained sufficient depth of water
and provided for the lighting and pc.
lh eag . OF the landings
Whereas. on account of the growing
commerce of the port and harbor Of
New Orleans 1t is now necessary thai
additional wharves be constructed
| and extensive engagements and i'm
provements of the system of Wharves
landings. sheds and appurtenances b.
| made so that the facilities for tn,
| handling of export and import car
goes in the port and harbOr of New
Orleans will be equal, If not superior
to similar facilities at any South At
lantic or Gulf port: and
Whereas. funds cannot be made avail
| able for these purposes except by tn
issue of bonds: and
| Whereas. the Board of Commissioner
of the Port of New Orleans is assur
ed that provision can safely be mad
the interest annually. and the pay
ment of the principal at maturity
of three million, five hundred thOus
and dollars ($3.50O. o0o.00) of five pc
| cent bonds: and
| Whereas. legislation providing for tn
issue of said bonds and recommend
ing the submission to the people Q
an amendment to the Constitution o
the issuance of said bonds and rati
flying the provisions of this Act
recommended by the Port Investtga
ton Commission created by Act. NJ
of the Extra Session of 1907; there
fore:
Section l. Be 1t enacted by the Gen
eral Assembly of the State of louisa
ma. two-thirds of all the member
elected to each House concurring:
That. subject to the ratification {
the people of the State of Louisiana, b
the adoption of an amendment to tn
Constitution Of the State. hereinafte
missioners of the Port of New Orlean
created by Act No. 20 Of the Gener:
Assembly of 1896. as amended by Al
No. Sc of the General Assembly of tn
empowered. and it shall be it's duty.
issue bonds not to exceed three millio
five hundred thousand dollars (s3,500
000.00) in amount. dated January
1909. bearing five per cent per annu
principal of which shall be payable /;
any time between July /, 1924, and Jul
1. 1859. Said bonds shall be draw
port Commission Bonds" They sha
, be of the denomination of one thousar
dollars ($1.000.00) each. payable in Law
full money of the United States, wit
} due July LIST and January LIST. Thu
shall be signed by the President ar
/ countersigned by the Secretary of Il
, Board OF Commissioners Of the Port
| new orleans. Iney Sndll De eXem
from all taxation. State, parish and mi
. nicipa1. and the tutors of minors al
: curators of interdicts shall be authori
G. ed to invest the funds in their han
: in such bonds. They may be registe
: ed and released from registry und
!. such rules and regulations as may
. prescribed by said Board Of Commi
! sioners of the Port Of New Orleans, al
n no registered bond shall be negotiab
e They shall be receivable on depos
with the State, or it's officers. or al
of it's political subdivisions or munit
Il palities. in all cases where, by law, d
: pOsits of bonds are required or allow
a to be made as security with the Sta
. or its officers, or any of its polite
. subdivisions OF municipalities.
Section 2. Be 1t further enacted. ct
That, as soon as the Constitutional a
a thority for the issuance Of said bon
!. shall have been obtained, 1t shall be t
q duty Of the. Board Of Commissioners
9 the Port of New Orleans to cause sa
e bonds to be engraved and execute
d The Board Of Commissioners OF &
Port of New Orleans is hereby autho
= ICED and empowered. on and aft
January I, 1909, to exchange, at n
more than par and accrued interest,
many of said bonds as may be niece
sary to retire outstanding obligatio
of said Board, coupons past due at t
date of exchange to be detached a.
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