The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-10-17
ACT No. l19.
House Bill No. 1873. BY Mr.. Barrett.
AN ACT

To authorize the City of New Or
leans to issue two million $4,000
OOO) dollars of five go per cent.
bonds, which shall be exempt from
taxation; to provide for the sale
thereof; to provide for the payment
of the principal and interest Of said
bonds; to provide for the disposition
OF the proceeds thereof. through
such Public Belt Railroad Commits
sion as the City Of New Orleans may
have heretofore organized. or may
hereafter organize. the members OF
which shall be appointed by the
Mayor of the City OF New Orleans,
and the powers. duties and functions
of which shall be prescribed by the
City of New Orleans; to define the
powers and duties of the City OF
New Orleans and the Board Of Com
missioners of the Port Of New Or
leans in relation thereto. and to sub
nit to the people of the State Of Lou
isiana an amendment to the Consti-
tuition of the State Of Louisiana au-
thorizing the issue of said bonds and
ratifying the provisions of this Act.
Section /. Be it enacted by the
General Assembly of the State OF
Louisiana, two-thirds of all the MEM
bers elected to each House concur
ring, That, subject to the ratifica'
ton of the people OF the State OF
Louisiana, by an amendment to the
Constitution of the State. hereinaf-
ter submitted to them. the City OF
New Orleans is hereby authorized
and empowered to issue bonds not to
exceed two million ($2.OOO,OOO.OO
dollars in amount, to be dated Janu-
airy /, 1909, bearing five 60 per
cent. per annum interest, payable
semi-annually, the principal of which
shall be payable at any time between
July l, 1889, and July l, 1859.
Said bonds shall be drawn paya-
BILE to bearer, and shall be styled:
Public Belt Railroad Bonds of the
City of New Orleans" They shall
be of the denominations and be num-
bered as follows. to-wit:
Five thousand (5.0OO) of one hun
bred '$,OO.Oc) dollars each. num-
bered from to 5000. both inclu'
sive.
One thousand 10000 of five
hundred ($50o.00) dollars each
numbered from 5,001 to 5000. both
inclusive.
one thousand (1.000) of one thou
sand ($1.OOO.0O) dollars each
numbered from 6,001 to 1000. boil
inclusive.
They shall be payable in Lawful
money of the United States. will
semi-annual interest coupons attach
ed, due July l and January l. The!
shall be signed by the Mayor of tn
City of New Orleans and counter
signed by the Comptroller and tn
Treasurer of the City of New Or
leans. They shall be exempt from
all taxation, State, parish and niu
nicipal, and the tutors of minors an
curators of interdicts shall be au
thorized to invest all funds in thei
, hands in such bonds. They may b.
registered and released from regis
/ try under such rules and regulation
as may be prescribed by the City o
. New Orleans, and no registered bon
/ shall be negotiable. They shall b
, received on deposit with the Stat
or its officers or any of its politica
. subdivisions or municipalities in al
{ cases where, by law, deposits a
bonds are allowed or required to b
+ made, as security with the State. 0
= its officers, or with any of its politi
l cal Subdivisions or municipalities.
Section 2. Be it further enacted
ETC.. That as soon as constitutions
+ authority for the issuance of sal
: bonds shall have been obtained. tn
J., City Of New Orleans shall be author
r lied to cause said bonds to be er
l graved and executed. The City G
New Orleans is hereby authorize
!, and empowered, on and after Jan.
| ary /, 1909, to sell said bonds, a
r such times and in such numbers an
/ amounts, and upon such terms an
r conditions as the City of New o.
: leans may deem advisable, provide
= that NO sale shall be made by sal
, city. except upon sealed proposals t
( be submitted to said city after az
yertisement for the same shall b
had for thirty 500 consecutive day
> in one or more daily newspaper q
= newspapers of the cities Of New Yor
and New Orleans, respectively. an
= provided that no sale shall be mad
= by said city at q price less than pa
= and accrued interest, the city to hav
always the right to reject any an
a all bids. Coupons attached to sal
/. bonds, past due at the time OF dell
. cry. shall be detached and cancele
l. by said city before delivery of tn
}. bonds.
I Section 3. Be 1t further enacte'
Q etc., That the principal and intcre
Il Of said bonds shall be paid by pre-
l. erence from the revenues Of the Pul
o lie Belt Railroad of the City OF Ne
Orleans, after deducting the expense
= Of maintenance and operation. an
= all Public Belt revenues collectib
under existing laws or ordinances.
!. amendments thereto, and all futul
i. Public Belt Railroad revenues. aft
: deducting the expenses Of maint
nance and operation, are heret
:. nlod god tn secure said bonds and II