The true Democrat., 1908-09-19
ms should not be sufficient to pro-

VlQe lof lle pa lnenu vi uile a1ludl
interest on, or for the redemption an
nually, on and after January /, 1899,
of any of said bonds, as hereinabove
set forth, the redemption of said bonds
shall be postponed until January /,
1914, and the City of New Orleans
shall levy upon all of the taxable
property within the present territorial
limits of said city special tax of two
~ mills, beginning with and includ-
ing the year l943, the entire proceeds
whereof shall be applied annually to
the redemption of the bonds issued un-
der this Act and all interest that may
be then or thereafter due thereon, and
all outstanding 'interest funding
bonds," until all of said bonds shall
have been retired in principal and in
terest. If any surplus of said two (2)
mills tax in the last year of its levy
shall exist, such surplus shall be
dedicated to works of public improve
ment to be designated by the City of
New Orleans.
Section 5. Be it further enacted,
ETC., That the City of New Orleans
shall be and it is hereby authorized
and empowered to expend the proceeds
of said bonds for the construction and
equipment of Public Belt Railroad
System in and for the City of New Or
leans, including tracks, sidings,
switches, spurs, crossovers and all
appurtenances and accessories there
to: the building of depots, round
houses, warehouses, sheds, stations,
signals and all other necessary struc-
lures incident to the construction and
equipment of railroads, for the pur-
chase of locomotives, switch engines,
cars and other necessary rolling stock;
for the payment OF property purchased
Or appropriated for the purpose OF
laying tracks, sidings, switches, spurs,
crossovers, ETC., or for the erection OF
necessary structures and buildings in
cident to railroads: for the purchase
of existing roadbeds, tracks, switches,
sidings, spurs, crossovers, or for the
appropriation of the same; for the
purchase of barges and tugboats and
other property incident to the opera
tion of barge system: and generally
for the purchase and equipment of al
property movable and immovable
necessary and proper to construct ant
equip said public belt railroad sys
tenn, and as an incident thereto, &
barge system.
Section 6. Be it further enacted, etc.
That there shall be and there is hereb,
irrevocably dedicated to the people
of the City of New Orleans for perpet
ual and exclusive public use sait
Public Belt Railroad System, as tn
same has been heretofore, or may here
after be established by the City O
New Orleans, the title and use to whicl
said public belt railroad system shall
be and shall forever be in the peopl
of the City of New Orleans.
That all laws, servitudes, privilege
and rights in favor of the State O
Louisiana, the City of New Orlean
and the people of the City of New Or
leans, now existing in or on the land
or property on or contiguous to tn
Mississippi river shall continue to ex
ist unimpaired until the full paymen
of the principal and interest of tn
: bonds to be issued under this Act.
Section T. Be it further enacted, etc.
That the City of New Orleans shal
construct, equip, maintain and opel
E ate said Public Belt Railroad Systel
of the City of New Orleans through an
1 by means of such board or commission
i as may have been or may be organii
I ed by the City of New Orleans, til
: members of which shall be appointe
: by the Mayor of the City of New Oh
, leans, with the consent of the Council
the powers, duties and functions {
I which shall be prescribed by the Cit
V of New Orleans. The City of New Oh
= leans shall always have the power an
S authority to make such changes in tt
d location of the tracks and roadbed {
b the Public Belt Railroad System a
d may by said city be deemed necessar
e or proper. The control, administr;
ton, management and supervision
S the construction, maintenance. oper;
I tion and development of the Publ
e Belt Railroad of the City of New o.
leans shall be exclusively vested an
u remain in such board or commission
d which shall always be separate an
= distinct from that of any railroad el