St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-08-29

bearing i've per cent per annum interest paya-
Bile seini-annually, the principal Of which shall
be payable at any time between July L., 1924,
and July /, 1859 Said bonds shall be drawn
payahIe to bearer and shall be styled Port
Commission Bonds They shall be of the de-
nomination of one thousand dollars f$l000,o01
each payable in lawful money of the United
States with semi annual interest coupons at
tached due July 1st 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
as may be prescribed by said Board OF Com
missionrs of the Port of New Orleans, and
no registered bond shall be negotiable. Fhegs
shall be receivable deposit with the State
or its officers any of its political
or municipalities, in all cases wheress by law u
deposits of bonds required or alawed to
be made as security. with the State. or Its oth-
GERS, any Of its political subdisisieHs of
municipalities
Section q Be 1t further enacted, etc. That
as soon as the Constitutional authority fer the
issuance of said bonds shall have been obtained,
1t shall be the duty of the Board of Commits
sioners of the Port 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 i, 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 no 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 5. Be 1t 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 collectibie under
the laws as now existing. shall be and are
/ hereby pledged TO secure said bonds and INFER
est In no event shall the chargee imposed
! by said Beard under the law now Ell ttng, be-
reduced to an amount less than necessary FOR
/ the payment OF the pEIneipat aud Interest Of
| said bonds; and. Vie Board Of ConLIniss ipners
/ of the Port Of New Crleans as presently or
ganized aud without illumination of existing
| territorial jurisdiction. shall continue in legal
| existence until all the bonds issued in ac7
cordance with this Act shan have been paid IN
principal and interest. provided that the Tnem-
| bers of said Board shall be appointed BY the
| Governor, subject to removal by the Governor,
uofShAAoA
| all vacancies.
The interest on said bonds shall be evidenced
| by coupons attached thereto, payable semi an
| nually by the Treasurer of the State of
| louisiana on the first days or July and Janu-
ary and said Board shall place on deposit,
on or before April l. 1900 and on or before
the first of April of every subsequent yeafs
| with the Treasurer of the state OF Louisiana
to the credit of special account TO be styled
| s'Interest Account" amount equal to the
annual interest on all bonds that may haVt
| been delivered Said Treasurer is hereby en-
powered and directed and it is made his duty
70 pay any and all such coupons that may be
due on the LIST of July place on deposit. on or
| before April /, with the Treasurer of the
| State of Louisiana. to the credit OF special
account to be styled t'Bond Redemption Ac.
count" of one hundred thousand dollars
| ($100, 0.00), and the said Treasurer is here
by empowered and directed and it is made his
duty to pay on the LIST of July, of the yeaI
1924 and annually thereafter, out of said Bond
Redemption Account, one hundred (1O0l of sale
bonds in the reverse order OF their issue
and all bonds and coupons retired under thii
Act shall be by said Treasurer duly Cancelled
and delivered to the Board OF Commissioner
of the Port of New Orleans. which shall re
ceipt for same, and which shall retain and past'
the same as vouchers in a book to be by i
kept for that purpose. 1t shall be the dnt,
of said Treasurer to require said deposits to b.
made as aforesaid; and in case of failure OF
the part of said Board to make said deposits
or to impose, under the law as now existing
the charges for the Of said whafVes, land
ings sheds and appurtenances thereto or t
collect the revenues therefrom. in amour
sufficient to provide for the payment of interes
due or to become due, and the redemption o
bonds as provided in this Act. said Treasure
is hereby empowered and directed, and 1t
made his duty. to impose said charges AM
! collect said revenues, and to apply the sam
TO the purposes of this Act and to that ex
tent, and for that purpose only. and for sucl
+ time as may be necessary to that end, the sal
Treasurer is hereby authorized to exercise al
| md Sc shn Oh wifi aIl fdQ
, vested under existing law in the Board o
, Commissioners of the Port OF New Orleans
Section 4. Be it further enacted, ETC., Tha
, all of the provisions of this Act shall constl
tute contract between the holder of tn
bonds issued hereunder, the State of Louisiana
and the Board of Commissioner of the POI
of New Orleans.
Section s. Be it further enacted etc., Tha
the Board of Commissioners of the Port G
New Orleans shall, and it is hereby authorize
and empowered to expend the proceeds of sal
bonds for the extension of existing wharve'
for building wharyes, for erecting shed.
for constructing roadways and other improve
ments for the purchase of suitable dredge'
| harges and tugboats; for the payment c
wharves other property purchased or e1
propriated. and for the payment Of Obligs
lions heretofore contracted and outstanding
provided that private property shall
taken without just and adequate compens'
{ ton previously paid.
C On the thirty-irst day of December of eac
: year the said board shall furnish detaile
y account of the receipts and expenditures to tn
, Governor of the State; which report shall
u published in the, otl1eial Journal of tt
City of New Orleans.
0 Section g. Be it further enacted. etc. Thu
: at the Congressional election to be held
II this State on the first Tuesday following tt
l. first Monday of November. 1908, the foIlowih
e amendment to the Constitution of the Stat
: of Louisiana shall be submitted TO the electo
e of the State, to wit: THE Board of Commi
i sioners of the Port of New Orleans shall has
) mower and it shall be It's duty. to issue thrt
q million Ave hundred thousand dollars soc
e OOO00) of bonds to be known as Port Con
/ mission Bonds. for the purposes and under Il
provisions and conditions set forth In the A.
of the Legislature adopted to that end al
e for that purpose at the regular session of Ge
, eral Assembly of 1905 which said Act
3 hereby ratified and approved; and all pr
~ visions of the present Constitution OF Il
J. State in conflict with the provisions of tn
= Act. and with this amendment are. to that e
y tent and for that purpose only. repealed.
II Section T. Be it further enacted ETC., TIL
= on the \offical ballots to be used at said Gle
ton shall be placed the words: For q
- Port Commission Bond Amendment, and Il
e words: against the Port Commission Boz
- Amendment, :" and each elector shall tndica
y, IL his vote on the proposed amendment as pr
Is Is vided by the general election laws OF tn
? State.
Sneaker of the House of Representative
s. P NJ LAMBREM0NT.
T. Lieutenant Governor and President of L
: Senate.
m ]. Y. SANDERS.
Governor of the State of Lduislan
. A true copy
~ JOHN T. mitchell,
~, Secretary of State.
Id
r. ACT NO. GAS.
Senate Bill No. 6s. By Mr.. Barre
&c A JOINT RESOLUTION
ln Proposing an amendment to the Constitute
~, "a of the State of Louisiana relative to ratifyi
g and carrying into effect an Act of the Leg
40 lature regulating the Of neglected a
of delinquent children and for the trial
nd adults IN certain cases, esCaoils n, "