The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-10-17

/ interest on all bonds that may nave
been delivered. The Treasurer OF
the City Of New Orleans is hereby
empo wei ed and directed. and it Is,
made his duty, TO pay any and all
such coupons that may be due when
presented by any holder thereof.
| In the year 1899, and annually
thereafter, the City Of New Or ,
leans shall, in addition to the amount
Of the semi-annual interest due on .
the first of July and January OF each ,
year appropriate. on or before the /
first day Of April. out Of the reve-
MUGS u the uillc Belt Railroad OF
the City OF New Orleans, after de-
Quoting the expenses of maintenance
and operation, which appropriations
shall be credited on the books Of the
Treasurer of the City OF New Orleans
to a special account to be styled Pub
lie Belt Railroad Bond redemption
Account" the sum of one hundred
thousand (S1OO.0 00.0O dollars, and
the said Treasurer is hereby en?pow-
cred and directed. and it is made his
duty to pay, on the first day OF July
of the year 1899, and annually
thereafter, out of said bond redemp-
ton account, one hundred thousand
(s1OO.OOO.OO) dollars of said bonds.
in the reverse order Of their issue;
and all bonds and coupons retired
under this Act shall be by said Treas
urer duly Cancelled and be pasted as
vouchers in a book to be by said
. Treasurer kept for that purpose.
In case Of failure on the part OF
the City Of New Orleans to make said
appropriations at the times herein
, fixed and to administer and operate
said Public Belt Railroad Of the City
of New Orleans, and to collect the
revenues therefrom to provide FOR
, the payment OF interest due or TO be-
come due. and the redemption OF
, bonds, as provided for in this Act,
the Board of Commissioners OF the
Port of New Orleans is hereby au-
thorized, empowered and directed.
. and it is made its duty to administer
! and operate said Public Belt Rail-
>. road, to impose such charges as 1t
may fix and collect said revenues ana
levy and collect the special tax here
matter provided for and to apply
/. the same to the purposes OF this Act.
and to that extent and for that pur-
j. pose only, and for such time as may
: be necessary to that end, said Board
I of Commissioners of the Port OF
New Orleans is hereby authorized to
:. exercise all the powers and Is
charged with all the duties vested
= under this Act in the City Of New
Orleans.
Section 4. Be 1t further enacted,
- etc., That in case there should be in
u any year a deficiency in the revenues
l. aforesaid to pay the full Interest
y upon all of said bonds outstanding
y such deficiency of interest shall be
funded into bonds of such denomina-
70 tions as may be necessary and con-
r venient, bearing the same rate of in
IL terest as the original bonds. and hav'
= !, ing a term to run equal to the bal.
~ ance of the term of the original
= bonds, but subject to call at will by
II the City of New Orleans; and in case
70 any such bonds are issued. they shall
3 be stamped across their face Inter
IS est Funding Bonds. issued subject tt
., immediate CALL" and they shall bt
10 payable out of the special tax of two
'e (2) mills per annum, which shall b.
70 levied on and after January /, 1943
a. as hereinafter provided. Said inter
j! est funding bonds shall have all thu
Oh guarantees and securities provided
Dc for the original bonds in this Act TO
81 ,, their payment, principal and inter
" est,
In case the revenue of the Publi
d. Belt Railroad of the City of New
al Orleans should not be sufficient t
Id provide for the payment of the an
ne nual interest on, or for the redemp
r ton annually. on and after Januar,
b l, 1899, of any Of said bond
OF as hereinabove set forth, tn
I'D redepmtion of said bonds shall HI
u postponed until January 1, 1914. an
ut the City of New Orleans shall lev
I'd upon all of the taxable property with
Id in the present territorial limits o
r. said city q special tax of two q
% mills, beginning with and includin
ID the year 1913, the entire proceed
to whereof shall be applied annually t
d. the redemption of the bonds issue
be under this Act, and all interest tina
~ may be then or thereafter due there
or on, and all outstanding 'interes
TX funding bonds" until all of sal
I'D bonds shall have been retired in prin
de cipal and interest. If any surplus o
ar said two (2) mills tax In the las
We year of its levy shall exist. such SUI
I'D plus shall be dedicated to works Q
Id public improvement, to be deslgnat
" cd by the City Of New Orleans.
ed Section s. Be 1t further enacted
he etc., That the City Of New Orlean
shall be and is hereby authorized an
ID. empowered to expend the proceed
,st Of said bonds for the constructio
IT. and equipment of Public Bel
b. Railroad System in and for the Cit
Nv of New Orleans. including tracks. sic
es ings, switches, spurs, cross-overs an
nd all appurtenances and acces3prie
lie thereto; the building OF depot!
or roundhouses, warehouses, sheds. sta