St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-09-19
ACT ~, 1I0,
House Bill No. 1853.

| AN ACT
| To authorize the City of New Orleans to issue
two million $4,000, 000) dollars of five 81
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 Commission the
City of New Orleans may have heretofore
| organized 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 Commits
| sioners of the Port of New Orleans in relation
| thereto, and to submit to the people of the
| State of Louisiana an amendment to the Con-
| stitution of the State of Louisiana authorz-
| ing 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-thrds
| of all the members elected to each Holse con-
| curing, That, subject to the ratification of the
| people of the State Of Louisiana, by an amend
ment to the Constitution of the State, here
| matter submitted to them, the City Of New
| Orleans In hereby authorized and empowered
| to issue bonds not to exceed two million ($2,-
OOO, 900 .00) dollars in amount, to be dated Jan
| uary l. 1900, bearing five (5) per cent. per an
mum interest payable semi-annually the prin-
| cipal of which shall be payable at any time
| between July l. 1889, and July 1, 1853.
| 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,O0O) of one hundred
($10OoO) dollars each, numbered from to
5000. both inclusive.
One thousand u,O0o) of five hundred
$500 0o) dollars each, numbered from 5O01 to
5000, both inclusive.
One thousand 10000 of one thousand
81, 000.OO) dollars each, numbered from SOO1
l r,nI,n
| They shall be payable in lawful money of
the United States, with semi-annual interest
| coupons attached due July / and January l.
They shall be signed by the Mayor of the City
| of New Orleans and countersigned by the Comp
| troller and the Treasurer of the City of New
| Orleans. They shall be exempt from all taxa
ton, State, parish and municipal. and the tutors
| of minors and curators Of interdicts shall be
| authorized to invest all 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 the City
| of New Orleans, and no registered bond shall
| be negotiable. They shall be received on de-
posit with the State its officers or any OF
its political subdivisions municipalities in all
cases where by law, deposits of bonds are
allowed or required to be made, as security
with the State. or its officers. or with any OF
its political subdivisions or municipalities.
Section 2. Be it further enacted. etc, That
as soon as constitutional authority for the
issuance of said bonds shall have been OBJ
tanned, the City Of New Orleans shall be
authorized
graved and executed. The City Of New Or
leans is hereby authorized and empowered. on
and after January /, 1909. to sell said bonds,
at such times and In such numbers ana
as the City of New Orleans may deem advis-
able, provided that no sale shall be made by said
city, except upon sealed proposals TO be sub
| mitted to said city after advertisement for
the same shall be had for thirty 1907 consecu-
tive days in one more daily newspaper or
newspapers of the cities of, New York and
New Orleans respectively, and provided that
no sale shall be made by said city at price
less than par and accrued interest, the city
to have always the right to reject any and
all bids Coupons attached to SAID PONDS
| mast due at the time of delivery, shall be de-
tached and cancelled by said city before deliV-
cry of the bonds.
Section 8. Be it further enacted, etc, That
the principal and interest Of said bonds shall
be paid by preference from the revenues of
the Public Belt Railroad of the City of New
Orleans after deducting the expenses Of mafnte-
nance and operation, and all Public Belt reve-
nues collectibe under existing laws ordinances.
or amendments thereto, and all future Pub
lie Belt Railroad revenues, after deducting the
expenses of maintenance and operation are
hereby pledged to secure said bonds and in
terest The interest on said bonds shall be
evidenced by coupons attached thereto, paya-
Bile semi-annually by the Treasurer Of the
| City of New Orleans on the first days of July
and January, and the City of New Orleans
shall appropriate on before the first days
of April and October, 1909, and annually
/, | thorea1IeT
, semi-a annual interest due July and January
of each subsequent year. out Of the revenues
| Of the Public Belt Railroad of the City Of
. New Orleans after deducting the expenses of
maintenance and operation, which appropria-
lions shall be credited the books of the
Treasurer Of the City of New Orleans, to q
special account to be styled Public Belt Rail.
road Bond Interest Account, amounts equal
| to the semi-annual interest on all bonds that
may have been delivered. The Treasurer of the
, | City Of New Orleans is hereby empowered and
I oLa ate d1tu tn nnC
and all such coupons that may be due when
presented by any holder thereof
In the year 1889, and annually thereafter.
| the City of New Orleans. 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 revenues Of the Public
: after deducting the expenses of maintenance
and operation, which appropriations shall be
credited on the books of the Treasurer of the
. City of New Orleans to special account to be
: STYLED public Belt Railroad Bond Redemp
tion Account, - the sum of one hundred thousand
(S1oO OO) dollars, and the said Treasurer
is hereby empowered and directed. and 1t Is
, made his duty to pay on the first day of July
. | of the year 1889, and annually thereafter, Out
. of said bond redemption account, one hun
dred thousand ($1ooooooo) dollars OF said
. bonds In the reverse order of their issue
and all bonds and coupons retired under this
Act shall be by said Treasurer duly Cancelled
and be pasted as vouchers In book to be
|
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 rev
enues therefrom to provide for the payment
] Of interest due or to become due and the re
! demption of bonds, as provided for In this
, | Act, the Board of Commissioners OF the Por'
of New Orleans is hereby authorized empower
ed and directed, and it is made its duty t
administer and operate said Public Belt Rail
. road, to impose such charges as 1t may NJ
and collect said revenues and levy ard coliec1
, ! s.e special tax hereinafter ST6Fided for anc
TO app.y Eias 1azzS - sas purposes of this Act
and to that extent and for that purpose only
| and for such time may be necessary to thai
end, said Board Of Commissioners to exercise
: all the powers and is charged with all tht
: duties vested under this Act In the City Of
! New Orleans.
Section T. Be il further enacted, etc, Tina
> in case there should be in any year den
= cheney in the revenues aforesaid to pay the
> full interest upon all Of said bonds outstand
: ing, such deficiency of interest shall be funded
into bonds of such denominations al
/ may be necessary and convenient
: bearing the same rate of interest as th'
original bonds and having term to rul
= equal to the balance of the term of the origi
: nal bonds but subject to call at Will by thu
City Of New Orleans; and In case any suci
bonds are issued they shall be stamped across
their face Interest Funding Bonds isseut
subtect to immediate call " and they shall b.
payable ont of the special tax of two u
| mills per annum, which shall be leVied on ans
I after January l. 1913. hereinafter provided
Said interest funding bonds shall have al
a the guarantees and securities provided for thu
original bonds in this Act for their payment
n principal and interest.
r In case the revenues OF the Public Bel
4 Railroad of the City of New Orleans shoElt
not be sufficient to provide for the payment o.
q the annual interest on, or for the redemption
annually, on and after January /, 1899, of an.
/ hara a1nra enff forth fhn Fp