St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-10-31

hearing Ave Per cent per annum interest eaya-
bic semi-annually. the principal Of which shall
be payable at any time between July 1. 1924,
and July /, 1850. Said bonds shah be irawn
payable to bearer and shall be styled ''Port
Commission Bonds They shall be of the de-
nomination of one thousand dollars ($1,0o0.o0)
each, pay8bl4 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 interd cts 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
missions of the Port of New Orleans and
no registered bond shall be negotiable. They
shall be receivable deposit with the State.
it's officers. any of its political Subdivisions
or municipalities, in all cases where, by law,
deposits of boris required allowed to
be made as security. with the State. its Off
GERS. any of its political subdivisions Of
municipalities.
Section 2. Be it further enacted etc. That
as soon as the Constitutional authority for 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 many
Of said bonds 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,
by said Board may be deemed advisable:
provided, that 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 g. Be it 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 cOllectible under
the laws, as now existing, shall be and are
hereby pledged to secure said bonds and inter
est. In event shall the charges imposed
by said Board, under the law now existing, be
reduced to an amount less than necessary for
the payment Of the principal and interest Of
said bonds; and the Board of Commissioners
of the Port of New Orleans, presently
ganized and without diminuaton of existing
territorial jurisdiction, shall continue in legal
existence until all the bonds issued in &C.
cordance with this Act shall have been paid in
principal and interest," provided that the mem
bers of said Board shall be appointed by the
Governor, subject to removal by the Governor,
and the Governor shall have power to fill
all vacancies.
The interest said bonds shall be evidenced
by coupons attached thereto, payable semi-an-
nually. by the Treasurer of the State of
Louisiana, the first days or July and Janu-
airy, and said Board shall place deposit,
on before April l. 19O9 and on or before
the first of April of every subsequent year,
with the Treasurer of the state of Louisiana.
to the credit of a special account to be styled
Interest Account" amount equal to the
annual interest on all bonds that may have
been delivered Said Treasurer is hereby EN-
powered and directed and it is made his duty
to pay any and all such coupons that may be
due on the list Of July, place on deposit, on or
before April l. with the Treasurer of the
State of Louisiana, to tie credit of special
account to be styled 'Bond Redemption Ac-
count" of hundred thousand dollars
($100, 900. 00), and the said Treasurer is here
by empowered and directed, and 1t is made his
duty, to pay, on the list of July, of the year
| 1924, and annually thereafter, out of said Bond
| Redemption Account, one hundred 600 of said
| bonds in the reverse order OF their issue;
and ali bonds and coupons retired under this
| Act shall be by said Treasurer duly cancelled
| and delivered to the Board of Commissioners
of the Port of New Orleans which shall
ceipt for same, and which shall retain and paste
| the vouchers, in book to be by it
| kept for that purpose. 1t shall be the duty
of said Treasurer to require said deposits to be
made aforesaid; and in case of failure on
| the part of said Board to make said deposits,
or to impose under the law existing,
| the charges for the use of said wharves land.
| ings, sheds and appurtenances thereto to
| collect the revenues therefrom, in an amount
sufficient to provide for the payment of interest
! due or to become due, and the redemption of
bonds as provided in this Act, said Treasurer
| is hereby empowered and directed, and it Is
made his duty, to impose said charges and
collect said revenues, and to apply the same
| to the purposes of this Act, and to that
| tent, and for that purpose only, and for such
| time as may be necessary to that end the said
| Treasurer is hereby authorized to exercise all
| the powers and is charged with all the duties
| i9fi in he Roar of
! Commissioners of the Port of New Orleans.
Section 4. Be 1t further enacted, etc, That
| all of the provisions Of this Act shall consti-
| tute a contract between the holder Of the
| bonds issued Hereunder. the State of louisiana
| and the Board of Commissioners OF the Port
| of New Orleans.
Section g. Be IL further enacted, ETC., That
the Board of COMMISSIONERS Of the Port of
| New Orleans shall, and it is hereby authorized
| and empowered to expend the proceeds Of said
| bonds for the extension Of existing wharves.
| for building wharves, for erecting sheds,
| for constructing roadwaTs and other improve
| gents; for the purchase Of suitable dredges,
barges and tugboats; for the payment of
| wharves or other property purchased or ex-
| propriated and for the payment Of oblga-
| lions heretofore contracted and outstanding;
| provided that no private property shall be
| taken without just and adequate compensa-
! ton previously paid
| On the thirty-frst day of December of each
year. the said board shall furnish detailed
| account or the receipts ana expenditures TO the
| Governor of the State; which report shall be
| published once In the Official journal of the
| City of New Orleans
| Section 6. Be it further enacted. etc, That
| at the Congressional election to be held in
| this State on the first Tuesday following the
| first Monday of November, 1908, the following
amendment to the. Constitution of the State
| of Louisiana shall be submitted to the electors
of the State, to wit: THE Board Of Commits
| soners Of the Port Of New Orleans shall have
| power, and it shall be its duty. to issue three
million five hundred thousand dollars ($s,b0c,-
| 000.oO) of bonds to be known as Port Com
mission Bonds, for the purposes and under the
| provisions and conditions set forth in the Act
| of the Legislature adopted to that end and
| for that purpose at the regular session of Cen
| eral Assembly of 1908, which said Act is
hereby ratified and approved; and all pro-
| visions of the present Constitution of the
| State in conflict with the provisions of this
| Act, and with this amendment are, to that ex-
| tent and for that purpose only, repealed
| Section 7. Be it further enacted ETC.. That
| on the official ballots to be used at said cleo
| tion shall be placed the words: For the
Port Commission Bond Amendment. and the
| words: against the Port Commission Bond
Amendment and each elector shall indicate
| his vote on the proposed amendment as pro-
vided by the general election laws OF TINS
H. G. DUPRE.
Speaker Of the House of Representatives
p. NJ LAMBREMONT,
| Lieutenant Governor and President Of the
Senate.
| Approved July g. 1905
j. Y. SANDERS.
Governor of the State of Louisiana
true copy.
JOHN T. MICHEL
Secretary of State.
ACT NO. S45.
| Senate Bill No. 6S. BY Mr.. Barrett
| JOINT RESOLUTION