St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-09-26
ACT uO, 179.
By Mr.. Barrett,

House Bill No. 1853. By Mr.. Barrett. |
AN ACT |
To authorize the City of New Orleans to issue |
two million ($2, OOO. OOO) dollars Of five 90 |
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 as the
City of New Orleans may have heretofore
organized or 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 Commls-
sioners of the Port of New Orleans In relation
thereto and to submit to the people or the
State Of Louisiana an amendment to the Con-
stttution of the State of Louisiana autnoriz-
ing the issue of said bonds and rattfylng the
provisions of this Act.
Section l. Be 1t enacted by the General
Assembly of the State of Louisiana, two-thlrds
of all the members elected to each HoElse con
CURING, That, subject to the ratification OIL tne
people of the State of Louisiana. by an amend
ment tn the Constitution of the State, here
matter submitted to them, the City OF New
Orleans 10 hereby authorized ana empowered
to issue bonds not to exceed two million ~,
600 600 O0) dollars in amount, to be dated Jan
uary l. 1909, bearing FIVE (5) per cent per an
mum interest payable semi-annually, the prin-
cipal of which shall be payable at any tine
between i.
Said bonds shall be drawn payable to bearer,
and shall be styled: Public Belt Railroad
Bonds of the City of New Orleans Ihey
shall be of the denominations and be num-
bered as follows. to witt
Five thousand $4,000 Of one hundred
Cs1oo.oo) dollars each, numbered from 1 to
g. 600, both inclusive.
One One thousand (,ooo) of five hundred
($50OOo) dollars each, numbered from 5oOl to
One thousand 10000 Of one thousand
Isl O00.O0) dollars each, numbered from Sool
to 1000, both inclusive.
They shall be payable in lawful money OF
+bo limited States, with semi-annual interest
coupons attached, due July 1 and January l.
They shall be signed by the Mayor OF the CITY
of New Orleans and countersigned py the comp
trailer and the Treasurer of the City of New
Orleans They shall be exempt from all taxa
| ton. State parish and municipal and the tutors
| nj minors and curatorB OF interdlcts snail De
authorized to invest all funds in their hands
- sucb bonds They may be registered and
| released from registry under such rules ana
| regulations as may be prescribed by the Clty
| of New Orleans, and no registered pohu shaii
| be negotiable. They shall be received on oe.
| nosIt with the State or its officers or any or
it's political subdivisions or municipalities In all
| cases where, by law, deposits OF bonos are
| allowed or required to be nade' US secu l >
| with the State. or its officers, or with any OF
| its Doltscal subdivisions or municipalities.
| section 2 Be 1t further enacted, etc. That
| as soon as constitutional authority Tor the
|
| +piro6 the City Of New Orleans shall be
| authorized to cause said bonds to be en-
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 and
amounts and upon such terms and conditions
! as the CITY of New Orleans may deem adVis-
able provided that no sale shall be mace oy sato
| CITY except upon sealed proposals to be sub
| r,3ttad to said city after advertisement for
the same shall be had for thirty (3ol consecu-
| tive days in one or more dal!y hewspupsR VI
| nevspapers 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 aho
| all bids Coupons attached to said bonds
| mast due at the time Of delivery, shall be de-
tached and cancelled by said city before deiiV
cry of the bonds.
the principal and interest Of said bonds shall
| he paid by preference from the revenues Of
| the Public Belt Railroad of The City OF New
Orleans after deducting the expenses OF ma1nte
nance and operation, and all Public Belt reVe
nues colIectble under existing laws or ordinances
or amendments thereto, and all future Pub
lie Be1t Railroad revenues, after deducting the
expenses of maintenance and operation arr
bnrahv pledged to secure said bonds and in
tercst The interest said bonds shall b
evidenced by coupons attached thereto paya
BILE semi-annually by the Treasurer OF tn
City of New Orleans, the first days of july
and January and the City of New Orlean
shall appropriate on or before the first day
of April and October. 1909, and annual!
thereafter to provide for the payment of thu
semi-annual interest due July and Januar!
| of each subsequent year, out of the revenue
Of the Public Belt Railroad of the City
New Orleans, after deducting the expenses o
maintenance and operation which approprla
tions shall be credited on the books Of tn
Treasurer of the City Of New Orleans, to
special account to be styled Public Belt Rail
road Bond Interest Account" amounts equa
| fo he interest
> may have been delivered. The Treasurer OF tn
/ City of New Orleans is hereby empowered an
directed. and it is made his duty: to pay an
and all such coupons that may be due Whe
, presented by any holder thereof.
! In the year 1889, and annually thereafter
the City of New Orleans. shall in addition
the amount of the semi-annual interest du
I on the first Of July and January of eac
year appropriate, before the first da
a Of April out Of the revenues of the Publ
) Belt Railroad OF the City Of New Orleans
after deducting the expenses of maintenance
and operation, which appropriations shall b
. credited on the books of the Treasurer of th
City Of New Orleans to special account to
styled "Publc Belt Railroad Bond RedemI
fion Account" the sum Of one hundred thousan
(SlOO, 90 COZ dollars, and the said Treasure
:, is hereby empowered and directed and 1t
4 made his duty to pay, on the first day OF Jul
. | of the year 1883, and annually thereafter, OF
{ of said bond redemption account, one hui
: dred thousand ($1OO,OO0.00l dollars Of sal
bonds In the reverse order of their Issue
and all bonds and coupons retTeu uhuer u
: | Act shall be by said Treasurer duly cancele
. and be pasted as vouchers in a book to
= by said Treasurer kept for that purpose
= In case of failure on the part OF the Gil
;, | Of New Orleans to make said appropriation
= | ut the times herein fixed and to admnistt
and operate said Public Belt Railroad of tt
= City of New Orleans, and to collect the re
= | enues therefrom to provide for the paymei
: | OF interest due or to become due, and the r
. | demption of bonds, as provided for In tn
\ | Act the Board of Commissioners of the 20
| of New Orleans is hereby authorized, empowe
. | ed and directed, and it Is made Its duty
: | administer and operate said Public Belt Raj
- | road, to impose such charges as 1t may I
and collect said revenues and levy. ara cole
- | Sae special tax hereinafter YV5Rided Tor ar
to GpplY Saa zaCHS - tas Purposes OF THIS Ac
and to that extent and for that purpose onl
a and for such time may be necessary to tn
. end said Board Of Commissioners to exerci
n all the powers and is charged with an u
u duties vested under this Act in the City
Al New Orleans.
= - Section 4. Be it further enacted. ETC., Tn
Iee in case there should be in any year a de
70 cheney In the revenues aforesaid to pay Il
n full interest upon all Of said bonds outstan
- ing, such deficiency of interest shall be fund
- into bonds of such denominations
may be necessary and Interest," S0nT rel !
h. original bonds, and having term to n
N equal to the balance of the term Of the orii
8 nal bonds. but subject to calS ut will BY I
as City OF New Orleans; and In case any su
~ bonds are issued they shall be stamped aero
their face Interest Funding Bonds isse
AZ subject to immediate cali and they shall
~ payable out of the special tax Of two
q | mills per annum which shall be levied on a
* after January /, 1913. as hereinafter provide
Sc said interest funding bonds shall have
i'd the guarantees and securities provided Tor I
be original bonds in this Act for their paymel
On principal and interest.
or In case the revenues Of the Public b
nd Railroad of the City of New Orleans sho'
ds not be sufficient to provide for the payment
10 the ANIMAL interest on, or for the redempti