The southern sentinel., 1908-09-18
ACT No. $50.

House Bill No. 152. By Mr. Barrett.
AN ACT
To authorize the Board of Commits
sioners of the Port of New Orleans
to issue three million. five hundred
thousand dollars t.a.SJO.v'1-vV OF tiNe
(5) per cent bonds. ntIlcn snail De ex-
empt from taxation: To du1noflLe the
exchange OF so many of said bonds as
may be necessary to reIfc valid out
standing obligations OF said Doaru'
and To provide Tor the sale oI the Ie-
mainder thereof: to provide Tor the
payment of the principal and interest
of said bonds and the disposition OF
the proceeds thereof. TO define the
powers and duties of the Board of
Commissioners Of the Port OF New
Orleans and the Treasurer OF the
State of Louisiana In relation there
to: to continue said board in exist
ence until the payment of said bonds;
and TO submit To the people an
amendment to the constitution or the
State of Louisiana authorizing the
issue of said bonds and ratifying the
provisions of this Act
Whereas the Board of Commissioners
of the Port of New Orleans. created
under the provisions OF Act 40 of
the General Assembly of the year
1896. as amended by Act. No. 50 of the
General Assembly of the year 1900.
is vested with the administration of
the public wnarves and landings of
and charged with the duty OF extend
Ing. improving and maintaining the
same and the appurtenances there
to; and
Whereas. said Board of Commissioners
OF the Port of New Orleans assumed
the duties imposed on IL by law, at
the termination OF the lease between
the City of New Orleans and the
Louisiana Construction * Improve
ment Company. on the 2Sth day OF
May. 1901: and
Whereas. said Board out of its revenues
has, since said date. practically re-
built the entire wharf system re-
ceived from said Louisiana Construc-
ton Improvement Company. built
new wharves. erected steel sheds on
the wharves and landings for the
protection of merchandise in transit,
constructed paved roadways and ap-
proaches thereto. provided suitable
dredge and tugboats for dredging
and fire protection purposes; has
maintained sufficient depth of water
and provided for the lignting and po-
Icing of the wharves. landings
sheds and appurtenances thereto: and
whereas. on account of the growing
commerce of the port and harbor OF
New Orleans IL is now necessary that
additional wharves be constructed
and extensive enlargements and inn
proyements of the system of wharves
ian1ings. sheds and appurtenances be
made SO that the facilities for the
handling OF export and import car
goes In the port and harbor of New
orleans viii be equal IL not superior
TO similar facilities at any South At
lantic OF Gulf port: and
whereas. funds cannot be made avail
able Tor these purposes except by the
issue OF bonds: and
whereas. the Board of Commissioners
of the Port of New Orleans Is assu.-
cd that provision can safely be made
from its reveneus for the payment of
the interest annually. and the pay
ment of the principal at maturity,
of three million. five hundred thous-
and dollars t$3.5oo. .oo0.0 00) OF five per
cent bonds. and
Whereas. legislation providing for the
issue of said bonds and recommend
Ing the submission TO the people OF
an amendment to the Constitution OF
the State of louisiana authorizing
the issuance of said bonds and rati-
Tying the provisions of this Act is
recommended by the Port Investiga-
tion Commission created by Act. No
of the Extra Session of 1907; there
fore:
Section 1. Be Il enacted by the Gen.
eraI Assembly of the State of Louisia-
ma. two-thirds of all the members
elected to each House concurring:
That, subject to the ratification OF
the people of the State OF louisiana, by
the adoption of an amendment to the
Constitution of the State. hereinafter
submitted to them. the Board of Com
mfssioners OF the Port OF New Orleau 4
created BY Act No. 20 of the General
Assembly OF 1856. as amended by Act
No. Sc of the General Assembly of the
year 1900. Is hereby authorized and
empowered. and IL shall be its duty, TO
issue bonds not to exceed three million
five hundred thousand dollars (ss,5V0.
o00.ool in amount. dated January /,
1903. bearing five per cent per annum
Interest payable semi-annually, th.l
principal of which shall be payable al
any time between July l. 1924. and July
I. 1853. Said bonds shall be drawn
PAYABLE to bearer and shall be styled
Port Commission Bonds" They shall
be of the denomination OF one thousand
dollars (s1 .o00.00) each. payable in law
fui money of the United States. with
semi-annual interest coupons attached
due July 1st and January 1st They
shall be signed by the President and
countersiRned by the Secretary of the
Board of Commissioners of the Port OF
New Orleans They shall be exempt
from all taxation. State. parish and mu-
nicipal. and the tutors of minors and
curators OF interdicts shall be authoriz-
ed to invest the funds in their hands
In such bonds. They may be register
ed and released from registry under
such rules and regulations as may be
prescribed by said Board of Commits
sioners of the Port of New Orleans. and
no registered bond shall be negotiable.
They shall be receivable on deposif
with the State. or its officers. or any
OF It's political subdivisions or munich
palities. In all cases where. by law. de-
posits OF bonds are required or allowed
70 be made as security with the State
or its officers. OF any of it's political
subdivisions OF municipalities
Section 2. Be IL further enacted. etc,
That as soon as the Constitutional au-
thority f,r the Issuance of said bonds
shall have been obtained. IL shall be the
duty Of the Board OF Commissioners Of
the Port Of New Orleans to cause said