The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-10-03

| interest on all bonds that may have
been delivered. The Treasurer of
the City Of New Orleans is hereby
empowered 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
therea fter, 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 Gay of April. out of the reye
nues of the ui,iie 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
Ito special account to be styled Pub
lie Belt Railroad Bond redemption
Account" the sum of one hundred
thousand $500, 000.0O) dollars, and
the said Treasurer is hereby empow-
cred and directed, and it is made his
| duty to pay, on the first day OF July
| of the year 1889, and annually
thereafter, out of said bond redemp-
| ton account, one hundred thousand
! ($1OO,O0O.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 fer 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 ard directed,
and it is made its duty to administer
and operate said Public Belt Rail-
road, to impose such charges as it
ma. fix and collect said revenues and
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 ana for that pur-
pose only, and for such time as may
of Commissioners of the Port of
exercise all the powers and is
charged with all the duties vested
under this Act In the City of New
Orleans.
Section 4. Be it further enacted,
ETC., That in case there should be in
any year a deficiency in the revenues
aforesaid to pay the full interest
upon all of said bonds outstanding,
such deficiency of interest shall be
funded into bonds of such denomina-
lions as may be necessary and con-
venieHt, bearing the same rate of in
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
the City of New Orleans; and in case
any such bonds are issued, they shall
be stamped across their face Inter
est Funding Bonds, issued subject to
immediate CALL" and they shall be
payable out of the special tax of two
| (2) mills per annum. which shall be
levied on and after January /, 1913,
as hereinafter provided. Said inter-
est funding bonds shall have all the
guarantees and securities provided
for the original bonds in this Act for
their payment, principal and inter-
est.
In case the revenue of the Public
Belt Railroad of the City of New
Orleans should not be sufficient to
provide for the payment of the an
nual interest on, or for the redemp-
ton annually, on and after January
l, 1889, of any Of said bonds
as hereinabova set forth. the
redepmtion of said bonds shall be
postponed until January /, 1914, and
the City of New Orleans shall levy
upon all of the taxable property with
in the present territorial limits of
said city a special tax of two (2)
mills, beginning with and including
the year 1943, the entire proceeds
whereof shall be applied annually to
the redemption of the bonds issued
under this Act, and all interest that
may be then or thereafter due there
on. and all outstanding interest
funding bonds" until all Of said
bonds shall have been retired in prin.
cipal and interest. II any surplus of
said two (2) mills tax In the last
year of its levy shall exist, such sur
plus shall be dedicated to works of
public improvement, to be designat-
ed by the City of New Orleans.
Section 5. Be 1t further enacted.
ETC., That the City of New Orleans
shall be and il hereby authorized and
empowered to expend the proceeds
of said bonds for the construction
and equipment of Public Belt
Railroad System in and for the City
of New Orleans, including tracks, sid
ings, switches, spurs. cross-oyers and
all appurtenances and accessories
thereto; the building of depots,
roundhouses, warehouses, sheds, sta
i -. III l.