Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1908-10-09

such Public Belt Railroad Commits
, sion as the City of New Orleans MAJ
have heretofore organized, or NAL
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 Com
missioners of the Port of New Or
leans in relation thereto, and to sub
nit to the people of the State of Lou
isiana an amendment to the Consti-
tuition of the State of Louisiana au-
thorizing the issue of said bonds and
ratifying the provisions OF this Act.
Section 1. Be it enacted by the
General Assembly Of the State OF
Louisiana, two-thirds Of all the mem
bers elected to each House concur
ring, That, subject to the ratifica-
tion of the people of the State of
Louisiana, by an amendment to the
Constitution of the State, hereinaf-
ter submitted to them, the City of
| New Orleans is hereby authorized
and empowered to issue bonds not to
exceed two million (s2,000,000.00)
| dollars in amount, to be dated Janu-
airy 1, 1909, bearing five go per
cent. per annum interest, payable
| semi-annually, the principal Of which
shall be payable at any time between
July !, 1889, and July /, 1859.
Said bonds shall be drawn paya-
10 NJ zL l.
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 $4,000 of one hum
dred 's100.0c) dollars each, num-
bered from l to 5000. both inclu-
sive.
One thousand 10000 of five
hundred (s500.00) dollars each,
numbered from 5,001 to 5000, both
inclusive.
One thousand 10000 of one thou
sand (S1,000.00) dollars each.
numbered from 6,001 to 1000, both
inclusive.
They shall be payable in lawful
money of the United States, with
seml-annual interest coupons attach
ed, due July 1 and January 1. They
snail be signed by the Mayor of the
City Of New Orleans and counter
signed by the Comptroller and the
treasurer of the City of New Or
leans. They shall be exerapt from
all taxation, State, parish and mu-
nicipal, and the tutors of minors and
curators Of interdicts shall be au-
tnorlzed to invest all funds in their
hanos In such bonds. They may be
registered and released from regis
try under such rules and regulations
as may be prescribed by the City of
New Orleans. and no registered bond
snail be negotiable. They shall be
received on deposit with the State
or It's officers or any of its political
subdivisions or municipalities in al,
cases where, by law, deposits of
ponds are allowed or required to be
made. as security with the State. or
It's officers, or with any of its politi-
cal 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 obtained, the
City of New Orleans shall be author
lied to cause said bonds to be en-
graved and executed. The City of
New Orleans is hereby authorized
and empowered, on and after Janu-
airy /, 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 Or
leans may deem advisable, provided
that no sale shall be made by said
city, except upon sealed proposals to
be submitted to said city after ad-
vertisement for the same shall be |
had for thirty 900 consecutive days |
in one or more daily newspaper or
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 |
bonds, past due at the time of deliv-
cry, shall be detached and Cancelled |
by said city before delivery of the
bonds.
Section 3. Be it further enacted,
ETC., That the principal and interest
Vi odlQ DOuuS shall De pdlQ Dy pref
erence from the revenues of the Pub
lie Belt Railroad of the City of New
Orleans, after deducting the expenses
Of maintenance and operation, and
all Public Belt revenues collectible
under existing laws or ordinances, or
thereto, and all future
Public Belt Railroad revenues, after
deducting the expenses of mainte-
nance and operation, are hereby
pledged to secure said bonds and in
terest. The interest on said bonds
shall be evidenced by coupons at
tached thereto, payable semi-annual-
ly 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 or
before the first days of April and
October, 1909, and annually thereaf-
ter, to provide for the payment of
he semi-annual interest due July 1
and January 1 of each subsequent
year, out of the revenues of the Pub
ic Belt Railroad of the City of New
ri I