The southern sentinel. (Winnfield, La.) 1883-1910, 1908-10-16

July / and January ] of each suose-
ouent year. out Of the revenues OF tne
Public Belt Railroad OF the City OF New
Orleans. after deducting the expenses
OF maintenance and operation: which
appropriations shall be credited on the
books of the Urea surer of the city OF
New Orleans. TO q special account 10 De
styled Public Belt Railroad Bond In
terest Account" amounts equal to the
semi-annual interest on all bonds that
may have been delivered The Treasur-
er OF the City OF New Orleans Is hereby
empowered and directed. and IL Is made
his duty. TO pay any and all such cou-
pons that may be due when presented
by any holder thereof.
In the year 1899. and annually there
after. the City of New Orleans. shall.
In addition to the amount of the semi
annual interest die on the first or July
and January of each year appropriate.
on or before the first day of April. out
of the revenues of the Public Belt Rail-
road of the City of New Orleans, after
oeductfng the expenses OF maintenance
and operation. which appropriations
shall be credited on the books of the
Treasurer of the City of New Orleans
to special acc )unt to be styled Pub
lie Belt Railroad Bond Redemption Ac-
count" the sun, Of one hundred thous-
and fS10000o00) dollars. and the said
Treasurer is hereby empowered and d.
rected. and Ii is made his duty to pay
on the first day of July of the year
1883. and annually thereafter. out OF
said bond redemption account. one
hundred thouss nd tsfo0. 000. 00) dollars
OF said bonds. in the reverse order of
their issue. and all bonds and coupons
retired under this Act shall be by said
as vouchers in a book to be by said
Treasurer kept for that purpose.
In case OF fllure on the part Of the
City of New Orleans to make said APP
preparations at the times herein fixed
and to administer and operate said
Public Belt Railroad of the Citv of
New Orleans and to collect the reve-
nues therefr,'m to provide for the pay
ment of int rest due OF to become due
and the redemption OF bonds. as pro.
vided for In this Act, the Board Of
leans is hereby authorized. empowered
and directed. and IL Is made its duty
70 administer and operate said Public
Belt Railroad. to impose such charges
az IL max fix and collect said revenues
and levy and collect the special tax
hereinafter provided for and to apply
the same to the purposes of this Act.
and to that extent and for that purpose
only, and for such time as may be nee
essary to that end. said Board of Com
mfssioners OF the Port OF New Orleans
is hereby authorized to exercise all the
powers an is charged with all the du-
of New Orleans
Section 4. Be 1t further enacted. etc.
That In case there should be in any
year deficiency in the revenues afore-
said bonds outstanding. such deficiency
OF interest shall be funded into bonds
OF such denominations as may be nee
essary and convenient, bearing the
same rate OF interest as the original
bonds. and having a term to run equal
to the balance of the term of the origi-
nal 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 In
terest Funding Bonds issued subject to
immediate call" and they shall be pay
aole out of the special tax of two ca
mills per annum. which shall be levied
on and after January I, 1913 as here
matter provided Said interest funding
and securities provided for the original
bonds In this Act for their payment
principal and interest
In case the revenues of the Public
Belt Railroad OF the City OF New Or
leans should not be sufficient to pro-
vide for the payment of the annual IN
terest on. or for the remeption annual-
~. on and after January 1. 1899. or any
OF said bonds. as hereinabove set forth
the redemption OF said bonds shall be
postponed until January I, 1914. and
the CITY OF New Orleans shall levy up
on all of the taxable property within
the present territorial limits of said
city special tax of two t1) mills, be-
ginning with and including the year
lS4S. the entire proceeds whereof shall
of the bonds issued under this Act and
all interest that may be then or there
after due thereon. and all outstanding
interest funding bonds until all Of
principal and interest IL any surplus
or said two Cd mills tax in the last
year OF its levy shall exist. such sur
plus shall be dedicated to works of
public Improvement to be designated by
the city of New Orleans
section 5. Be IL further enacted, etc.
That the City Of New Orleans shall be
ana u IS hereby authorized and en-
powered TO expend the proceeds of said
bonds for the construction and euuip-
ment of a Public Belt Railroad system
In and for the City OF New Orleans. in
crossovers and all appurtenances and
accessories thereto; the building OF
depots. roundhouses. warehouses;
sheds. stations. signals and all other
construction and equipment of rail-
roads. for the purchase OF locomotives
switch engines. cars and other neces-
sary rolling stock; for the payment Of
for the purpose of laying tracks, sid
ings. switches. spurs. crossovers etc
or for the erection Of necessary struc-
lures ana buildings incident to rail-
roadbeds. tracks. switches. sidfnxs
spurs. crossovers. or for the exproprfa-
ton of the same: for the purchase Of
barges and tugboats and other proper
ty incident to the operation Of a barge
system; and generally for the purchase
and equipment OF all property, movable
ana fmmovable. necessary and proper
to construct and equip said public b.If
railroad system. and al an incident
thereto. barge system
Section g. Be IL further enacted. etc.
That there shall be and there IL here
oy irrevocably dedicated to the people
OF the City of New Orleans for perpet-
uaI and exclusive public use said Pub
lie Belt Railroad System. as the sans
mas been heretofore. or may hereafter
pc ESTABLISHED by the City or New Or
leans. the title and use to which said
public belt railroad system shall be
and shall forever be in the people Of
the City of New Orleans
That all laws servitudes. privileges
and rights In favor Of the State of
Louisiana the City Of New Orleans and
now existing In or on the lands or
property on or contiguous TO the Mis-
sissippi river shall continue TO cxist
unimpafred until the full payment Of
the principal and interest " the bonds
to be issued under this Act
Section Z. Ee II further enacted etc.
That the City Of New Orles MS shall con-
otruct- equip. maintain and operate said
Public Belt Railroad System IN the City
Of New Orleans. through and by means
81 such board or commission. as may
City of New Orleans. the members Of
which shall be appointed by the Mayor
OF the City of New Orleans. with the
consenoof the Council. the powers du-
ties and functions OF which shall be
prescribed BY the city OF New Orleans
The City of New Orleans. shall ALWAYS
have the power and authority 10 make