The southern sentinel., 1908-09-18

Port OF rev 1nwered. on and after
.arv / 1909. to exchanse, 80
mo-. than par and accrueo m - neces-
many OF said bonds as obligations
- IA Rosrd, coupons past que a. "a
d,,c of exchange To De acse daIiv-
un'nsctsd hy said Board before r.hv
cry of bonds: and sap,5 sala p 70 sell the
anthorIzed and empowered 10 ohaia ar
un,.'inder of said bonds. IN Whoie W''h
in mart. in such manner. aIlu fS " poa I'd
terms and conditions. as py saIu sao,,id..d
r,ay he deemed advisable, s.td
nIas , - ale shall be made oy sdlu
Rosrd nj a price which VIII net ~ ,arl
Board less tnan par anu tJ hnnds
est. Coupons attached 10 su shall
mast due at the time OF denver B,t"rs
20 5atacbed and Cancelled - sad EO~ATa
SETON 3 Be Il further enacted, ETC. etc.
That the principal and intsres. oi from
honds shall be paid by preferences II On
,be revenues OF the Board OF ComIhIs
sioners of the Port OF New @OIle @ .hs
and all revenues collectloLe uhua 80
laws. as now existing. snah "a " honds
hereby pledged to secure saie .Ss
and interest In no event snaiI Ihs
charges imposed by said Boaro, unue, sr
the law now existing, be reduceo 10 AZ
amount less thgn necessary toI tne
nayment Of the principal and interest
OF said bonds; and the boaro % s
missioners of the Port OF New O OIlea "a
as presently organized and witnoIt a.
risdietion shall continue in legA e1
istence until all the bonds issued In ac-
cordance with this Act shall nave oSen
paid in principal and interest pIosiI,
ed that the members Of said Board snaii
be appointed by the Governor. suoJect
TO removal by the Governor, ana the
Governor shall have power 10 Ill al
vacancies
evidenced by coupons attached thereto.
payable semi-annually. by the Treasur-
er of the State of Louisiana, on ths
first days of July and January, ano
said Board shall place on deposit. on
or before April /. 1903. and on or De-
fore the first of April OF every suose
Quent year. with the Treasurer OF the
state OF Louisiana. TO the credit OF
special account to be styled Interest
Account" an amount equal TO the an
nual interest on all bonds that may
have been delivered said treasurer
hereby empowered and directed and IL
IS made his duty. TO pay any ana All
such coupons that may be due when
presented by any holder thereon. In
said Board shall. in addition to the
amount of the annual interest due on
the lst of July, place on deposit. on or
before April /. with the Treasurer OF
the State of louisiana. to the credit
of a special account to be styled Bond
Redemption Account. a sum OF one
hundred thousand dollars tsloo ,eoo-e0).
and the said Treasurer Is hereby em-
his duty, to pay, on the LIST OF July, OF
the year 1924, and annually thereafter,
out of said Bond Redemption Account
one hundred (10U) of said bonds in the
reverse order of their issue; and all
bonds and coupons retired under this
Act shall be by said Treasurer duly
cancelled and delivered to the Board OF
Commissioner of the Port OF New Or
leans, which shall receipt for same
and which shall retain and paste the
same as vouchers. in a book to be by
IL kept for that purpose IL shall De
the duty of said Treasurer to require
said deposits to be made as aforesaid: !:
and in case of failure on the part or
said Board to make said deposits. or to
impose. under the law as now existing.
the charges for the use of said
wharyes. landings. sheds and appur-
tenances thereto. or to collect the reve-
nues therefrom, in an amount suffi-
cient to provide for the payment of In
tsrest due or to become due. and the
redemption Of bonds as provided In this
Act. said Treasurer Is hereby empower
ed and directed. and IL Is made his duty
to impose said charges and collect said
revenues. and to apply the same to the
purposes Of this Act. and to that ex-
tent. and for that purpose only. and for
such time as may be necessary TO that
end. the said Treasurer Is hereby au-
thorized to exercise all the powers and
Is charged with all the duties vested
under existing law In the Board of
Commissioners of the Port of New Or
leans.
Section L. Be 1t further enacted. etc.
That all of the provisions of this Act
shall constitute contract between the
holder of the bonds issued Hereunder.
the State of Louisiana. and the Board
OF Commissioners of the Port of New
Orleans.
Section 5. Be it further enacted. etc.
That the Board OF Commissioners of
the Port OF New Orleans shall. and IL
is hereby authorized and empowered to
expend the proceeds of said bonds for
the extension of existing wharves, foi
building new wharves. for erecting
sheds. for constructing roadways. and
other improvements; for the purchase
OF suitable dredges. barges and tug
boats, for the payment of wharves or
other property purchased or expropri-
ated. and for the payment of obliga-
tions heretofore contracted and out
standing: provided that no private
property shall be taken without just
and adequate compensation previously
paid.
On the 31st day of December of each
year. the said board shall furnish a de-
tailed account of the receipts and ex-
pendftures to the Governor of the
State: which report shall be published
once in the official Journal of the City
of New Orleans.
That at the Congressional election to
be held In this State on the first Tues
day following the first Monday of No.
vember. 1908. the following amendment
" the OF the state OF
Louisiana shall be submitted to the
electors of the State. to-wit: The
Board of Commissioners of the Port of
New Orleans shall have power. and Il
shall be its duty, to issue three million
five hundred thousand dollars (S35OO.-
0Oo.ool of bonds to be known as Port
Commission Bonds for the purposes
and under the provisions and condi-
tions set forth In the Act of the Legis-
lature adopted to that end and for that
purpose at the regular session of the
General Assembly of 1908. which said
Act is hereby ratified and approved
and all provisions Of the present Con-
stftution of the State In conflict with
the provisions of this Act, and with
this amendment are. to that extent and
Tor that purpose only. repealed
Section Z. Be IL further enacted etc
That. on the official ballots to be used
at said election shall be placed, the
words: For the Port Commission
Bond Amendment" and the words.
Against the Port Commission Rond
Amendment" and each elector shalI in
dicate his vote on the proposed amend.
ment as provided bv the general cleo
II. G. DUPRE.
Speaker of the House OF fRepresentative.
p. NJ LAMBREMONT,
Lieutenant Governor and President n,
the Senate.
Approved July 5. 1908.
]. Y. SANDERS
Governor of the State of louisiana
true copy. JOHN T. MICHEL.
Secretary OF State.