The southern sentinel. (Winnfield, La.) 1883-1910, 1908-10-23

Of April and October. 1909. and annual
" thereafter. to provide for the pay
| ment of the semi annual interest dus
July I and January I of each suose-
| Quent year. out OF the revenues OF the
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 Trea surer OF the City or
New Orleans. to a special account to be
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 due on the first of 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
deducting the expenses OF maintenance
and operation. which appropriations
shall be credited on the books of the
Treasurer of the City Of New Orleans
10 special acc Dunt to be styled Pub
lie Belt Railroad Bond Redemption Ac-
count" the sun nf one hundred thous-
and ts10o.0ooo0) dollars. and the said
Treasurer is h reby empowered and d.
rected. and IL is made his duty to pay
on the first day of July OF the year
1889. and annually thereafter. out OF
said bond redemption account. one
hundred thouss nd (sI00. 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
Treasurer duly cancelled and be pasted
as vouchers in a book to be by said
Treasurer kept for that purpose.
In case of failure on the part nj the
ne n l. n N
preparations at the times herein fixed
and to administer and operate said
Public Belt Railroad of the CITY of
New Orleans and to collect the reve-
nues therefr.m TO provide for the pay
ment OF int rest due or to become due
and the redemption of bonds. as pro-
vided for in this Act. the Board of
Commissioners OF the Port of New Or
leans is hereby authorized. empowered
and directed. and IL Is made it's duty
TO administer and operate said Public
belt Railroad. to impose such charges
as IL may 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-
ties vested under this Act in the City
of New Orleans
Section 4. Be IL further enacted etc,
That In case there should be in any
year deficiency in the revenues afore-
said to pay the full interest upon all of
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
10 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
snail be stamped across their face I'm
terest Funding Bonds issued subject TO
immediate CALL. and they shall be pay
able out of the special tax of two ca
mills per annum. which shall be levied
on and after January !. Is43. as here
inafter 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 Tor the payment of the annual in
terest on. or for the remeption annual
~. on and after January 4, 1888 or any
OF said bonds. as hereinabove set forth.
the redemption of said bonds shall be
postponed until January I. 1874, and
the Sity OF New Orleans shall levy up
on all OF the taxable property within
the present territorial limits of said
city a special tax OF two CD mills. be-
ginning with and including the year
be applied annually to the redemptIon
OF the bonds issued under this Act and
All interest that may be then or there
..is que thereon. and all outstanding
interest funding bonds" until all OF
said bonds shall have been retired in
principal and interest II any surplus
OF said two CD ratlls tax In the last
plus shall be dedicated to works OF
public Improvement to be designated by
the City OF New Orisan
Section :. Be IL rurthef enacted. etc.
Ihat the city of New Orleans shall be
and IL Is hereby authorized and en-
powered TO expend che proceeds OF said
bonds for the construction and equip-
ment OF Public Belt Railroad System
In and for the City Of New Orleans. in
Guiding tracks. sidings. switches spurs.
crossovers and all appurtenances and
accessories thereto: the building of
sheds. stations. signals and ali other
necessary structures incident to the
construction and equipment of rail-
roads for the purchase OF locomotives.
switch engines. cars and other neces-
sary rolling stock: for the payment Of
property purchased or expropriated
Tor the purpose of laying tracks. sid
lnRs. switcnes. spurs crossovers. etc.
lures and buildings incident to rail-
roads: for the purchase OF existing
roadbeds. tracks, switches. sidings.
- sicc@cscfSs W iot the exprOprla- |
ton of the same: for the purchasc Of !
barges and tugboats and other proper- !
" incident TO the operation of a barge
system. and generally for the purchase
and equipment OF all property. moyable
and fmmovabie. necessary and propsr
10 construct and equip said public belt |
railroad system. and az an inofdent
thereto. a barge system.
section 6. Be 1t further enacted eto
That there shall be and there IL here.
by irrevocably dedicated to the peonls
OF the City OF New Orleans for perpef-
uai and exclusive public use said Pub
lie Belt Railroad System az the sams
has been heretofore or NAV hereaffer
pc ESTABLISHED by the City OF New Or
leans. the title and use to which saId
public belt railroad system shall be
and shall forever be in the peopIe ~
the CITY Of New Orleans
That all laws. scrvftudes. privileges
ana rights In favor Of the State Of
the City of New Orleans and
the people of the City Of New )rIcans.
now existing In or on the lands or
property on or contiguous to the Mis-
sissippi river shall continue TO exist
unfmpafred until the full payment OF
the principal and interest Vt the bonds
TO be issued under this Act
Section 2. Be II further enacted. etc.
That the City af New Orlea MS shall con-
1truct. 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 NAV
have been or may be organ ixed by the
City OF New Orleans. the members Of
which shall be appointed by the Mayor
M the Cffy NJ N1u 0rI..r~,