Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1908-09-18

such Public Belt Railroad q )mmis-
sion as the City of New Orles ms may
have heretofore organized, or may
hereafter organize, the men lbers OF
which shall be appointes by the
Mayor of the City OF New Orleans,
and the powers, duties and functieAs
of which shall be prescribe d by the
City of New Orleans; to <ietBe the
powers and duties of u City Of
New Orleans and tie Boartl Of Com
missioners II the PoH of New OF
leans in relation thereto, 0ld to sub
nit to the people of the state OF Lou
isiana an amendment to ue Consti-
tuition of the State of Louisiana au-
thoriZing the issue of said bonds and
ratifying the provisions or this Act.
Section l. Be it eAaIted by the
General Assembly of the State OF
Louisiana. two-thirds of AL the menu
bers elected to each Hosase concur
ring, That, subject to the ratfAoa-.
tor of the people of the State et
Louisiana, by an amendment to tf6
Constitution of the STATE, hsreina +
ter submitted 10 them, the City of
New Orleans is hereby authoriz I'd
and empowered to issue bonds net ID
exceed two milliOR (s2,eSe,eeo.fbe)
dollars in amount, 10 be dated Je au-
airy 1, 1893, beariSg Eve Ga Per
cent. per aRnun userest, payable
semi-annually. the principal of vh&sh
shall be payable at airy time bet WUsn
July 1. 1889, and Jrss l., 1852
Said bonds shall be drawn Daya-
BILE to bearer, and sNs ii be d sieA
Public Belt Railroad Bond4 OF the
City OF New Orleans" Tkeg shall
be of the denominations and We nun
bered as follows. to-win
Five thousand (5,0eC0 OF: one hun
dred $4,000 dollars eal h, num-
bered from 1 to 5000, both inclu-
sive.
One thousand (1,0spp of five
hundred (s50o.00) dollars each,
mum bered from 5,0o1 to 5000. both
inclusive.
One thousand U,0eO) of one thou
sand (S1,000.oO dollars each.
numbered from S,e01 to 1000, both
inclusive.
They shall be payable in lawful
money of the United States, with
semi-annual interest COZ iyons attach
ed, due July and January /. They
shall be signed hy the Mayor Of the
City of New ORLEANS and counter
signed by the Coaaptr eller and the
Treasurer of the City of New Or
leans. They shall be exempt frem
all taxation, State, parish ani nu-
nicipal, and the tutors Of niasrs and
curators eff iRtsrdicts shall be au-
thorissd to invest all funds in their
hands in such bonds. They may be
registered and released from regis
try under such rules and regulations
as may De prescribed by tie City Of
New Orleans, and no regist syed bond
Shall be negotiable. They shall be
received en- deposit with the State
or its omoers or any of IFS political
subdivisions or nunid paEtiss in III,
cases where, by law, deposits of
bonds are allowed or REQUIRED to be
made. as security with the State, or
its officers, or with any of its politi-
cal subdivisions or Eau nicipalitiss.
Section 2. Pc it further enacted,
ETC., That as seen as constitutional
authority for INC issuance Of said
bonds shall have been obtained. the
City of New Orleans snail be author
ICED to cause said bonds to be en-
sraved and executed. The CITY Of
New Orleans is hereby authorized
and empowered, on and after Janu-
airy l, 1909, to BELL said bonds, at
such times and in such Numbers and
amounts, and upon such terms ana
conditions as the City of New Or
leans may deem adviss BILE, provided
that no sale shah 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 500 consecutive days
in one or more daily newspaper or
newspapers of the cities of New York
and New Orleans, respectively, and
provided that no SAFE shall be made
by said city at a 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 8. Be it further enacted
ETC., That the principal and interest
of said bonds shall be paid by 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 eollectible
under existing laws or ordinances, or
amendments 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 Oh 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
the semi-annual interest due July 1
and January 1 of each subsequent
wear, out of the revenues of the Pub
lie Belt Railroad of the City of New