The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-09-26


made his duty, to pay any and all
such coupons that may be due when {
presented by any holder thereof.
In the year 1889. and annually /.
thereafter, the City of New Or
leans 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 reve
uues of the ui,lie Belt Railroad of
the City OK New Orleans. after de-
Quoting the expenses of maintenance
and operation. which appropriations
shall be credited on the books of the
Treasurer of the City of New Orleans
to a special accountto be styled Pub
lie Belt Railroad Bond redemption
Account" the sum of one hundred
thousand ($1OO,OOO.00) dollars. and
the said Treasurer is hereby empow-
cred and directed, and it is made his
duty to pay, on the first day of July
of the year 1889, and annually
thereafter. out of said bond redemp-
ton account, one hundred thousand
! ($1OO,OOO.OO) dollars of said bonds.
in the reverse order of their Issue;
and all bonds and coupons retired
under this Act shall be by said Treas
urer 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 of
the City Of New Orleans to make said
appropriations at the times herein
fixed and to administer and operate
said Public Belt Railroad Of the City
of New Orleans, and to collect the
revenues therefrom to provide for
the payment of interest due or to be-
come due, and the redemption of
bonds, as provided for in this Act,
the Board Of Commissioners of the
Port of New Orleans is hereby au-
thorized, empowered and directed,
and it is made it's duty to administer
and operate said Public Belt Rail-
road, to impose such charges as 1t
ma. fix and collect said revenues and
levy and collect the special tax here
matter provided for and to apply
the same to the purposes of this Act.
and to that extent and for that pur-
pose only, and for such time as may
be necessary to that end, said Board
of Commissioners of the Port OF
New Orleans is hereby authorized to
exercise all the powers and Is
charged with all the duties vested
under this Act in the City of New
Orleans.
Section 4. Be it further enacted,
ETC., That in case there should be In
any year a deficiency in the revenues
aforesaid to pay the full interest
upon all of said bonds outstanding.
such deficiency of interest shall be
funded into bonds of such denOmina-
tions as may be necessary and con-
venieEt, bearing the same rate of in
terest as the original bonds. and hav-
ing a term to run equal to the bal
ance of the term of the original
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 Inter
, est Funding Bonds, issued subject to
! immediate CALL" and they shall be
payable out of the special tax of two
(2) mills per annum, which shall be
levied on and after January l, 1913,
as hereinafter provided. Said inter-
est funding bonds shall have all the
guarantees and securities provided
for the original bonds in this Act for
their payment, principal and inter-
est.
In case the revenue of the Public
, Belt Railroad of the City Of New
Orleans should not be sufficient to
provide for the payment of the an
, nual interest on, or for the redemp-
: ton annually. on and after January
.. /, 1899. of any Of said bonds
I as hereinabova set forth. the
redepmtion of said bonds shall he
postponed until January 1, 1914, and
the City of New Orleans shall levy
upon all of the taxable property with
in the present territorial limits of
said city a special tax of two CD
! mills, beginning with and including
the year 1913, the entire proceeds
whereof shall be applied annually to
the redemption of the bonds issued
3 under this Act, and all interest that
, may be then or thereafter due there
+ on, and all outstanding Interest
{ funding bonds" until all of said
bonds shall have been retired in prin-
. cipal and interest. II any surplus OF
r san two (2) mills tax in the last
. year of its levy shall exist, such sur
! plus shall be dedicated to works OF
! public improvement, to be designat-
: ed by the City Of New Orleans.
! Section S. Be 1t further enacted,
. etc., That the City of New Orleans
shall be and is hereby authorized and
/, empowered to expend the proceeds
t Of said bonds for the construction
: and equipment of Public Belt
= Railroad System in and for the City
' Of New Orleans, including tracks. sid
9 ings. switches, spurs. cross-overs and
all appurtenances and accessories
Q thereto; the building of depots,
r roundhouses. warehouses, sheds, sta.
0 lions, signals and all other necessary
r structures incident to the construc-
: ton and equipment Of railroads. fol
y the purchase of locomotives. switch
: engines, cars and other necessary