The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-08-29

ed to said bonds, past due at tn
time of delivery, shall be detache
and cancelled by said Board befor
delivery of the bonds.
Section 3. Be it further enacted
ETC., That the principal and interes
OF said bonds shall be paid by pre-
ference from the revenues of tn
Board of Commissioners of the Por
of New Orleans, and all revenues col
lectible under the laws as now exist
ing. shall he and are hereby pledged
to secure said bonds and interest
In no event shall the charges i'm
posed by said Board. under the Law
now existing, be reduced to al
amount less than necessary for the
payment of the principal and in
terest of said bonds; and the Board
of Commissioners of the Port of New
Orleans, as presently organized and
without elimination of existing ter.
ritorial Jurisdiction. shall continue In
legal existence until all the bonds is,
sued in accordance with this Act
shall have been paid in principal and
interest; provided that the members
of said Board shall be appointed by
the Governor, subject to removal by
the Governor, and the Governor shall
have power to fill all vacancies.
The interest on said bonds shall
be evidenced by coupons attached
thereto, payable semi-annually, by
the Treasurer of the State of Louisi-
ana on the first days of July and
January, and said Board shall place
on deposit, on or before April 1,
1909, and on or before the first Of
April of every subsequent year, with
the Treasurer of the State of LOUISE
ana. to the credit of special ac-
count to be styled Interest Ac-
count" an amount equal to the an
nual interest on all bonds that may
have been delivered. Said Treasurer
Is hereby empowered and directed,
and it is made his duty to pay any
and all such coupons that may DE
due when presented by any holder
thereof. In the year 1924. and annu-
ally thereafter. said Board shall,
in addition to the amount of the an
nual interest due on the LIST of July
place on deposit, on or before April
with the Treasurer of the State of
to the credit of a spe-
cial account to be styled Bond of
Redemption Account" a sum Of one
hundred thousand dollars ($1OO,-
OOO.OOO, and the said Treasurer is
hereby empowered and directed, and
It Is made his duty, to pay, on the
LIST OF July of the year 1924, and an
1ually thereafter, out of said Bond
Account, one hundred
1907 of said bonds in the reverse
order of their issue; and all bonds
Ind coupons retired under this Act
hall be by said Treasurer duly can
:eled and delivered to the Board of
commissioners of the Port of New
orleans, which shall receipt for
'ame. and which shall retain and
taste the same as vouchers, in a
'ook to be by it kept for that pur-
)ose. 1t shall be the duty of said |
treasurer to require said deposits to |
We made as aforesaid: and in case
# failure on the part of said Board |
o make said deposits, or to impose,
lnder the law as now existing, the
harges for the use of said wharves.
andings, sheds and oppurtenancess
hereto. or to collect the revenues
herefrom, in an amount sufficient
o provide for the payment of inter-
st due or to become due, and the
exemption of bonds as provided in
his Act, said Treasurer is hereby
Empowered and directed, and 1t is
1ade his duty, to impose said
harges and collect said revenues,
nd to apply the same to the purpo-
es of this Act, and to that extent,
nd for that purpose only, and for
UGH time as may be necessary to
hat end. the said Treasurer is here.
y authorized to exercise all the
overs and is charged with all the
uties vested under existing law in
1e Board Of Commissioners of the
ort of New Orleans.
Section 4 Be it further enacted,
&C., That all of the provisions of
ais Act shall constitute q contract
etween the holder of the bonds issu-
l hereunder, the State Of louisa
q. and the Board of Commission
g Of the Port of New Orleans.
Section 5. Be it further enacted.
C., That the Board of Commission
8 OF the Port of New Orleans shall,
I'D 1t is hereby authorized and en-
owered to expend the proceeds of
I'D bonds for the extension of ex-
ting wharves, for building new
narves, for erecting sheds, for con-
ructfng roadways, and other i'm
'ovements; for the purchase of
litable dredges, barges and tug
'ats: for the payment of wharves I
other property purchased or ex-
opriated. and for the payment of :
'lfgattons heretofore contracted and
ltstanding; provided that no pri- :
tie property shall be taken with
It Just and adequate compensation 8
eviously paid.
On the thirty-first day of Decem- 7,
r OF each year, the said board 4
all furnish a detailed account of =
Ho0a{nfS md |