The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-09-26
ACT No, l79.
House Bill No. l53. By Mr.. Barrett
AN ACT

Iouse Bill No. 153. By Mr.. Barrett
AN ACT
70 authorize the City of New Orleans
to issue two million 1000, Ooo)
dollars of five ~ per cent bonds
which shall be exempt from taxa
ton: to provide for the sale there
of: to provide for the payment OF
the principal and interest OF Sa1o
bonds; to provide for the DISPOSE
ton of the proceeds thereof
through such Public Belt Railroad
Commission as the City OF New
Orleans may have heretofore or
ganized, or may hereafter organ
ize. the members of which shall be
appointed by the Mayor OF the
City of New Orleans, and the pow
ers, duties and functions OF when
shall be prescribed by the City OF
New Orleans: to define the powers
and duties of the City of New Or
leans and the Board of CommlS-
siOners of the Port of New Orleans
in relation thereto, and, to submit
to the people of the State OF
Louisiana an amendment to the
Constitution Of the State of LOUIS
ana authorizing the issue OF SAID
bonds and ratifying the provisions
of this Act.
Section | Be it enacted by the
General Assembly of the State OF
Louisiana, two-thirds of all the mem
hers elected to each House cOncurrlng,
That, subject to the ratification OF the
DeOple of the State of Louisiana, by
An amendment to the Constitution OF
the State, hereinafter submitted 10
them, the City of New Orleans is here
by authorized and empowered to Is
sue bonds not to exceed two million
(S2, 900, 900. O0) dollars in amount, tC
he dated January |, 1909, bearing hive
% per cent per annum interest, paya
BILE at any time between July l, 1889
and July l, 1859.
| Said bonds shall be drawn payable
to bearer, and shall be styled: Pub
lie Belt Railroad Bonds of the City o
) New Orleans" They shall be of tn
denominations and be numbered a
follows, to-wit:
Five thousand 5000 of one hun
t dred ($lOO.OO) dollars each, numbere
from to $780, both inclusive.
One thousand $1,000 of five hundre
($5OO.OO) dollars each, numbered frol
, 1901 to 5000, both inclusive.
t One thousand $1,000 of one thou
= sand ($l, OO0.0W dollars each, number
. ed from COOL to 1000, both inclusive.
e They shall he payable in lawf'
t money of the United States, with sem
It annual interest coupons attached, dI
! July and January |. They shall
e signed by the Mayor of the City
1t New Orleans and countersigned by Il
I, Comptroller and the Treasurer of Il
S City of New Orleans. They shall
= exempt from all taxation, State, pa
1t ish and municipal, and thu tutors
IS minors and curatOrs of interdicts shf
d be authorized to invest all funds
their hands in such bonds. They mi
|, be registered and released from reg
Ne try under such rules and regulatio
5, as may be prescribed by the City
II New Orleans, and no registered BIO
Of shall be negotiable. They shall
h received on deposit with the State
Mt its officers or any of its political 81
h. divisions or municipalities in
f. cases where, by law, deposits of bon
~ are allowed Or required to be mat
er as security with the State, or its o
H. GERS, or with any of its political 81
ic divisions or municipalities.
in Section 2. Be it further enact
he etc., That as soon as constitution
authority for the issuance of ST
4 bonds shall have been obtained,
C. City of New Orleans shall be auth
s. lied to cause said bonds to be
y. graved and executed. The City
n New Orleans is hereby authorized
IA empowered, Oh and after January
of 1909, to sell such bonds, at such til
and in such numbers and amour
es and upon such terms and conditi'
ms as the City of New Orleans may de