The southern sentinel., 1908-09-11

Ions of said Act and OF this amenuHche
are to that extent and for that puf-
Section 10. Be il further enacted. etc:
That on the official ballots to be useo
At said election snail be placed the
BOND Amendment" and the words:
Against the Public Belt Railroad BOND
and each elector shail IN
dicate his vote on the proposed amcnI-
ment as provided by the general eiec-
ton laws of the State.
H. @. DUPRE.
Speaker of the House of Representative
p. NJ. LAMBREMoNT.
Governor and President OF
Approved July = 1908.
j. Y. SANDETS
Governor of the State OF LouisiahL
A true COPY. JOIN T. MIClIfL.
Secretary OF ST tie
ACT No. $50.
House R.u No. l52. BY lIr. Barrett.
Az ACT
To authorize the Board of Commis-
sioners OF the Port of New Orleans
to issue three million. Iive hundred
thousand dollars Is3.Iv5. .5.oV OF i've
(5J per cent DonIs. " mel snail De eA-
empt iroI.I TAXATION: to authorize the
may be necessary To roC fe vaiiu oue-
standing oolIg lions of said board.
and To provide tor the sale ia the re-
mainoer tl.ereof; To prOvide ior the
payment OF tue principsll and interest
OF said bonds anu tne disposition OF
the proceeas thereof; 10 define the
powers anu duties OF the Board OF
Commi ssioners OF the Port OF New
Orleans ana the Treasurer of the
State of Louisiana In relation there
TO: to continue s.lid board IN exist
ence until the paynaenS OF said bonds.
and TO submit To the people an
amendment to the constitution OF the
State of LOUISIANA authorizing the
issue OF said bonds anu ratifying the
provisions of this Act
Whereas the Board of Commissioners
OF the Port of New Orleans. created
under the provisions of Act 80 OF
the General Assembly of the year
1896, as amended by act. No. 80 of the
General Assembly OF the year isov.
Is vested with the administration OF
the public wharves ana landings OF
the port and nsLrbor OF New Orleans.
and charged with the duty of extend
ing. Improving and maintaining the
same and the appurtesEinces there
TO: and
Whereas. said Board of Commissioners
of the Port of New Orleans assumed
the duties imposed on IL oy law. at
the ternina tion of tine lease between
the CITY OF New orleans and the
Louisiana Construction * Improve
menI Company. on the zyth day OF
May. 1901; and
Whereas. said board out OF it's revenues
has. since said dale. practically re-
built the entire wnarf system re-
ceived from said louisiana Construc-
tion a Improve ment Company. built
new wharves. erected steel sheds on
the wharves and landings for the
protection of merchandise in transit,
constructed paved roadways and ap-
proacnes thereto. provided ole
dredge and tuisDoats for dredging
and fire protection purposes: has
maintained sufficient depth OF watei
mr. nsaA for ftasal lfsrftr nd
Icing of the wharves. landings.
sheds and appurtenances thereto. and
whereas. on account OF the growing Z
commerce of the port and harbor OF
New Orleans IL Is now necessary that
additional wharves be constructed
and extensive enlargements and i'm
provements of the system OF wharves.
laniings. sheds and appurtenances be
handling of export and import car
goes In the port and harbor of New
Orleans win be equal. IL not superior.
to similar facilities at any South At
lantlc or Gulf port: and
Whereas. funds cannot be made avail
able for thee purposes except by the
issue Of boa. Is. and
Whereas. the Soard of Commissioners
of the Port of New Orleans - assu.-
ed that pros ion can safely be made
from its rev SIeus for the payment al
the interest annually. and the pay
ment OF the principal at maturity
of three million. five hundred thous-
and dollars tss. 500. .eoo.oo) of five pei
cent bonds. and
Whereas. legislation providing for the
issue Of said bonds and recommend
Ing the submission to the peopie OF
an amendment to the Constitution OF
the State of Louisiana authorizing
the issuance Of said bonds and rati.
flying the provisions of this Act ia
recommended by the PORT Investiga-
tion Commission created by Act. No
8 of the Extra Session Of 1907; there
fore:
sral Assembly of the State of Louisia-
ua. two-thfrds of all the members
elected to each House concurring:
That. subject to the ratification OF
the people of the State OF louisiana. by
the adoption of an amendment to thu
Constitution of the State. hereinaftei
submitted to them. the Board of Com
missioners of the Port OF New Orlean =
created by Act No. 20 of the Genera
Assembly of 1886. as amended by Ac
No. Sc of the General Assembly of thu
year 1900. Is hereby authorized and
empowered. and 1t shall be its duty. ts
issue bonds not to exceed three million
five hundred thousand dollars (S3.50e.
0o0.0o) in amount. dated January
1903. bearing five per cent per annun
interest, payable semi-annually.. tbs
any time between July 1. 1924. and Jul,
i. 1863 Said bonds shall be drawn
PAYABLE TO bearer and shall be styles
fOTl (OLlmI8&lon bO00S. Iney Enai
be of the denomination of one Thousand
dollars Ga. 1.o00.oo) each. nayable In law
ful money of the United States. will
semi-annual interest coupons attached
due July lst and January lst The,
shall be, signed by the President AM
countersigned by the Secretary of tn.
Board OF Commissioners of the Port o
New Orleans. They shall be exemp
from all taxation. State. parish and mu
nfcfpai. and the tutors of minors an.
curators of interdicts shall be authorix
ed to invest the funds in their hand
In such bo1ds- They may be register
ed and released from registry unde
such rules and regulations as may b.
prescribed by said Board of Commits
sfouers of the Port OF New Orleans am.
no registered bond shall be negotiable
They shall be receivable on deposf
with the State. or it's Officers or an,
OF its political subdivisions or munich
palities m all cases where. by law de
postts of bends are required or allowe.
TO be made as security with the State
or its officers. or any of its polftica
subdivisions Of municipalities.
Section ?. Be 4 further enacted. etc
That. as soon as the Constitutional au
thority for the Issuance Of said bond
shall have be>n obtained 81 shall be tn
duty OF ths Board OF Con1mIssioliers o
the Port a. New Orleans to cause sal
bonds y be engraved spd executed