The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-09-05
ACT No. 179.
House Bill No. 1913. By Mr.. Barrett.
AN ACT

.. AN ACT
To authorize the City of New Or
leans to issue two million ($2,OoO,-
OOO) dollars of five 60 per cent
bonds. which shall be exempt from
taxation; to provide for the sale
thereof; to provide for the payment
of the principal and interest Of said
bonds: to provide for the disposition
of the proceeds thereof, through
such Public Belt Railroad Commits
have heretofore organized, Or may
hereafter organize, the members OF
which shall De appointed by the
Mayor of the City Of New Orleans,
and the powers, duties and functions
of which shall be prescribed by the
City of New Orleans; to define the
powers and duties of the City OF
New Orleans and the Board of Com
missioners of the Port of New Or
leans in relation thereto. and to sub
nit to the people of the State Of Lou
isiana an amendment to the Consti.
tuition of the State of Louisiana au-
thorizing the issue of said bonds and
ratifying the provisions of this Act.
Section l. Be it enacted by the
General Assembly of the State OF
Louisiana, two-thirds of all the men,
bers elected to each House concur
ring, That. subject to the ratifica.
tior Of the people of the State of
Louisiana, by an amendment to the
Constitution of the State, hereinaf-
ter submitted to them, the City OF
New Orleans is hereby authorized
and empowered to issue bonds not to
exceed two million ($2.0OO.OOO.OO)
dollars in amount, to be dated Janu-
airy l, 1909, bearing five 90 per
cent. per annum interest. payable
the principal of which
shall be payable at any time between
July 1, 1899, and July /, 1859.
Said bonds shall be drawn paya-
BILE to bearer, and shall be styled:
Public Belt Railroad Bonds of the
City of New Orleans" They shall
be of the denominations and be num-
bered as follows. to-wit:
Five thousand (5.00O Of one hun
bered from l to 5000, both inclu-
sive.
One thousand 10000 of five
hundred ($500.0O dollars each.
from 5,001 to 5000, both
inclusive.
One thousand 10000 of one thou
sand (S1,OOO.OO) dollars each.
numbered from 6,O01 to 1000, both
inclusive.
They shall be payable in lawful
of the United States. with
interest coupons attach
ed. due July and January l. They
shall be signed by the Mayor of the
City of New Orleans and counter
signed by the Comptroller and the
Treasurer of the City Of New Or
leans. They shall be exempt from
all taxation, State, parish and mu-
nicipal, and the tutors of minors and
curators Of interdicts shall be au-
thOrized 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 be prescribed by the City Of
New Orleans, and no registered bond
shall be negotiable. They shall be
received on deposit with the State
Or its officers or any of its political
or municipalities in al,
cases where. by law, deposits of
bonds are allowed or required to be
made, as security with the State. or
It's ofacers, or with any of its poiiti-
:al subdivisions or municipalities.
Section 2. Be it further enacted.
ETC., That as soon as constitutional
authority for the issuance of said
bonds shall have been obtained. the
City Of New Orleans shall be author
zed to cause said bonds to be en-
yraved and executed. The City of
New Orleans is hereby authorized
md empowered, on and after Janu-
afy 1, 1909, to sell said bonds, at
such times and in such numbers and
amounts. and upon such terms and
conditions as the City of New Or
cans may deem advisable, provided
hat no sale shall be made by said
.ity, except upon sealed proposals to
,e submitted to said city after ad-
for the same shall be
lad for thirty 500 consecutive days
n one or more daily newspaper or
of the cities of New York
md New Orleans, respectively, and
that no sale shall be made
" said city at price less than par
nd accrued interest. the city to have
Iways the right to reject any and
II bids. Coupons attached to said
'onds. past due at the time Of deliv-
ry, shall be detached and Cancelled |
y said city before delivery of the
0nds.
Section 3. Be It further enacted,
to-, That the principal and interest |
I said bonds shall be paid by pref
renee from the revenues of the Pub
C Belt Railroad Of the City of New
'rleans, after deducting the expenses
{ maintenance and operation. and
II Public Belt revenues collectible
nder existing laws or ordinances, or
thereto, and all future
ublic Belt Railroad revenues. after
the expenses Of mainte-
ance and operation, are hereby