The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-10-24
AlT No. l19.
House Bill No. 1873. BY Mr.. Barrett
AN ACT

onse Bill No. 1873. BY Mr.. Barrett.
AN ACT
q authorize the City of New Orleans
to issue two million (S2, 1000 oo)
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 Salo
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
~anized. or may hereafter organ
i've. the members Of which shall be
appointed by the Mayor OF the
CITY of New Orleans, and the pow
ers, duties and functions of which
shall he prescribed by the City OF
New Orleans: to define the powers
and duties Of the City OF New Or
leans ANA the Beard of Commits
sioncrs 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 lOulsl-
ana authorizing the issue OF sald
bonds and ratifying the provisions
OF this Act.
Section / BE it enacted by the
General Assembly of the State OF
twU-hirdS of all the mem
hers elected to each House concurrlng,
That. subject to the ratification OF the
nnoplc of The State Of Louisiana, bl
an amendment 10 the Constitution O
the State. hereinafter submitted tt
them, the City of New Orleans is here
by authorized and empowered 10 IS
she hOnds not to exceed two million
1852 900. 600. COZ dollars in amount, tt
he dated january |, 1909, bearing nv
90 per cent per annum interest, paya
BILE at any time between July |, 1888
and July |. 1888.
Said bonds shall be drawn payabi
TO bearer. and shall be styled: Put
lie Belt Railroad Bonds of the City c
New Orleans" They shall be OF tn
denominations and be numbered a
follows. to-wit:
Five thousand (J,000) of one hun
dred ($l0O.00) dollars each, numbere
from | to 5000, both inclusive.
One thousand (I,00O) of five hundre
$500. COY dollars each, numbered fro
50Ol to 5000, both inclusive.
One thousand $1,000 Of one tho
sand (Sl. 100000 dollars each, numbe
ed from 600l to 1000. both inclusive.
They shall be payable in laWf
money OF The United States, with sen
annual interest coupons attached, d.
July and January |. They shall
signed by the Mayor of the City
New Orleans and cOuntersigned by
Comptroller and the Treasurer of t
CITY of New Orleans. They shall
exempt from all taxation, State, pa
iSh and municipal, and th: tutors
minors and curators of interdicts sh;
be authorized to invest all funds
their hands in such bonds. hey m
be registered and released from reg
try under such rules and regulatio
as may be prescribed by the City
New Orleans. and no registered DO
shall be negotiable. They shall
received on deposit with the State
t its officers or any of its political 81
= divisions or municipalities in
: cases where, by law, deposits of Dor
: are allowed or required to be ma
= as security with the State, or It's G
: GERS. or with any Of its political 81
, divisions or municipalities.
4 Section :. lie it further enact
e etc, That as soon as constitution
authority for the issuance OF s.
bonds shall have been obtained,
= City of New Orleans shall be auth
lied TO cause said bonds to be
. graved and executed. The City
New Orleans is hereby authorized
4 empowered, on and after January
+ 1909. to sell such bonds. at such til
and in such numbers and amour
5 and upon such terms and conditl'
$ as the City of New Orleans may dc