The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-09-12
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submit to the people an amendment
to the Constitution of the State OF
Louisiana authorizing the issue OF
said bonds and ratifying the provi-
sions Of this Act.
Whereas, the Board of Commits
sioners of the Port of New Orleans
created, under the provisions Of ACT
10 Of the General Assembly OF the
year 1896, as amended by Act No.
Sc of the General Assembly OF the
year 1900, is vested with the ad-
ministration of the public wharves
and landings of the port and bar
Dor of New Orleans, and charged
with the duty of extending. improv-
ing and maintaining the same and
the appurtenances thereto; and
Whereas, said Board of Commits
sioners of the Port of New Orleans
assumed the duties imposed on 1t by
law, at the termination of the lease
between the City of New Orleans
and the Louisiana Construction &
improvement Company. on the 29th
day of May, 1901; and
Whereas, said Board out of its
revenues has, since said date, prac-
tically rebuilt the entire wharf sys-
TEN received from said Louisiana
Construction & Improvement Com
pany. built new wharves, erected
steel sheds on the wharves' and land
ings for the protection of merchan-
disc In transit, constructed paved
rOadways and approaches thereto,
provided suitable dredge and tug
boats for dredging and fire protec-
ton purposes; has maintained suffi-
cient depth Of water and provided
for the lighting and policing of the
wharves, landings, sheds and ap-
purtenances thereto; and
Whereas. on account of the grow
ing commerce of the port and har-
Dor of New Orleans it is now neces-
sary that additional wharves be con-
structed and extensive engagements
and improvements of the system of
wharves, landings sheds and appur-
tenances be made SO that the facil-
tiles for the handling of export and
import cargOes in the port and har-
Dor of New Orleans Will be equal,
If not superior. to similar facilities
at any South Atlantic or Gulf port;
and
Whereas, funds cannot be made
available for these purposes except
by the issue of bonds; and
Whereas, the said Board of Com
m.sioners of the Port of New Or.
leans is assured that provision can
safely be made from it's revenues
Tor the payment of the interest an
nually, and the payment of the prin-
cipal at maturity, of three million
five hundred thousand dollars ($3,-
800. O00.OO) of five per cent bonds;
and
:. Whereas, legislation providing for
1he issue of said bonds and recon-
lnending the submission to the peo-
Fle Of an amendment to the Consti-
tntion of the State of Louisiana au-
thorizing the issuance of said bonds
and ratifying the provisions of this
Act. is recommended by the Port
Investigation Commission, created |
by Act No. 9 of the Extra Session of
1907: therefore,:
Section 1. Be 1t enacted by the
General Assembly of the State of
Louisiana, two-thirds of all the mem
Ders elected to each House concurr- |
ing:
That, subject to the ratification
of the people of the State of Louisi- /
ana. by the adoption of an amend
ment to the Constitution OF the
State, hereinafter submitted to
them. the Board of Commissioners
of the Port of New Orleans, Gre
lted by Act No. 20 of the General
Assembly Of 1896. as amended by
Act No. Sc of the General Assembly
of the year 1900, is here
BY authorized and empowered, and
t shall. be its duty. to issue bonds
1ot to exceed three million FIVE hun.
lred thousand dollars ($3,5OO, OOO.-
)0) In amount dated January 1,
1908. bearing live per cent per an
lum interect. payable semi-annuaily,
he principal of which shall be pay
lble at any time between July /
l924.and July l, 1859. Said bonds
hall be drawn payable to bearer and
hall be styled Port Commission
bonds" They shall be of the denomi-
latiO1 OF one thousand dollars ($1,-
'0O.OO) each. payable in lawful mon
y OF the United States. with semi
nnual Interest coupons attached, due
uly LIST and January LIST. They shall
. signed by the President and coun-
ersiEned by the Secretary of the
,Oerd commissioners of the Port
I New Orleans. They shall be exempt
rem all taxation, State, parish and
1unicipal. and the tutors of minors
nd curators of interdicts shall be
authorized to invest the funds in
heir hands In such bonds. They may
e registered and released from reg
try under such rules and regula-
ons as may be prescribed by said
'oard Of Commissioners of the Port
New Orleans. and no registered
ond shall be negotiable. They shall
? receivable on deposit with the
tate. or Ito omcers. or any or its
oiitical subdivisions or municipali-
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