The southern sentinel., 1908-09-25
ACT No. 179.
ACT No. 179.
House Bin No. ls3 By Mr.. Barrett
AN ACT


House BIZ No. lss By Mr.. Barrett
AN ACT
To authorize the City of New Orleans
to issue two million ($2.o0t .0oo1 dol
lars of five (5) per cent bonds. which
shall be exempt from taxation; to
provide for the sale thereof; To pro-
vide for the payment of the principal
and interest Of said bonds; to pI o, ide
for the disposition of the proceeds
thereof. through such Publ. Belt
Railroad Commission AZ the City of
Ssni.ed on may heseafser orsnntae
the members Of which shall lie ap-
pointed by the Mayor OF the City of
New Orleans. and the powers. duties
and functions Of which shall be pre-
to define the powers and duties of the
City of New Orleans and the Board of
Commissioners Of the Port of New
Orleans in relation thereto. and to
Louisiana an amendment to the Con-
stftution of the State of louisiana
authorizing the issue OF said bonds
and ratifying the provisions Of this
Act
Section 1. Be II enacted by the GEN.
eral Assembly OF the State Of louisiana,
two-thirds of all the members elected
to each House concurring. That. subject
to the ratification OF the people of the
State of Louisiana. by an amendment
to the Constitution of the State herein
after submitted to them. the City of
New Orleans II hereby authorized and
eeee two milton NJ SSnSs oS5 dosrs 10
in amount. to be dated January 1. 1903.
bearing five (5) per cent per annum
interest payable semi-annually. the
principal Of which shall be payable at
any time between July 1. 1888. and
Said bonds shall be drawn payable to
bearer. and shall be styled: Public
Belt Railroad Bonds Of the City of New
orIeans- They shall be of the denomi-
nations and be numbered as follows. to-
Five thousand (s.oee) Of one hundred
Ssioe:ee, dollar: each, numbered from
One thousand u.ooo) OF five hundred
($soo.0o) dollars each. numbered from
s0o1 10 So0o. both inclusive.
One Thousand u.eoo) OF one thousand
soo1 to 7o00. both Inclusive.
~ OF the United states. with semi-an-
pual interest coupons attached. due
signed S ss ns n. nssos d the City of n.~
Orleans and countersigned by the
Comptroller and the Treasurer Of the
City Of New Orleans. They shall be ex-
ana municipal and the tutors Of mi
u0rs and curators Of interdicts shall be
authorized to invest all funds In their
hands In such bonds They may be
registered and releas from registry
under such rules and regulations az
may be prescribed ~ the City of New
Orleans. and no reg stered bond shall
be negotiable, They shall be received
ON deposit with the state or its officers
or municipalities In all cases where by
law. deposits Of bonds are allowed or
required to be made. a. security with
the State. or its officers. or with any Of
ITS political subdivisions or municipal
Section 3 Be II further enacted, etc,
That a. soon ~ constitutional author
ity for the issuance OF said bonds shall
Orleans shall bs authorized to cause
said bonds to be engraved and execut-
ed The City Of New Orleans IL hereby
authorized and empowered, on and az
at such times and in such numbers ana
amounts. and upon such terms and con-
ditions as the City Of New Orleans may
deem advisable. provided that no sale
shall be made By said city, except upon
said city after advertisement for the
same shall be had for thirty (3o) con-
secutive days In one or more daily
newspaper or newspapers Of the cities
lively. and provided that no sale shaII
be made BY Aid city D. q price leso
than par ana accrued interest. the city
10 nave afWaya the right to reject any
and all bids. Coupons attached to said
bouds. past due ~ the time Of delivery.
shall be detached and Cancelled by said
CITY before delivery of the bonds
Section & Br II further enacted. etc
bonds snail be eaid Sy preferencs e. from rom
the revenues cf the Public Belt Rail-
road OF the City Of New Orleans. after
deductinx the expense1 Of maintenaleo
and operation. and all Public Belt rev.
or ordinances. or amendments thereto
and NIL future Public Hit Railroad
revenues: after dedue tine the expenses
Seres9 e ess'n.snsn~s rss11S en1 e2s.s1sa; srs
ana Interest. The intere<t On said bonds
snaH oe evidenced bv coupons attached
sheretos payable emi-annuaI1Y - the
1reasursr Of the City o. New Orleans.
80 ~ city e NV osies1S sSS7i =:
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