The southern sentinel., 1908-08-28

of April and OCTOBER. 1909. and annual-
ly thereafter. to provide for the pay
ment of the semi-annual interest due
July ! and January of each subse-
Quent year. out of the revenues of the
Public Belt Railroad of the City of New
Orleans. after deducting the expenses
OF maintenance and operation. which
appropriations shall be credited on the
New Orleans. to a special account to be
styled Public Belt Railroad Bond In
terest Account" amounts equal to the
semi-annual interest on all bonds that
er OF the City of New Orleans is hereby
empowered and directed. and IL is made
his duty. to pay any and all such cou-
pons that may be due when presented
by any holder thereof
In the year 1889, and annually there
after. the City OF New Orleans. shall.
In addition to the amount of the semi
annual interest due on the first of July
and January of each year appropriate.
on or before the first day OF April. out
OF the revenues of the Public Belt Rail-
road of the City of New Orleans. after
deducting the expenses of maintenance
and operation. which appropriations
shall be credited on the books of the
Treasurer of the City of New Orleans
TO special acc )unt to be styled Pub
lie Belt Railroad Bond Redemption Ac-
count the sum of one hundred thous-
and ts100. .0oo.o0) dohars. and the said
Treasurer is hereby empowered and d.
rected. and 1t is made his duty to pay
on the first day of July of the year
1888. and annually thereafter. out of
said bond re eiemption account one
hundred thouss nd (s100. ooo.0o) dollars
OF said bonds. in the reverse order OF
their issue: and all bonds and coupons
retired under this Act shall be by said
Treasurer duly cancelled and be pasted
as vouchers In a book to be by said
Treasurer kept for that purpose.
In case of failure on the part Of the
NJ NAWrr nrr. r. n
propriations at the times herein fixed
and TO administer and operate said
Public Belt Railroad of the City of
New Orleans and to collect the reve-
ment of int. rest due or TO become due
and the redemption OF bonds, as pro-
vided for in this Act. the Board of
Commissioners of the Port of New Or
leans Is hereby authorized. empowered
and directed. and it is made its duty
to administer and operate said Public
Belt Railroad. to impose such charges
as u may fix and collect said revenues
and levy and collect the special tax
hereinafter provided for and to apply
the same to the purposes of this Act
and TO that extent and for that purpose
only. and for such time as may be nee
essary to that end. said Board of Com
missioners of the Port Of New Orleans
is hereby authorized to exercise all the
powers an Is charged with all the du-
tles vested under this Act In the City
Section 4. Be IL further enacted. etc,
That In case there should be in any
year a deficiency in the revenues afore-
said to pay the full interest upon all of
said bonds outstanding. such deficiency
of interest shall be funded into bonds
OF such denominations as may be nee
essary and convenient. bearing the
same rate OF interest as the original
bonds. and having a term to run equal
to the balance of the term of the origf-
nal bonds but subject to call at will
oy the City of New Orleans; and In
case any such bonds are issued they
snail be stamped across their face I'm
terest Funding Bonds issu ued subject TO
immediate call" and they shall be pay
able out OF the special tax of two CD
mills per annum. which shall be levied
on and after January I. I943 as here
tnafter provided. Said interest funding
bonds shall have all the guarantees
ana securities provided for the original
bonds in this Act for their payment
principal and interest
In case the revenues OF the Public
Belt Railroad of the City of New Or
vide for the payment of the annual in
terest on. or for the remeption annual-
ly. on and after January l. 1899 or any
OF SAID bonds. as hereinabove set forth,
tne redemption of said bonds shall be
postponed until January l. 1914. and
the City of New Orleans shall levy up
on all of the taxable property within
tne present territorial limits of said
ginning with and including the year
1913. the entire proceeds whereof shall
De applied annually to the redemption
OF the bonds issued under this Act and
all interest that may be then or there
after due thereon. and all outstanding
interest funding bonds" until all OF
SAID bonds shall have been retired in
OF said two ca mills tax in the Iast
year of its levy shall exist such sur
plus shall be dedicated to works of
PUBLIC Improvement to be designated by
Section 5. Be IL further enacted etc
That the City of New Orleans shall be
and IL is hereby authorized and en-
powered to expend the proceeds of said
oonds Tor the construction and equip
ment of Public Belt Railroad System
In and for the City of New Orleans in
ciudinR tracks. sidings. switches. spurs.
crossovers and all appurtenances and
accessories thereto: the building OF
depots. roundhouses. warehouse,
sheds. statiors- signals and all other
necessary structures incident to the
roads. for the purchase of locomotive.
switch engines. cars and other neces-
sary rolling stock: for the payment OF
property purchased or exnyopriated
ings. switches. spurs. cross6vers, etc.
or for the erection Of neceasary struc-
lures and buildings inciEent to rail-
roads; Tor the purchase of existing
spurs. crossovers. or fer the exproprfa-
ton OF the same: for the purcha g OF
oarRes and tugboats and other proper
ty incident to the Operation of a barge
system: and generally for the purchase
and equipment of all property, movable
and immovable necessary and oroper
TO construct a,-S equip said public belt
railroad systyn. and as an fncident
thereto. basge system
section g. Be IL further enacted. etc
That therefthail be and there IL here
oy irreyoSbly dedicated to the people
OF the Cyy of New Orleans for perpet-
ual andfexclusive public use said pub
lie BeX Railroad System, as the same
mas pen heretofore. or may hereafter
pc eySaablished by the city Of New Or
leags. the title and use to which said
public belt railroad system shall be
aud shall forever be In the peopTe of
the CITY OF New Orleans
That all laws servitudes, privileges
and riEhP th favor of the State OF
louisiana. the City OF New Orleans and
the people OF the City Of New Orleans.
now existing In or on the lands or
sissippi river shall continue 20 exfsf
unimpaircd until the full payment Of
the principal and interest of the bonds
to be issued under this Act
Section z. BE IL further enacted. ETC.
That the City of New Orles ms shall con-
structs equip. maintain and operate said
Public Belt Railroad System In the City
OF New Orleans. through and by means
OF such board or commission. as may
have been or NAV be organized by the
City of New Orleans. the members of
which shall be appointed by the Mayor
OF the City Of New Orleans. with the
Couxonf of the Co,.rrff fr.o x>o~--~- a.