The southern sentinel., 1908-09-04

OF April and October. 1909. and annual
" thereafter to provide for the pay
ment of the mi-annual interest que
July ! and January j OF each suoSe-
quent year. out of the revenues Of the
Public Belt Railroad of the City OF New
Orleans. after deductiug the expenses
of maintenace and operation. Whlch
appropriations shall be credited on the
books of the Tres surer of the city OF
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
may have been delivered. The Treasur-
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 1899. and annually there
after. the City of New Orleans. shall.
in addition to the amount of the semi
annual interest dIe 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 tS100.000.o0) dohars. and the said
Treasurer is hereby empowered and d.
rected. and IL is made his duty to pay
on the first day -ef--yufy OF the year
1888. and annually thereafter. ont of
said bond re iempfion account. one
hundred thousand (S100. .00o.00) dollars
of said bonds. in the reverse order of
their issue; and all bonds and coupons
Treasurer duly canceled 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
n n
propriations at the times herein fixed
and to administer and operate said
Public Belt Railroad of the Citv Of
New Orleans and to collect the reve-
nues therefr,.m to provide for the pay
ment of interest 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 IL is made its duty
TO administer and operate said Public
Belt Railroad. to impose such charges
as IL 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 thesRoF1 OF New Orleans
Is hereby authorized to exercise. all the
ties vested under this Act in the City
of New Orleans
Section 4. Be II tifurther enacted. etc.
That in ease there should be In any
said to pay the full interest upon. ali of
said bonds outstanding. such deficiency
of interest shall be. funded into bonds
or 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 origi-
nal bonds. but subject to call at will
nf Naxr OIL NJ In.
case any such bonds are issued they
snail be stamped across their face In
terest Funding Bonds issued 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. l943 as here
inafter provided. Said interest funding
bonds shall Rave all the guarantees
and 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
leans should not be sufficient to pro-
vide for the payment Of the annual in
terest on, or for the remeption annual
~. on ana after January 1. 1889. or any
OF SAID bonds. as hereinabove set forth,
the 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
the present territorial limits of said
city special tax of two (21 mills be-
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
PRINCIPAL and interest. IL any surplus
of said two CD mills tai in the last
year of its levy shall exist, such sur
plus shall be dedicated to works of
mt 10 k. n
the City of New Orleans
Section 5. Be IL further enacted. ETC.
That the City of New Orleans shall be
and II Is hereby authorized and en-
powered to expend the proceeds of said
bonds for the construction and equip
ment of a Public Belt Railroad System
In and for the City of New Orleans in
cluding tracks. sidings. switches spurs
crossovers and all appurtenances and
accessories thereto: the building Of
depots. roundhouses. warehouses.
sheds. statiors. signals and all other
necessary structures incident to the
construction and equipment of rail-
roads. for the purchase Of locomotives.
switch engines. cars and other neas0s
sary rolling stock: for the payment of
for the purpose OF lasi.s tracks. sid
fngs. switches. Sp0fs. crossovers. etc,
or for the e-sreetion Of necessary struc-
-sssds: for the purchase of existing
roadbeds. tracks. switches. sidings,
spurs. crossovers. or for the exproprja-
ton OF the same: for the purchase of
barRes 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
ana fmmovable. necessary and proper
to construct and equip said public belt
railroad system. and as an incident
thereto. barge system-
Section 8. Be II further enacted. etc
That there shall be and there il here
by frrevocably dedicated to the people
of the City of New Orleans for perpet-
ual and exclusive public use said Pub
lie Belt Railroad System. as the sams
has been heretofore. or may hereafter
be established by the City of New Or
leans. the title and use to which said
public belt RAILROAD. system shah Be
and shall forever be In the people OF
the City of New Or1eanA
That all laws. servitudes. privileges
and rights In favor of the State of
Louisiana. the City of New Orleans and
the people of the City Of New Orjeans,
now exHunE An or ON the lands sor
property ouzor contiguous to the Mis-
sissinpf, river sha2fGcontinue 20 exist
unimpafred until the full payment OF
the principal ana iinkerest Of the bonds
to be issued under this Act.
Section Z. Be IL further enacted etc
That the City of New Orlea ms shall con-
struct. equip. maintain and operate said
Public Belt Railroad System In the City
of New Orleans. Through and by means
of such board or commission .ass may
have been or NAV be organized-by the
City of New Orleans. the members OF
of the City of New Orleans, with the
conxauf If the Caun1H fta a