The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-09-12

ACT No. 119.
House Bill No. 1873. BY NJ Barrett.
AN ACT
To authorize the City of New Or
leans to issue two million ($2.O0O.-
OOO) dollars of five 60 per cent.
bonds. which shall be exempt from
taxation; to provide for the sale
thereof; to provide for the payment
of the principal and interest Of said
bonds; to provide for the disposition
of the proceeds thereof, through
such Public Belt Railroad Commits.
sion as the City of New Orleans may
have heretofore organized, or may
hereafter organize, the members OF
which shall be appointed by the
Mayor of the City Of New Orleans,
and the powers, duties and functie1s
of which shall be prescribed by the
City of New Orleans; to define the
powers and duties of the City of
New Orleans and the Board Of Com
missioners of the Port of New Or
leans in relation thereto. and to sub
nit to the people of the State of Lou
isiana an amendment to the Consti-
tution of the State of Louisiana au-
thorizing the issue Of said bonds and
ratifying the provisions of this Act.
Section /. Be it enacted by the
General Assembly of the State OF
Louisiana, two-thirds of all the MEM
bers elected to each House concur
ring, That, subject to the ratifica.
tior of the people of the State OF
Louisiana, by an amendment to the
Constitution of the State. hereinaf-
ter submitted to them, the City OF
New Orleans is hereby authorized
and empowered to issue bonds not to
exceed two million ($2,OOO.OOO.OO)
dollars in amount, to be dated Janu-
airy /, 1909, bearing five go per
cent. per annum interest, payable
semi-annually. the principal of which
shall be payable at any time between
July 1, 1889, and July /, 1859.
Said bonds shall be drawn paya-
BILE to bearer, and shall be styled:
Public Belt Railroad Bonds of the
City of New Orleans" They shall
be of the denominations and be num-
bered as follows. to-wit:
Five thousand $4,000 of one hun
dred |$,O0.Oc) dollars each, num-
bered from to 5000. both inclu-
sive.
One thousand (1,0OO) of five
hundred ($5O0.OO) dollars each.
numbered from 5,OO1 to 5000. both
inclusive.
One thousand (1,OOO) of one thou
sand (S1.0O0.OO) dollars each.
numbered from 6,001 to 1000, both
inclusive.
They shall be payable in lawful
money of the United States, with
semi-annual interest coupons attach
ed, due July l and January /. They
shall be signed by the Mayor of the
City of New Orleans and counter
signed by the Comptroller and the
Treasurer Of the City Of New Or
leans. They shall be exempt from
nicipal, and the tutors of minors and
thorized to invest all funds in their
hands In such bonds. They may be
registered and released from regis
try under such rules and regulations
as may be prescribed by the City of
New Orleans, and no registered bond
shall be negotiable. They SHALL be
received on deposit with the State
or its oficers or any of its political
subdivisions or municipalities in all
cases where, by law, deposits Of
bonds are allowed or required to be
made. as security with the State. or
its Officers. or with any of its politi-
cal Subdivisions or municipalities.
Section q. Be it further enacted.
etc., That as soon as constitutional
authority for the issuance of said
bonds shall have been obtained, the
City of New Orleans shall be author
lied to cause said bonds to be en-
graved and executed. The City of
New Orleans is hereby authorized
and empowered, on and after Janu-
airy /, 1909, to sell said bonds, at
such times and in such numbers and
amounts, and upon such terms and
conditions as the City of New Or
leans may deem advisable, provided
that no sale shall be made by said
city, except upon sealed proposals to
be submitted to said city after, ad-
vertiseMent for the same shall be
had for thirty 500 consecutive days
in one or more daily newspaper or
newspapers of the cities of New York
and New Orleans, respectively, and
provided that no sale shall be made
by said city at price less than par
and accrued interest, the city to have
always the right to reject any and
ALL bids. Coupons attached to said
bonds. past due at the time Of deliv-
cry, shall be detached and Cancelled
by said city before delivery of the
bonds.
Section 3. Be 1t further enacted,
etc., That the principal and interest
of said bonds shall be paid by pref
erence from the revenues of the Pub
lie Belt Railroad Of the City Of New
Orleans, after deducting the expenses
of maintenance and operation, and
all Public Belt revenues collectible