St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-10-31
ACT Nv. 179.
House Bill No. 1853.

two million ($2, 900, o0O) dollars Of five (5)
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 Commission 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 functions 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 Commits
sioners Of the Port Of New Orleans In relation
thereto and to submit to the people Of the
State of Louisiana amendment to the Con-
Rtitution of the State of Louisiana authorlz-
ing the issue of said bonds and rattfying the
provisions of this Act.
Section /. Be it enacted by tie General
Assembly of the State Of Louisiana, tWo-thlrds
of all the members elected to each House con
CURING That, subject to the ratification of the
people of the State of Louisiana, by an ameho-
ment to the Constitution of the State mere
matter submitted to them, the City or New
Orleans is hereby authorized and empowered
to issue bonds not to exceed two million C$2'-
coo, 600. COY dollars in amount, to be dated jan
uary /. 1909, bearing five l5) per cent. per an
interest, payable semi-annuaily, the prlh-
cipal of which shall be payable at any time
between July /, 1889. and July 1. 1859.
Said bonds shall be drawn payable to bearer,
and shall be styled: Public Belt Railroad
Bonds of the City OF new OE4SduS- AhGJ
shall be of the denominations and be num-
bered as follows. to wit:
Five thousand $4,000 of one hundred
($1OOOO) dollars each, numbered from l to
One One thousand Q,0oo) of FIVE hundred
$500 oo) dollars each, numbered from 5oo1 to
600O both inclusive.
One thousand (1.ooo) Of one thousand
Isl, O00.00) dollars each, numbered from soo1
to 1000, both inclusive.
They shall be payable in lawful money OF
the United States, with seml-annual interest
coupons attached, due July l and January 1.
They shall be signed by the Mayor of the City
of New Orleans and countersigned by the Comp
troller and the Treasurer of the City of New
Orleans. They shall be exempt from all taxa
ton, State, parish and municipal, and the tutors
of minors and curators Of interdicts shall be
authorized to invest all funds in their hands
in such bonds. They may be registered and
released from registry under such rules and
regulations as may be prescribed by the CITY
of New Orleans, and registered bond shall
be negotiable They shall be received on de-
posit with the State or its officers 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 political subdivisions municipalities.
Section g Be it further enacted, ETC., That
as soon as constitutional authority FOR the
issuance of said bonds shall have been OBJ
tanned Tia City of New Orleans shall be
authorized to cause said bonds to be en-
graved and executed. The City of New Or
leans is hereby authorized and empowered, on
and after January /, 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 Orleans may deem adV1s-
able, provided that no sale shall be made by said
city, except upon sealed proposals to be sub
mitted to said city after advertisement for
the same shall be had for thirty (3o) consecu-
tive days in one or more daily newspaper or
newspapers of the cities Of New York and
1FOVidnf fhnf
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,
mast due at the time of delivery, shall be de-
tached and cancelled by said city before deltV-
cry of the bonds.
section g. Be II further enacted ETC., That
the principal and interest OF said bonds shall
be paid by preference from the revenues of
the Public Belt Railroad Of the City of New
Orleans after deducting the expenses of mainte-
nance and operation, and all Public Belt reve"
nues col1ectible under existing laws ordinances
or amendments thereto, and all future Pub
lie Belt Railroad revenues, after deducting the
expenses of maintenance and operation, are
hereby pledged to secure said bonds and In
terest. The interest on said bonds shall be
evidenced by coupons attached thereto, paya-
BILE semi.annualy by the Treasurer Of the
City Of New Orleans, on the first days of July
and January, and the City Of New Orleans
shall appropriate on or before the FIRST days
of April and October 1909, and annually
thereafter, to provide for the payment Of the
semi annual interest due July ! and January
/ Of each subsequent 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 appropria-
lions shall be credited on the books OF the
Treasurer Of the City Of New Orleans, to a
special account to be STYLED Public Belt Rail-
road Bond Interest Account" amounts equal
to the semi-annual interest on all bonds that
may have been delivered. The Treasurer of the
t.
directed and it is made his duty. to pay any
and all such coupons that may be due when
presented by any holder thereof
In the year 1899, and annually thereafter.
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 Railroad 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 account to be
styled 'Pubhc Belt Railroad Bond Redemp-
ton Account the sum Of one hundred thousand
($10O, 00.o0) dollars, and the said Treasurer
is hereby empowered and directed and it is
made his duty to pay. on the first day Of July
of the year 1889, and annually thereafter, out
of said bond redemption account, one hun
bred thousand ($100, 000.00l dollars Of said
bonds, in the reverse order of their issue;
and all bonds and coupons retired under this
and be pasted vouchers in a book to be
by said Treasurer kept for that purpose.
In case of failure on the part of the City
Of New Orleans to make said appropriations
at the times herein fixed and to administer
and operate said Public Belt Rsilroad Of the
City of New Orleans, and to collect the rev.
enues therefrom to provide for the payment
of interest due or to become due, and the re-
demption of bonds, provided for in this
Act, the Board Of Commissioners Of the Port
of New Orleans is hereby authorized, empower
ed and directed, and it is made its duty to
administer and operate said Public Belt Rail
and collect said revenues and levy and collect
sas special tax hereinafter SV5sided for and
to apply SHs saESS - <hs purposes of this Act.
and to that extent and for that purpose only,
and for such time as may be necessary to that
end said Board Of Commissioners to exercise
all the powers and is charged with all the
duties vested under this Act In the City OF
New Orleans.
Section T. Be IL further enacted ETC., That
in case there should be In any year a def
cheney in the revenues aforesaid to pay the
full interest upon all Of said bonds outstand
ing, such deficiency of interest shall be funded
into bonds of such denominations as
may be necessary and convenient
bearing the same rate of interest as the
original bonds and having a term to Tln
equal to the balance of the term of the seI$i.
City of New Orleans; and in any sEcs
bonds issued they shall be stamped across
their face Interest Funding Bonds isseud
subject to immediate call" and they shall be
payable out of the special tax of two (2)
mills per annum, which shall be levied on and
after January /, 1943 as hereinafter provided
Said interest funding bonds shall have 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 Orleans Should
not be sufficient to provide for the payment OF
the annual interest on, or for the redemption
annually. on and after January 1, 1889, of any
of said bonds, as hereinabove set FORTH the re.
demDtion Of said bonds shall be postponed IN,
til January l. 1914 and the CITY q New Or.
leans shall levy upon all of the taxable prop
erty within the present territorial limits Of
said city special tax Of twp (2l mills, be
annl he 1A42