The southern sentinel. (Winnfield, La.) 1883-1910, 1908-10-23

ted and empowered vi at not
Ia,s.ary l. 1903. TO exchsh s,arast 40
jar %" I'm mar and accrued interest,". %
49,, 81 said bonds as may p,a,tons
"ar~ "a retire outstanding ooa, the
say ia Ro,rd. coupons past Que a sn
OF s'iu .~cbange to be detacheo a.u
ua,,e.oi.,d nv said Board before nhy
Sry of bonds. and SAID bosfu .aII the
tnthorized and empowers 70 hoia or
.niainder OF said bonds. In Whois ,ch
-, .'.rt I'm such manner. ana upon su
,arn,s and conditions. as by saId iossaS
may he deemed advisable; LA
that no sale shall De naue ,o the
Poard loss tnan par and accrued In.e
ast coupons attached 10 saio oO hsIi
nast due at the time OF deliverss ~
be detached and ean nee han og ''''
oe Sor,ion 2 BE II further enacted etc;
| TIT The principal and interest OF saiu
bonds shall be paid by pre e nr Tammis1
! s,oners OF the Port of New Oriea IL,
ans ali reVenues collectiole unoeI vi
laws. as now existing, snail pc any
hereby pledged to secure secure, shall the
charges imposed by said Boaro. unoei
the law now existing, be reoucea " ,ha
amount less thru necessary 10.
nayment of the principal ana ihteres'
Of said bonds: and the Board or Con-
missioners of the Port OF New orleans.
as presently organized and witnou' az
minuatio of existing territorla, Ju
risdictiCn. shall continue In legal e1-
istence until all the bonds issued In ac-
cordance with this Act shall have oeen
paid in principal and interest; provld,
ed that the members OF sala S1ar snbaect
30 removal by the Governor. anu tns
Governor shall have power 10 iii All
vacancies.
The interest on said bonds shall be
evidenced by coupons attached thereto.
payabIe semi-annually. by the Treasur-
er of the State of Louisiana. on the
first days of July and January: ana
said Board shall place on deposit. on
or before April 1, 1903. and on or be-
fore the first of April of every supse-
quent year. with the Treasurer OF the
State of Louisiana. TO the cre1it OF q
special account to be styled Interest
Account" an amount equal To the an
nual interest on all bonds that may
have been delivered. Said Treasurer u
hereby empowered and directed and. y
Is made his duty. to pay any and all
such coupons that may De que Wheh
presented by any holder thereof In
the year 1894. and annually thereatter.
said Board shall in addition to the
amount of the annual interest due on
the LIST of July. place on deposit on or
before April l, with the Treasurer OF
the State of louisiana. TO the credit
of special account to be styled Bond
Redemption Account. a sum OF one
hundred thousand dollars t$loo.eo0.oV).
and the said Treasurer Is hereby en-
powered and directed. and II Is made
his duty. to pay. on the LIST or July. OF
the year 1924. and annually thereafter.
out Of said Bond Redemption Account.
one hundred uoo) 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 delivered TO the Board OF
Commissioners of the Port of New Or
leans. which shall receipt for same,
and which shall retain and paste the
same as vouchers. In book TO be by
IL kept for that purpose IL shall De
o lsse.r Of Gsat1 Tra A
said deposits to be made as aforesaid:
and In case of failure on the part OF
said Board to make said deposits. or To
impose. under the Law as now existing.
wharves. landings. sheds and appur-
tenances thereto. or to collect the reve-
nues therefrom. in an amount suffi-
cient to provide for the payment OF In
terest due or to become due. and the
redemption of bonds as provided in this
Act. said Treasurer Is hereby empower
ed and directed. and II Is made his duty
to impose said charges and collect said
krcvenues. and to apply the same to the
Durposes- of this Act and to that ex-
tent. and for that purpose only. and for
such time as may be necessary TO that
end, the said Treasurer Is hereby au-
thorized TO exercise all the powers and
Is charged with all the duties vested
under existing law IN the Board of
Commissioners of the Port of New Or
leans.
Section 4. Be 1t further enacted. ETC..
That all of the provisions of this Act
shall constitute a contract between the
holder OF the bonds issued Hereunder
the State of Louisiana. and the Board
OF Commissioners OF the Port of New
Orleans
Section 5. Be Il further enacted. etc.
That the Board OF Commissioners OF
the Port OF New Orleans shall. and N
Is hereby authorized and empowered to
eNpend the proceeds of said bonds for
the extension OF existing wharves, for /
building new wharves. for erecting
sheds. for constructing roadways. and
other improvements. for the purchase
OF suitable dredges. barges and tug
beats: for the payment OF wharves or
other property purchased or expropri-
ated. and for the payment of oblfga-
tions heretofore contracted and out
standing: provided that no private
property shall be taken without Just
and adequate compensation previously
paid
On the s1st day of December of each
year. the said board shall furnish a de-
tailed account Of the receipts and ex-
penditures to the Governor of the
state; which report shall be published
once In the official journal Of the City
OF New Orleans
Section s. Be IL further enacted. etc.
That at the Congressional election to
day following the first Monday of No |
yemoer. 1908. the following amendment |
70 the Constitution of the State Of |
Louisiana s,so,ern shall AL be submitted to the
Board of Commissioners of the Port OF |
New Orleans shall have power. and A. |
snail be its duty. to issue three million
i've hundred Thousand dollars ga 200
vve.ool OF bonds to be known as Port /
commission Bonds for the purposes |
ana under the provisions and condf-
lions set forth In the Act of the Ieris
lature adopted TO that end and for that 1
purpose at the regular session Of the |
General Assembly of 1908. which said
Act Is hereby ratified and approved.
hnu all provisions of the present Com
stituticn of the State In conflict with
the provisions OF this Act. and viii
this amendment are. to that extent .nd
Tor that purpose only. repealed.
section Z. Be IL further enacted etc
fhat. on the official ballots to be used
at said election shall be placed fhs
words: For the Port CommIssson
Bond Amendment" and the words.
Against the Port Commission Rond
Amendment" and each elector shall in
oicate his vote on the proposed amend.
ment as provided by the general elec-
ton laws of this State.
II. G. DUPRE.
speaker OF the House OF Representatives
p. NJ LAMBREMONT-
the Senate. VI
Approved July 3. 1908.
]. Y. SANDERS
Governor of the State OF Louisians