The southern sentinel., 1908-09-11

ouent wear. out of the revenues of the
Public Belt Railroad Of the City or New
Orleans. after deducting the expenses
of maintenace and operation. whlch
appropriations shall be credited on IN.
hooks of the Trea surer OF the city or
New Orleans. to a special account 10 De
styled Public Belt Railroad Bond IN
terest Account" amounts equal To the
semi-annual interest on all bonds tilat
may have been delivered. The Treasnr-
er of the City OF New Orleans Is hereby
empowered and directed. and IL is mace
his duty to pay any and all such cou-
pons that may he due when presented
by any holder thereof.
In the year 1899. and annually there
after. the City of New Orleans, shalt.
in addition to the amount OF the semi
| annual interest q lie 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 APPROXIMATIONS
shall be credited on the books of the
| Treasurer of the City of New Orleans
/ to a special acc bunt to be styled Pub
| lie Belt Railroad Bond Redemption Ac-
| count" the sun, nf one hundred thous-
and ts1oo.e0oo0) dollars. and the said
Treasurer is reby empowered and d.
rected. and ii is made his duty to pay
on the first day of July of the year
1889. and annually thereafter. out OF
said bond exemption account. one
hundred thouss nd (s100. .e00.0o) 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 ftilure on the part OF the
| City of New Orleans to make said ap-
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 int, rest due or to become due
and the redemption of bonds; as pro.
vided for in this Act. the Boaro 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
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 the Port of New Orleans
/ is hereby authorized to exercise all the
| powers an Is charged with all the du-
ties vested under this Act In the City
| of New Orleans
Section 4. Be IT further enacted. etc,
That in case there should be in any
year deficiency in the revenues afore-
said 70 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 rs 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
| BY the City of New Orleans; and 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 (2p
\ mills which shall ho
! on and after January /. l9i3 as here
| matter 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-
I vide for the payment of the annual in
, terest on, or for the remeption annual
ly. on and after January l. 1889. or any
OF said bonds. as heroinabove set forth.
: the redemption of said bonds shall be
postponed until January I. 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 t2l mills. be-
ginning with and including the year
1913. the entire proceeds whereof shall
be applied annually to the redemption
of the bonds issued under this Act and
| all interest that may be then or there
after due thereon. ard all outstanding
said bonds shall have been retired In
PRINCIPAL and interest Ie-any surplus
OF said two cd mills tae in the last
year of its levy shall exist such sur
plus shall be dedicated to works OF
public Improvement to be designated by
the City of New ORR cans
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
bonds for the construction and equip
ma nj s.F p..h t. Tfals D.tr~ n
In and for the City of New Orleans. in
cludinR tracks sidings. switches spurs
crossovers and all appurtenances and
accessories thereto: the building Q:
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 neces-
sary rolling stock: for the payment OF
property purchased or appropriated
fngs. switches. spurs. crossovers, etc
or for the erection OF necessary struc-
lures and buildings incident to rail.
roads; sds for the purchase OF existing
spurs. crossoverA or for the expropria-
tion of the same for the purchase OF
barEes and tugboats and other proper.
ty incident to the operation of barge
system: and generally for the purchase
and equipment OF all property movable
and fmmovab1e, necessary and proper
" ScLS ~ att anu cQolp SdlQ pu0itc Del
railroad system, and as an incident
thereto. barge system.
Section 6. Be 1t further enacted. etc
That there shall be and there il here.
by irrevocably 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 hereafte,
be established by the city of New Or.
leans. the title and use to which sait
public belt railroad system shall b<
and shall forever be in the people Of
the City of New Orieans
That all laws servitudes. privilege.
and rights In favor OF the State o
Louisiana. the City of New Orleans ant
the people of the City. Of New Orleans
now existing in or on the lands OF
property On or contiguous to the Mis-
sissippf5 river shall continue 10 exis
unimpaircd until the full payment o.
the principal and interest If the bond
to be issued under this Act.
Section Z. BE II further enacted. etc.
That the City Of New Orlea as shall con
struct. equip. maintain and operate sai<
Public Belt Railroad System IN the Cify
of New Orleans. through and by means
of such board or commission. as maj
have been or NAV be organized by thl
City of New Orleans. the members o
which shall be appointed by the Mayo
OF the City of New Orleans. with tn,
consent of the Council. the powers. du
ties and functions of which shall b,
prescribed nv the City OF New Orleans
The City of New Orleans shall alway
have the power and authority to maxi
such changes in the location OF tn
- r1..t n