St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-10-24

| hearfng i've per cent per annum interest paya-
| bic semf-annually, the principal of which ahall
| be payable ar any time between July l.. 1924.
1 aud July l, 1859. Said bonds shall be drawn
| payable TO bearer and shall be styled Pert
| Commission Bonds, +" They shall be of the de
| nomination of thousand dollars (S1,0ob.0N
each. payable in lawful money of the United
/ States. with semi-anuual interest coupons at
/ tached. due July list and January list. They
/ shall be signed by the President and counter
| signed by the Secretary of the Board Of Com
| missioners of the Port Of New Orleans. They
| shall be exempt from all taxation. State
| parish and municipal and the tutors OF minors
| and curators of interdfcts shall be authorized
| to invest the 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 said Board Of Com
nissfonrs of the Port of New Orleans, and
no registered bond shall be negotiable. They
shall be receivable deposit with the State.
or its officers. any of Its political Subdivisions
| On municipalities in all where. by law,
| deposits of b0nds are required or allowed to
be made security, with the State, or its Off
GERS. any of its political subdivisions of
municipalities.
Section Q BE II further enacted etc. That
as soon as the Constitutional authority for the
issuance OF said bonds shall have been obtained,
it shall be the duty of the Board of Commits
sioners of the Port of New Orleans to cause
said bonds to be engraved and executed. The
Board of Commissioners Of the Port of New
Orleans is hereby authorized and empowered
on and after January ], 1909, to exchange, at
of said bonds may be necessary to retire
outstanding obligations of said Board. coupons
past due at the date of exchange to be de-
tached and cancelled by said Board before
delivery of bonds and said Board Is hereby
authorized and empowered to sell the remain
der of said bonds, in whole or in part in such
manner, and upon such terms and conditions.
by said Board may be deemed advisable:
provided, that sale shall be made by said
Board at price which will net to the Board
less than par and accrued interest Coupons
attached to said bonds. past due at the time of
delivery. shall be detached and Cancelled by
said Board before delivery of the bonds.
Section 3. Be it further enacted. etc, That
the principal and interest of said bonds shall
be paid by preference from the revenues of
the Board of Commissioners of the Port of
New Orleans, and all revenues collectible under
the laws as now existing. shall be and
hereby pledged to secure said bonds and inter
est In no event shall the charges imposed
by said Board under the law existing, be
reduced to amount less than necessary for
the payment OF the principal and interest of
said bonds; and the Board of Commissioners
of the Port of New Orleans. presently
ganized and without elimination of existing
territorial jurisdiction. shall continue in legal
existence dntil all the bonds issued in ac-
cordanee with this Act shall have been paid in
principal and interest; provided that the mem
bers of said Board shall be appointed by the
Governor, subject to removal by the Governor,
and the Governor shall have power to fill
all vacancies
The interest on said bonds shall be evidenced
by coupons attached thereto, payable semi
nually. by the Treasurer of the State of
Louisiana. on the first days OF July and Janu-
airy, and said Board shall place deposit.
on or before April /. 1909, and on or before
the first of April of every subsequent year,
with the Treasurer of the state of Louisiana.
to the credit of special account to be styled
Interest Account, an amount equal to the
annual interest all bonds that may have
been delivered Said Treasurer is hereby
powered and directed and it is made his duty
TO pay any and all such coupons that may be
due on the LIST of July, place on deposit, on or
before April /, with the Treasurer of the
State of Louisiana. to the credit OF special
account to be styled Bond Redemption Ac-
count a of hundred thousand dollars
($100, 900. 00) and the said Treasurer is here
by empowered and directed, and it is made his
duty, to pay, the LIST of July, of the year
1924, and annually thereafter, out of said Bond
Redemption Account hundred 400 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
ana delivered to the Board of Commissioners
of the Port of New Orleans which shall re-
ceipt for same, and which shall retain and paste
the vouchers. In book to be by it
kept for that purpose. It Ghall be the duty
of said Treasurer to require said deposits to be
made aforesaid; and in of failure on
the part of said Board to make said deposits,
or to impose, under the law now existing,
the charges for the use Of said wharves, land
fngs sheds and appurtenances thereto, or to
collect the revenues therefrom, in an amount
sufficient to provide for the payment of interest
due or to become due, and the redemption of
bonds provided in this Act said Treasurer
is hereby empowered and directed and 1t is
made his duty, to impose said charges and
collect said revenues. and to apply the same
to the purposes 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 authorized 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 Orleans |
Section 4. Be it further enacted ETC., That
all of the provisions of this Act shall consti |
tute q 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 3. Be it further enacted ETC.. That
the Board of COMMISSIONERS OF the Port of |
New Orleans SHALL and it il hereby authorized |
and empowered to expend the proceeds of said |
bonds for the extension Of existing wharves |
for building new wharVcs, for erecting Sheds |
for constructing roadwaFs and other improve |
Enents; for the purchase of suitable dredges |
barges and tugboats; for the payment of |
wharves or other property purchased or ex- I
propriated and for the payment of Obliga- |
provided that private property shall be /
taken without just and adequate compensa-
ton previously paid.
On the thirty-frst day of December of each /
rear, the said board shall furnish a detailed
account of the receipts and expenditures to the
Governor of the State; which report shall he
published in the ofhcial journal of the
City of New Orleans.
Section g. Be 1t further enacted. ETC. That
at the Congressional election to be held in
this State the first Tuesday following the
first Monday of November, 1905 the following
amendment to the Constitution of the State
of Louisiana shall be submitted to the electors
of the State to wit 1.-The Board of Commits.
sioners of the Port OF New Orleans shall have
power, and it shall be its duty. to issue three
million five hundred thousand dollars ($3 50g-
a00.00) of bonds to be known as Port Com
mission Bonds for the purposes and under the
provisions and conditions set forth in the Act
of the Legislature adopted to that end and
for that purpose at the regular session of Gen
eral Assembly Of 1908, which said Act Is
hereby ratified and approved and all pro-
visions of the present Constitution of the
State in conflict with the provisions of this
Act and with this amendment are. to that ex-
tent and fox that purpose only repealed
Section Z. Be it further enacted etc. That
ON the official ballots to be used at said cleo
ton shall be placed the words: "For the
Port Commission Bond Amendment and the
words: Against the Port Commission Bond
Amendment" and each elector shall indicate
his vote on the proposed amendment as pro-
vided by the general election laws Of this
State.
H. G. DUPRE
Speaker Of the House of Representatives.
p NJ LAMBREM0NT,
Lieutenant Governor and President of the
Senate.
Approved July 3, 1908.
J. Y. SANDERS.
Governor of the State of Louisiana.
true copy.
JOHN 7. MICHEL,
Secretary of State.