The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-09-26

called proposals to be submitted 10 IL
old city after advertisement for ue II
anne shall be had for thirty (3o) con- 0
,ecutive DAYS in one or more dallS ;
newspapers of the cities OF New YORK
and New Orleans, respectively, ana
,rovided that no sale shall be made S
by said city at a price less than par |
and accrued interest. the city 10 have
always the right to reject any ana all
bids. Coupons attached to SAID ponos,
nastdue at the time of delivery, snail
he detached and Cancelled by said city
before delivery of the bonds.
Sections 3. Be it further enacted, ETC.,
That the principal and interest OF salo
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 mann
tenance and operation, and all Public
Belt revenues collectible under exist
;nu laws or ordinances, or amend
ments thereto, and all future Pubic
Relt Railroad revenues, after deduct
inc the expenses of maintenance ana
operation, are hereby pledged to Sc
cure said bonds and interest. Inc IN
terest of said bonds shall be evidenced
by coupons attached thereto, payaple
semi-annually by the Treasurer OF the
City of New Orleans, on the first days
of July and January, and the Clty Oh
New Orleans shall appropriate on or
before the first days of April and De-
tober, 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 de-
Quoting the expenses OF maintenance
and operation, which appropriations
= shall be credited on the books OF the
. Treasurer of the City of New Orleans,
f to special account to be styled
"Public Belt Railroad Bond lnteres'
: Account, amounts equal to the semi
;. annual interest on all bonds that ma!
d have been delivered. The Treasure
" of the City of New Orleans is hereb!
: empowered and directed, and it is made
l. his duty, to pay any and all such cou
e pons that may be due when presented
e by any holder thereof.
v In the year 1899, and annual
n thereafter, the City of New Orleans
u shall, in addition to the amount OF tn
IS semi-annual interest due on the frs
+ of July and January of each year az
s. propriate, on or BEFORE the first day
IS April, out of the revenues of the Pull
ut lie Belt Railroad of the City OF Ne
OF Orleans. after deducting the expense
he of maintenance and operation, whlc
81 appropriations shall be credited G
Id i4he books of the Treasurer of the Git
MS of New Orleans to q special accom-
to be styled "Public Belt Railroa
ne Bond Redemption Account" the su
OF of one hundred thousand $500, OOO.O
IN dollars, and the said Treasurer
~ hereby empowered and directed, al
he it is made his dtity to pay, on t
by first day of July of the>year 1899, al
OF annually thereafter, out of said boz
10 redemption account, one hundr
re- thousand $500, 00O.0O) dollarss&f sa
Is bonds, in the reverse order of thee
on sue; and allbonds and coupons retil
to under this Act shall be by said Ire;
I'VE urer duly Cancelled and be pasted
va vouchers in a book to be by SO
~, Treasurer kept for that purpose.
In case of failure on the part of
Wv City of New Orleans to make said
ub- $1,000 - +ho+;,os ho,oi, 6,
preparations dt Vic eliiicS HSiciii AZ
VI and to administer and operate S;
''i' Public Belt Railroad of the City
90 New Orleans, and TO collect the re
nues therefrom to provide for the p
ui ment of interest due or to become d
'oo and the redemption of bonds, as p
vided for in this Act, the BoarC
''e" Commissioners of the Port of \
o'- Orleans is hereby authorized, emp
cred and directed and it is made
,oo- duty to administer and operate S
''i Public Belt Railroad, to impose S
Z. charges as it may fix and collect
~ revenues and levy and collect
I'LL special tax hereinafter provided
!, uuo and to apply the same to the purp'
u ~ of this Act, and to that extent and
W that purpose only, and for such
','' as may be necessary to that end,
Vic Board of commissioners of the
W of New Orleans is hereby author
p"' to exercise all the powers and is CHI
, vi +Io 1,,t;ac, x,a-fo1 ,,nHnp