St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-09-12


be payable at any time between July l, 1924.
and July /, 1859. Said bonds shall be drawn
payable to bearer and shall be styled Port
Commission Bonds" They shall be of the de-
nomination of one thousand dollars ($1,000.0O) |
each payable in lawful money of the United |
States, with semi-annual 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 interdicts 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
missionrs of the Port of New Orleans, ana
no registered bond shall be negotiable. They
shall be receivable on deposit with the state,
its officers. or any of its political SUBDIVISIONS
municipalities, in all cases where by law
deposits of bonds are required or allowed to
be made as security, with the State, or its Off
GERS. or any of its political subdivisions OF
municipalities.
Section 2. Be it further enacted, etc. That
as soon as the Constitutional authority for the
issuance of said bonds shall have been obtained,
1t 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 l, 1909, to exchange. at
not more than par and accrued interest, SO many
OF A''AAN
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 IL hereby
authorized and empowered to sell the remain
der of said bonds, in whole or In part. In such
manner, and upon such terms ana conditions
by said Board may be deemed advisable;
provided, that no 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 1t 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; now existing. shall be and are
hereby pledged to secure said bonds and inter
est. In no event shall the charges imposed
by said Board, under the law now 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, as presently Or
ganized and without elimination of existing
territorial jurisdiction shall continue in legal
existence until all the bonds issued In ac-
cordance with this Act shall have been paid in
principal and interest; provided that the men,
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-an-
nually. by the Treasurer of the State of
| Louisiana, on the first days OF July and Janu-
| airy, and said Board shall place on 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" amount equal to the
| annual interest on all bonds that may havt
been delivered. Said Treasurer is hereby en-
| powered and directed and it is made his duty
! to pay any and all such coupons that may be
! dina 1at OP TnlV mis- dpDOSif
| before April /, with the Treasurer of the
| State of Louisiana. to the credit OF a special
| account to be styled Bond Redemption Ac-
count, a of hundred thousand dollars
| (S1OO 600 OOl and the said Treasurer is here
| BY empowered and directed and it is made his
| duty, to pay, on the LIST of July, OF the year
! 1924, and annually thereafter, out of said Bond
| Redemption Account, one hundred (1oOl OF said
bonds In the reverse ORDER of their ISSUE
and all bonds and coupons retired unde" this
! Act shall be by said Treasurer duly Cancelled
| and 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 same as vouchers, in book to be by 1t
! kept for that purpose. 1t shall be the duty
| of said Treasurer to require said deposits to be
| made as aforesaid; and in of failure on
the part of said Board TO make said deposits,
| or to impose, under the law as now existing,
the charges for the of said wharves, land
ings 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 as provided in this Act. said Treasurer
ia hereby empowered and directed, and it 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
| Treasure is hereby authorized to exercise all
the powers and is charged with ali 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 constf-
tute 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 s. Be it further enacted, etc. That
the Board of Commissioners of the Port of
New Orleans shall, and it is hereby authorized
and empowered to expend the proceeds of said
bonds for the extension of existing wharves.
for building new wharves, for erecting sheds
for constructing roadways and other improve
mpnts; for the purchase of suitable dredges
barges and tugboats for the payment OF
wharves or other property purchased or ex-
propriated. and for the payment of obliga
lions heretofore contracted and outstanding
provided that no private property shall be
taken without just and adequate conpensa
ton previously paid.
On the thirty first day Of December of each
year, the said board shall furnish a detailed
account of the receipts and expenditures to the
Governor of the State; which report shall be
published once in the ofhcial journal of the
} City of New Orleans.
Section 6. Be it further enacted ETC., Thai
Mt the Congressional election to be held II
this State ON the first Tuesday following tht
| first Monday of November, 1908, the following
amendment to the Constitution of the STATE
of Louisiana shall be submitted to the electors
of the State to wit: THE Board of Commits
sioners of the Port of New Orleans shall lav.
power and it shall be its duty. to issue thret
million Eve hundred thousand dollars ($3,5oG.
000OO) of bonds to be known as Port Com
mission Bonds, for the purposes and under thu
provisions and conditions set forth in the Ac
of the Legislature adopted to that end ant
for that purpose at the regular session of Gen
eral Assembly of 1908. which said Act Ii
hereby ratified and approved; and all pro
visions of the present Constitution of thu
, State in conflict with the provisions Of THU
, Act. and with this amendment are to that ex
tent and for that purpose only, repealed.
Section Z Be 1t further enacted, etc, Tina
on the official ballots to be used at said cleo
ton shall be placed the words: For thu
Port Commission Bond Amendment. and TN
r words: against the Port Commission Bont
Amendment and each eIector shall indicat
his vote on the proposed amendment as pro
yded by the general election laws of THU
State.
Speaker Of the House of Representatives
: P NJ LAMBREMoNT.
Lieutenant Governor and President of TIN
l Senate.
Approved July 3, 190S.
J. Y. SANDERS.
r Governor of the State of Louisiana
! true copy.
] JOHN T. MICHEL,
Secretary of State.
) -.- ACT NO. 245.
Senate Bill No 6s. By Mr.. Barrett
JOINT RESOLUTION
e Proposing an amendment to the Constitution
( of the State of Louisiana relative to ratfyin
j and carrying into effect an Act of the Legis