The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-10-24

sealed proposals to be Submitted 10
said citv after advertisement for the
same shall be had for thirty l"tj COZ
sccutivc DAYS in one or more uaH|
newspapers of the cities OF New YORK
and New Orleans, respectively al"
nroyided that no sale shall be mace
by said city at price less than par
and accrued interest, the city to nave
always the right to reject any ana I'LL
bids. Coupons attached to sad bonds
past due at the time OF delivery, snail
be detached and Cancelled by said city
before delivery of the bonds.
Section 3. Be it further enacted, etc.,
That the principal and interest OF sad
bonds shall be paid by preference
from the revenues of the Public Belt
Railroad of the City CT New Orleans,
after deducting the expenses OF maln-
tenance and operation, and all t'ubllc
Relt revenues collectible under exist
inc laws or ordinances, or amend
ments thereto. and all future Pubic
Re]t Railroad revenues, after deduct
f inc the expenses of maintenance ana
operation, are hereby pledged 10 Sc
cure said bonds and interest Inc IN
forest OF said bonds shall be evidenced
by coupons attached thereto, paIaole
semi-annually by the Treasurer OF the
CITY of New Orleans, on the ilrSl DAYS
of July and January, and the Guy o.
New Orleans shall appropriate on OF
before the first days OF April and Oc
tober, 1909, and annually thereafter
to provide for the payment of the semi
annual interest due July | and Januar,
t. of each subsequent year, out OF III
revenues of the Public Belt RAILROAD
is of the City of New Orleans, after oe
y Quoting the expenses of maintenance
$. and operation, which appropriation
a. shall be credited on the books OF IN
e. Treasurer of the City OF New Orleans
of to special account to be style
id "Public Belt Railroad Bond lntereS
81 Account" amounts equal to the sem
If. annual interest on ali bonds that ma
id have been delivered. The Treasure
,w of the CITY of New Orleans is hereII
~ uncovered and directed, and 1t IS mat
IL his duty, to pay any and all suoh COZ
be pons that may be due when prcSentt
he by any holder thereof.
W In the year 1899, and annual
oh thereafter, the City of New Orlean
OF shall. in addition to the amount OF i
ers semi-annual interest due on the iii
)r- of July and January Of each year a
is propriate, on or beJore the first day
ms April, out of the revenues OF the Pu
nit lie Belt Railroad of the City OF N
OF Orleans. after deducting the eNpanS
the of maintenance and operation, win
ISL appropriations shall be credited
aid the books of the Treasurer Of the {
ons of New Orleans to special accot
to be styled "Public Belt RalIrQ
the Bond Redemption Account" the s
OF of one hundred thousand ($lO0, OOO.'
en- dollars. and the said Treasurer
ny, hereby empowered and directed a
Ihe it is made his duty to pay, on
by first day of July of the year 1889, a
OF annually thereafter, out of said be
10 redemption account, one humid
ere thousand $500, ZOOLOGY dollars OF $
Is bonds, in the reverse order of their
non sue: and allbOntls and coupons reti
TO under this Act shall be by said Tire
I'VE urer duly Cancelled and be pasted
IVA vouchers in a book to be by S
93', Treasurer kept for that purpose.
In case of failure on the part Of
"''' CITY of New Orleans to make said
Wv DrOpriatiOnS at the times herein II
> VI and to administer and operate :
viz Public Belt Railroad Of the City
q" New Orleans, and to collect the r
nues therefrom to provide for the
't'i ment of interest due or to become
o''' and the redemption Of bonds, as
vided for in this Act, the Boar
VI Z" Commissioners of the Port OF
Il yin Orleans is hereby authorized, emf
cred and directed, and it is mad
Aiou duty to administer and operate
n'o' Public Belt Railroad, to impose
w. charges as it may fix and collect
revenues and levy and collect
'e.,'i special tax hereinafter provided
, =, 0 ~, and to apply the same to the purF
Va 0e of this Act, and to that extent ant
y W that purpose only, and for such
: !. 'l'o as may be necessary to that end,
., u VIC Board of Commissioners of the
Il NC of New Orleans is hereby autho
p"' to exercise all the powers and is CT
% vi ed with all the duties vested under