The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-09-10

Section 10. Be it further enacted, etc.
That on the official ballots to be used
words. For the Public Belt Railroad
Bond Amendment" and the words:
Against the Public Belt Railroad Bond
and each elector shall in
ment as provided by the general cleo
ton laws of the State.
H. G. DUPRE,
Speaker OF the House OF Representatives
p NJ. LAMBREMONT,
Lieutenant Governor and President OF
the Senate.
Approved July 3. 1908.
J. Y. SANDERS
Governor of the State of Louisiana.
A true copy. JOHN T. MICHEL.
Secretary OF State
ACT No. 1870.
House Bill No. l5s. BY MIR. Barrett.
AN ACT
To authorize the Board OF Commits
sioners Of the Port OF New Orleans
to issue three million. five hundred
thousand dollars ($3.5O0,0uo.o0 of five
60 per cent bonds. which shall be ex-
empt from taxation: to authorize the
may be necessary to retire valid out
standing obligations of said board,
and to provide for the sale of the re-
mainder thereof; to provide for the
of said bonds and the disposition of
the proceeds thereof to define the
powers and duties OF the Board of
commissioners of the Port of New
Orleans. and the Treasurer of the
State of Louisiana in relation there-
to; to continue said board in exist
ence until the payment Of said bonds,
and to submit to the people an
amendment to the constitution of the
State of Louisiana authorizing the
issue of said bonds and ratifying the
provisions of this Act.
Whereas the Board Of Commissioners
of the Port of New Orleans. created
the General Assembly Of the year
1885, as amended by Act. No. SO of the
General Assembly Of the year 1900,
is vested with the administration of
the port and harhor of New Orleans,
and charged with the duty of extend
ing. improving and maintaining the
same and the appurtenances there
to: and
Whereas, said Board of Commissioners
of the Port of New Orleans assumed
the duties imposed on 1t by law, at
the termination of the lease between
the City Of New Orleans and the
Louisiana Construction & Improve
ment company. on the 18th day Of
Whereas, said Board out of it's revenues
has. since said date. practically re-
ceived from said Louisiana Construc-
ton L. Improvement Company, built
new Wharves, erected steel sheds on
the wharves and landings for the
constructed paved roadways and ap.
proaches thereto, provided suitab BILE
dredgc and tugboats for dredging
and fire protection purposes; has
and provided for the lighting and po-
Icing of the wharves landings,
sheds and appurtenances thereto; and
whereas. on account Of the growing
New Orleans 1t is now necessary that
additional wharves be constructed
and extensive engagements and inn
provements OF the system of wharyes,
landings. sheds and appurtenances be
made so that the facilities for the
handling of export and import car
goes in the port and harbor Of New
Orleans will be equal. ii not superior.
TO similar facilities at any South At
lantic or Gulf port; and
Whereas. funds cannot be made avail
able for these purposes except by the
issue of bonds; and
Whereas. the Board Of Commissioners
of the Port Of New Orleans is assur-
ed that provision can safely be made
from its reveneus for the payment of
the interest annually. and the pay
ment of the principal at maturity,
of three million. five hundred thous-
cent bonds: and
Whereas. legislation providing for the
issue of said bonds and recommend
ing the submission to the people Of
an amendment to the Constitution of
the State of Louisiana authorizing
/, the issuance of said bonds and rati-
flying the provisions OF this Act. is
recommended by the Port Investiga-
ton Commission created by Act. No.
of the Extra Session of 1907; there
fore:
Section l. BE It enacted by the Gen.
eral Assembly OF the State OF Louisia-
elected to each House concurring:
That. subject to the ratification OF
the people of the State of Louisiana, by
the adoption of an amendment to the
Constitution of the State, hereinafter
submitted to them. the Board of Com
mssioners OF the Port of New Orleans.
created by Act No. 20 of the General
Assembly OF 1896. as amended by Act
No. SO of the General Assembly Of the
year 1900. is hereby authorized and
empowered. and it shall be it's duty. to
issue bonds not to exceed three million
five hundred thousand dollars ($3.5OO.-
000.00l in amount. dated January /.
1909. bearing FIVE per cent per annum
principal of which shall be payable at
any time between July l. 1924, and July
!. 1859. Said bonds shall be drawn
payable to bearer and shall be styled
be of the denomination of one thousand
dollars (S1. 100000 each. payable in law
full money OF the United States. with
semi-annual interest coupons attached.
shall be signed by the President and
countersigned by the Secretary OF the
Board of Commissioners of the Port OF
New Orleans. They shall be exempt
from all taxation. State. parish and mu-
nicipal. and the tutors of minors and
curators of interdicts shall be authoriz-
ed to invest the funds in their hands
In such bonds. They may be register
ed and released from registry under
such rules and regulations as may be
prescribed by said Board of Commits
sioners of the Port of New Orleans. and
no registered bond shall be negotiable.
They shall be receivable on deposit
with the State. or it's officers, or any
of it's political subdivisions or munich
palities. In all cases where. by law, de-
posits of bonds are required or allowed
to be made as security with the State,
or it's officers, or any of it's political
subdivisions of municipalities.
Section 2. Be it further enacted ETC..
That. as soon as the Constitutional au-
thority for the issuance Of said bonds
shall have been obtained 1t shall be the
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 author
!zed and empowered. on and after
January /, 1909. to exchange, at not
more than par and accrued interest. SO
many of said bonds as may be neces-
sary to retire outstanding obligations
of said Board, coupons past due at the
date of exchange to be detached and
Cancelled by said Board before deliv-
cry of bonds; and said Board is hereby
and empowered to sell the
remainder of said bonds, in whole or
In part, in such manner, and upon such
terms and conditions. as by said Board
NAV be deemed advisable. nrayided