The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-10-31


visable; 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 attach
ed 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 pre-
ference from the revenues of the
Board of Commissioners of the Port
of New Orleans, and all revenues col
lectible under the laws as now exist
ing, shall be and are hereby pledged
to secure said bonds and interest.
In no event shall the charges i'm
posed by said Board, under the law
now existing, be reduced to an
amount less than necessary for the
payment of the principal and in
terest of said bonds; and the Board
of Commissioners of the Port of New
Orleans, as presently organized and
without elimination of existing ter
ritOrial Jurisdiction. shall continue in
legal existence until all the bonds is
sued in accordance with this Act
I
interest; provided that the members
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-annually, by
the Treasurer of the State of Louisi-
ana on the first days of July and
January, and said Board shall place
on deposit, on or before April 1,
1909, and on or before the first of
April of every subsequent year. with
the Treasurer of the State of Louisi-
ana, to the credit of special ac-
count to be styled Interest Ac-
count" an amount equal to the an
nual interest on all bonds that may
have been delivered. Said Treasurer
is hereby empowered and directed,
and it is made his duty to pay any
and all such coupons that may be
due when presented by any holder
thereof. In the year 1924, and annu-
ally thereafter, said Board shall,
in addition to the amount of the an
nual interest due on the LIST of July
place on deposit, on or before April
l. with the Treasurer of the State of
Louisiana, to the credit of a spe-
Redemption Account" a sum of one
000.0O), and the said Treasurer is
hereby empowered and directed. and
1t Is made his duty, to pay, on the
LIST of July of the year 1924. and an
pually thereafter. out of said Bond
Redemption Account, one hundred
1OO 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 can
celed and delivered to the Board of
commissioners of the Port of New
Orleans, which shall receipt for
same. and which shall retain and
paste the same as vouchers, in a
book to be by it kept for that pur-
pose. 1t shall be the duty of said
Treasurer to require said deposits to
be made as aforesaid; and in case
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 use of said wharves.
landings. sheds and oppurtenances
thereto, or to collect the revenues
therefrOm, in an amount sufficient
to provide for the payment of inter-
est due or to become due, and the
redemption of bonds as provided in
this Act, said Treasurer is 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 purpo-
SEES of this Act, and to that extent, |
and for that purpose only, and for |
such time as may be necessary to |
that end. the said Treasurer is here.
by 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 Be it further enacted, |
ETC., That all Of the provisions of |
this Act shall constitute a contract |
between the holder of the bonds issu-
ed Hereunder, the State of Louisia-
ma, and the Board of Commission
ers of the Port of New Orleans.
Section S. Be it further enacted,
ETC., That the Board of Commission
ers of the Port of New Orleans shall,
and 1t IL hereby authorised and en-
powered to expend the proceeds of |
said bonds for the extension of ex-
isting wharves. for building new
wharves. for erecting sheds, for con-
structing r0adways, and other i'm
provements; for the purchase of
suitable dredges, barges and tug
boats; for the payment of wharves
or other property purchased or ex-
propriated, and for the payment of
obligations heretofore contracted and
outstanding; provided that no pri-
vate property shall be taken with
out just and adequate compensation
previously paid.
On the thirty-first day Of Deem
Der of each year, the said board