The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-08-29
ACT No. 179.
House Bill No. 1873. BY Mr.. Barrett
AN ACT

ACT No. 119.
House Bill No. 1873. BY Mr. Barrett
AN ACT
To authorize the City of New Or
leans to issue two million (S2. 000,-
OOO) dollars Of five 90 per cent
bonds, which shall be exempt from
taxation; to provide for the sale
thereof: to provide for the payment
Of the principal and interest of said
bonds; to provide for the disposition
of the proceeds thereof, through
such Public Belt Railroad Commits
sion as the City of New Orleans may
have heretofore organized. or may
hereafter organize, the members OF
which shall be appointed by the
Mayor of the City Of New Orleans.
and the powers, duties and functions
of which shall be prescribed by the
City of New Orleans; to define the
powers and duties of the City of
New Orleans and the Board Of Com
missioners of the Port of New Or
leans in relation thereto. and to sub
nit to the people of the State OF Lou
isiana an amendment to the COnsti-
tuition of the State of Louisiana au-
thorizing the issue of said bonds and
ratifying the provisions OF this Act.
Section l. Be it enacted by the
General Assembly of the StVe OF
Louisiana, two-thirds of all the mem
bers elected to each House concur
ring, That, subject to the ratifica-
tior Of the people of the State OF
Louisiana, by an amendment to the
Constitution of the State. hereinaf-
ter submitted to them, the City OF
New Orleans is hereby authorized
and empowered to issue bonds not to
exceed two million ($2,OOO.O0O.00
dollars in amount. to be dated Janu-
airy 1, 1909, bearing five 60 per
cent. per annum interest. payable
semi-annually, the principal of which
shall be payable at any time between
July l, 1889. and July 1, 1859.
Said bonds shall be drawn paya-
BILE to bearer. and shall be styled:
Public Belt Railroad Bonds of the
! City of New Orleans" They shall
be of the denominations and be num-
bered as follows. to-wit:
Five thousand (5,0OO) of one hun
dred '$'OO.Oc) dollars each, num-
bered from to 5000. both inclu-
sive.
One thousand (1.OOO of five
hundred ($5O0.OO) dollars each.
numbered from 5,O01 to 5000, both
inclusive.
One thousand 10000 of one thou
sand (S1.0O0.OO) dollars each,
numbered from 6,O01 to 1000. both
inclusive.
They shall be payable in lawful
money of the United States. with
semi-annual interest coupons attach
ed. due July l and January l. They
shall be signed by the Mayor of tbs
City of New Orleans and counter.
signed by the Comptroller and the
Treasurer of the City of New Or
leans. They shall be exempt from
all taxation. State, parish and mu'
nicipal, and the tutors of minors and
curators Of interdicts shall be au.
thorized to invest all funds In theil
hands in such bonds. They may be
registered and released from regis.
try under such rules and regulations
as may be prescribed by the City Of
New Orleans, and no registered bond
shall be negotiable. They shall be
received on deposit with the State
or its Officers or any of its politica
subdivisions or municipalities in al
cases where, by law, deposits o.
bonds are allowed or required to bt
made, as security with the State, OF
its ofiicers, or with any of its poiiti
cal subdivisions or municipalities.
Section 2. Be it further enacted
ETC., That as soon as constitutions
authority for the issuance OF sale
bonds shall have been obtained, the
City Of New Orleans shall be author
lied to cause said bonds to be en-
graved and executed. The City o.
New Orleans is hereby authorized
and empowered, on and after Janu
airy l, 1909, to sell said bonds, a,
such times and in such numbers ane
amounts, and upon such terms ane
conditions as the City of New Or
leans may deem advisable, provided
that no sale shall be made by sale
city, except upon sealed proposals tt
be submitted to said city after ad
vertisement for the same shall b.
had for thirty 500 consecutive day
in one or more daily newspaper Of
newspapers of the cities of New Yorl
and New Orleans, respectively. and
provided that no sale shall be made
by said city at price less than pa
and accrued interest, the city to have
always the right to reject any ane
all bids. Coupons attached to salt
bonds, past due at the time Of deliv
cry, shall be detached and Cancelled
by said city before delivery of thu
bonds.
Section 3. Be 1t further enacted
etc., That the principal and intcres
of said bonds shall be paid by pref
erence from the revenues of the Pub
lie Belt Railroad Of the City of New
Orleans, after deducting the expenses
of maintenance and operation. ant