The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-09-03

Public Belt Railroad of the City of |
New Orleans and to collect the reve- /
nues therefrnm to provide for the pay
ment of interest due or to become due.
and the redemption of bonds, as pro.
vided for in this Act, the Board of !
Commissioners of the Port of New Or
leans is hereby authorized, empowered
and directed, and it is made its duty
to administer and operate said Public /
Belt Railroad, to impose such charges
as it may fix ana collect said revenues
and levy and collect the special tax
hereinafter provided for and to apply
the same to the purposes of this Act.
and To that extent and for that purpose
only, and for such time as may be nee
essary to that end. said Board of Com
missoners of the Port of New Orleans
is hereby authorized to exercise all the
powers AMI is charged with All the .du-
ties vested under this Act in the City
Section 4. BE it further enacted. etc,
That in case there should be in any
year Il deficiency in the revenues afore-
said to pay the full interest upon all OF
said bonds outstanding. such deficiency
of interest shall be funded into bonds
of such mInations as may be nee
essary and convenient. bearing the
same rate Of interest rs the original
bonds, and having "a term to run equal
Ia the balances af the term nf the arigi.
nal bonds. bu. subject to call at Will
by the City of New Orleans and In
case any such bonds are issued they
shall be stamped across their face I'm
terest Funding Bonds ssued subject to
immediate call" and they shah be pay
Mills per aan,m. which shall be levied
on and after Jaauary |, 1919 as iafe11
matter provided. Said interest FUNDING
bonds shall tave all T." trantie.
and securities provided fey the original
bonds in this Act for their payment
principal and interest.
In case the revenues of the Public
Belt thttrooa1 Of the City of New Or
4 Ia, Oh. 4 t,..t ic
vide for the payment OF the annual in
terest on. for the remeption annual
/ ly. on and after January l, 1889. or any
of said bonds. as hereinabove set forth
, the redemption of said bonds shall be
| postponed until January l, 1914, and
the City of New orleans shall levy up
| on all of the taxable property within
! the present territorial limits OF said
| city u special tax of two or mills, be,
gihniits With and including the year
1913. the entire PROCEEDS whereof shall
be applied annually 10 the redemption
of the bonds issued under this Act and
all interest that may be then or there
aftc: due thereon, and all outstanding
interest funding bonds" until all Of
said bonds shall have been retired in
principal and interest. L any surplus
of said two GU mills tax in the last
year OF its ls%y shall ex st. such sur
plus shall be dedicated to works OF
| public Improvement 20 be tssianaIed by
the City OF New Or. cans
Section ). lie II furthe. enacted. etc.
That the City of New Orleans shall be
and it is hereby authorized aud en-
powered to eXpend The proceeds of said
bonds for the construction and equip
ment of a Public Belt Railroad System
in and for the City of New Orleans. in
ciud,ns tracks sidings, switches spurs.
| accessories thereto; the building O:
depots roundhouses, warehouses.
sheds. stations. signals and all other
necessary structures incident to the
soy g if,I.i of r.liJ
roads. foF the purchase of locomotives.
switch engines, cars and other neces-
sary Polling stock: tor the payment If
property purchased OF eXpropFiat ed
fer the purpose of laying tracks. sid.
ingS. switches. spurs, crosscVeFs etc.
or for the erection of necessary Stfue=
lures and buildings incident to rail-
roads: for the purchase of existing
roadbeds. tracks. switches. sidingS.
spurs craSsoverS. TOR for the eXpropria-
lion of the same; for the purchase Of
bargss and tugboats and other proper
ty incident to the operation of I; barge
system; and generally for the purchase
and equipment of all property movable
and immovable, necessary and proper
to construct and equip said public belt
railroad system, and an incident
thereto, Il barge system.
Section &, BE il further enacted. etc,
That there shall be and there is here=
by irreyocably dedicated TO the peanIe
of the City of New Orleans for perpet=
ual and exclusive public use said Pub
lie Belt Railroad System. as the sans
has been heretofore. or may hereafte-
be established by the City of New Or
leans the title and use to which said
public belt railroad system shall be
and shall forever be in the people OF
That all laws scrvitudes.~ priv ilegts
and rights in favor of the State of
Louisiana. the City of New Orleans and
now existing IN OF on tho lands OF
; property on or contiguous to the Mis-
sissippi river shall continue 20 exis,
, unimpaired until the full payment al
the principal and interest Vt the bonds
to be issued under this Act.
Section Z. Re it further enacted etc.
That the City of New Orleans shall con
struct equip, maintain and operate said
Public Belt Railroad System in the City
of New Orleans. through and by means
/, of such board or commission. Az may
: have been or may be organized by the
City of New Orleans. the members OF
| which shall be appointed by the Mayor
/ of the City of New Orleans. with the
: consent of the Council, the powers du-
; ties and functions OF which shall be
prescribed by the City of New Orleans
! The City of New Orleans shall always
, have the power and authority TO make
f such changes in the location of tho
: tracks and roadbed of the Public Bel
Railroad system as may by said city
be deemed necessary or proper The
: control. administration. nanaSemen
! and supervision of the construction
nlalntenanct. operation ana develop
. ment of the Public Belt Railroad of tht
: City Of New Orleans shall be exclusive
ly vested and remain in such board OF
commission. which shall always be sep
ara1e and distinct from that of any
!; railroad entering the City of New Or,
: leans. and no director. officer or EN-
!, plOyce Of any State or interstate rail
= road shall ever be allowed to act as .
, member of said commission. or az
, officer of the Public Belt Railroad. OF
= be employed by said Public Belt Rail
road. and no rights or privileges shall
: be granted T., any railroad company t.
control. marage. use or operate tn,
said Public Belt Railroad System. OF
any part the ccnf. and said Public Bel
! Railroad System shall be and remain
the sole property Of the people of tn,
' City of New Orleans at all times. ant
!, snail in no way or manner ever be by
= pothecatcd or alienatvd. provided how
! ever, that the revenues of said Publ
Belt Railroad of the CT of Now Or
leans. after the deduction OF the ex
! penses OF maintenance III opera tor
= shall be and remain pledged for tn
y payment Of the bonds i hin 'ipll an
interest. the issue OF which is herei
q authorized; to such "x.eG.t as may b
( necessary under this Act
. Section 8. Be it further enacted. etc
. That all the provisions of this Act shal
:, constitute a contract be EN- the hold
q er of the bonds issued thereunde.', tn
: State of Louisiana, the City of Ney
e Orleans and the Beard tf Commission
ers of the Port of New Orleans.
: Section 9. BE it further enacted, etc
u That at the congressional election t
e he held in this State on the first Tues
; day. after the first Monday in til
y month of November, 1905. the following
amendment to the Constitution of tn
State of Louisiana shall be submitte
to the electors, to-wit:
e
: | I.C. |