The southern sentinel., 1908-09-11

Against the additional amendment of
the City of New Orleans Public I'M
provement Bond amendment"
And each elector shall indicate his
vote on the proposed amendment as
provided In the general election laws OF
the State. p. NJ. LAMBRENoNT.
Lieutenant Governor and President of
II. q. pUPRE.
Speaker of the House Of Representatives
Approved July End. 1903.
]. Y. SANDERS.
Governor Of the State of Louisiana
A true copy. JOHN T. MICHEL.
Secretary Of State.
ACT No. I7s.
House BIZ No. 153 BY Mr.. Barrett.
AN ACT
To authorize the City of New Orleans
to issue two million (S2,oot .oov) dol
lars of five (5) per cent bonds. which
shall be exempt from taxation; to
provide for the sale thereof. 10 pro-
vide for the payment of the principal
and interest of said bonds: to pioN ide
for the disposition of the proceeds
thereof. through such Pubh: Belt
Railroad Commission as the City OF
New Orleans may have heretofore or
ganized. or may hereafter organize.
the members of which shall tie ap-
pointed by the Mayor of the City of
New Orleans. and the powers, duties
and functions of which shall be pre-
scribed by the City of New Orleans:
to define the powers and duties of the
City of New Orleans and the Board of
Commissioners of the Port of New
Orleans in relation thereto. and TO
submit to the people of the State of
Louisiana an amendment to the Con-
stitution of the State of louisiana
authorizing the issue of said bonds
and ratifying the provisions of this
Act
Section 1. Be II enacted by the Cen
eral Assembly of the State of louisiana,
two-thirds of all the members elected
to the ratification of the people of the
State of Louisiana. by an amendment
to the Constitution of the State. herein
after submitted to them, the City OF
New Orleans is hereby authorized and
empowered to issue bonds not to ex-
coed two million $4,000. 900. .00) dollars
In amount to be dated January I. 1903.
bearing five ts) per cent per annum
principal of which shall be payable at
any time between July l. 1888. and
Said bonds shall be drawn payable to
Belt Railroad Bonds of the City of New
Orleans" They shall be Of the denomi-
natiois and be numbered an follows. to-
Five thousand ts.ooo) of one hundred
(sleo.vo) dollars each, numbered from
to 500e. both Inclusive
One thousand u.0eo) Of five hundred
($5eo.eo) dollars each. numbered from
s0o1 TO seeo. both inclusive.
One thousand u.ooo) of one thousand
(S1. .eoo.oe). dollars each. numbered from
e0o1 to 70e0. both inclusive.
They. shall be payable In lawful mon
ey of the United States. with semi-an-
nual interest coupons attached. due
signed by the Mayor Of the City of New
Orleans and countersigned by the
Comptroller and the Treasurer Of the
City Of Ne~ 35ieans they s.s, shaii be s1
and municipal. and the tutors Of mi
nors and curators of interdicts shall be
authorised to invesr all funds In their
hands In such bonds. They may be
under such rules snd regulations as
may be prescribed ty the City Of New
Orleans. and no reg stored boad shall
be negotiable They shall be received
on deposit with the state or Its officers
or any Of its political subdivisions
or municipalities in all cases where, by
law, deposits Of bonds are allowed or
required to be made. as security with
the State. or its officers, or with any of
It's political subdivisions or municipal
tiles.
Section = Be II further enacted, etc,
That al soon a. constitutional author
ity for the issuance Of said bonds shall
have been obtained. the City of New
said bonds to be engraved and execut-
ed The City Of New Orleans In hereby
authorized and empowered. on and af-
ter January I. 1905. to sell said bonds
at such times and In such numbers and
amounts. and vDon such terms and con-
ditfons AZ the City of New Orleans may
deem advfsahle. provided that no sale
shall be made by said city. except upon
sealed proposals. to be submitted to
said city after advertisement for the
same shall Be had for thirty (3e) con-
secutive DAYS IN one or more daily
newspaper or newspapers of the cities
of New York and New Orleans. respec-
lively. and provided thai no sale shall
be made bv said city n price less
than par and accrued interest. the city
to have always the right to reject any
and all bids Coupons attached 10 said
bonds. past due et the time Of delivery
shall be detached and Cancelled by said
cffv before delivery Of the bonds.
Section 3 Be- II further enacted. etc
That the principal and interest of said
bonds shall be oaid bv preference from
the revenues cf the Public Belt Rail
road OF the City OF New Orleans. after
deducting the exrense< of maintenance
and operation and all Public Belt rev.
enues collectihle under existing laws
or ordinances. or ansndrseuts thereto
and tli future Public Belt Railroad
revenues after dedu ting the expenses
of rnaintenance ana operation. arr
md interest The Interest on said bonds
shah be evidenced tv coupons attached
hereto. pSvnble semI-annua1ly by the
Treasurer OF the City Of New 0rleana
IN the first DAVIS OF July and January
and the City Of New Orleans oha1l an
propf1ato On o. before the first 0ay1