The southern sentinel., 1908-08-28
ACT No. IT'S.
House Bill No. 153 By Mr. Barrett.
AN ACT


House Bill No. 153. By Mr. Barrett
AN ACT
To authorize the City of New Orleans
to issue two million ($2,eOl ,0Ou) dol
lars OF five Cd per cent bonds, which
shall be exempt from taxation; to
provide for the sale thereof, Id pro-
vide for the payment of the principal
and interest of said bonds; to pho ide
for the disposition of the proceeds
thereof through such Publis Belt
Railroad Commission as the City of
New Orleans may have heretofore or
ganized. or may hereafter organize,
the members of which shall te 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 i. Be 1t enacted by the Gen.
eral Assembly of the State of Louisiana
to each House concurring. That. subject
70 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-
ceed two million $4,000. .00e.eo) dollars
IN amount. to be dated January 1. 1909.
bearing five ID per cent per annum
principal Of which shall be payable at
any time between July 1. 1899. and
!, said bonds shall, be drawn payable to
Belt Railroad Bonds of the City of New
Orleans They shall be of the denomi-
natioi and be numbered as follows. to-
Five thousand ts.ooo) of one hundred
($l0e.eD dollars each. numbered from
to 5ve0. both Inclusive.
One thousand u.ooe) of five hundred
($seo.eo) dollars each. numbered from
50ol 10 e0e0. both inclusive.
One thousand tl.ovo) Of one thousand
(31. .ooo.eo) dollars each. numbered from
seol to 1000. both inclusive.
They shall be payable in lawful mon
nual interest coupons attached. due
yliy 1 and January I. They shall be
signed by the Mayor Of the City Of New
Orleans and countersigned by the
city Of New Orleans. they shall be ex-
empt from all taxation. State. parish
and municipal. and the tutors OF mi
nors and curators OF interdicts shall be
sanSs n .ash 10 cond All nsx 1SnSs IN
registered and reie ased from registry
under such ruhes and regulations as
may be prescribed by the City of New
Ssssn. o. :sS no ss reg s bond sn.
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. a. security with
the State. or It's officers. or with any of
Its political subdivisions or municipal
tiles.
section & BE It further enacted. efc-.
ity for the issuance of said bonds shall
have been obtained. the City OF New
Orleans shall be authorised to cause
said bonds to be engraved and sxecut-
ed. The City Of New Orleans Is hereby
authorized and empowered. oa and az
ter January I. 1903. to sell said bonds.
at such times and In such pumbers and
amount amounts. ana nd WON % s.en tssms and con-
deem advisable provided that no sale
shall be made BY said city. except upon
sealed proposals &c Se submitted to
said city after advertisement for the
same shall be had for thirty f3e) con-
secutfve days In one or more daily
newspaper or nswspapers of the cities
OF New York and New Orleans. respec-
lively. and provided thai no sale shall
oe made by said city a a price less
than par and accrued interest the city
to have always the right to reject any
eno ali bids Coupons attached to said
bonds. past due 1T the time Of delivery.
shall be detached and cancelled by said
city befare deliver of the bonds
Sec-ic. & Be- IL further enacted. etc.
That the principal and Interest Of said
bonds shall be paid bv preference from
the yevenues cf the Public Belt Rail-
roay OF the City of New Orleans. after
deSucting the expense,f OF maintenance
sJfd operation. and all Public Belt rev
yhues ccilectihle under existing laws
or ordinances. or amendments thereto
and All future Public Belt Railroad
revenues. after dedu ting the expenses
~ maintenance ana Operation. are
hereby pledged to secure said bonds
md interest: The interest on said bonds
enau oe evidenced Nv coupons attached
freasurer Of the City of New Orleans.
On the first 6Avo Of July and January.
ana the CITY Of New Orleans shall an
pfcpsiate % % oofoso tie flsut Gays