The southern sentinel., 1908-09-18

Of April and October. 1909. and annual
ly thereafter, to provide for the pay
ment of the semi-annual interest due
July 1 and January ! OF each subse-
Quent year. out of the revenues of the
Public Belt Railroad of the City of New
Orleans. after deducting the expenses
OF maintenance and operation. which
appropriations shall be credited on the
books of the Tres surer OF the City of
New Orleans. TO a special account to be
styled Public Belt Railroad Bond In
terest Account" amounts equal to the
semi i-annual interest on all bonds that
may have been delivered. The Treasur-
er of the City of New Orleans is hereby
empowered and directed. and IL is made
his duty, TO pay any and all such cou-
pons that may be due when presented
by any holder thereof.
In the year 1899, and annually there
after. the City of New Orleans, shall.
in addition to the amount OF the semi
annual interest due on the first of July
and January of each year appropriate.
on or before the first day of April. out
of the revenues Of the Public Belt Rail-
road of the City of New Orleans, after
deducting the expenses of maintenance
and operation. which appropriations
shall be credited on the books OF the
Tre2surer of the City of New Orleans
to special acc )unt to be styled Pub
lie Belt Railroad Bond Redemption Ac-
count the sun, of one hundred thous-
and (s1o0. .000.o0) dolsars. and the said
Treasurer is hereby empowered and di-
rected. and IL is made his duty to pay
on the first day of July of the year
1899. and annually thereafter. out of
said bond redemption account, one
hundred thouss nd ($10o. .o00.00) dollars
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 cancelled and be pasted
as vouchers in a book 10 be by said
Treasurer kept for that purpose.
In case of failure the part nf the
Orleans n
preparations at the times herein fixed
and to. administer and operate said
Public Bset Railroad of. the Citv- of
New Orleans land, to collect the .reve-
nues therefr.rp to provide for the pay
ment of int rest 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 1t is made its duty
TO administer and operate said Public
as IL may fix and 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
missioners of the Port OF New Orleans
Is hereby authorized to exercise all the
powers an i Is charged with all the du-
ties vested under this Act in the City
OF New Orleans.
Section T.. Be II further enacted. etc,
That in case there should be in any
year 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 denominations as may be nec-
essary and convenient. bearing the
same rate of interest as the original
bonds. and having a term to run equal
to the balance of the term of the origi-
nal bonds. but subject to call at will
anA fr,
case any such bonds are issued they
shall be stamped across their face Tn
terest Funding Bonds issued subject to
immediate call" and they shall be pay
able out of the special tax of two (2)
mills per annum, which shall be levied
on and after January !, le43 as here
matter provided Said interest funding
bonds shall have all the guarantees
and securities provided for the original
bonds in this Act for their payment
principal and interest
In case the revenues OF the Public
Belt Railroad of the City of New Or
leans should not be sufficient TO pro-
vide for the payment OF the annual in
terest on. or for the remeption annual
ly. on and after January 1. 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 special tax of two CD mills, be-
ginning with and including the year
1913. the entire proceeds whereof shall
ee appiied annually to the redemption
of the bonds issued under this Act a nd
ali interest that may be then or there
after due thereon. and all outstandinz =
interest funding bonds" until all OF
said bonds shall have been retired In
principal and interest. II any surplus
OF said two CD mills tax in the last
year OF It's levy shall exist such sur
plus shall be dedicated to works of
- inn eaxrA - -
the City of New Orleans
Section 5. Be IL further enacted etc.
That the City of New Orleans shall be
and II is hereby authorized and en-
bonds for the construction ana equip
ment of Public Belt Railroad System
In. and for sthe City of New Orleans in
ciudlng tracks sidings. switches, spurs.
crossovers and all appurtenances and
accessories thereto. the building OF
depots. roundheuses. warehouses.
sheds. statfors. signals and all other
necessary structures incident to the
construction and equipment of rail-
roads. for the purchase of locomotives.
switch engines. cars and other neces-
sary rolling stock: for the payment of
property purchased or appropriated
for the purpose of laying tracks, sid
fngs. switches. spurs. crossovers etc
or foE-the erection of necessary struc-
lures and builnngs incident to- rail-
roads,. for the purchase of existing
roadbeds. tracks. switches. sidifgs'
spurs. cfossovers or for the expropria-
ton OF the same; for the purchase of
barRes and tugboafs and other proper
" incident to the operation of a barge
system. :. and generally for the purchas
and equipment OF all property movable
and inimovable. necessary and proper
TO construct and equip said public. belt
railroad system. and as an incident
thereto. barge system
Section 8. Be IL further enacted, etc.
Thai there shall be and there Is here
by irrevocably dedicated to the people
of the City of New Orleans for perpet-
ual and exclusive public use said Pub
lie Belt Railroad System. as the same
has been heretofore, or may hereafter
BE estazhaished 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
the City of New Orleans.
That all laws servitudes. privileges
and rights In favor of the State of
Louisiana. the City af SeY Orleans and
the people of the CITY Of New orleans,
now e.Rfset1ER or on the lands or
pre1erty on or contiguous to- the Mis-
sisefppi river shnu continue 40 exist
unimpafrcd rntfts the full payment of
the principal and interest nf the bonds
to be issued under this Act.
Section u Be It further enacted etc.
That the City of New Orlea rs 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. as may
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 powerx du-