The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-09-05
ACT No. l79.

ACT No. IT'D.
House Bill No. 1913. BY Mr.. Barrett
AN ACT
70 authorize the City OF New Orleans
to issue two million ($2,OOo,Mo)
dollars of five (5) per cent bonds
which shall be exempt from taxa
ton; to provide for the sale there
of: to provide for the payment OF
the principal and interest OF sala
bonds: to provide for the DISPOSE
ton of the proceeds thereof
through such Public Belt Railroad
Commission as the City of New
Orleans may have heretofore Or
ganized, or may hereafter organ
jze, the members of which shall be
appointed by the Mayor OF the
City of New Orleans, and the pow
ers, 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 Or
leans and the Board of Commits
sioners of the Port of New Orleans
in relation thereto, and to submit
to the people of the State OF
Louisiana an amendment to the
Constitution of the State OF Loulsl-
ana authorizing the issue OF said
bonds and ratifying the provisions
of this Act.
Section | Be it enacted. by the
General Assembly of the State OF
Louisiana, two-thirds of all the mem
bers elected to each House cOncurrlng,
That. subject to the ratification OF the
people of the State of Louisiana, by
an amendment to the Constitution O.
the State. hereinafter submitted tt
them, the City of New Orleans is here
bv authorized and empowered to Is
she bonds not to exceed two million
($2, 900. 900. COY dollars in amount, u
be dated January |, 1909, bearing nv
(5) per cent per annum interest, paya
BILE at any time between July l, 1879
and July l, 1859.
Said bonds shall be drawn payabl
to bearer, and shall be styled: Pub
lie Belt Railroad Bonds of the City
New Orleans" They shall be of tn
denominations and be numbered a
. follows. to-wit:
Five thousand 5000 of one hur
dred ($lOO.O0) dollars each, numbere
from to $780, both inclusive.
| One thousand $1,000 of five hundre
} $500 0O) dollars each, numbered fro
1901 to 5000, both inclusive.
One thousand $1,000 of one tho'
: sand ($l, 100000 dollars each, numbe
} ed from 600l to 1000, both inclusive.
e They shall be payable in lawf
t money of the United States, with sem
t annual interest coupons attached, d.
: July | and January |. They shall
e signed by the Mayor of the City
It New Orleans and cOuntersigned by t
!, Comptroller and the Treasurer of t
5 City of New Orleans. They shall
: exempt from all taxation, State, pa
II ish and municipal, and the tutors
IS minors and curators of interdicts sh;
q be authorized to invest all funds
their hands in such bonds. they m
|, be registered and released from reg
,e try under such rules and regulatio
), as may be prescribed by the City
Il New Orleans, and no registered DO
If shall be negotiable. They shall
h received on deposit with the State
at its officers or any of its political 81
n divisions or municipalities in
f. cases where, by law, deposits OF boz
~ are allowed orrequired to be ma
ar as security with the State, or its G
n GERS, or with any of its political 81
ic divisions or municipalities.
in Section 2. Be it further enact
ne ETC., That as soon as constitution
authority for the issuance of S
4 bonds shall have been obtained,
g. City of New Orleans shall be auth
g lied to cause said bonds to be
3 grayed and executed. The City
n New Orleans is hereby authorized
"a empowered, on and after January
of 1909, to sell such bonds. at such iii
and in such numbers and amour
es and upon such terms and condltl
MS as the City of New Orleans may de