The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-10-15

and to administer and operate sald
Public Belt Railroad of the City of |
New Orleans and to collect the reve- |
nues therefrom 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 !
Belt Railroad. to impose such charges |
as it may fix and collect said revenues |
and levy and collect the special tax
hereinafter provided for and to apply |
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 is charged with all the du-
ties vested under this Act in the City
of New Orleans.
Section 4. Be it further enacted. ETC.,
That in case there should be in any
year a 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
essary and convenient. bearing the
same rate OF interest us the original
bonds, and having term to run equal
to the balance of the term of the origi-
nal bonds. but subject to call at will
by the City of New Orleans; and in
case any such bonds are issued they
snail be stamped across their face I'm
terest Funding Bonds issued subject to
immediate CALL and they shall be pay
able out of the special tax of two ca
mills per annum, which shall be levied
matter provided Said interest funding
bonds shall have all the "u,rantiea
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
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
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
| be applied annually to the redemption
of the bonds issued under this Act and
all interest that may be then or there's
Interest funding bonds" until all Of
said bonds shall have been retired In
PRINCIPAL and interest. Ii any surplus
of said two (2) mills tax in the last
year of it's levy. shall exist, such sur
plus shall be dedicated to works of
public improvement to be designated by
the City of New Orleans
Section 5. Be it further enacted, etc.
That the City of New Orleans shall be
and it is hereby authorized and en-
powered to expend the proceeds Of said
bonds for the construction and eauip=
ment of a Public Belt Railroad System
in and for the City of New Orleans, in
cluGing tracks. sidings, switches spurs,
crossoyers and all anpurtenances and
accessories thereto; the building OF
sheds, statiors. signals and ali other
necessary structures incident to the
cons truction and equipment of rail-
roads. for the purchase of locomotives.
sary rolling stock: for the payment Of
property purchased or appropriated
for the purpose of laying tracks, sid
ings. switches. spurs, crossovers etc..
or for the erection of necessary struc-
lures and buildings incident to rail-
roads, for the purchase of existing
roadbeds, tracks, switches, sidings.
spurs. -crassovers. or for the expropria-
barEes ard tugboats and other proper
ty incident to the operation of q barge
system; and generally for the purchase
and equipment of all property, movable
and immovable. necessary and prope,
to construct and equip said public belt
| railroad system, and as an incident
thereto, a barge system.
Section c. Be it further enacted etc.
That there shall be and there is here
by irrevoeably dedicated to the people
of the City OF New Orleans for perpet-
uai and exclusive public use said Pub
lie Belt Railroad System, as the sans
has been heretofore, or may hereafter
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
the City of New Orleans.
That all laws. servitudes, privileges
and rights in favor of the State OF
the people of the City Of New orleans
now existing in or on the lands OF
property on or contiguous to the Mis-.
sissippi river shall continue 70 exist
, unimnaired until the full payment oil
. the principal and interest If the bond:
: 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 sale
; Public Belt Railroad System in the City
> of New Orleans, through and by mean!
, Of such board or commission, may
J have been or may be organized by thu
City of New Orleans. the members O
! which shall be appointed by the Mayor
! of the City of New Orleans, with tn
: consent of the Council. the powers. du
9 ties and functions Of which shall b
!, prescribed by the City of New Orleans
y The City of New Orleans shall Away
/, , have the power and authority to max
= such changes in the location of TIN
tracks and roadbed of the Public Bel
Railroad System as may by said cit.
be deemed necessary or proper. TIL
= control. administration. management
ana SUPERVISION OF the CONSTRUCTION
! maintenance. operation and develop
' nlent of the Public Belt Railroad of TIL
9 City of New Orleans shall be exclusive
: ~ vested and remain in such board o
y commission, which shall always be sep
: arate and distinct from that of an
;; railroad entering the City of New Or
q leans. and no director, officer or EN-
: plovee of any State or interstate rail
y road shall ever be allowed to act as
e member of said commission. or as a
n officer of the Public Belt Railroad. o
o be employed by said Public Belt Rail
e road, and no rights or privileges shall
: be granted To any railroad company t
v control, manage. use or operate tn
s said Public Belt Railroad System. o
: any part thereof. and said Public Bel
II Railroad System shall be and renal
- the sole property of the people of tn
y City Of New Orleans at all times. an
shall in no way or manner ever be ny
a pothecatcd or alienated, provided, how
Y. ever, that the revenues of said Publ
d Belt Railroad of the Ciy of New o.
leans. after the deduction of the e,
!; penses OF maintenance MI operation
a shall be and remain pledged for TT
N payment of the bonds il principal an
l. interest, the issue, Of which is herei
sr authorized: to such exert as may
,e necessary under this Act
= Section 8. Be it further enacted, ett
IS That all the provisions of this Act sha
0: constitute a contract be " sen the hole
I'd er of the bonds issued hereunder, tt
IS State of Louisiana, the City of Ne
.e orleans ana the Board or Commission
Is ers of the Port of New Orleans.
Is Section 8. Be it further enacted. ett
ID That at the congressional election
lie be held in this State on the first Tue
s, day after the first Monday in I'll
y. month of November, 1905, the foIloWiI
D amendment to the Constitution of tt
fs State of Louisiana shall be submitte
l. to the electors. to-wit:
,e
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