The southern sentinel. (Winnfield, La.) 1883-1910, 1908-10-30

4
| Quent year, out of the revenues OF the
| Public Belt Railroad Of the City or New
| Orleans. after deducting the expenses
appropriations shall be credited on the
| books of the Tres surer OF the city OF
| New Orleans, to a special account 10 DC
/ styled Public Belt Railroad Bond In
/ terest Account" amounts equal to the
semi-annuai 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 mace
his duty. TO pay any and all such cou-
pons that may be due when presented
By any holder thereof.
In the year 1893. and annually there
after. the City OF New Orleans. shall.
In addition to the amount OF the semi
annual interest DIE 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
! Treasurer of the City of New Orleans
10 special ace ,unt to be styled Pub
lie Belt Railroad Bond Redemption Ac-
count" the sun of one hundred thous-
and (S10O. 000.o0) dohars. and the said
rected. and IL is made his duty to pay
I on the first day of July of the year
1885. and annually thereafter. out OF
said bond redemption account. one
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 to be by said
Treasurer kept for that purpose.
In case of filure on the part Of the
City OF New Orleans to make said ap-
preparations ct the times herein fixed
and TO administer and operate said
Public Belt Railroad OF the Citv of
New orleans and To collect the reve-
nues therefr.m to provide for the pay
ment OF int, rest due or 70 become due
and the redemption of bonds. as pro-
vided for in this Act. the Board of
Commissioners CT the Port of New Or
leans Is hereby authorized. empowered
and directed. and II is made It's duty
to administer and operate said Public
Belt Railroad. to impose such charges
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 NAV 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
Section l. Be Il further enacted. etc,
That in case there should be in any
year deficiency in the revenues afore-
SAD 10 pay the full interest upon all of
OF interest shall be funded into bonds
or such denominations as may be nee
essary and convenient. bearing the
same rate Of interest as the original
bonds. and having a term to run equal
10 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 In
terest Funding Bonds iss ued subject 10
immediate call, and they shall be pay
able out of the special tax of two (2)
mills per annsIm. which shall be levied
on and after January l. 1913 as here
matter provided Said interest Funding
bonds shall Rave all the guarantee
and securities provided for the original
bonds in this Act for their payment
principal and interest
In case the revenues Of the Public
beit Railroad of the City of New Or
vide for the payment of the annual in
terest on. or for the remeption annual
ly. on and after january 1, 1888, or any
or said bonds. as herelnabove set forth,
the redemption OF said bonds shall be
postponed until January 1. 1914. and
the City of New Orleans shall levy up
on all or the taxable property within
the present territorial limits of said
city a special tax of two CD mills be-
ginning with and including the year
1888. the entire proceeds whereof shall
be applied annually to the redemption
OF the bonds issued under this Act and
all interest that may be then or there
aiter Que thereon. and all Outstanding
interest funding bonds" until an ~
SAID bonds shalt have been retired in
PRINCIPAL and interest II any Surplus
or said two CD mills tax in the last
year of its 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-fu rther enacted. etc
That the City of New Orleans shall be
and II Is hereby authorized and EN-
powered to expend the proceeds OF said
bonds for the construction and eouip-
ment of Public Belt Railroad system
In and for the City OF New Orleans. in
Guiding tracks: sidings. switches. spurs.
accessories thereto: the building OF
depots. roundhouses. warehouses.
sheds. stations. signals and all other
necessary structures incident to the
roads. for the purchase OF locomotive
switch engines. cars and other neces-
sary rolling stock: for the payment Of
properly purchased or appropriated
TOT the purpose of laying tracks. sid
fngs. switches. spurs. crossoyers etc
or Tor the erection OF necessary struc-
lures and buildings incident to rail-
roads: Tor the purchase OF existing
roadoeds. tracks. switches sidfngs
spurs crossovers. or for the expropria-
ton OF the same; for the purcha a. Of
oarges and tugboats and other proper
~ incident to the operation of n barge
system: and generally for the purchase /,
and EQUIPMENT OF all property. movable
ana finmovable. necessary and proper
TO construct and equip said public hell
railroad system. and as an incident
thereto. barge system.
Section s. Be II further enacted etc |
That there shall be and there Is here
by irreyocably dedicated to the people |
on the City of New Orleans for perpet-
uai and exclusive public use said Pub |
lie Belt Railroad System. as the sams
Las peeh neretofore: or may hereafter
pc ESTABLISHED by the City OF New Or
leans. the title and use to which said
public belt railroad system shall he
and shall forever be in the peopIe Of
the City OF New Orleans
That all laws servitudes. privileges
and rights in favor of the State of
louisiana the City OF New Orleans and
the people of the City Of New orleans,
property on or contiguous to the Mis-
Bissippi river shall continue 10 exist
unimpaired until the full payment OF
The principal and interest If the bonds .
TO be issued under this Att
Section z. BE II further enacted etc.
That the City of New Orleans shall con-
ytruct. equip. maintain and operate said
Public Belt Railroad System IN the City
Df New Orleans. through and by means
Df such board OF commission as may
have been or NAV be organlzed by the
City of New Orleans. the members Of
which shall be appointed by the Mayor
3f the City OF New Orleans. with the
consent OF the Council. the powers du-
ties and functions OF which shall he
prescribed by the city OF New Orleans
rhe City OF New Orleans shall always
have the power and authority to make
such changes in the location of the