The southern sentinel. (Winnfield, La.) 1883-1910, 1908-10-16

more than ~ nords as may be neceS-
| sa,n 70 retire outstanding or, the
of said Board. coupons pa Ss,ached and
a. 80 ~ Exchange To be detacneIs aiiv-
DARE i In nv said Board before d eas
CAM =, bonds: and said Board Is nei ~
| a,,thorized and empowered 10 hoia or
remainder of said ponus nd unon such
in mart in such manner. ana upp oa I'd
| III 70 and conditions. as by sald D ssnS
lei. .ea he deemed advisable; proSiuetHd
| thai no sale shall be maae the
| pnard et a price which VIII net 20 se
BoarSS iass than par and accrued inter
aSt coupons attached TO salo Dull s., n
past due at the time Of deliver R snn
| be detached and canSelsu %
Sec,,on 2 BE Il further enacted; etc:;
| T.pot the principal and interest OF sa.u
| bonds shall be paid by preference - ,Is.
the revenues OF the bosrS New Orleans.
| snI ali revenues collectible under TN
laws. as now existing. shaii DC an nds
hereby pledged to secure sai S., got the
charges imposed by said Board. unue,
the law now existing. be reduced W o.,
| amount less thru necessary 10.
payment OF the prinslpai anu q, COM.
| misSioners OF the Port of New orleans.
as presently organized ana witnou'
minuation Of existing tefrit SsIaI s s
| istence until all the bonds issued IN &C
| cordance with this Act shall have been
| paid in principal and interest; provo,
| ed that the members OF said BOARD ma,
he appoInted by the Governor. subject
/ to removal by the Governor. and the
| Governor shall have power to iii all
vacancies.
| The interest on said bonds shall be
| evidenced by coupons attached thereto
PAYABLE semi-annually. by the Treasur
| err of the State of louisiana, on the
first days of July and January, ano
said Board shall place on deposit. on
or before April /. 1908. and on or pc
\ fore the first of April OF every s1ose
/ quent year. with the Treasurer OF the
/ State of Louisiana, to the credit OF
1 special account to be styled Interest
/ Account" an amount equal 10 the an
| nual interest on all bonds that may
have been delivered. SAID Ireasures !,
| Is made his duty. TO pay any ana al
| such coupons that may be due when
presented by any holder tnereof. In
/ the year 1924. and annually Thereafter.
| said Board shall. in addition TO the
| amount OF the annual interest due on
| the LIST of July, place on deposit, on or
before April L with the Ireasursr .s -,
of a special account to be styled Bond
| Redemption Account, sum OF one
hundred thousand dollars (s1o0, 100000.
powered and directed, and 1T Is made
| his duty. To pay. on the Isl OF July, Oh
| the year 1924. and annually thereafter.
out OF said Bond Redemption Account.
one hundred u0o) 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 delivered to the Board of
| Commissioners of the Port of New Or
i leans. which shall receipt for same.
and which shall retain and paste the
| same as vouchers. in a book TO be by
Il kept for that purpose II shall be
| the duty of said Treasurer TO require
| said deposits to be made as aforesaid.
and In case OF failure on the part OF
/ ar1 n GalA
| impose under the law as now existing.
| the charges for the use of said
| wharves. landings. sheds and appur-
| tenances thereto, or to collect the reve-
\ cfent to provide for the payment of In
| terest due or to become due. and the
redemption Of bonds as provided In this
fact. said Treasurer Ii hereby empower
! ed and directed. and IL Is made his duty
to impose said charges and collect said
revenues. and to apply the same to the
tent. and for that purpose only. and for
such time as may be necessary to that
end. the said Treasurer Is hereby au-
/ thorized to exercise all the powers and
Is charged with all the duties vested
under existing law In the Board of
Commissioners OF the Port of New Or
leans.
Section L. Be II further enacted. etc.
That all of the provisions of this Act
shall constitute a contract between the
holder of the bonds issued Hereunder.
I the state OF LOUISIANA. ana the board
OF Commissioners of the Port of New
Orleans
Section S. Be 1t further enacted. etc.
That the Board of Commissioners of
4 the Port of New Orleans shall. and IL
Is hereby authorized and empowered to
expend the proceeds of said bonds for
the extension of existing wharves. for
building new wharyes. for erecting
other improvements: for the purchase
OF suitable dredges. barges and tug
boats: for the payment of wharves or
other property purchased or expropri-
ated. and for the payment of obIiga-
\ lions heretofore contracted and out
standing: provided that no private
property shall be taken without Just
and adequate compensation previously
paid.
on the 31st day of December of each
year. the said board shall furnish a de-
penditures to the Governor OF the
State: which report shall be published
once in the official journal Of the City
OF New Orleans.
Section 6. Be il further enacted. etc.
That-at the Congressional election to
be held IN this State on the first Tues
day following the first Monday of No.
to the Constitution of the State OF
Louisiana shall be submitted to the
electors OF the State. to-wit: The
New Orleans shall have power. and IL
shall be Its duty. to issue three million
five hundred thousand dollars (s3.500-
o0o-0o) of bonds to be known as Port
Commission Bonds for the purposes
and under the provisions and coadf-
tions set forth In the Act of the Legis-
lature adopted to that end and for that
purpose at the regular session of the
General Assembly of 1908. which said~
Act 10 hereby ratified and Approved.
and all provisions of the present Con-
stitution of the State In conflict with
the provisions of this Act and with
this amendment are. TO that extent and
Tor that purpose only. repealed
Section Z. Be IL further enacted etc
That on the official ballots to be used
at said election shall be placed the
words: For the Port CommissIon
Bond Amendment" and the words:
Against the Port Commission Rond
Amendment" and each elector shall in
dictate his vote on the proposed amend
ment as provided by the GENERAL elec-
ton laws Of this State.
H. @. DuPRE.
Speaker of the House OF Representatives
p. NJ LAMBREMONT.
Lieutenant Governor and President of
the Senate.
Approved July s. 1905
J. Y. SANDERS.
Governor OF the State Of Louisfana
true copy. JOHN +. MICHEL
Secretary of State
ACT No. 2l5.
Senate Bill No. IS. By Mr.. Barrel
JOINT RESOLUTION