The southern sentinel., 1908-09-25

l B., Of New Orleans Is hereby aus
| ized and empowered. on OF NOT
4 Ta,..ary 1 1903, to exchange. az no 60
| - fban mar and accrued interest,"
| many OF said bonds as may o1i,tons o1
| sarv 70 retire outstanding the
| Of said Board. coupons past uus and
| % ~, exchsnpe to be detacheu anu
canceled by said Board before nhv
ery Of bonds: and said Boaro - III ,bs
| authorized and empoWsreu whole or
| rsmainder of said bonds IN who -
| In mart in such manner. anu uPon -
| terms and conditions. as py sa,,,dad saie
/ NAV be deemed advisable; eatd
| tbat no sale shall be made oy sao %
| Roard al "A price which will net 70 tne
| Roard less than par and accrued Ihte
| est Coupons attached 10 saio oo1i oho1i
past due at the time OF h ssid Board
oesere sers,on aeiaV = Be K further enacted; etc
That the principal and interest," oi ,san,
bonds 4svsnues saa os Of Psn the Board Of
| sioners of the Port of New Orleans,
| and all revenues collectiois unaes rs er
hereby pledged to secure said bonds
and interest In no event saan ,dar @
| charges imposed by said Boaro. uno %
the law now existing. De reaucs% sar the
| payment of the principal ana interes'
| of said bonds: and the Board OF So
missioners of the Port OF New Orlsaas' az,
as presently organized and witnou1 9
| minuation of existing territorial 1u-
risdietion. shall continue In legal ex-
| istence until all the bonds issued IN ac-
| cordance with this Act shall have been
| maid in principal and interest: provid-
/ ed that the members of said Board snaLi
| be appointed by the Governor, sup1ect
| to removal by the Governor. ana tne ,1
Governor shall have power to I'LL All
| vacancies.
The interest on said bonds shall be
| evidenced by coupons attached tnereto'
payable semi-annually, by the Treasur-
| er of the State of Louisiana. on the
| first days of July and January, ana
said Board shall place on deposit on
| fore the first of April of every subse-
/ quent year. with the Treasurer OF the
State OF Louisiana. to the credit or a
special account to be styled lnterest
nual interest on all bonds that may
| have been delivered Said Treasurer II
herebv empowered and directed and IL
| Is made his duty. TO pay any ana All
such coupons that may be due when
presented by any holder thereof. 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 /. with the Treasurer OF
OF oee s.sss speeiai pt account to be Styled BOND
Redemption Account" q sum OF one
hundred thousand dollars (s1o0, 100000
and the said Treasurer IL hereby en-
powered and directed: and II Is made
his duty. to pay. on the LIST or July. OF
the wear 1924. and annually thereafter.
out OF said Bond Redemption Account.
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
leans. which shall receipt for same.
and which shall retain and paste the
same as vouchers. In book TO be by
/ IL kept for that purpose IL snall De
the duty of said Treasurer to require
said deposits to be made as aforesaid;
/ and in case of failure on the part OF
| 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-
nues therefrom. in an amount sufff-
cisnt to provide for the payment of in
: terest due or to become due. and the
redemption of bonds as provided In this
Act. said Treasurer Is 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
purposes of this Act. and to that ex-
tent. and for that purpose only. and fer
! such time as may be necessary to that
end. the said Treasurer Is hereby au-
I thorfzed 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 4. Be IL further enacted. etc.
That all of the provisions of this Act
shall constitute a contract between the
holder of the bonds Issued hereunder.
the State of Louisiana. and the Board
OF Commissioners of the Port of New
Orleans
Section S. Be II further enacted. etc.
That the Board of Commissioners of
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 wharves. for erecting
sheds. for constructing roadways. and
other improvements: for the purchase
of suitable dredges. barges and tug
other property purchased or expropri-
ated. and for the payment OF obliga-
tions heretofore contracted and out
standing provided that no private
and adequate compensation previously
on the sIst day of December Of each
year. the said board shall furnish a de-
| tailed account of the receipts and ex-
penditures to the Governor of the
State: which report shall be published
once In the official Journal of the City
Section 6. Be IL further enacted. etc,
That at the Congressional election to
day following the first Monday of No
yember. 1905. the following amendment
70 the Constitution of the State of
Louisiana shall be submitted to the
electors OF the State. to-wit: The
Board of Commissioners of the Port of
New Orleans shall have power, and it
shall be Its duty. to issue three million
live hundred thousand dollars (Ss5OO-
00o-00) of bonds to be known as Port
Commission Bonds.' for the purposes
and under the provisions and condi-
tions set forth In the Act of the Lesis-
lature adopted to that end and for that
purpose at the regular session of the
General Assembly of 1908. which said
Act Is hereby ratified and approved:
and all provisions of the present Con-
etftution 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 Ii 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
dicate his vote on the proposed amend.
ment as provided by the general elec-
tion laws of this State.
H G. DUPRE.
Speaker of the House of Representatives
p. NJ LAMBREMONT.
Lieutenant Governor and President OF
the Senate
Approved July 3. 1903.
]. Y. SANDERS.
Governor OF the State of Louisiana
A true copy. JOHN T. MICHEL
Secretary of State