The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-10-03
advisable, provided that no sale shall

he made by said city, except upon
scaled proposals 10 be submitted 10
said city after advertisement 1of me
game shall be had for thirty {@o} con-
secutive DAYS in one or mere oailF
newspapers of the cities OF Ne" 1oFN
and New Orleans, respectively, anu
nrovided that no sale shall be made
bv said city at price less than par
and accrued interest, the city 10 have
always the right to reject any ana all
bids. Coupons attached to said bonds,
mast due at the time OF delivery Silaii
be detached and Cancelled by SAID clty
before delivery Of the bonds.
Section 3. Be it further enacted, etc.
Plat the principal and interest OF saio
bonds shall be paid by preference
from the revenues OF the Pubic bei'
Railroad of the City OF New Orleans.
after deducting the expenses o. mann
tenance and operation, and all fuotc
i Belt revenues collectible under eNlst-
mo laws or ordinances, or amend
mants thereto, and all future Pubflc
Relt Railroad revenues, after deduct
inc the expenses of maintenance a9o
operation, are hereby pledged 10 Sc
cure said bonds and interest. Tie m
tecast Of said bonds shall he evidenced
Inv coupons attached thereto, paEaele
semi-annually by the Treasurer OF 'he
City of New Orleans, on the first days
Of July and January, and the City OF
New Orleans shall appropriate on or
before the first days of April ana DC
tober. 1909, and annually thereafter,
TO provide for the payment OF the semi
annual interest due July | and January
/. ! of each subsequent year, out OF inc
revenues of the Public Belt Railroad
IS of the City of New Orleans, after de-
y Quoting the expenses of maintenance
5, and operation, which appropriation:
l. shall be credited on the books OF th'
g. Treasurer of the City of New Orleans
If to a special account to be styled
id 'Public Belt Railroad Bond 1nteres
j. Account" amounts equal to the semi
#. annual interest on all bonds that ma,
ID have been delivered. The Treasure
w of the CITY of New Orleans is hereb
T. empowered and directed, and it is mad
H. his duty, to pay any and all such cou
be pons that may be due when presente
he by any holder thereof.
w In the year 1899, and annual
en- thereafter, the City OF New Orleans
OF shall, in addition to the amount OF til
rs semi-annual interest due on the tlr;
n of July and January of each year al
Is propriate, on Or BEFORE the first day
MS April. out of the revenues of the Pal
nit lie Belt Railroad of the City OF Ne
OF Orleans, after deducting the expense
he of maintenance and operation, whlt
ST. appropriations shall be credited
'lo the books of the Treasurer of the Cl
ms of New Orleans to special accou
to be styled ''Public Belt Railrot
The Bond Redemption Account" the su
or of one hundred thousand tSlO0, 000.O
m dollars. and the said Treasurer
~, hereby empowered and directed, al
the it is made his duty to pay, on t
by first day of July of the year 1899, al
oi annually thereafter, out OF SAID boI
10 redemption account, one hundr
re- thousand $500, 000.00) dollars of sa
Is bonds, in the reverse order of their
ION sue: and allbonds and coupons retir
10 under this Act shall be by said Tres
hVe urer duly Cancelled and be pasted
va vouchers in a book to be by So
~, Treasurer kept for that purpose.
In case of failure on the part OF
'o'' City of New Orleans to make said
w preparations at the times herein liz
~ and to administer and operate s;
'i'o Public Belt Railroad Of the City
90 New Orleans. and to collect the re
nues therefrom to provide for the pj
i't' ment of interest due or to become d
''''' and the redemption OF bonds, as p
vided for in this Act, the Board
'io" Commissioners of the Port OF \
YIN Orleans is hereby authorized, emp'
cred and directed and it is made
io''0 duty to administer and operate S
oo' Public Belt Railroad, TO impose S
{. charges as it may fix and collect S
i.i revenues and levy and collect
0.,'' special tax hereinafter provided
;, y, and to apply the same to the purpc
u y. of this Act, and to that extent and
VI that purpose only, and for such
VIM as may be necessary to that end,
Vlio Board of Commissioners of the |
'o of New Orleans is hereby author
P"l to exercise all the powers and is CHI;
. vi ed with all the duties vested under