The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-10-08

Lieutenant Governor and President of
H. G. DCFRE.
Speaker of the House of Representatives
Approved July End. 1908.
J. Y. SANDERS,
Governor of the State of Louisiana.
A true copy. JOHN T. MICHEL,
Secretary OF State.
ACT No. 49,
House Bill No. 1853 By Mr.. Barrett.
AN ACT
To authorize the City of New Orleans
to issue two million ($2.U0t .O0o) dol
lars of five (5) per cent bonds, which
shall be exempt from taxation; TO
provide for the sale thereof. 10 pro-
vide for the payment of the principal
and interest of said bonds; to pro, ide
for the disposition OF the proceeds
thereof. through such Publ: Belt
Railroad Commission as the city OF
New Orleans may have heretofore Or
ganized. or may hereafter organize,
the members OF which shall he APP
pointed by the Mayor of the City of
New Orleans. and the powers duties
and functions of which shall be pre-
scribed by the City of New Orleans;
to define the powers and duties of the
City of New Orleans and the Board Of
Commissioners OF the Port of New
Orleans in relation thereto, and to
submit to the people of the State of
Louisiana an amendment to the Con-
situation of the State of Louisiana
authorizing the issue Of said bonds
and ratifying the provisions of this
Act.
Section l. Be 1t enacted by the Gen
eral Assembly of the State Of Louisiana,
two-thirds of all the members elected
to each House cOncurring. That, subject
to the ratification of the people of the
State of louisiana. by an amendment
| to the Constitution of the State. herein
after submitted to them. the City Of
asia to I., u
| empowered to issue bonds not to ex
coed two million ($200G. Goo.0o) dollars
| in amount. to be dated January /, 1909,
bearing five (5) per cent per annum
| principal of which shall be payable at
| any time between July l, 1889. and
| July l, 1859.
Said bonds shall be drawn payable to
Belt Railroad Bonds of the City of New
| Oriea'.s. They shall be of the denomi-
nat; and be numbered as follows, to-
| wit.
! ($l0e..O) dollars each. numbered from
l to 5000. both inclusive.
One thousand l,000) Of five hundred
| ($500.00l dollars each. numbered from
| 5001 to 5000, both inclusive.
| One thousand u,tp0) of one thousand
| Isl. B09.Oo) dollars each, numbered from
6O01 to 1000. both inclusive
| They shall be payable in lawful mon
/
nual interest coupons attached, due
July 1 and January l. They shall be
| signed by the Mayor of the City of New
! Orleans and countersigned by the
| Comptroller and the Treasurer of the
! City of New Orleans. They shall be eN-
empt from all taxation, State parish
and municipal and the tutors of mi
| nors and curatOrs of interdicts shall be
authorized to invest all funds in their
hands in such bonds. They may be
| registered and released from registry
under such rules and regulations as
may be prescribed by the City of New
be negotiable. They shall be received
on deposit with the state or it's officers
or any OF its polItica! subdivisions
or municipalities in all cases where, by
required to be made. as security with
the State. or its officers, or with any OF
it's political subdivisions or municipal-
tiles.
That as soon as constitutional author
ity for the issuance of said bonds shall
have been obtained. the City of New
Orleans shall be authorized to cause
ed The City Of New Orleans is hereby
authorized and empowered. on and af.
ter January 1. 1909. to sell said bonds
at such times and in such numbers ant
amounts. and upon such terms and con.
ditions as the City of New Orleans may
deem advisable. provided that no sal.
shall be made by said city. except upor
sealed proposals to h" submitted t.
said city after advert sement for thu
same shall be had for thirty $500 con
secutive days In one or more daily
newspaper or newspapers of the cite!
of New York and New Orleans respnc
lively. and provided that no sale shall
be made by said city "a price 1esi
} than par and accrued interest. the cit,
to have always the right to reject an,
and all bids. Coupons attached to sait
| CT of nf OF
shall be detached and cancelled by sait
CITY before delivery of the bonds.
Section :. Be it further enacted. etc
That the principal and interest of sale
!, bonds shall be paid bv preference from
the revenues IF the Public Belt Rail
road of tie City Of New Orleans. afte
deducting the EXPENSES of r1aintonanc,
, ! and operation. and all Public Belt rev
; enues collectihle under existing law
or ordinances. or amendments thereto
and all future Public Belt Railroa,
{ revenues. after deduc ting the expense
, Of maintenance and oneration. ar
! hereby pledged to secure said bond
! and interest. The interest on said bond
shall be evidenced hv coupons slttachet
thereto. PAYABLE semi-annnally by tn
Treasurer OF the City of New Orleans
/ on The first DAYS of July and January
! and the City Of New Orleans shall ap
propriate on or before the first day
Of April and October, 1909, and annual
ly thereafter. to provide for the pay
; July l and Januar! l of each subse
Quent year. out of the revenues of thu
Public Belt Railroad of the City of New
, Orleans. after deducting the expense!
OF maintenance and operation, which
, appropriations shall be credited on tn,
DOCKS OF the Trea surer of the City o.
New Orleans. to a special account to b,
, styled Public Belt Railroad Bond In
terest Account" amounts equal to the
. semi-annual interest on all bonds tina
may have been delivered. The Treasur
er of the City Of New Orleans is hereb,
empowered and directed. and it is made
his duty. to pay any and all such cou
pons that may be due when presented
: by any holder thereof.
, In the year 1899. and annually there
? after, the City of New Orleans, shall
in addition to the amount of the semi
annual interest due on the first of July
, and January of each year appropriate
, on or before the first day of April ou
, , or the revenues of the Public Belt Rail
road of the City of New Orleans, after
deducting the expenses of maintenance