Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1908-09-25

Whereas.the said Board of Com.
m.sioners of the Port of New Or
leans is assured that provision can
safely be made from its revenues
for the payment of the interest an
nually, and the payment of the prin-
cipal at maturity, of three million
five hundred thousand dollars ($3,-
500, 000.00) Of five per cent bonds:
and
Whereas. legislation providing for
the issue of said bonds and recon.
mending the submission to the peo-
pie of an amendment to the Censti-
tuition of the State of Louisiana au.
tnorizing the issuance of said bonds
and ratifying the provisions of this
Act. Is recommended by the Port
Investigation Commission, created
by Act No. 8 of the Extra Session of
1907; therefore,:
Section 1. Be 1t enacted by the
General Assembly of the State of
Louisiana, two-thirds of all the mem
Ders elected to each House concurr-
ing:
That, subject to the ratification
Of the people of the State of Louisi-
ana, by the adoption of an amend
ment to the Constitution of the
State, hereinafter submitted to
them, the Board of Commissioners
Of the Port of New Orleans, Gre
ated by Act No. 20 of the General
Assembly Of 1896, as amended by
Act No. SO OF the General Assembly
OF the year 1900, is here
by authorized and empowered. and
1t shall be its duty, to issue bonds
not to exceed three million five hun
dred thousand dollars ($3,500,0o0.-
00) in amount dated January I,
1909, bearing five per cent per an
mum interect. payable semi-annuaily,
the principal of which shall be pay
able at any time between July 1
1924,and July 1, 1859. Said bonds
shall be drawn payable to bearer and
shall be styled Port Commission
Bonds" They shall be of the denomi-
nation of one thousand dollars ($1.-
0O0.00) each, payable in lawful mon
ey Of the United States, with semi
annual interest coupons attached, due
July LIST and January LIST. They shall
be signed by the President and coun-
tersigned by the Secretary of the
board of Commissioners of the Port
from all taxation, State, parish and
municipal, and the tutors of minors
and curators of interdicts shall b
authorized to invest the funds In
their hands in such bonds. They may
be registered and released from reg
istry under such rules and regula-
tons as may be prescribed by said
Board of Commissioners of the Port
of New Orleans, and no registered
bond shall be negotiable. They shall
be receivable on deposit with the
State. or its oficers, or any or Its
political subdivisions or municipali.
ties. in all cases where, by law, de-
posits of bonds are required or al
lowed to be made as security, with
the State, or its Officers, or any of Its
political subdivisions or municipali-
ties.
Section 2. Be 1t further enacted,
ETC., That as soon as the Constitu-
tional authority for the issuance Of
said bonds shall have been obtained,
1t shall be the duty Of the Board Of
Commissioners of the Port of New
Orleans to cause said bonds to Be
engraved and executed. The Board
of Commissioners of the Port of New
Orleans is hereby authorized and en-
powered, on and after January 1.
1909, to exchange, at not more than
par and accrued interest, 30 many
Of said bonds, as may be necessary
to retire outstanding obligations of
said Board, coupons past due at the
date of exchange to be detached and
cancelled by said Board before deliv-
cry of bonds; and said Board IL
hereby authorized and empowered to
sell the remainder Of said bonds, In
whole or In part, In such manner.
and upon such terms and conditions,
as by said Board may be deemed ad-
visable; provided that no sale shall be
made by said Board at price which
will net to the Board less than par
and accrued interest. Coupons attach.
ed to said bonds, past due at the
time of delivery, shall be detached
and cancelled by said Board before
delivery of the bonds.
Section 3. Be It further enacted,
etc., That the principal and interest
Of said bonds shall be paid by pre-
ference from the revenues of the
Board of Commissioners Of the Port
of New Orleans, and all revenues col
lectible under the laws as now exist
ing. shall be and are hereby pledged
to secure said bonds and interest.
In no event shall the charges i'm
posed by said Board. under the law
now existing, be reduced to an
amount less than necessary for the
payment of the principal and in
terest Of said bonds; and the Board
Of Commissioners of the Port of New
Orleans, as presently organized and
without elimination of existing ter
ritorial Jurisdiction, shall continue In
legal existence until all the bonds is
sued In accordance with this Act
shall have been paid In principal and
interest; provided that the members
of said Board shall be appointed BY
the Governor, subject to removal by
the Governor, and the Governor shall
have power to fill all vacancies.
The interest on said bonds shall
be evidenced by coupons attached
thereto, payable semi-annually, BY
the Treasurer of the State Of Louisi-
ana on the first days of July and
January and said BOARD ahall placo