The southern sentinel. (Winnfield, La.) 1883-1910, 1908-10-23
ACT No. $50.
ACT No. $50.
House Bill No. 152. BY Mr.. Barrett.
AN ACT

House Bill No. l52 BY Mr.. Barrett.
AN ACT
To authorize the Board OF Commits
sioners OF the Pert OF New Orleans
to issue three million. fave hundred
thousand dollars ISS,SO0.S' OF i've
(5D per cent bonds, winch snail De eN-
empt from taxa.tOa; 10 authorize the
exchange of so many of sIid bonds as
may be necessary 10 relre valid OUT
standing obligations OF said board.
and TO prov.de Tor the sale "a tue re-
mainder tnereof; tn provide for the
payment OF the principal and interest
OF said bends and the disposition or
the proceeds thereof: to define the
powers and duties OF the Board OF
Commissioners OF the Port OF New
Orleans and the 4 treasurer OF the
State of Louisiana in relation there
to: to continue said board in exist
ence until the payment OF said bonds:
and TO Submit to the people an
amendment 10 the constitution OF the
State of Louisiana authorizing the
issue OF said bonds ana raIifylng the
provisions OF this Act
Whereas tine Board OF Commissioners
OF the Port of New Orleans. created
under the provisions of Act of
the General Assembly of the year
1856. as amended by Act. No. SO of the
General Assembly of the year 1890,
Is vested with the administration of
the public wharyes and landings of
: the port and harbor OF New Orleans.
and charged with the duty of extend
Ing. Improving and maintaining the
same and the appurtenances there
to: and
Whereas. said Board OF Commissioners
OF the Port of New Orleans assumed
the duties imposed on IL oy law. at
the termination of the lease between
the City OF New Orleans and the
louisiana Construction * Improve
ment Company. on the zsth day OF
May. 1901; and
Whereas. said board out of it's revenues
has. since said date. practically re-
built the entire wharf system re-
ceived from said louisiana Construc-
ton d improvement Company. built
new wharves. erected steel sheds on
the wharves and landings for the
protection OF merchandise in transit
constructed paved roadways and APP
proaches thereto. provided suitable
dredge and tugboats for dredging
aud fire protection purposes; has
maintained sufficient depth of wateI
ana provided for the lighting and po-
licinE OF the wharves. landings
Sheds ana appurtenances thereto. and
on account of the growing
commerce OF the port aid harbor OF
New Orleans II is now necessary that
additional wharves be constructed
and extensive enlargements and i'm
proyements OF the system OF wnaryes.
ian1ings. sheds and appurtenances be
made so that the facilities for the
handling of export and Import car
goes In the port and harbor OF New
Orleans will be equal IL not superior
TO similar facilities at any South At
lantic or Gulf port. and
Whereas. funds cannot be made avail
able Tor these purposes except by the
issue OF bonds: and
whereas. the Board of Commissioners
OF the Port of New Orleans is assu---
ed that provision can safely be made
from its reveneus for the payment OF
the interest annually. and the pay
ment OF the principal at maturity.
OF three million. five hundred thous-
and dollars Css,Soe.eoo,ool Of five per
cent bonds: and
Whereas. legislation providing for the
issue OF said bonds and recommend
Ing the submission to the people OF
an amendment 10 the Constitution of
the State OF Louisiana authorizing
the issuance OF said bonds and rati-
Tying the provisions Of this Act is
recommended by the Port Investiga-
ton Commission created by Act. No.
OF the Extra Session OF 1907; there
Section I. Be q enacted by the GEN.
raj Assembly Of the State OF Louisia-
u. two-thirds OF all the members
ieeted 10 each House concurring:
That. subject to the ratification Of
he people OF the State Of Louisiana. b,
ne adoption Of an amendment to the
o. the State. hereinafter
ubn tilted to them. the Board OF Com
rsated by Act No. 70 of the General
assembly OF 1885. as amended by Act
70. 80 Of the General Assembly OF the
ear 1900. 10 hereby authorized and
uncovered. and IL shall be Its duty. to
I've hundred thousand dollars fss.5e0'-
oo.ool In amount. dated January l.
sos. bearing five per cent per annun
interest. payable semi-annuaily. tia
ny tine between July /. -Is2i. and Juiy
!. 1853. Said bonds shall be drawn
eyable 10 bearer and shall be STYLED
Port Commission Bonds. They shall
{ OF the denomination OF one thousand
oliars ttl.oeo-oo) each. payable In law
al money OF the United States. with
emf -annual Interest coupons attached.
ue July LIST and January ist. They
ball De signed by the President and
!oard OF Commissioners Of the For. ne
lew Orleans. They shall be exemns
rom all taxation. State. parish and mn
icipai. and the tutors of minors and
TRAITORS OF interdicts shall be authoriz-
d TO invest the funds in their hands
! such bonds They may be rer1sfer-
and released from registry under
uch rules and regulations as NAV ne
rescrioed by said Board of Commits
! rsr,s 2. .ns t rors OF New Orleans and
hey shall be receivable on denostf
tth the State. or Its Officers. or anv
IT, political subdivisions or municf-
siities. IN all cases where. BY law. de-
, be made as security with the State
; its officers. or any OF ,fs poi5ficsi
subdivisions of municipalities.
section .. Be Il further Enacted. etc
nat. AZ soon az the Constitutional au-
sall have been obtained Il shall be the
1ty OF the Board OF Commfssfonerx ~
y Fort OF New Orleans to cause said