The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-09-17

ment as provided by the general cleo
ton laws of the State:
H. G. DUPRE.
Speaker Of the House Of Representatives.
Il. NJ LAMBREMONT,
lieutenant Governor and President of
the Senate.
Approved July 3. 1909
]. Y. SANDERS
Governor of the State of Louisiana.
A true copy, JOHN T, MICHEL.
secretary OF State
ACT No. $50.
House Bill No. 1872. BY Mr.. Barrett.
AN ACT
go authorize the Board OF Commits
sioners of the Port Of New Orleans
to issue three million, five hundred
thousand dollars ($3,5O0,OU0.OO of five
60 per cent bonds. which shall be ex-
empt from taxation: to authorize the
exchange Of so many of said bonds as
may be necessary to retire valid out
standing obligations of said board,
and to provide for the sale of the re-
maiAdeP thereof; TO provide for the
of said bonds and the disposition of
the proceeds thereof: to define the
powers and duties Of the Board of
Commissioners of the Port of New
Orleans and the Treasurer of the
State of Louisiana in relation there
to: to continue said board in exist
fnce until the payment of said bonds;
and to submit ia the peonla nH
amendment to the constitution of the
State of Louisiana authorizing the
issue of said bonds and ratifying the
provisions of this Act.
Whereas the Board of Commissioners
Of the Port of New Orleans, created
The General Assembly of the year
1896. as amended by Act No. 81 of the
General Assembly Of the year 1900,
Is vested with the administration of
the public wharves and landings of
and charged with the duty of extend
Ing. improving and maintaining the
same and the appurtenances there
to; and
whereas, said hoard of Commissioners
OF the Port of New Orleans assumed
the duties imposed on 1t by law, at
the termination of the lease between
the City Of New Orleans and the
Louisiana Construction & Improve
ment Company, on the 29th day OF
May. 1901; and
Whereas. said Board out of it's revenues
has. since said date. practically re-
ceived from said Louisiana Construc:
ton 4 improvement Company. built
pew Wharves, erected steel sheds on
the wharves and landings for the
protection of MERCHANDISE in transit
proaches thereto, provided suitabls
dredge and tugboats for dredging
and fire protection purposes; has
maintained sufficient depth OF waite,
and provided for the lighting and 20.
licing of. the wharves, landings
sheds and appuFtenances thereto; a1i
Whereas. on account OF the growing
commerce OF the port and harbor Of
New Orleans 1t is now necessary thai
additional wharves be constructed
and extensive engagements and i'm.
provements of the system of wharves
landings. sheds and appurtenances b.
made SO that the facilities for tn,
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 for these purposes except by tn.
issue of bonds; and
Whereas. the Board of Commissioner!
Ct Ct the he, Port IF Nm New Orleans is assqr
from it's reveneus for the payment o
the interest annually. and the pay
of three million. five hundred thous
and dollars t$3,500, 100000 of five pc
cent bonds: and
Whereas. legislation providing for tn,
issue of said bonds and recommend
ing the submission to the people o
an amendment to the Constitution o
tie State of Louisiana authorizin,
the issuance of said bonds and rati
fying the provisions Of this Act i
ton commissien Created by Act. IA
of the Extra Session of 1907; there
fore:
Section 1. Be 1t enacted by the Gen
eral Assembly of the State of Louisia
elected to each House concurring:
That subject to the ratification o
the people Of the State Of Louisiana, b!
the adoption Of an amendment to tn
ra mott r,ffN of 0toto =
submitted to them. the Board of Com
missiOners of the Port OF New Orleans
created by Act No. 20 of the Genera
Assembly OF 1896. as amended by. Ae
year 1900. is hereby authorized an,
empowered. and it shall be It's duty. t,
issue bonds not to exceed three million
five hundred thousand dollars ($3.5OO,
10000! in amount. dated January !
1909. bearing five per cent per annun
Interest. payable semt-annually. tn
principal of which shall be payable a
any time between July l. 1924. and Jul.
/. 1859 Said bonds shall be draw
port Commission Bonds" They shall
be of the denomination OF one thousan,
dollars ($l.000.00) each. payable in law
full money of the United States. witt
Snn ann interest ter coupons attached
shall be signed by the President AM
countersigned by the Secretary of tn,
Board of Commissioners of the Port o
New Orleans. They shall be exemp
from all taxation. State. parish and mu
nicipal. and the tutors of minors an,
curators of interdicts shall be authoriz
ed to invest the funds in their hand
in such bonds. They may be register
ed and released from registry unde
such rules and regulations as may b.
prescribed by said Board of Commits
sioners Of the Port Of New Orleans. an,
no registered bond shall be negotiable
They shall be receivable on depost
with the State. or its officers, or an.
of its political subdivisions or munich
palities, in all cases where. by law, de
posits of bonds are required or Above.
to be made as security with the State
or Its officers, or any of its politica
subdivisions of municipalities.
Section 2. Be 1t further enacted, etc
That. as soon as the Constitutional au
thority for the issuance Of said bond
shall have been obtained. 1t shall be thu
duty of the Board of Commissioners O
the Port of New Orleans to cause sal,
bonds to be engraved and executed
The Board Of Commissioners OF the
Port of New Orleans is hereby author.
ICED and empowered, on and. after
January 1, 1909. to exchange. at not
more than par and accrued interest. sc
many of said bonds as may be neces.
sary to retire outstanding obligations
of said Board, coupons past due at the
date of exchange to ne detached and