St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-10-10
ACT NO. 179s
House Bill No. 1853.
By Mr.. Barrett.

House Bin NO. 153. BY EAR. baETett.
AN ACT
To authorize the City of New Orleans to issue
two million ($2, 900, 0O0) dollars of five (5)
per cent bonds, which shall be exempt from
taxation; to provide for the sale thereof; to
provide for the payment of the principal and
interest of said bonds; to provide for the
disposition Of the proceeds thereof, through
such Public Belt Railroad Commission as the
City of New Orleans may have heretofore
organized. may hereafter organize, the
members of which shall be appointed by the
Mayor Of the City of New Orleans, and the
powers duties and functions of which shall
be prescribed by the City Of New Orleans;
to define the powers and duties OF the CITY
of New Orleans and the Board OF Comm1s-
sioners 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-
stitution of the State Of Louisiana authoriz-
ing the issue of said bonds and ratlfylng the
provisions of this Act
Section /. Be 1t enacted by the General
Assembly of the State Of louisiana two-tnlrds
of all the members elected to each House con
curing That, subject to the ratification or the
people of the State of louisiana by an amend
ment In the Constitution of the State, here
matter submitted to them, the City OF New
Orleans 10 hereby authorized and empowered
to issue bonds not to exceed two million w.
600 600 OO) dollars in amount, to be dated jan
uary 1. 1909, bearing five (5) per cent. per an
mum interest, payable semi-annually, the prin-
cipal of which shall be payable at any time
between July /. 1889, and July 1, 1852
Said bonds shall be drawn payable to bearer,
and shall be styled: Public Belt Railroad
Bonds of the City of New Orleans. They
shall be of the denominations and be num-
bered as follows. to wit:
Five thousand $4,000 OF one hundred
($1OG.00) dollars each, numbered from TO
5,0o0 both inclusive.
One thousand Q,0o0) Of five hundred
$500 OO) dollars each, numbered from 50o1 to
5000, both inclusive.
ISL OOO 0O) dollars each, numbered from eO01
to 1000, both inclusive.
They shall be payable in lawful money OF
the United States, with semi-annual 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 Comp
troller and the Treasurer of the City OF New
Orleans. They shall be exempt from all taxa
tion. State parish and municipal and the tutors
of minors 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 ana
regulations as may be prescribed by the City
of New Orleans, and registered bond shall
he negotiable They shall be received on de-
posit with the State or its officers or any OF
its political subdivisions or municipalities In all
cases where, by law, deposits Of bonds are
allowed or required to be made, as security
with the State, or its officers, or with any Of
its political subdivisions or municipalities.
Section 2. Be it further enacted, etc., That
a
issuance of said bonds shall have been OBJ
tanned the City of New Orleans shall be
authorized to cause said bonds to be en-
graved and executed. The City of New Or
leans is hereby authorized and empowered, on
and after January 1, 1909, to sell said bonds,
at such times and in such numbers and
amounts, and upon such terms and conditions
as the city of New Orleans may deem advis-
able provided that no sale shall be made by said
city, except upon sealed proposals to be sub
mitted to said city after advertisement for
the same shall be had for thirty (3o) consecu-
tive days in one or more daily newspaper or
newspapers of the cities Of New York and
New orleans respectively, and provided that
no sale shall be made by said city at price
less than par and accrued interest. the city
to have always the right to reject any and
all bids Coupons attached to said bonds,
past due at the time Of delivery, shall be de-
tached and cancelled by said city before deliV-
cry of the bonds.
Section g. Be 1t further enacted, ETC., That
the principal and interest OF said bones shall
be paid by preference from the revenues OF
the Public Belt Railroad Of the City of New
Orleans after deducting the expenses OF mainte-
nance and operation, and all Public Belt reve-
nueg collectble under existing laws or ordinances
or amendments thereto, and all future Pub
lie Belt Railroad revenues, after deducttng the
expenses of maintenance and operation, are
hereby pledged to secure said bonds and In
terest The interest on said bonds shall be
evidenced by coupons attached thereto, paya-
BILE semi-annually by the Treasurer of the
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 and October, 1909, and annually
thereafter, to provide for the payment of the
semi-annual interest due July and January
/ of each subsequent year, out of the revenues
of the Public Belt Railroad Of the City OF
New Orleans, after deducting the expenses OF
maintenance and operation, which appropria'
lions shall be credited on the books OF the
Treasurer Of the City of New Orleans, to 8
special account to be styled public Belt Rail
road Bond Interest Account" amounts equal
to the semi-annual interest on all bonds that
may have been delivered. The Treasurer Of the
City of New Orleans is hereby empowered and
directed, and 1t is made his duty. to pay any
and all such coupons that may be due wher
presented by any holder thereof.
In the year 1889, and annually thereafter
the City of New Orleans, shall in addition tc
the amount of the semi-annual interest due
on the first of July and January of eact
year appropriate, on or before the first day
of April out of the revenues of the Public
Belt Railroad of the City Of New Orleans
after deducting the expenses Of maintenance
and operation, which appropriations shall be
credited on the books of the Treasurer Of tbs
City of New Orleans to a special account to be
styled "Public Belt Railroad Bond Redemp
ton Account" the Of one hundred thousand
($1O0, 00.00) dollars. and the said Treasurer
is hereby empowered and directed, and it IL
made his duty to pay, on the first day of July
of the year 1899, and annually thereafter, ou
of said bond redemption account, one hun
dred thousand ($100 000.00) dollars Of SAID
bonds. in the reverse order of their issue
and all bonds and coupons retired under thii
Act shall be by said Treasurer duly Cancelled
and be pasted as vouchers in a book to b
by said Treasurer kept for that purpose.
In case of failure the part of the Cit
Of New Orleans to make said appropriate ons
at the times herein fixed and to administer
and operate said Public Belt Railroad Of thu
City of New Orleans, and to collect the rev
enues therefrom to provide for the paymen
lE.A 10 drrn oT11 fha rh
demption Of bonds, provided for in THU
| Act, the Board of Commissioners of the Por
| Of New Orleans is hereby authorized, empower
| ed and directed, and it is made its duty t
| administer. and operate said Public Belt Rail
| road to impose such charges 1t may fl
and collect said revenues and levy ard eollec
| $ae special tax hereinafter ST5Vided for an'
| to apply Sas saEES - Tar purposes Of this Act
| and to that extent and for that purpose only
| and for such time as may be necessary to tina
| end, said Board of Commissioners to exercise
! all the powers and is charged with all thu
| duties vested under this Act in the City o
| New Orleans
| Section L. Be it further enacted ETC., Tha
| in case there should be in any year a def
] cheney in the revenues aforesaid to pay tn
| full interest upon all of said bonds outstand
| ing, such deficiency Of interest shall be funded
| into bonds of such denominations a
| may be necessary and convenient
| bearing the same rate of interest as tn
| original bonds, and having term to ri
| equal TO the Dalhnce Oh the Ok OEL4
| nal bonds. but subject to call at will by N
| City Of New Orleans; and in case any sLc
| bonds are issued they shall be stamped acros
their face 'Interest Funding Bonds isseu
subject to immediate CALI and they shall b
| payable out of the special tax of two e
/ mills per annum, which shall be levied on an
| after January 1, 1943, hereinafter provided
/ Said interest funding bonds shall have al
/ the guarantees and securities provided for tn
/ original bonds in this Act for their payment
/ principal and interest
/ In case the revenues of the Public Bel
| Railroad of the City of New Orleans shoHl
| NOT be sufficient to provide for the payment 0
| the annual interest on, or for the redemption
| annually. on and after January /, 1899, Of an
of said bonds. as hereinaboye set FORTH the re
1 demption of said bonds shall be postponed IN
L and 4hn nf