The Natchitoches enterprise., 1908-09-24
Att No. l7g.
House Bill NO. l53. By MIR. Barrett

Eouse Bill NO. 153. By MIR. Barrett
AN ACT
To authorize the City of New Orleans to
issue two million (S2,O00,O0Ol dollars
of five (5) per ceut bonds, which shall
be exempt from taxation; to pro-
vide for the sale thereof; to provide
for the payment OF the principal and
interest OF said bends; to provide for
the Disposition VI tho proceed thereof,
through such Public Belt Railroad
Commission as the City of New Or
leans NAV have heretofore organized.
or NAV hereafter organize, the men,
bers 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 blythe
City of New Orleans; to define the
powers and 'dutieS 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 authorizing the
issue of said bonds and ratifYlng the
provisions of this Act.
Section /. Be it enacted by the Cen
eral Assembly Of the State of Louisiana
two-thirds Of all the members elected to
each House concurrlng, that subject to
the ratification Of the people of the State
Of Louisiana, by an amendment to the
Constitution OF the State. hereinafter
submitted to them, the CiTY OF New Or
leans IS hereby authorized and emDow-
cred to issue bonds not to.exceed two
million (S2, 600, 100000 dollars in amount
to be dated January /, 1909, bearing (6)
per cent per aDnum interest, payable
semi-annu lily, the principal of which
shall be styled: "lublic Belt Railroad
Bonds of the City of New orleans y
They shall be of the denominations and
be numbered as follows, towit
Five thousand $4,000 Of one hundred
(S100.00) dollars each, numbered from
to 5000 both inclusive
One thousand Il 600 of five hundred
1880 00) dollars each, numbered from
5O0l to 5000, both inclusive.
One thousand Q,000) of (Sl,O0O.O0)
dollars each numbered from 60OI to 1000,
both inclusive.
rhev shall be payable IN lawful money
of the United States, with semi-annual
4 Interest," coupons attRctf3st. due July
and January / Thev shall be signed
BY the Msyor of the City of New Orleans
and countrrsigned bv the Comptroller
and the Treasurer of the City of New
Orleans They shall be exempt from
all taxation, State, parish and munici
pal and the tutors of minors and curl-
tor Of inteIdicts shall ibe authorized 10
| inve all funds in their hands IN such
bonds. They may be registered and re-
leas from registry under such rules
and equations as may Ne prescribed by
the CITY of New Orleans, and no reg
istered bond shall be negotiable They
shall he received On deposit with the
| State or it, officers or anv of its political
subdivisions or municipalities in all
cases where, bY law, deposits of bonds
are allowed or required TO be made, us
security with the State or Its officers, OF
with any of its political subdivisions or
municipalities.
Section .. Bs 1t further. enacted,
ETC., That as soon as constitutional
authority for the issuance OF said
bonds shall have been obtained, the
City of New Orleans shall be auth
orized to cause said bonds to be en-
gTaved and executed. The City of
New Orleans is hereby authorized and
empowered, on and after January l,
Ig0g, to sell bonds, at such times and
| in such numbers and amounts, and
| upon SuCIl ttIlllO anu NOllAlA1OiAa tbo
| the City of New Orleans may deem
advisable, provided that no sale shall
| be made by said city, except upon
sealed proposals to be submitted by
said city after advertisement for the
same shall be had for thirty (3O) con
| secutiye days in one or more daily
| news paper or newspapers of the cities
| OF New York and New Orleans, res
peciively, 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 10
| reject any ami all bids. Coupons at
| tached to said bonds, past due at the
time Of delivery, shall be detached
and cancelled by said city before de
livcry of the bonds
Section 3. BE 1t further enacted,
| etc, That the principal and interest
of said bonds shall be paid py prefer
ence from the revenues of the Public
! Belt Railroad OF the City of New Or
leans, after deducting the expenses Of
| maintenance and operation. and all
! Public Belt revenues collectible under
existing laws or ordinances, or amend.
ments thereto, and all future Public
Belt Railroad revenues, after deduct
ing the expenses of maintenance and
operation, are hereby pledged to Sc
cure said bonds and interest. The in
terest on said bonds shall be evidenc
ed by coupons attached thereto pay
able semi-annually by the Treasurer
of the City of New Orleans, on the
/ first day of July and January. and the
City of New Orleans shall appropri
ate on or before the first day of Apri
and October, 1909, and annually there
after, to provide for the payment o
tile semi-annual interest due July
ami January | of each subsequent
year. out of revenues of the Public
Belt Railroad of the City of New or
leans. after dedurting The expenses OI
maintenance and operation which ap
/ prOprilt8S-ls shall be credited on th,
books of the Treasurer of the City oI
New Orleans, TO a special account q
be styled Public Belt &1ilroad Bon.
Interest Account, amounts equal t.
the semi-annual interest on all bond.
that may have been delivered Tie
/ Treasurer Of the City of New Orlean.
/ i hereby empowered and directed
/ and it is made his duty. to pas
any such coupons that may be due
when presented by any holder thereof
Ia the year 1859, and annuallF-theFe
after, the City Of New Orleans. shall
in addition to the amount oil the semi
annua iP-sre~t due On the first da,
Of AJrll, J4L OF the revenues Of the
Public Belt RlilrDa1 of flp (jfy oi