Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1908-10-23

such Puhiic beit Railroad Commits
sion as the City of New Orleans ma!
have heretofore organized, or ma!
hereafter organize, the members o
which shall be appointed by thu
Mayor of the City OF New Orleans
and the powers, duties and funetioni
of which shall be prescribed by the
City of New Orleans; to define thu
powers and duties OF the City Of
New Orleans aid the Board OF Com.
missiohers of the Port of New Or.
leans in relation thereto, and to sub.
nit to the people OF the State of Lou.
isiana an amendment to the Consti
tuition OF the State of Louisiana au.
thorizing the issue of said bonds and
ratifying the provisions of this Act
Section 1. Be it enacted by the
General Assembly OF the State oil
Louisiana, two-thirds OF all the mem.
bers elected to each House concur
ring, That. subject to the ratifica.
tior of the people of the State of
| Louisiana, by an amendment to the
Constitution OF the State, hereinaf-
ter submitted to them, the City of
New Orleans Is hereby authorized
AID empowered to issue bonds not to
exceed two million ($2,600,000.OO)
dollars In amount, to be dated Janu-
airy 1, 1909, bearing five (5) per
cent. per annum interest, payable
semi-annually, the principal of which
shall be payable at any time between
July l, 1889, and July 1, 1859.
Said bonds shall be drawn paya-
bic 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 hum
dred fS100.0c) dollars each. num-
bered from 1 to 5000, both inclu-
sive.
One thousand G,O0O) of five
hundred (s5OO.OO) dollars each.
numbered from 5,001 to 5000, both
inclusive.
One thousand 10000 of one thou.
sand (S1,0O0.00) dollars each.
numbered from 6,O01 to 1000, both
inclusive.
They shall be payable in lawful
money OF the United States, with
seml-annual interest coupons attach
ed, due July and January 1. They
snail be signed by the Mayor of the
City of New Orleans and counter
signed by the Comptroller and the
treasurer OF the City of New Or
leans. They shall be EXEMPT from
all taxation, State, parish ana mu-
nicipal, and the tutors of minors and
curators Of interdicts shall he an
tnorlzed to invest all funds in their
hands In such bonds. They NAV he
registered and released from regis
Try under such rules and regulations
as may be prescribed by the City of
New orleans, and no registered bond
snail De negotiable. They shall be
received on deposit with the state
or its officers or any of its political
subdivisions or municipalities in Ali
cases where, by law, deposits NJ
bonds are allowed or required tn no
made. as security with the State. or
Jus omcers, or with any of it's politi-
'ai SUBDIVISIONS or municipalities.
Section 2. Be it 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 author
lied to cause said bonds to be en-
graved and executed. The City of |
New Orleans Is hereby authorized
and empowered, on and after Janu- |
ary /, 1909, to sell said bonds, at |
such times and in such numbers and |
and upon such terms and |
as the Sity of New Or !
cans may deem advisable. provided |
hat no sale shall be made by said |
'ity, except upon sealed proposals to
De submitted to said city after ad-
for the same shall be 1
lad for thirty 600 consecutive days
n one or more daily newspaper or
of the cities of New York
md New Orleans, respectively, and
provided that no sale shall be made
~ said city at a price less than par
md accrued interest, the city to have
Ilways the right to reject any and
Ill bids. Coupons attached to said
'onds, past due at the time of deliv-
ry, shall be detached and Cancelled
" said city before delivery of the
'onds.
Section 3. Be 1t further enacted,
tc., That the principal and interest
4 said bonds shall be paid by pref
renee from the revenues of the Pub
lc Belt Railroad of the City of New
orleans, after deducting the expenses
4 maintenance and operation, and
ii Public Belt revenues collectible
nder existing laws or ordinances, or
thereto, and all future
'ublic Belt Railroad revenues, after
educting the expenses of mainte-
ance and operation, are hereby
lodged to secure said bonds and in
crest. The interest on said bonds
hall be evidenced by coupons at
ached thereto, payable semi-annual-
by the Treasurer of the City of
lew Orleans, on the first days of
uly and January, and the City of
ew Orleans shall appropriate on or
efore the first days of April and
ctober, 1909. and annually thereaf- |
er, to provide for the payment of !,
he semi-annual interest due July 1
nd January 1 of each subsequent I
ear. out of the revenues of the Pub !
C Belt Railroad of the City of New |
rleans. after deducting the expenses