The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-09-03

vote on the proposel amendment as
provided in the general election laws OF
the State p. NJ LAMBREMDNT,
Governor and President Of
'' H. G. DUPRE.
Speaker of the House of Representatives
Approved July End ,sos.
j. Y SANDERS
Governor of tn" State "f l-n,.isiana:
true copy, JOHN T. MICHEL.
Secretary Of State.
ACT No. 49,
House Dill No. 1873 BY MIR. Barrett.
AN ACT
To authorize tne City of New Orleans
to issue two million t$2oo, 5000 DOL
lars OF five o. per cent bonds, which
shall be exempt from taxation; TO
provide for the sale thereof. 10 pro-
vide for the payment of the Ftiitflpai
and interest of said bonds: to provide
for the disposition of the proceeds
thereof through such Publ, Bet
Railroad Commission az the iitS OF
New Orleans may have heretofore or
ganized. or may hereafter organize,
the members Of which shall lie APP
pointed by the Mayor of the CITY OF
New Orleans, and the powers. duties
and functions Of which shall be pre-
scribed by the City of New Orleans:
to define the powers AND dutio. 81 tnt
City of New Orleans and the Board of
Orleans in relation thereto. and to
submit to the people of the State of
Louisiana an amendment to the con-
stitnti0n of the State OF l.nulS!ana
authorizing the issue of SAID bonds
and ratifying the provisions Of this
Acc.
Section l. Be it enacted by the Cen
ertl Assembly of the State of Louisiana.
two-thirdS of all the members elected
to each House concurring. That. subject
to the ratification of the people of the
State of Louisiana. by an amendment
to the Constitution Of the State. herein
after submitted to them. the City Of
New Orleans is hereby authorized and
empowered to issue bonds not to eS-
coed two million $4,000. 100000 dollars
in amount. to be dated January l. 1909.
bearing five 90 per cent per annum
interest. payable semi-annually, the
principal of which shall be payable ut
any time between July l. 1888, and
July l, 1869.
Said bonds shall be drawn payable to
bearer and shall be styled: Public
Belt Railroad Bonds of the City of New
Orleans" They shall be of the denomi-
natl and be numbered as follows to-
wit:
Fiv. thousand t5.o6O) of one hundred
($IO1.yW dollars each. numbered from
/ to .bG0. both inclusive.
One thousand 1.000) of five hundred
($50o.0O) dollars each. numbered from
5001 To 5000. both inclusive.
$1, ooo.oO) dollars each. numbered from
COOL to 1000. both inclusive.
They shall be payable in lawful mon
ey of the United States. with semi-an-
nual interest coupons attached. due
July / and January l. They shall be
signed by the Mayor Of the City OF New
Orleans and countersigned by the
Comptroller and the Treasurer OF the
City of New Orleans. They shall be eN-
empt from all taxation. State, parish
icin q l.
nors and curators of interdicts shall be
authorized to invest all funds in their
hands in such bonds They may be
registered and rele lsed from registry
under such rules and regulations rs
may be prescribed ty the City of New
Orleans. and no reg stored bond shall
be negotiable. They shall be received
on deposit 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 municipal
tiles
Section 2. Be it further enacted. ETC.
That as soon as constitutional author
ity for the issuance of said bonds shall
have been obtained. the City of New
Orleans shall be authorized to cause
said bonds to be engraved and execut-
ed The City of New Orleans is hereby
authorized and empowered. on and at
ter January 1. 1909. to sell said bonds
at such times and in such numbers and
amounts. and upon such terms and con-
ditions as the CITY of New Orleans may
deem advisable. provided that no sale
shall be mad" by said city. except upon
sealed proposals to u" submitted to
said city after adNer: >rment for the
same shall he had for thirty 900 con-
secutive davS In one or more daily
newspaper or newspapers of the cities
of New York and New Orleans respec-
tiy-xl In1 hat H., ..f,,
be made hv said city u Il 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 duo at the time of delivery
shall be detached and cancelled by said
city before delivery of tho bonds.
Sec-ion :? B" il further enacted. etc
That the principal and interest of said
bonds shall be naid by preference from
the revenues IF the Publir Belt Rail
road of the CITY of New Orleans. after
dcslucting the cvpenS"S of maintenance
| and operation. and all Public Belt rev.
enues collcctihle und"r existing laws
or ordinances. or aT"ndments thereto
and all future Publ" Belt Railroad
revenues. after detne ting the expenses
of maintenance and OnerltiOn. are
| hereby pledged Ia secure said bonds
| and interest. The interest on stid bond:
| shall be evidenced ~ coupons attached
! th:fato. payable Seni-annnally by The
| Treasurer OF the CIV Of New Orleans
on me first davS of July and January
| and the City of New Orleans shall ap
| propriatc on or before the first day!
| Of April and OctDb, l.. 1909. and annual
ly thereafter. to provide for the pay
ment of the semi annual interest due
July l and Januar, l of each subSe-
Quent 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
appropriations shall be credited on the
books of the Trea surer of the City OF
New Orleans. to Il special account to be
styled Public Belt Railroad Bond In.
tereSt Account. amounts equal to the
semi-annual interest on all bonds tina.
may have been delivered. The Treasur.
er of the City of New Orleans is hereby
empowered and directed. and it is made
| his duty. to pay any and all such cou-
pons that may be due when presented
by any holder thereof.
In the year 1889. and annually there
after. the City of New Orleans. shall
in addition to the amount of the semi
annual interest dae on the first of July
and january of each year appropriate
on or before the first day of April out
of the revenues OF the Public Belt Rail
road of the City of New Orleans. after
deducting the expenses of maint enanct
and operation. which appropriations
shall be credited on tho books, of the
Treasurer of the City of New Orleans
| to a special acc ,unt to be STYLED Pub
lie Belt Railroad Bond Reclamation Ac.
count" the sum of one hundred thous-
and s100.009.00) dollars and the said
&c Jf hx-