The southern sentinel. (Winnfield, La.) 1883-1910, 1908-10-02

of April and October. 1909. and annual
ly thereafter. to provide for the pay
ment of the semi-annual interest que
July l and January j or each suose-
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 Treas urer of the City OF
New Orleans. to a special account 10 De
styled Public Belt Railroad Bond In
terest Account" amounts equal to the
semf-annual interest on all bonds that
may have been delivered. The Treasur-
er of the City OF New Orleans Is hereby
empowered and directed, and II 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 1899. and annually there
after. the City of New Orleans. shall.
In addition to the amount of the semi
annual interest due 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 maintenance
and operation. which appropriations
shall be credited on the books of the
Treasurer of the City of New Orleans
TO special account to be STYLED Pub
lie Belt Railroad Bond Redemption Ac-
count. the sum of one hundred thous-
and ts100. 0oo.00) dollars. and the said
Treasurer is hereby empowered and d.
rected. and il is made his duty 90 pay
on the first day of July OF the year
1888. and annually thereafter. out of
said bond redemption account. one
hundred thouss nd $500 600 OO) dollars
OF said bonds. in the reverse order of
their issue: and all bonds and coupons
retired under this Act shall be by said
Treasurer duly cancelled and be pasted
as vouchers in a book to be by said
Treasurer kept for that purpose.
In case OF failure on the part ~ the
City of New Orleans to make said ap-
and to administer and operate said
Public Belt Railroad of the Citv of
New Orleans and to collect the reve-
nues therefrnm to provide for the pay
ment OF interest due or 70 become due
and the redemption of bonds as pro-
vfded for in this Act. the Board OF
commissioners OF the Port of New Or
leans is hereby authorized. empowered
ana directed. and IL is made its duty
TO administer and operate said Public
Belt Railroad. to impose such charges
as IL may fix and collect said revenues
and levy and collect the special tax
hereinafter provided for and TO apply
the same to the purposes of this Act
and TO that extent and for that purpose
only. and for such time as may be nee
essary TO that end. said Board of Com
missioners of the Port of New Orleans
Is hereby authorized to exercise all the
powers AM is charged with all the du-
ties vested under this Act in the City
Section 4. Be IL further enacted. etc.
That In case there should be in any
year deficiency In the revenues afore-
said to pay the full interest upon all of
said bonds outstanding. such deficiency
OF interest shall be funded into bonds
or such denominations as may be nee
essary and convenient. bearing the
same rate OF interest as the original
ponds. ana having term to run equal
to the balance of the term of the origi-
nal ponds. but subject to call at will
ey the City of New Orleans: and in
case any such bonds are issued they
shall be stamped across their face I'm.
terest Funding Bonds issued subject TO
immediate call" and they shall be paw
able out of the special tax of two (2)
mills per annum. which shall be levied
on and after January 1. 1913. as here
matter provided Said interest funding
bonds shall have all the guaranties
and securities provided for the original
bonds In this Act for their payment
principal and interest.
In case the revenues of the Public
Belt Railroad of the City of New Or
leans should not be sufficient to pro-
vide FOR the payment Of the annual in
terest on, or for the remeption annual-
~. on and after January 1, 1889 or any
OF said bonds. as hereinabove set forth.
me resumption Of said bonds shall be
postponed until January 1. 1874. and
the City of New Orleans shall levy up
on all OF the taxable property within
the present territorial limits of said
a
ginning with and including the wear
1913. the entire proceeds whereof shall
De applied annually to the redemption
OF the bonds issued under this Act and
Al interest that may be then or there
after due thereon, and all OUTSTANDING
interest funding bonds" until All ~
said bonds shall have been retired IN
principal and interest IL any surplus
OF said two CD mills tar IN the last
year OF its levy shall exist, such sur
plus shall be dedicated to works of
public Improvement to be designated by
the City of New Orisana
Section 5. Be IL further enacted. etc
That the City OF New Orleans shall be
and II is hereby authorized and en-
powered to expend the proceeds OF said
ment of a Public Belt Railroad system
In and for the City of New Orleans in
tracks. sidings. switches, spurs.
crossovers and all appurtenances and
accessories thereto; the building OF
depots. roundhouses. warehouses.
sheds. stations. signals and all other
necessary structures incident to the
and equipment of rail-
roads. for the purchase of locomotives.
switch engines cars and other neces-
sary rolling stock: for the payment of
property purchased or appropriated
TOT tne purpose OF laying tracks. sid
or for the erection OF necessary struc-
lures and buildings incident to raiI-
roads; for the purchase of existing
to1SN1o- tAaIhSs Switches. Sl0fnZS. l
spurs. crossovers. or for the expropria,
ton OF the same, for the purchas e OF |
oarges and tugboats and other proper
~ incident to the operation Of a barge
systems and generally for the purchase
and equipment of all property. movable
and fmmovable. necessary and proper |
TO construct and equip said public belt |
railroad system. and as an incident
thereto. barge system
Section 6. Be IL further enacted. etc
Ihat there shall be and there Is here
by irrevocably dedicated to the people |
OF the City of New Orleans for perpet- |
ual and exclusive public use said Pub |
lie Belt Railroad System. as the same |
mas been heretofore. or may hereafter
pc ESTABLISHED by the City Of New Or !
leans. the title and use to which said ,
public belt railroad system shall be ]
and shall forever be in the peopIe OF
the City of New Orleans
That all laws servitudes, privileges
ana rights In favor OF the State OF
louisiana the City OF New Orleans and
the people OF the City of New Orleans.
now existing in or on the lands or
sissippi river shall continue TO exist
unimpafrcd until the full payment OF
the principal and interest IF the bonds
TO be issued under this Act
Section q. Be II further enacted, etc,
That the City of New Orleans shall con-
Btruct. eQuip. maintain and operate said
Public Belt Railroad System in the City
of New Orleans, through and by means
" such board or commission, as may
have been or may be orxanized by the
City of New Orleans. the members Of
which shan be appointed by the Mayor
Of the City of New Orleans. with the
>ou AZ nj NJ fha Couroff the rovorC A.,