The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-10-10
ACT No. l79.

ACT No. 49, {
{ouse Bin No. 1873. BY Mr. Barrett
AN ACT
w authorize the City of New Orleans
to issue two million ($2,ooo,ooo)'
dollars of five (5) per cent bonds,
which shall be exempt from taxa
zion: to provide for the sale there
Of: to provide for the payment OF
The principal and interest Oh Sa' u
bonds: to provide for the diaposl-
ton of the proceeds thereon,
through such Public Belt Railroad
Commission as the City OF Ne"
Orleans may have heretofore or
uanized. or may hereafter organ
i've. the members of which shall be
amounted by the Mayor OF the
CITY of New Orleans, and the pow
ers. duties and functions OF which
shall be prescribed by the C'ty OF
New Orleans: to define the powers
and duties of the City OF New Or
leans and the Board OF tommlS-
sioners of the Port of New Orleans
in relation thereto, and to submit
to the people OF the STATE oi
Louisiana an amendment to the
Constitution of the State OF Loulsi-
ana authorizing the issue OF sald
bonds and ratifping the provisions
of this Act.
Section | Be it enacted by the
General Assembly of the State OF
Louisiana. two-thirds OF all the mem
hers elected to each House concurrlng,
That, subject TO the ratification OF the
people of the State OF Louisiana, oS
an amendment to the Constitution O
the State. hereinafter submitted t'
them. the City of New Orleans is here
by authorized aud empowered 10 IS
she bonds not to exceed two million
(s2, DOC. 900. OO) dollars in amount, II
: he dated January |, 1909, bearing nv
90 per cent per annum interest, paya
| BILE at any time between July l. 1883
+ and July !, 1850.
e Said bonds shall be drawn payabl
X to beareR, and shall be styled: "Put
. lie Belt Railroad Bonds of the City
D New Orleans. " They shall be OF tn
# denominations and be numbered a
G follows. tO-Wlt:
d Five thousand $1,000 of one hun
If bred ($l0O.O0) dollars each, numbere
1t from to 5000, both inclusive.
d One thousand $1,000 of five hundrt
o $500. OO) dollars each, numbered fro
t, 5OOl to 5000. both inclusive.
1t One thousand $1,000 Of one tho
E. sand (Sl, O0O.00) dollars each, numbe
to ed from GO0l to 1000, both inclusive.
lc They shall be payable in lawf
st money of the United States, with sen
nj annual interest coupons attached, d
~ July | and January |. They shall
ne signed by the Mayor of the City
MT New Orleans and cOunterSigned 10y
't. COMPTROLLER and the Treasurer OF
DIS City of New Orleans. They shall
&C. exempt from all taxation, State, pi
mt ish and municipal, and thu tutors
as minors and curators of interdicts sh
nd be authorized to invest all funds
their hands in such bonds. hey n
d, be registered and released from reg
be try under such rules and regulate
IS, as may be prescribed by the City
all New Orleans. and no registered b'
OF shall he negotiable. They shall
ith received on deposit with the State
INT its officers or any of its political S
tn divisions or municipalities in
af- cases where, by law, deposits of DO
ny are allowed or required to be ma
ter as security with the State, or its
in GERS. or with any of its political
lie divisions or municipalities.
in Section ,. Be it further enac
the ETC., That as soon as constitute
authority for the issuance of
ed bonds shall have been obtained,
ep- City of New Orleans shall be autl
.as- lied to cause said bonds to be
N9 praved and executed. The City
on New Orleans is hereby authorized
ma empowered, on and after Januar,
of 1909. to sell such bonds, at such ii
and in such numbers and amou
ges and upon such terms and eondlt
ons as the City of New Orleans may q