The true Democrat., 1908-09-19
ACT No. l79.


House Bill No. l53. By Mr.. Barrett.
AN ACT
To authorize the City of New Orleans
to issue two million ($2, 900, ,OOO)
dollars of FIVE (0 per cent bonds,
which shall be exempt from taxa
ton; to provide for the sale there
of: to provide for the payment OF
the principal and interest OF said
bonds; to provide for the DISPOSE
ton of the proceeds thereof,
through such Public Belt Railroad
Commission as the City of New
Orleans may have heretofore Or
ganized, or may hereafter organ
ize, the members of which shall be
appointed by the Mayor of the
City of New Orleans, and the pow
ers, duties and functions OF which
shall be prescribed by the City OF
New Orleans: to define the powers
and duties of the City of New Or
leans and the Board of Commits
sioners of the Port of New Orleans
in relation thereto, and to submit
to the people of the State OF
Louisiana an amendment to the
Constitution of the State of LOuisi-
ana authorizing the issue OF said
bonds and ratifying the provisions
of this Act.
Section | Be it enacted by the
General Assembly of the State OF
Louisiana, twO-thirds of all the men,
bers elected to each House c0ncurring,
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 Orleans is here
by authorized and empowered to is
sue bonds not to exceed two million
| ($2, ,0OO, ,OOO 0W dollars in amount, to
be dated January |, 1909, bearing five
| (5) per cent per annum interest, paya-
BILE at any time between July ], 1889,
and July |, 1859.
Said bonds shall be drawn payable
to bearer, and shall be styled: pub
lie Belt Railroad Bonds of the City OF
New Orleans. They shall be of the
denominations and be numbered as
follows, to-wit:
| Five thousand (5,000) of one hun
dred ($lO0.OO) dollars each, numbered
from | to 5000, both inclusive.
One thousand $1,000 of five hundred
($5O0.0O) dollars each, numbered from
500l to 5000, both inclusive.
One thousand Q,0OW of one thou
sand 1,O00.0W dollars each, number.
ed from 600l to 1000, both inclusive.
They shall be payable in lawful
money of the United States, with semi.
annual interest coupons attached, due
July l 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
exempt from all taxation, State, par
ish and municipal, and tho tutors OF
minors and curators of interdicts shall
be authorized to invest all funds ir
their hands in such bonds. They may
be registered and released from regis.
try under such rules and regulations
as may be prescribed by the City OF
New Orleans, and no registered bono
shall be negotiable. They shall be
received on deposit with the State OF
it's officers or any of its political sub
divisions or municipalities in, al
cases where, by law, deposits of bonds
are allowed Or required to be made
as security with the State, or its Off
GERS, or with any of its political sud
divisions or municipalities.
Section 2. Be it further enacted
ETC., That as soon as constitutions
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 January l,
1909, to sell such bonds, at such times
and in such numbers and amounts,
and upon such terms and conditions
as the City of New Orleans may deem