St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-10-03
ACI NJ. 49,
House Bill No. 1853

taxation; to provide Tor the SAFE tnereoI' 10
provide for the payment Of the principal and
interest of said bonds; to provide for the
disposition of the proceeds thereof, through
such Public Belt Railroad Commission as the
City Of New Orleans may have heretofore
organized, OF may hereafter organize, the
members Of which shall be appointed by the
Mayor of the City of New Orleans. and the
powers, duties and functions of which snail
be prescribed by the City of New Orleans;
to define the powers and duties OF the Guy
of New Orleans and the Board of Commits
sioners of the Port OF New Orleans In RELATION
thereto, and to submit to the people OF tne
State of Louisiana an amendment to the CON
stitution of the State Of Louisiana authoriz-
ing the issue of said bonds and ratifylng tne
provisions of this Act.
Section 1. Be it enacted by the Genera
Assembly of the State of Louisiana, two-thlrus
of all the members elected to each Hose con
curing That subject to the ratification OF the
people Of the State of Louisiana, by an amend
ment to the Constitution of the state mere
matter submitted to them, the CITY OF new
Orleans 10 hereby authorized ana empowers
to issue bonds not to exceed two million ($2,-
600 900. 00) dollars in amount, to be dated jan
uary l. 1909, bearing FIVE (5) per cent per an
mum interest payable semiannually, the prin-
cipal of which shall be payable at any time
between July /, 1889, and July 1, 1893.
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 denominations and be num-
bered as follows. to wit:
Five thousand $4,000 OF one hundred
(S1O0. Oo) dollars each, numbered from l to
5000, both inclusive.
One thousand u,ooo) of five hundred
(S5O0.00) dollars each, numbered from Dull 10
5000, both inclusive
One thousand (1.000) of one thousand
Isl, .oO) dollars each, numbered from Oool
to 1000, both inclusive.
They shall be payable In lawful money OF
the United States, with semi-annual interest
commons attached, due July 1 and January l.
They shall be signed by the Mayor Of the City
of New Orleans and countersigned by the Comp
troller and the Treasurer OF the City OF ne"
Orleans They shall be exempt from all taxa
tion State parish and municipal, and the tutors
of minors and curators of interdicts snall pc
authorized to invest all funds IN their hahds
in such bonds. They may be registered ana
released from registry under such rules ana
regulations as may be prescribed by the CITY
of New Orleans, and no registered nond shaii
he negotiable. They shall be received on de-
posit with the State or It's omcers or any o,
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. its officers. or with any OF
stE political subdivisions municipalities.
Section 2. Be 1t further enacted, ETC., That
as soon as constitutional authority for the
issuance of said bonds shall have been OBJ
tanned the City of New Orleans shall be
authorized to cause said bonds to be en-
graved and executed. The City of New Or
leans is hereby authorized and empowered, on
and after January 1, 1909, to sch said bonds.
at such times and in such numbers and
amounts and upon such terms and conditions
as the City of New Orleans may deem advfs-
able provided that no sale shall be made by said
city except upon sealed proposals to be sub
mitted to said city after advertisement FOR
the same shall be had for thirty t3ol consecu-
five DAYS In one or more daily newspaper or
newspapers Of the cities of New York and
New orleans respectively, and provided that
no sale shall be made by said city at price
Srkar tha pft
to have always the right to reject any and
all bids Coupons attached to said bonds,
mast due at the time of delivery, shall be de-
tached and cancelled by said city before deliV-
cry of the bonds.
Saction 2 Re If further enacted ETC., That
the principal and interest OF said bonds shall
be paid by preference from the revenues OF
the Public Belt Railroad of Che City OF New
Orleans after deducting the expenses Of mainte.
nance and operation. and all Public Belt reve-
nues collectible under existing laws or ordinances
or amendments thereto, and all future' Pub
Tic Belt Railroad revenues, after deducting the
expenses of maintenance and operation. are
hereby pledged to secure said bonds and in
terest. The interest on said boads shall be
evidenced by coupons attached thereto, paya
BILE semi-annually by the Treasurer of the
City of New Orleans, on the first days of July
and January, and the City Of New Orleans
shall appropriate on or before the first days
of April and October. 1909, and annually
thereafter, to provide for the payment OF the
}
/ of each subsequent 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 appropria
lions shall be credited on the books OF thu
Treasurer of the City of New Orleans to
special account to be STYLED Public Belt Rail
road Bond Interest Account, amounts equa
to the semi-annual interest on all bonds tina
may have been delivered. The Treasurer of thu
City of New Orleans is hereby empowered ant
directed, and it is made his duty. to pay an!
and all such coupons that may be due whel
presented by any holder thereof.
In the year 1889, and annually thereafter
the City of New Orleans. shall in addition t.
the amount Of the semi-annual interest du
| on the first of July and January of eacl
| year appropriate, on or before the FIRST ga!
| of April, out of the revenues Of the Publ
| Belt Railroad of the City of New Orleans
| after deducting the expenses Of maintenance
| and operation, which appropriations shall b.
| credited on the books of the Treasurer of tn
| City of New Orleans to a special account to b
| STYLED "Public Belt Railroad Bond Redemp
| ton Account" the sum of one hundred thousan
| ($1OO, OO.00) dollars and the said Treasure
| is hereby empowered and directed, and 1t !
| made his duty to pay. on the first day of Jul
| of the year 1889, and annually thereafter, GU
| of said bond redemption account, one hun
| dred thousand ($100, 000.O0) dollars OF sal
bonds, in the reverse order OF their issue
| and all bonds and coupons retired under thi
| Act shall be by said Treasurer duly cancels
| and be pasted vouchers in a book to b
| by said Treasurer kept for that purpose.
| In case of failure the part of the Cit
| Of New Orleans to make said appropriation
| at the times herein fixed and to administe
| and operate said Public Belt Railroad Of tn
City of New Orleans, and to collect the rev
enues therefrom to provide for the paymen
| of interest due or to become due, and the re
| demption of bonds, as provided for in thi
| Act the Board Of Commissioners of the Por
| of New Orleans Is hereby authorized. empower
| ed and directed, and it is made its duty t
l md 70 said
| road, to impose such charges as it may Fl
| and collect said revenues and levy ard collec
T; NE special tax hereinafter gC01ided for an
| to amply Ssa 4aHEo - tas purposes Of this Act
and to that extent and for that purpose only
| and for such time may be necessary to tina
| end said Board of Commissioners TO exercis
| all the powers and is charged with all tn
duties vested under this Act in the City c
| New Orleans.
Section 4 Be it further enacted, etc. Thg
| in case there should be in any year def
cheney in the revenues aforesaid to pay til
full interest upon all of said bonds outstant
ing such deficiency of interest shall be funde
1 into bonds of such denominations
| may be necessary and convenien
bearing the rate of interest as til
original bonds, and having q term to ri
equal to the balance of the term Of the, orig
nal bonds. but subject to call at viii by ~
City Of New Orleans; and in case any Sic
bonds issued they shall be stamped acro'
their face Interest Funding Bonds isseu
subject to immediate cali ana they shaI
payable out of the special tax of two e
j mills per annum, which shall be levied on az
after January /, 1913, hereinafter provide
Said interest funding bonds shall have a
the guarantees and securities provided for I'll
original bonds in this Act for their paymen
principal and interest
In case the revenues of the Public Be
Railroad of the City of New Orleans shoH
not be sufficient to provide for the payment
the annual interest on, or for the redemptit
annually. on and after January !, 1899, of al
of said bonds. as hereinabove set FORTH the r
denaption of said bonds shall be postponed u
til January l. 1914 and the City of New
leans shall levy upon all of the taxable pro
artv within the present territorial limits
said city special tax of twp (2l mills. b
ginning with and including the year 194
the entire proceeds whereof shall be appli
annually to the redemption of the bonds issu
- -, HInnA mn