The true Democrat., 1908-09-19

10 Hlou0 no NuIy, w pay, OH Lne | ST or
July, of the year 1924, and annually
thereafter out Of said Bond Redemption
Account, one hundred N00)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 delivered to the Board of Commits
sioners of the Port of New Orleans, which
shall receipt for same, and which shall
retain and paste the same as vouchers.
in book to be by it kept for that pur-
pose. It shall be the duty of said Treas
urer to require said deposits to be made
as aforesaid; and in case of failure on the
part of said Board to make said deposits,
or to impose, under the law as now exist
ing, the charges for the use of said
Wharyes, landings, sheds and appurte-
nances thereto, or to collect the revenues
therefrom, in an amount sufficient to
provide for the payment of interest due
or to become due, and the redemption of
bonds as provided in this Act, said Treas
urer is hereby empowered and directed
and it is made his duty, to impose said
charges and collect said revenues. and to
apply the same to the purposes of this
Act, and tothat extent and for that pur-
pose only, and for such time as NAV be
necessary to that end. the said Treas
urer is hereby authorized to exercise all
the powers and is charged with all the
duties vested under existing law in the
Board of Commissioners of the Port of
New Orleans.
Section q. Be it further enacted, etc.,
That all of the provisions of this Act shall
constitute contract between the holder
of the bonds issued hereunder, the State
Of Louisiana, and the Board of Commis-
sioners of the Port of New Orleans.
Section S. Be it further enacted, etc.,
That the Board of Commissioners of the
Port of New Orleans shall, and is hereby
authorized and empowered to expend the
proceeds of said bonds for the extern
sion of existing wharves, for building new
Wharves, for erecting sheds, for construct
ing roadways, and other Improvements;
for the purchase of suitable dredges, bar
ges and tugboats; for the payment Of
Wharves or other property purchased or
exp opriated, and for the payment of OBJ
legations heretofore contracted and out
standing; provided that no private prop
erty shall be taken without just and ade-
quate compensation previously paid.
On the thirty first day of December of
each year, the said Board shall furnish
detailed account of the receipts and ex-
penditures to the Governor of the State;
which report shall be published once in
the fficial journal of the City of New Orle-
ans.
Section 6. Be it further enacted, etc.,
That at the Congressional election to be
held in this State on the first Tuesday fol-
lowing the first Monday in November,
1908, the following amendment to the
Constitution of the State Of Louisiana
shall be submitted to the electors of the
State, to wit: The Board of Commis- |
sioners of the Port of New Orleans shall |
have power, and it shall be its duty, to
issue three million five hundred thousand |
dollars ($5,50OO00) of bonds to be
known as Port Commission Bonds, for
the purposes and under the provisions
adopted to that end and for that purpose
at the regular session of the General
Assembly Of 1908, which said Act is
hereby ratified and approved. and all
provisions Of the present Constitution of
the State in conflict with the provisions
Of this Act, and with this amendment are,
10 that extent and for that purpose only,
repealed"
Section T. Be it further enacted, etc.,
That, on the official ballots to be used at
said election shall be placed the words:
For the Port Commission Bond Amend
nent,' and the words: Against the Port
Commission Bond Amendment" and
Zach elector shall indicate his vote on the
proposed amendment as provided by the
general election laws of this State.
H. G. DUPRE,
Speaker of the House Of Representatives.
P. Nj. LAMBREMONT,
Lieutenant Governor and President of
the Senate.
Approved July 8, 1903.
J. Y. SANDERS,
Governor of the State of Louisiana.
true Copy.
JOHN T. MICHEL.
Secretary Of State.