The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-10-17


said city after advertisement Tor Ihe
same shall be had for thirty l57j con-
secutiyc days in one or more 0alS
newspapers Of the cities OF New YORK
and New Orleans, respectively ana
nroyided that 10 sale shall be mace
hy said city at "a price less than par
and accrued interest, the city to have
ALWAYS the right to reject any ana ali
bids. Coupons attached to sad bonus
mast due at the time OF delivery, snail
ha detached and Cancelled by said city
before delivery OF the bonds.
Scction3. BE it further enacted etc.,
That the principal and interest OF sad
bonds shall be paid by preference
from the revenues of the Public Belt
Railroad of the City OF New Orleans
after dcductng thc expenses OF mann
tenancp and operation, and all Public
Rr1t revenues cOiIeCtibIe under exist
inc Jaws or ordinances, or amend
ments thereto, and all future Pubic
Belt Railroad revenues, after deduct
f mo the expenses OF maintenance ana
oppration, are hereby pledged to Sc
cnrr said bonds and interest. The M
forest Of said bonds shall be evidenced
Inv coupons attached thereto, payable
semi-annually by the Treasurer OF lhe
Citv of New Orleans, on the first days
Of July and January, and the Guy OF
New Orleans Shall appropriate on or
before the first days Of April and DC
tober, 1909. and annually thereafter,
TO provide for the payment OF the SEMI
annual interest due July | and january
t. | of each subsequent year, out OF inc
revenues of the Public Belt Railroat
IS of the City of New Orleans, alter de
y Quoting the expenses OF maintenance
5, and operation, which appropriations
A. shall be credited on the books OF TIT
e. Treasurer of the City of New Orleans
of to special account to be style'
id 'Public Belt Railroad Bond lntereS
81 Account" amounts equal TO the SEM
If. annual interest on all bonds that ma
ad have been delivered. The Treasure
NV of the City of New Orleans is herep
~ empowered and directed, and 1t Is mao
IL his duty, to pay any and all such COZ
be pons. that may be due when pfesente
he by any holder thereof.
w In the year 1899, and annualI
oh thereafter, the City of New OrIean
ct shall. in addition to the amount OF Il
rs semi-annual interest due on the iir
}r- of July and January OF each year a
IS propriate, on or BEFORE the first day
ms April, out Of the revenues OF the Pu
MT lie Belt Railroad of the City OF Nc
OF Orleans, after deducting the eXpcns
the of maintenance and operation, WIN
ISL appropriations shall be credited
aid the books of the Treasurer OF the Ci
ons of New Orleans to q special accou
- "a. he styled "2pblic Belt isal1io
the Bond Redemption Account, F" the 81
OF of one hundred thousand ($l00, 0o0.(
en- dollars. and the said Treasurer
ng, hereby empowered and directed, a
the it is made his duty to pay, on
py first day of July Of the year 1889, a
OF annually thereafter, out OF said be
10 redemption account, one humdI
ere thousand $500, 000.0O) dollars OF S;
IS bonds, in the reverse order OF their
non sue: and all bonds and coupons reti
10 under this Act shall be by said Ire
hVe urer duly Cancelled and be pasted
ava vouchers in q book to be by :
-9o'' Treasurer kept for that purpose.
In case of failure on the part Of
"''' CITY of New Orleans to make said
W. preparations at the times herein ii
y and to administer and operate
'''' Public Belt Railroad Of the City
: 90 New Orleans, and to collect The II
nues thercfrOm to provide for the |
nun mont of interest due or 10 become I
and the redemption of bonds, as
vided for in this Act, the Boar
~ :" Commissioners of the Port OF
II '''' Orleans is hereby authorized emf
cred and directed and it is mad
'iioo duty to administer and operate
ii''' Public Belt Railroad, to impose
We, charges as it may fix and collect
-" '"' revenues and levy and collect
'0l,'' special tax hereinafter provided
> wv WV and TO apply the same to the purp
WI w of this Act. and to that extent an'
" VI that purpose only, and for such
y WV as may be necessary to that end,
u u'0 Board of Commissioners of the
VI =" of New Orleans is hereby auth0
P"' to exercise all the powers and is CT
y, ed with all the duties vested under
SNAIL o+ -, +bo r;ty Sf Now Orleans