St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-08-29
ACT w. 17a.

ACT W. 17s.
House Bill No. 1913. By Mr.. Barrett.
AN ACT
To authorize the City of New Orleans to issue
two million 49, 600 00O) dollars of five (5)
per cent bonds, which shall be exempt from
taxation; to provide for the sale. thereof; to
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, or 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 shall
be prescribed by the City of New Orleans;
to define the powers and duties Of the City
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 the
State Of Louisiana an amendment to the Con-
stitution of the State of Louisiana RuthoriZ-
ing the issue of said bonds and ratify1ng the
provisions of this Act.
Section l. Be it enacted by the General
Assembly Of the State of louisiana two-thlros
| of all the members elected to each House 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, here
| matter submitted to them, the City or New
| Orleans is hereby authorized and empowered
| to issue bonds not to exceed two million 49,,
| 600 600 O0) dollars in amount, to be dated Jan
| uary 1, 1909, bearing five 90 per cent. per an
mum interest, payable semi annually, the prin-
| cipal of which shall be payable at any time
| between July 1, 1899. and July 1. 1882
said bonds shall be drawn payable to bearer
and shall be styled: 'Public Belt Railroad
Bonds ofs the City of New Orleans Ihey
4 shall be of the denominations and be num-
Five thousand (5,o0O) of one hundred
1 ($1OO.00) dollars each, numbered from to
| 5000, both inclusive.
! One thousand $1,000 of five hundred
(shoO onl dollars each numbered from 5001 to
/ 5000, both inclusive.
One thousand 10000 of thousand
| Isl .00) dollars EACH numbered from 6ool
/ to 1000, both inclusive.
| They shall be payable In lawful money of
the United States, with semi-annual interest
| coupons attached due July and January /.
| 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 new
| Orleans. They shall be exempt from all taxa
tion State, parish and municipal and the tutors
of minors and curators of interdtcts shall be
| authorized to invest all funds in their hands
| in such bonds. They may be registered ana
| released from registry under such rules ana
| regulations may be prescribed by the CITY
| of New Orleans and no registered bond shall
he negotiable They shall be received on de-
posit with the State or its officers or any OF
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
its political subdivisions or municipalities
| Section =, Be II 1ufLner endcleu, elc-r Aha1
as soon as constitutional authority for the
issuance of said bonds shall have been Cd
tanned the City Of New orleans snail oe
authorized to cause said bonds 10 De en-
prayed and executed. The City of New Or
Iaars is hereby authorized and empowered, or
and after January j. 1909, to sell said BONDS
at such times and in such NUMBERS ano
amounts. and upon such terms and conditions
nc the city of New Orleans may deem adyis
ahle proyided that no sale shall be made by sale
city, except upon sealed proposals to be sub
mitted to said city after advertisement FOL
| the same shall be had for thirty CSo) censecu
| five days in one or daily newspaper OIL
newspapers of the cities of New York anc
New orleans respectively, and provided thai
| NO sale shall be made by said city at price
less than par and accrued interest, the city
70 have always the right to reject any anS
| all bids. Coupons attached to SAID oonds
past due at the time of delivery, snail De DE
tached and cancelled by sald city peiore ueli'
cry of the bonds. %
Section g. Be it further enacted, etc. Tina
the principal and interest of said bonds shall
he paid by preference from the revenues O.
tho Public Belt Railroad of the City of New
orleans after deducting the expenses of matnte
+ nance and operation, and all Public Belt reve
nues collectible under existing laws or ORDINANCES
r or amendments thereto. and all future Pub
f lie Belt Railroad revenues, after deductlng tn
expenses of maintenance and operation ar
hereby pledged to secure SAID oonds ana In
forest The interest said bonds shall b.
! | evidenced by coupons attached thereto, paya
| BILE semi-annually by the Treasurer OF tn
city of New Orleans, on the first days OF Jul.
n | and January and the City of New Orlean
shau appropriate ON or before the first day
of April and October, 1903, and annual,
thereafter, to provide for the payment OF tn
semi-annua interest due July and Januar
of each subsequent year, out OF the revenue
= Of the Public Belt Railroad of the City o
r New Orleans, after deducting the expenses o
. maintenance and operation, which appropria
tions shall be credited the books OF tn
treasurer of the City of New Orleans to
special account to be styled Public Belt Rail
G road Bond Interest Account, amounts equa
to the semi-annual interest all bonds tina
. NAV have been delivered. The Treasurer of tn
= | CITY of New Orleans is hereby empowered an
: directed, and it is made his duty to pay an
and all such coupons that may be due Whe
presented by any holder thereof
:, In the year 1882 and annually thereafter
=. the City of New Orleans shall in addition t
= | the amount OF the semi-annual interest Gu
on the first of July and January OF eac
i year appropriate, on or before the hrst ia
- of April out of the revenues of the Publ
b Belt Railroad Of the City OF New Orleans
q after deducting the expenses OF maintenance
and operation, which appropriations shall 3
;. | credited on the books of the Treasurer OF IN
n n CITY of New Orleans to special account to b
= STYLED public Belt Railroad Bond RedemI
" tion Account - the Of one hundred thousan
5 IeIoo 10 OOl dollars and the said Treasure
>, f. hereby empowered and directed, and it
a made his duty to pay, on the hrst day OF Jul
e of the year 1889, and annually thereafter OF
= | Of said bond redemption account one hui
= dred thousand ($10O, .00l dollars of sal
~ bonds in the reverse order of their issue
- and all bonds and coupons retired under tn
: Act shall be by said Treasurer duly cancele
y and be pasted as vouchers In book TO
70 by said Treasurer kept for that purpose
In case of failure the part of the Cit
a of New Orleans to make said appropriation
a at the times herein fixed and to admintstt
~ and operate said Public Belt Railroad of II
- CITY of New Orleans, and to collect the re-
- | enues therefrom to provide for the paymel
s Of interest due to become due, and the r
of hond
"a Act the Board of Commissioners of the 20
IL of New Orleans is hereby authorized, empoWe
r. ed and directed, and 1t Is made Its duty
- administer and operate said Public Belt Raj
~ road to impose such charges as 1t may +
+ and collect said revenues and levy and cole
- the special tax hereinafter provided for ar
TO amply the same to the purposes of this Ac
q and to that extent and for that purpose onl
"A and for such time may be necessary to III
a end said Board of Commissioners to eXercl
or all the powers and is charged with all Il
III | duties vested under TINS ACT III the NlIS
q, q, section 4. Be it further enacted ETC., TIL
r. | in case there should be in any year de
No | cheney in the revenues aforesaid to pay Il
~ fnu interest upon all of said bonds outstan
w | ing such deficiency of interest shall be fund.-
70 into bonds of such denominations
Ct may be necessary .. and id+oros eony .s 7
h. original bonds, and having a term to II
of equal to the balance of the term of the oril
o. | nal bonds but subject to call at will by t
as City of New Orleans; and In case any SUI
n bonds are issued they shall be stamped aero
their face Interest Funding Bonds issel
at subject to immediate call = and they shall
ty payable out of the special tax of two I
s. mills per annum, which shall be levied on al
nk after January /. 194S, as hereinafter provide
Sc Said interest funding bonds shall have
id tbe guarantees and securities provided for t
he original bonds in this Act for their paymet
on principal and interest.
er In case the revenues Of the Public b
nd Railroad Of the City of New Orleans shou
DIS not be sufficient to provide Tor tne payhen.
10 the annual interest on, or for the redempti
annually. on and after January /, 1889, OF a
at of said bonds, as hereipabove set forth, the
in demption of said bonds snail De postponeu
M til January !, 1914, ana the Guy OIL ne"