The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-10-08

Against the PuDllC Belt railroad Bona
Amendment" and each elector shall in
dictate his vote on the proposed amend
ment as provided by the general cleo
ton laws of the STATE ni,ppr
Speaker of the House of Representatives.
p. NJ LAMBREMONT,
Governor and President OF
Approved July 8. 1903
Governor Of the State of Louisiana.
A true copy. JOHN T. MICHEL.
Secretary OF State
ACT No. $50.
House Bill No. 1852. BY Mr.. Barrett.
AN ACT
To authorize the Board of Commits
sioners of the Port of New Orleans
to issue three million, five hundred
thousand dollars ($3,5OO,OUO.00 of five
60 per cent bonds, which shall be ex-
empt from taxation: to authorize the
exchange of so many of said bonds as
standing obligations of said board.
and to provide for the sale of the re-
mainder thereof; to provide for the
payment OF the prtncipa! and interest
OF said bonds and the disposition .S OF
powers and duties of the Board of
Commissioners of the Port of New
Orleans and the Treasurer Of the
State OF Louisiana in relation there
to; to continue said board in exist
ence until the payment of said bonds:
and to submit to the people an
amendment to the constitution of the
State Of Louisiana authorizing the
issue OF said bonds and ratifying the
provisions of this Act.
Whereas the Board OF Commissioners
OF the Port OF New Orleans, created
the General Assembly Of the year
1896. as amended by Act. No. SO of the
General Assembly of the year 1900,
Is vested with the administration of
the port and harbor of New Orleans,
and charged with the duty of extend
Ing. improving and maintaining the
same and the appurtenances there
to: and
Whereas, said Board of Commissioners
Of the Port of New Orleans assumed
the duties imposed on 1t by law, at
the termination of the lease between
Louisiana Construction & Improve
ment Company. on the 2sth day Of
Whereas, said Board out of its revenues
has. since said date, practically re-
built the entire wharf system re-
ceived from said Louisiana Construc-
ton Improvement Company, built
new wharves, erected steel sheds on
protection of merchandise in transit,
constructed paved roadways and ap-
proaches thereto. provided suitable
dredge and tugboats for dredging
maintained sufficient depth of watei
and provided for the lighting and po-
licing of the wharves. landings,
sheds and appurtenances thereto; and
commerce of the port and harbor Of
New Orleans 1t is now necessary that
additional wharves be constructed
and extensive engagements and i'm
yoH1Nn vHta NJ f1n Il,
Ian dings, sheds and appurtenances be
made SO that the facilities for the
handling of export and import car
goes In the port and harbor of New
to similar facilities at any South At
lantic or Gulf port: and
whereas. funds cannot be made avail
able for these purposes except by the
issue of bonds; and
Whereas. the Board of Commissioners
of the Port of New Orleans is assur-
ed that provision can safely be made
from its reveneus for the payment Of
the interest annually. and the pay
ment of the principal at maturity,
Of three million, five hundred thous-
and dollars ($a.500. 000.00l of five per
cent bonds: and
Whereas. legislation providing for the
issue of said bonds and recommend
Ing the submission to the people of
an amendment to the Constitution of
the State OF Louisiana authorizing
flying the provisions Of this Act is
recommended by the Port Investiga-
ton Commission created by Act. No.
of the Extra Session of 1907; there
Section l. Be 1t enacted by the Cen
eral Assembly of the State of Louisia-
ma. two-thirds of all the members
elected to each House concurring:
That. subject to the ratification OF
the people of the State of Louisiana. BY
the adoption of an amendment to the
Constitution Of the State. hereinafter
submitted to e, them he the BG s Of
created by Act No 10 of the General
Assembly of 1896. as amended by Act
| No. 36 of the General Assembly of the
year 1900. is hereby authorized and
| empowered. and 1t shall be its duty, to
! issue bonds not to exceed three million
| five hundred thousand dollars ($3.5O0,.
| 000.0Ol in amount. dated January /
1909. bearing five per cent per annum
principal of which shall be payable a,
| any time between July 1, 1924, and July
1. 1859. Said bonds shall be drawn
| PAYABLE to bearer and shall be styled
be of the denomination of one thousand
| dollars ($1.00O.00) each, payable in law.
full money of the United States. with
s sem ann interest coupons ATTACHED
shall be signed by the President and
countersigned by the Secretary of the
| Board OF Commissioners of the Port OF
New Orleans. They shall be exempt
| from all taxation. State. parish and mu.
| nicipal, and the tutors of minors and
curators of interdicts shall be authoriz.
| ed to invest the funds in their hands
| in such bonds. They may be register.
| ed and released from registry under
such rules and regulations as may bt
prescribed by said Board Of Commits.
sioners of the Port OF New Orleans, anl
| no registered bond shall be negotiable
| They shall be receivable on deposi
with the State. or its officers, or any
! of it's political subdivisions or munich.
| palities. in all cases where, by law, de.
| postts OF bonds are required or allowed
| to be made as security with the State
or its officers, or any of it's politica
| subdivisions Of municipalities
Section 2. Be 1t further enacted, etc.
/ That. as soon as the Constitutional au
thority for the issuance Of said bond!
| shall have been obtained, it shall be tn,
| duty Of the Board of Commissioners o.
/ the Port of New Orleans to cause SAID
bonds to be engraved and executed
| The Board OF Commissioners OF the
Port OF New Orleans is hereby author.
/ ICED and empowered. on and after
January 1, 1909, to exchange, at not
more than par and accrued interest. sc
many Of said bonds as may be neces-
sary to retire outstanding obligations
| of said Board, coupons past due at the
date of exchange to be detached and
Cancelled by said Board before deliv.
cry of bonds; and said Board is hereby
authorized and empowered to sell the
In part, In such manner, and upon such
/ az hNr col "a