The true Democrat. [volume] (Bayou Sara [La.]) 1892-1928, 1908-09-05


he made by said city, except upon
sealed proposals to be submitted 10
said CITY after advertisement for me
same shall be had for thirty (3O) con
secutive days in one or more daii!
newspapers of the cities OF New \ orh
and New Orleans, respectively, anu
provided that no sale shall be mace
by said city at price less than par
and accrued interest, the city to nave
always the right to reject any ana aii
bids. Coupons attached to said bonds,
past due at the time of delivery, snail
he detached and Cancelled by SAID city
before delivery of the bonds.
Section B. Be it further enacted, eIc''
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 deducting the expenses OF main
tenance and operation, and all Publlc
Relt revenues collectible under exist
ING laws or ordinances, or amend
ments thereto, and all future Pubic
Relt Railroad revenues, after deduct
ING the expenses of maintenance ana
operation, are hereby pledged TO Sc
cure said bonds and interest. The IN
forest of said bonds shall be evidenced
by coupons attached thereto, payable
semi-annually by the Treasurer OF the
CITY of New Orleans, on the first days
of July and January, and the Guy o'
New Orleans shall appropriate on OF
before the first days of April and DE-
tober. 1909, and annually thereafter
to provide for the payment OF the semi
annual interest due July | and Januar!
!. | of each subsequent year, out OF TIT
revenues of the Public Belt Rallroa'
$ of the City of New Orleans, after de
y Quoting the expenses of maintenance
), and operation, which appropriation
' shall be credited on the books OF IN
? Treasurer of the City of New Orleans
'f to a special account to be style
d "Public Belt Railroad Bond lnteres
l. Account" amounts equal to the sem
I, annual interest on all bonds that ma
d have been delivered. The Treasure
W of the City of New Orleans is hereo
p empowered and directed, and it is mac
n his duty, to pay any and all such COZ
De pons that may be due when presente
ne by any holder thereof.
" In the year 1899, and annual
III thereafter, the City of New Orlean
Vi shall. in addition to the amount OF Il
IS semi-annual interest due on the hr
" of July and January of each year a
Is propriate, on or BEFORE the first day
10 April, out of the revenues OF the Pu
III lie Belt Railroad of the City OF M
81 Orleans, after deducting the expens
iie of maintenance and operation, Will
81 appropriations shall be credited
ii" the books of the Treasurer OF the u
h' of New Orleans to a special accou
to be styled "Public Belt Railro
NC Bond Redemption Account, " the 81
vi of one hundred thousand (Sl0o,OOO.'
III dollars, and the said Treasurer
~ hereby empowered and directed, a
. a it is made his duty to pay, on
Wy first day of July of the year 1889, a
81 annually thereafter, out, of said DO
W redemption account one hundl
re- thousand $500, OO0.O0) dollars OF S;
IS bonds, in the reverse order of their
lon sue; and all bonds and coupons retl
" under this Act shall be by said Ire
i'0 urer duly Cancelled and be pasted
t@ vouchers in book to be by S
''0' Treasurer kept for that purpose.
,,o In case of failure on the part of
~ City of New Orleans to make said
, 90 preparations at the times herein ii
.ho and to administer and operate 5
Public Belt Railroad of the City
New Orleans, and to collect the re
$500, nues therefrom to provide for the
ment of interest due or to become {
and the redemption OF bonds, as
,,,oa vided for in this Act, the Boar'
Commissioners of the Port of
Orleans is hereby authorized, emp
cred and directed, and it is made
49,, duty to administer and operate
Public Belt Railroad, to impose
.sf,,, charges as it may fix and collect
49,; revenues and levy and collect
special tax hereinafter provided
!, ho and to apply the same to the purp
of this Act, and to that extent ant
tho that purpose only, and for such
49, as may be necessary to that end,
, !, Board of Commissioners OF the
of New Orleans is hereby author
to exercise all the powers and is Oh