St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-09-19


and July l. 1852 Said bonds shall be drawn
payable to bearer and shall be styled 'Fort
Commission Bonds They shall he OF the ue
nomination of one thousand dollars t$l'OO"voI
each payable in lawful money of the Chiteh
States, with semi-annual interest coupons at
tached. due July 1st and January 1st 1hey
shall be signed by the President and counter
signed by the Secretary of the board OF ION
missioners of the Port of New Orleans. IheF
shall be exempt from all taxation stare
parish and municipal. and the tutors OF minors
and curators of interdicts shall be authorizeu
to invest the funds in their hands III such
bonds. They may be registered and feleaseo
frem registry under such rules and regulations
as may be prescribed by said Board OF COM
missionrs of the Port of New Orleans anu
no registered bond shall be negotiable Ihey
shall be receivable deposit with the state
or its officers any of it's political Subdivisions
or municipalities. In all cases where, by law
deposits of bonds are required or allowed 70
be made security, with the State, or It's ON
GERS. any of its political subdivisions OF
municipalities.
Section Q Re 1t further enacted. etc. That
as soon as the Constitutional authority for the
issuance of said bonds shall have been obtained,
it shall be the duty of the Board Of Commits
siOners of 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 authorized and empowered
on and after January l. 1909, to exchange, at
not more than par and accrued interest. so many
of said bonds as may be necessary to retire
outstanding obligations of said Board. coupons
past due at the date of exchange to he de-
tached and Cancelled by said Board before
delivery Of bonds: and said Board is hereby
authorized and empowered to sell the remain
der of said bonds, in whole or in part, in such
manner and upon such terms and conditions,
as by said Board may be deemed advisable:
provided, that no sale shall be made by said
Board at a price which will net to the Board
less than par and accrued interest. Coupons
attached to said bonds. past due at the time Of
delivery. shall be detached and Cancelled by
said Board before delivery of the bonds.
Section B. Be it further enacted, etc. That
the principal and interest of said bonds shall
be paid by preference from the revenues of
the Board of Commissioners of the Port of
New Orleans, and all revenues collectible Under
the laws as now existing. shall be and are
hereby pledged to said bonds and inter-
est. In no event shall the charges imposed
by said Board under the law now existing, be
reduced to an amount less than necessary for
the payment of the principal and interest of
said bonds: and the Board of Commissioners
of the Port of New Orleans, as presently Or
ganized and without diminuation of existing
territorial jurisdiction, shall continue in legal
cordance with this Act shall have been paid In
principal and interest; provided that the mem
bers OF said Board shall be appointed by the
Governor, subject to removal by the. Governor,
and the Governor shall have power to fill
all vacancies.
The interest on said bonds shall be evidenced
by coupons attached thereto, payable seminar
nually. by the Treasurer Of the State Of
Louisiana. on the first days OF July and Janu-
airy, and said Board shall place on deposit.
on or before April l. 1909, and on or before
the first of April of every subsequent year.
with the Treasurer Of the State of Louisiana
to the credit of n special account TO be styled
Interest Account" an amount equal to the
annual interest on all bonds that may have
been delivered. Said Treasurer is hereby en-
powered and directed, and it Is made his duty
to pay any and all such coupons that may be
due on the 1st of July, place deposit, on or
before April l. with the Treasurer of the
State of Louisiana. to the credit of special
account to be styled Bond Redemption Ac-
count" sum of one hundred thousand dollars
($1O0, 600. 00), and the said Treasurer is here
by empowered and directed and 1T is made his
duty to pay, on the LIST of July, of the year
1924 and annually thereafter, out of said Bond
Redemption Account, one hundred (100l 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 Commissioners
OF the Port of New Orleans. which shall re
ceipt for same. and which shall retain and paste
the same as vouchers in book to be by II
kent for that purpose. It shall be the duty
of said Treasurer to require said deposits to be
made as aforesaid; and in case Of failure OF
the part of said Board to make said deposits
or to iu1Dose, under the law existing
the charges for the use of said wharVes, land
ings sheds and appurtenances thereto, or II
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 Treasurer
is hereby empowered and directed, and it Il
made his duty. TO impose said charges ant
collect said revenues. and to apply the same
to the purposes of this Act. and to that ex
tent and for that purpose only, and for suci
time as may be necessary to that end. the sait
Treasurer is hereby authorized to exercise al
the powers and is charged with all the duties
Io--
Commissioners Of the Port of New Orleans
Section f. Be it further enacted. etc, Tha
all Of the provisions of this Act shall consti
tute a contract between the holder Of tn,
bonds issued hereunder. the State of Louisiana
and the Board of Commissioners Of the Por
of New Orleans.
Section s. Be 1t further enacted, ETC., Tha
the Board of Commissioners OF the Port o
New Orleans shall and it is hereby authorized
and empowered to expend the proceeds Of SAT-
bonds for the extension of existing wharves
for building new wharves, for erecting sheds
for constructing roadways and other improve
ments; for the purchase of suitable dredges
barges and tugboats; for the payment o
wharves or other property purchased or ex
propriated and for the payment of obliga
lions heretofore contracted and outstanding
provided that private property shall b.
taken without just and adequate compensa
ton previously paid.
On the thirty-flrst day of December of eacl
account of the receipts and expenditures to tn
Governor of the State; which report shall h.
published once in the Official Journal of tn
City of New Orleans.
Section g. Be it further enacted etc, Tha
at the Congressional election to be held IL
this State on the first Tuesday following til
first Monday of November. 1908, the following
amendment to the Constitution of the Stat
of Louisiana shall be submitted to the elector
of the State, to wit: The Board of Commits
uiO of fho OfN ORLEANS shall I'm
power, and it shall be its duty. to issue tire
million i've hundred thousand dollars {S3.5OG.
0O0.O0) of bonds to be known Port Com
mission Bonds for the purposes and under tn
provisions and conditions set forth In the Ac
of the Legislature adopted to that end an
for that purpose at the regular session of Gen
eral Assembly of 1905 which said Act
hereby ratified and approved and all pre-
visions of the present Constitution of tn
State in conflict with the provisions Of thi
Act, and with this amendment are TO that ex
tent and for that purpose only, repealed.
Section Z. Be it further enacted. etc. Tha
on the official ballots to be used at said cleo
ton shall be placed the words: For tn
Port Commission Bond Amendment. and tn
words: Against the Port Commission Bon
Amendment. and each elector shall indicat
his vote on the proposed amendment as pre-
Yided by the general election laws of thi
State.
H. G. DUPEE.
Speaker Of the House of Representatives
Pm. LAMBREMoNT.
Lieutenant Governor and President of tn
| Senate.
| Approved July 5, 1905
]. Y. SANDERS.
Governor of the State of Louisiana
A true copy.
JOHN T. MICHEL.
| Secretary of State.
ACT NO 245