The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-10-03
ACT No. 179.
House Bill No. 1873. BY Mr.. Barrett
AN ACT

ACT NO. 1I9.
House Bill No. 1873. BY Mr. Barrett.
AN ACT
To authorize the City of New Or
leans to issue two million ($2,OOO,-
OOO) dollars of five 60 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 Commits
sion 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 Com
missioners of the Port of New Or
leans in relation thereto, and to sub
nit to the people of the State of Lou
isiana an amendment to the Consti-
tuition of the State of Louisiana au-
thorizing the issue of said bonds and
ratifying the provisions of this Act.
Section /. Be it enacted by the
General Assembly of the State Of
Louisiana, two-thirds of all the mem
bers elected to each House concur
ring, That, subject to the ratifica-
tior of the people of the State of
Louisiana. by an amendment to the
Constitution of the State, hereinaf-
~ %oI %~ ho ~ ~
New Orleans is hereby authorized
and empowered to issue bonds not to
exceed two million ($2,00O,000.00)
dollars in amount, to be dated Janu-
airy /, 1909, bearing five 50 per
cent. per annum interest, payable
semi-annually. the principal of which
shall be payable at any time between
July 1, 1889, and July l, 1859.
Said bonds shall be drawn paya-
BILE to bearer, and shall be styled:
Public Belt Railroad Bonds of the
City of New Orleans" They shall
be of the denominations and be mum.
bered as follows. tO-wit:
Five thousand (5,O0O) of one hun
dred |S'O0.Oc) dollars each, Num-
bered from 1 to 5000, both inclu.
sive.
One thousand (1,OOO) of five
hundred ($5O0.00) dollars each
numbered from 5,O01 to 5000, both
inclusive.
One thousand (1,OOO) of one thou.
sand (S1,OOO.O0) dollars each
numbered from 6,O01 to 1000, both
inclusive.
They shall be payable in Lawful,
money of the United States, with
semi-annual interest coupons attach
cd, due July and January /. They
shall be signed by the Mayor of tbs
City of New Orleans and counter
signed by the Comptroller and the
Treasurer Of the City of New Or
leans. They shall be exempt from
all taxation. State, parish and mu
nicipal, and the tutors OF minors anG
curators of interdicts shall be au
hands in such bonds. They may bt
registered and released from regis
try under such rules and regulations
as may be prescribed by the City o.
New Orleans, and no registered bono
shall be negotiable. They shall be
received on deposit with the State
or its officers or any of Its politica
subdivisions or municipalities in al
cases where, by law, deposits o.
bonds are allowed or required to be
made, as security with the State, OF
its officers, or with any of its politi
cal subdivisions or municipalities.
Section 2. Be it further enacted
ETC., That as soon as constitutions
f0~ 10 fu0s,0nn0 nf CQff
bonds shall have been obtained, the
City of New Orleans shall be author
lied to cause said bonds to be en-
Eraved and executed. The City Of
New Orleans is hereby authorized
and empowered, on and after Janu
airy /, 1909, to sell said bonds, al
such times and in such numbers ant
amounts, and upon such terms ant
conditions as the City of New Or
leans may deem advisable, provided
that no sale shall be made by sale
city. except upon sealed proposals to
be submitted to said city after ad
vertisement for the same shall bt
had for thirty 600 consecutive days
in one or more daily newspaper OF
newspapers of the cities of New Yorl
and New Orleans, respectively, anc
provided that no sale shall be made
by said city at price less than pal
and accrued interest, the city to have
always the right to reject any and
all bids. Coupons attached to said
bonds, past due at the time Of deliv
cry, shall be detached and Cancelled
by said city before delivery of the
bonds.
Section 3. Pc it further enacted
ETC., That the principal and Interest
q said bonds shall be paid by pref
erence from the revenues Of the Pub
lie Belt Railroad Of the City of New
Orleans, after deducting the expenses
OF maintenance and operation, and
all Public Belt revenues collectibl<
under existing laws or ordinances. OF