Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1908-09-18


whereas,the said Board of g.
m.sieners of the Port of New ~
leans is assured that provision c.
safely be made from its reyen~na
Tor the payment of the interest ao
nually, and the payment of the min
opal at maturity, of three milliar
ave hundred thousand dollars 1SS
s0e,00e.0O) of five per cent bons..
ana
Whereas, legislation providing "a.
the issue of said bonds and rev.
mending the submission to tho neo
pie of an amendment to the Const,
tuition of the State of Louisisos ar
tnorizing the issuance of said hnnSs
and ratifying the provisions of tLis
Act, is recommended by the Per,
Investigation Commission. craatas
by Act No. 8 of the Extra Session !,
1907; therefore:
Section l. Be 1t enacted nv fbaA
General Assembly of the State .,
Louisiana, twO-thirds of all the man,
Ders elected to each House concurr-
ing:
That, subject to the ratification
of the people of the State of Louis;-
ana, by the adoption of an amend
ment to the Constitution of M.
State, hereinafter submitted N
them, the Board of Commissioners
of the Port of New Orleans. cre-
ated by Act No. 20 of the General
Assembly Of 1895. as amended by
Act No. 36 Of the General Assembly
of the year 1900, is here
by authorized and empowered. and
it shall be its duty, to issue bonds
not to exceed three million Eve hun
dred thousand dollars ($3,500. OOO.-
o0) in amount dated January !.
1909, bearing five per cent per an.
mum interest. payable semi-annually,
the principal of which shall be pay-
able at any time between July /
1924,and July /, 1859. Said bonds
shall be drawn payable to bearer and
shall be styled Port Commission
Bonds" They shall be of the denomi-
nation OF one thousand dollars (sI,-
000.e0) each, payable in lawful mon
ey Of the United States, with semi
annual interest coupons ATTACHED, due
July LIST and January LIST. They shall
be signed by the President and coun-
tsrsigned by the Secretary of the
board of Commissioners of the Port
of New Orleans. They shall be exempt
from all taxation, State. parish and
municipal, and the tutors of minors
and curators of interdicts shall be
authorized to invest the funds in
their hands in such bonds. They may
be registered and released from reg
istry under such rules and regula-
tions as may be prescribed by said
Board of Commissioners of the Port
of New Orleans, and no registered
bond shall be negotiable. They shall
be receivable on deposit with the
State, or it's officers, or any or its
political subdivisions or municipali-
ties, in all cases where, by law, de-
posits of bonds are required or al
lowed to be made as security, with
the State, or its officers. or any of its
! political subdivisions or municipali-
ties.
Section 2. Be it further enacted,
ETC., That as soon as the Constitu-
tional. authority for the issuance Of
said bonds shall have been obtained.
it shall be the duty of the Board OF
Commissioners 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 en-
powered, on and after January /,
1899, 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 be detached and
cancelled by said Board before deiiv-
cry of bonds: and said Board is
hereby authorized and empowered TO
sell the remainder of said bonds, in
whole or in part, in such manner,
and upon such terms and conditions,
as by said Board may be deemed ad-
visable; 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 attach
ed to said bonds, past due at the
time of delivery. shall be detached
and cancelled by said Board before
delivery of the bonds.
Section 3. Be it further enacted
ETC., That the principal and Interest
of said bonds shall be paid by pre-
ference from the revenues of the
Board of Commissioners of the Por
Of New Orleans, and all revenues col
lectible under the laws as now exist
ing, shall be and are hereby pledged
to secure said bonds and interest
In no event shall the charges i'm
posed by said Board, under the Law
now existing. be reduced to al
amount less than necessary for thu
payment of the principal and in
terest of said bonds; and the Boar
Of Commissioners of the Port of New
Orleans, as presently organized ant
without elimination of existing ter
ritorial Jurisdiction, shall continue II
legal existence until all the bonds is
sued in accordance with this Ac
shall have been paid in principal ant
interest; provided that the member
of said Board shall be appointed b.
the Governor, subject to removal b.
the Governor, and the Governor shall
have power to I'LL all vacancies.
The interest on said bonds shall
be evidenced by coupons attaches
thereto, payable semi-annually, b,
the Treasurer of the State of LOuiSi