The southern sentinel. (Winnfield, La.) 1883-1910, 1908-10-16

Approved July ). l90S
J. Y SANDEI'S
Governor Of the State OF louisiana
A true copy. JOHN T. MICHEL
Secretary OF 81 tie
ACT No. $50.
House Bill No 1872 Dy Mr. Barrett.
AN ACT
To authorize tie Board of Commis-
sioners OF the Pert OF New Orleans
to issue three mIlIion. five hundred
thousand dollars tsS.SJ0.V,.-10 OF iiNe
(5D per cent bonds, mhISn SHALL De eN-
empt from taxasiJn, ~ authorize the
exchange of 50 many of SAID bonds as
may be necessary 10 retIrS valid OUT
standing obligations or said ooaro-
and 10 provide IOr tIle sale Va tue re-
mainder thereof: to provide for the
payment OF the princip.ii and interest
of said bends and the disposition OF
the proceeds thereof. TO define the
powers and duties OF the Board of
Commissioners OF the Port OF New
State of Louisiana i'm 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 or the
State OF Louisiana authorizing the
issue of said bonds and ratifying the
provisions of this Act.
Whereas tine Board OF Commissioners
under the provisions of Act 80 of
the General Assembly of the year
1886. as amended by Act. No. 30 of the
General Assembly Of the year 1900.
Is vested with the administration of
the public wharves and landings 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 IL by law, at
the termination OF the lease between
= the City OF New Orleans and the
Louisiana Construction * Improve
ment, Company. on the 2sth day Of
May. 1901: and
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 AZ Improvement Company. built
new wharves. erected steel sheds on
the wharves and landings for the
protection of merchandise in transit
constructed paved roadways and ap-
proaches thereto. provided suitable
dredge and tugboats for dredging
and fire protection purposes; has
maintained sufficient depth of watei
and provided for the lighting and po-
Icing OF the wharves. landings
sheds and 'appurtenances thereto; and
Whereas. on account of the growing
New Orleans IL is now necessary that
additional wharYes be constructed
and extensive engagements and i'm
provements OF the system OF wnarves.
Ian 1inRs. 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
orleans VIII be equal. IL not superior.
20 similar facilities at any South At
lantic or Gulf port: and
whereas. funds cannot be made avail
able Tor these purposes except by the
issue OF bonds: and
Whereas. the Board OF Commissioners
of the Port OF New Orleans IL assu..-
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 (ss.5oe. 100000 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
the Issuance of said bonds and rati-
Tying the provisions OF this Act Is
recommended by the Port Investfga-
3 OF the Extra Session of 1901: there
fore:z
Section 1. Be 1t enacted by the Gen.
.ral Assembly OF the State of Louisia-
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
unlimited to them. the Board of Com
of the Port OF New Orleans.
created by Act No. 40 of the General
assembly of 1896. as amended by Act
No. IS OF the General Assembly of the
rear 1900. Is hereby authorized and
empowered. and 1t shall be its duty. to
ssue bonds not to exceed three million
i've hundred thousand dollars fss.5eO.-
,0o.o0l In amount. dated January /,
lsos. bearing five per cent per annum
OF which shall be payable al
my time between July I, 1924. and July
|. 1889 Said bonds shall be drawn
,ayaoie to bearer and shall be styled
De OF the denomination OF one thousand
dollars (S1 .oo0.00) each. payable in law
'ul money of the United States. with
!emi-annual interest coupons attached.
hall be signed by the President and
by the Secretary OF the
Board OF Commissioners OF the Port of
View Orleans. They shall be exempt
rom All taxation. State. parish and mu-
'urators of fnterdicts shall be authorix-
ID to invest the FUNDS In their hands
n such bonds They may be register
"a ana released from registry under
'uch rules and regulations az may be
prescribed by said Board of Commits
Iioners Of the Port Of New Orleans. and
10 registered bond shall be negotiable
they shall be receivable on deposit
With the State. or its Officers. or any
Il Its political subdivisions or munich
'alItfes. IN all cases where. by law. de-
'osits Of bonds are required or allowed
o be made as security with the State
e its officers. or any OF Its political
OF municipalities
Section 3 Be Il further enacted. etc.
nat a. soon a. the Constitutional au-
nortty for the Issuance Of said bonds
hall have been obtained. n shall be the
|rsy Ct tie ss Bear Board q Commissioners q