The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1908-10-29

ment as provided by the general cleo
ton laws of the State:
Speaker Of the House of Representatives
p. NJ LAMBREMONT,
Governor and President OF
the Senate.
J. Y. SANDERS
Governor of the State of Louisiana.
A true copy, JOHN T, MICHEL.
Secretary OF State
ACT No. $50.
House Bill No. 1872. By Mr.. Barrett.
AN ACT
To authorize the Board of Commits
sioners of the Port of New Orleans
to issue three million, five hundred
thousand dollars ($3,5O0,OU0.0O of five
(51 per cent bonds, which shall be ex-
empt from taxation: to authorize the
exchange of so many of said bonds as
may be necessary to retire valid out
standing obligations of said board.
and to provide for the sale of the re-
maindef thereof to provide for the
payment of the principal and interest
of said bonds and the disposition OF
the proceeds thereof; to define the
Commissioners Of the Port Of New
Orleans apd the Treasurer of the
State Of Louisiana In relation there's
to; to continue said board IN exist
and to submit to the. people. an
amendment to the constitution Of the
State Of LOUISIANA authorizing the
Issue Of said bonds and ratifying the
Whereas the Board Of Commissioners
Of the Port of New Orleans, created
under the provisions OF Act 70 of
the General Assembly Of the year
Gen Gem, Assembly Of e the o year "a V 1900,
is vested with the administration of
the public wharyes and landings of
the port and harbor of New Orleans,
Ing. improving and maintaining the
same and the appurtenances there
to- and
Whereas. said Board of Commissioners
Of Of the Port OF New Orleans assumed
the termination of the lease between
the City of New Orleans and the
Louisiana Construction & Improve
men ment Go, Gsoom1pany' on the ssth day OF
Whereas, said Board out OF It's revenues
has. since said date, practically re-
built the entire wharf system re-
ceived from said Louisiana COnstruc=
ton \ Improvement Company. built
new wharveS, erected steel sheds on
the wharves and landings for the
protection OF merchandise in transit.
constructed paved roadways and APP
: proaches thereto. provided suitable
dredge and tugboats for dredging
and fire protection purposes; has
maintained sufficient depth Of waite,
and provided for the lighting and po-
Icing of the wharves, landings
Whereas. on account Of the growing
commerce of the port and harbor OF
New Orleans it is now necessary that
additional wharves be constructed
provements of the system of wharves
Ian iings. sheds and appurtenances be
made SO that the facilities for the
handling of export and import car.
Orleans will be equal. If not superior
to similar facilities at any South At.
lantic or Gulf port; and
Whereas. funds cannot be made avail
able for these purposes except by thf
issue OF bonds; and
Whereas. the Board of Commissioners
of the Port OF New Orleans is assur'
ed that provision can safely be made
from it's reveneus for the payment O.
the interest annually. and the pay
ment of the principal at maturity
of three million. five hundred thous
and dollars $4,000, oo0.o0) OF five pei
cent bonds; and
Whereas. legislation providing for tn,
Issue Of said bonds and recommend
Ing the submission to the people o
an amendment tG the Constitution o
| the issuance. of said bonds and rati
flying the provisions of this Act il
recommended by the Port Investiga
ton Commission created by Act. No
of the Extra Session of 1907; there
| fore:
Section !. Be it enacted by the Gen
| erai Assembly Of the State of louisa
ma. two-thirds of all the member
elected to each House concurring:
That. subject to the ratification o
the people Of the State of Louisiana, b!
the adoption of an amendment to tn
Constitution of the State. hereinafte
submitted to them. the Board of Com
missioners OF the Port Of New Orleans
created by Act No. 10 Of the Genera
Assembly of 1896. as amended by Ac
| No. So of the General Assembly of tn
year 1900. is hereby authorized an
empowered. and it shall be Its duty, t
five hundred thousand dollars ($3,500.
| 00O.00) in amount. dated January
| 1909. bearing five per cent per annur
interest. payable semi-annually. tn
any time between July l. 1924. and Jul
/ l. 1859. Said bonds shall be draw
PAYABLE to bearer and shall be style
Port Commission Bonds" They shal
dollars ($1,00O.00) each. payable in law
/ full money OF the United States, wit
semi-annual interest coupons attached
due July LIST and January LIST. The
shall be signed by the President an
| countersiEned by the Secretary of tn
Board of Commissioners of the Port G
New Orleans. They shall be exemr
from all taxation. State, parish and mu
nicipal, and the tutors of minors an
curators of interdicts shall be authoriz
| ed to invest the funds in their hand
in such bonds. They may be register
ed and released from registry unde
such rules and regulations as may b
| prescribed by said Board of Commits
sioners of the Port of New Orleans, an
no registered bond shall be negotiable
They shall be receivable on depos
with the State. or Its officers, or an
of its political subdivisions or munic
palities. in all cases where, by law, de
posits of bonds are required or above
to be made as security with the Stat
or its officers, or any OF its politics
subdivisions of municipalities.
Section 2. Be 1t further enacted, etc
That. as soon as the Constitutional at
thority for the issuance of said bono
shall have been obtained. it shall be tn
duty of the Board Of Commissioners
the Port Of New Orleans to cause sal
bonds to be engraved and executes
The Board Of Commissioners OF tn
Port of New Orleans is hereby author
ized and empowered. on and afte
January l. 1909. to exchange, at nc
more than par and accrued interest, s
many Of said bonds as may be neces
sary to retire outstanding obligation
of said Board, coupons past due at tn
date of exchange to be detached an
Cancelled by said Board before deliv
cry of bonds: and said Board is hereb