The southern sentinel. (Winnfield, La.) 1883-1910, 1908-10-30

i Port of New orleans and after
| izeu anu 1903. to exchange. al ho o
/ MOI. than par and accrueu ~, neces-
mSny OF said bonds as may hIigations
| nlanS refire outstanding opnsauVhna
| sary 70 iiard Coupons past due at the
OF sdiu Shsnce TO be detached anu
canceled by said Board oeio, nsrsby
| cry of bonds; and sala pa 70 sell the
sa,nainder OF said bonds, IN WIZ s,,cb
/ IN mart, in such manner anu uPop o. "a
terms and conditions. as ~ sa nrovided.
/ may be deemed advisaole; said
.ha, no sale shall be made oy s a
| Roard AT "a price which Will net 70 Sme
/ BOARD less than par ana accIusau hnnds
est Coupons attacheo S.,i1arv shall
/ past due at the time OF deiNs Va poa I'd
| be detached and Cancelled oy saio
before delivery e the bonds. acted etc
section g. Be n further enaG' Of said
| bonds shall be paid by preference from
/ fhe revenues of the Board OF Sns
| sioners of the Port OF New O.e ,t,r
and all revenues eoIecuos ena are
| hereby pledged to secure saio 1o.Ss
and interest In no event snan
| charges imposed by said boaro. 20
| the law now existing. be reduce1 !"
| amount less thru necessary for the
payment of the pr1ncipal ana
/ OF said bonds: and the Board OF Com
missioners of the Port OF New Sn's di AZ.
mfnuatfon of existing territorial Ju-
risdiction. shall continue in legal ex-
| istence until all the bonds issued In &C
cordance with this Act shall have been
paid in principal and interest; provid,
| ed that the members OF said Board snall
| be appointed by the Governor. supoect
TO removal by the Governor. ana ana, .ns
Governor shall nave power " LII oA'
The interest on said bonds shall be
evidenced by coupons attached tnereto'
payable semi-annually. by the Treasur-
| err OF the State of Louisiana. on the
| first days of July and January, ana
said Board shall place on deposit, on
or before April L, 1903. and on or pc
fore the first OF April of every subse-
quent year, with the Treasurer of the
State of Louisiana, to the credit OF a
special account to be styled interest
nual interest on all bonds that may
have been delivered. Said Treasurer IL
hereby empowered and directed and II
Is made his duty. to pay any and All
presented by any holder thereof. In
the year 1924. and annually thereafter,
said Board shall. In addition TO the
the list OF July. place on deposit. on or
before April 1. with the Treasurer or
the State of louisiana to the credit
of a special account to be styled Bond
Redemption Account" sum OF one
hundred thousand dollars (Sl00. ooo.o0).
and the said Treasurer IL hereby en-
powered and directed. and IL 10 made
" "
the year 1924. and annually thereafter.
out of said Bond Redemption Account
one hundred (100) 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 Or
leans. which shall receipt for same,
end which shall retain and paste the
same as vouchers. in a book TO be by
IL kept for that purpose. II shall be
the duty of said Treasurer TO REQUIRE
said deposits to be made as aforesaid:
and In case of failure on the part OF
said Board to make said deposits. or to
impose. under the law as now existing.
the charges for the use Of said
wharves. landings. sheds and appur-
tenances thereto. or to collect the reye-
nues therefrom. In an amount suffi-
cient TO provide Tor the payment OF IN
redemption of bonds as provided In this
Act. said Treasurer Is hereby empower
ed and directed. and IL Is made his duty
revenues. and to apply the same to the
purposes of this Act. and to that ex-
tent. and for that purpose only. and for
such time as may be necessary TO that
end. the said Treasurer is hereby au-
thorized TO exercise all the powers and
Is charged with all the duties vested
under existing law in the Board of
Commissioners OF the Port OF New Or
leans.
Section 4. Be 1t further enacted etc.
That all of the provisions of this Act
shall constitute a contract between the
holder of the bonds issued Hereunder.
the State of Louisiana. and the Board
OF Commissioners of the Port of New
Orleans
Section s. Be IL further enacted. etc.
That the Board of Commissioners OF
the Port of New Orleans shall. and IL
Is hereby authorized and empowered to
expend the proceeds OF said bonds for
the extension of existing wharves. for
building new wharves. for erecting
sheds. for constructing roadways. and
other improvements. for the purchase
or suitable dredges. barges and tug
boats: for the payment OF wharyes or
other property purchased or expropri-
ated- and for the payment Of obliga-
lions heretofore contracted and out
standing; provided that no private
property shall be taken without tust
ana adequate compensation previously
On the 31st day of December of each
year. the said board shall furnish a de-
tailed account OF the receipts and ex-
penditures TO the Governor of the
state: which report shall be published
once in the official journal of the CITY
Of New Orleans.
Section 6. Be IL further enacted. etc.
THAT at the Congressional election to
day following the first Monday of No.
vember. 1908. the following amendment
TO the Constitution of the State Of |
II louisiana shall be submitted to the |
m
Board of Commissioners of the Port OF |
New Orleans shall have power and n |
snail be It's duty. to issue three million
five hundred thousand dollars fs3 500
oV0.00l OF bonds to be known as Port
commission Bonds for the purposes
ana under the provisions and condf- |
tons set forth In the Act of the IerIs-
iature adopted to that end and for that |
purpose at the regular session of the
General Assembly OF 1908. which said |
Act Is hereby ratified and approved.
ana all provisions of the present Con-
etftution of the State In Conflict with
the provisions of this Act. and win
THIS amendment are. to that extent ana
Tor that purpose only. repealed
section Z. Be IL further enacted etc
That. on the official ballots to be used
at said election shall be placed fhs |
words: For the Port Commission
bond Amendment" and the words:
Against the Port Commission Rond
and each elector shall In
dictate his vote on the proposed amend
ment as provided by the xeneraI eiec-
ton laws of this State.
II G. DUPRE.
speaker or the House of Representatives
p. NJ. LAMBREMONT-
the Senate. "a
Approved July 3. 1908
]. Y. SANDERS
Governor OF the State OF Loufsiana
true copy. JOHN T. MICHEL