St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1908-10-10

bearing Hve per cent per annum interest. paya-
BILE semi annually, the principal Of which snail
be payable at any time between July i, 1924,
and July /, 1859. Said bonds shall be drawn
payable to bearer and shall be styled sport
Commission Bonds" They shall be of the de-
nomination of thousand dollars ($1O00O0l
each, payable In lawful money of the United
States with semi-annual interest coupons at
tached, due July LIST and January list. They
shall be signed by the President and counter
signed by the Secretary of the Board OF Com
missioners 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 registry under such rules and regulations
as may be prescribed by said Board Of Com
pfssiOnrs OF the Port of New Orleans, and
no pF{Dstered bond shall be negotiable. They
shall receivable deposit with the State.
its officers. any of Its political SUBDIVISIONS
or municipalities, in all cases where. by law
deposits Of bontls required or allowed to
be made as security, with the State, or its Off
GERS. any of its political subdivisions OF
municipalities.
Section e Be 1t further enacted. etc, That
as soon as the Constitutional authority for the
issuance Of said bonds shall have been obtained,
it shall be the duty of the Board of Commits
sioners 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 empowered
on and after January 1, 1909, to exchange at
not more than par and accrued interest, SO many
of said bonds may be necessary to retire
outstanding obligations of said Board. coupons
past due at the date of exchange to be de-
| tached and Cancelled by said Board before
| delivery of bonds; and said Board Is hereby
| authorized and empowered to sell the remain
| der Of said bonds in whole or in part. in such
manner, and upon such terms and conditions,
| as by said Board may be deemed advisable;
| 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
| attached to said bonds, past due at the time of
| delivery. shall be detached and cancelled by
| said Board before delivery Of the bonds.
| Section 8. Be it further enacted, ETC., That
| the principal and interest of said bonds shall
| be paid by preference from the revenues of
| the Board of Commissioners of the Port of
| New Orleans, and all revenues collecttble under
| the laws, existing. shall be and are
| hereby pledged to secure said bonds and inter
| est. In no event shall the charges imposed
| by said Board under the law now existing, be
reduced to amount less than necessary for
| the payment of the principal and interest OF
| said bonds and the Board of Commissioners
of the Port of New Orleans, as presently or
ganzed and without elimination of existing
territorial jurisdiction. shall continue In legal
| existence until all the bonds issued In &C.
cordance with this Act shall have been paid In
! principal and interest: provided that the men,
bers of said Board shall be appointed by the
| Governor subject to removal by the Governor
and the Governor shall have power to fill
| all vacancies.
The interest on said bonds shall be evidenced
by coupons attached thereto payable semi-an-
nually, by the Treasurer OF the state OF
Louisiana, the first days OF July and Janu-
airy, and said Board shall place on deposit,
on or before April 1, 1909, and on or before
the first of April of every subsequent year,
| with the Treasurer of the State of Louisiana
TO the credit of a special account to be styled
''Interest Account an amount equal to the
annual interest on all bonds that may have
been delivered. Said Treasurer is hereby en-
powered and directed, and it is made his duty
| to pay any and all such coupons that may be
due on the LIST of July, place on deposit, or
| before April l. with the Treasurer of the
State of louisiana to tie credit Of special
account to be styled Bond Redemption Ac-
| count of hundred thousand dollars
| f$1OO, 0060), and the said Treasurer is here
by empowered and directed, and 1t is made his
duty, to pay, the list of July, of the year
1924 and annually thereafter, ont of said Bond
Redemption Account, one hundred (1o0) of said
bonds in the reverse ORDER OF their Issue;
and ali 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 Orleans, which shall re-
ceipt for same, and which shall retain and paste
| the same as vouchers. in book to be by it
kept for that purpose. II shall be the duty
of said Treasurer to require said deposits to be
made as aforesaid; and in 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, land
ings sheds and appurtenanees thereto, to
collect the revenues therefrom, in an amount
sufficient to provide for the payment of interest
due or to become due, and the redemption of
bonds as provided in this Act. said Treasurer
Is hereby empowered and directed, and 1t Is
made his duty, to impose said charges and
collect said 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 authorized to exercise all
the powers and is charged with all the duties
| md nyfS 1pw in nnrd of
Commissioners of the Port of New Orleans.
Section 4. Be 1t further enacted, etc, That
all of the provisions Of this Act shall consti-
tute 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 g. Be it further enacted, ETC., That
the Board Of COMMISSIONERS OF the Port of
| New Orleans shall and it 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 improve
ments; for the purchase of suitable dredges.
| barges and tugboats; for the payment of
wharves other property purchased or ex-
propriated, and for the payment of obliga-
lions heretofore contracted and outstanding;
provided that no private property shall be
taken without just and adequate compensa-
ton previously paid.
On the thirty-frst day of December of each
year the said board shall furnish detailed
account of the receipts and expenditures to the
Governor of the State; which report shall be
published in the ohicial journal of the
City of New Orleans.
Section 6. Be 1t further enacted. ETC., That
at the Congressional election to be held In
this State on the first Tuesday following the
first Monday Of November. 1908, the following
amendment to the Constitution of the State
of Louisiana shall be submitted to the electors
Of the State, to wit: 1.-The Board of Commits
gioners of the Port Of New Orleans shall have
power, and it shall be its duty. to issue three
million five hundred thousand dollars ($3,5De,-
OO0.0Ol of bonds to be known Port Com
mission Bonds, for the purposes and under the
provisions and conditions set forth In the Act
of the Legislature adopted to that end and
for that purpose at the regular session of Gen
hereby ratified and approved; and ali pro-
visions of the present Constitution Of the
State in conflict with the provisions OF this
Act and with this amendment are, to that ex-
tent and for that purpose only, repealed"
Section z. Be II further enacted etc. That
on the official ballots to be used at said cleo
ton shall be placed the words: "For the
Port Commission Bond Amendment" and the
words: against the Port Commission Bond
Amendment" and each elector shall indicate
vided by the general election laws of this
State.
Speaker Of the House of Representatives.
p NJ LAMBREMoNT.
Lieutenant Governor and President of the
Senate.
Approved July g. 1905
/ J. Y. SANDERS,
Governor of the State of Louisiana.
JOHN T. MICHEL
Secretary of State.