The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-10-10
ACT NO.
House Bill No. 1873. BY Mr.. Bal

! 10 autnOrlze the City of New Or
leans to issue two million $4,000
OOO) dollars of five 60 per cent
bonds. which shall be exempt from
| taxation; to provide for the sale
thereof; to provide for the payment
Of the principal and interest of said
bonds; to provide for the disposition
of the proceeds thereof, through
such Public Belt Railroad Commits
| sion as the City of New Orleans may
have heretofore organized, or may
hereafter organize, the members of
which shall be appointed by the
Mayor of the City OF New Orleans,
and the powers, duties and functions
of which shall be prescribed by the
City of New Orleans; to define the
powers and duties of the City of
New Orleans and the Board of Com
missiOners of the Port of New Or
leans in relation thereto, and to sub
nit to the people of the State of LOU
isiana an amendment to the Constf-
tuition of the State of louisiana au-
thorizing the issue of said bonds and
ratifyfng the provisions of this Act.
Section L. Be it enacted by the
General Assembly of the State of
Louisiana, two-thirds of all the men,
bers elected to each House concur
ring. That, subject to the ratif1ca-
tior of the people of the State of
Louisiana, by an amendment to the
Constitution of the State. hereinaf-
ter submitted to them, the City OF
New Orleans is hereby authorized
and empowered to issue bonds not to
exceed two million ($2,0OO,OOO.0O)
dollars in amount, to be dated Janu-
airy l, 1909, bearing five (5) per
cent. per annum interest, payable
semi-annually. the principal of which
shall be payable at any time between
July l, 1889, and July 1, 1859.
Said bonds shall be drawn paya-
Bile to bearer, and shall be styled:
Public Belt Railroad Bonds of the
City of New Orleans" They shall
be of the denominations and be num-
bered as follows. tO-wit:
Five thousand (5,00O of one hun
dred '$'O0.Oc) dollars each. num-
bered from / to 5000, both inclu-
sive.
One thousand (1,OOO) of five
hundred ($5OO.OO) dollars each. /!
numbered from 5,OO1 to 5000, both
inclusive.
One thousand $4,000 of one thou
sand ($1,OOO.OO dollars each.
numbered from 6,O01 to 1000, both
inclusive.
They shall be payable in lawful
money of the United States, with
semi-annual interest coupons attach
ed, due July and January l. They
shall be signed by the Mayor. of the
City of New Orleans and counter
signed by the Comptroller and the
Treasurer of the City of New Or
leans. They shall be exempt from
all taxation, State, parish and mu-
nicipal. and the tutors of minors and
curators Of interdicts shall be au-
thorized to invest all funds in their
hands in such bonds. They may be
registered and released from regis
try under such rules and regulations
as may be prescribed by the City of
New Orleans, and no registered bond
shall be negotiable. They shall be
on deposit With the State
Or its officers or any of its political
or municipalities in al,
cases where, by law, deposits of
bonds are allowed or required to be
made. as security with the State, or
ts onicers, or with any of it's politi-
al subdivisions or municipalities.
Section 2. Be it further enacted,
.tc., That as soon as constitutional
authority for the issuance of said
ponds shall have been obtained, the ,
City of New Orleans shall be author
zed to cause said bonds to be en-
,raved and executed. The City OF 5
New Orleans is hereby authorized ,
md empowered, on and after Janu- ,
Try l, 1909, to sell said bonds, al :
UGH times and in such numbers and
mounts. and upon such terms and :
conditions as the City of New Or $
cans may deem advisable, provided :
hat no sale shall be made by said +
ity, except upon sealed proposals to :
re submitted to said city after ad- :
ertisement for the same shall be !,
ad for thirty 500 consecutive days r
q one or more daily newspaper or q
of the cities of New York r
nd New Orleans, respectively, and +
rOvided that no sale shall be made r
y said city at a price less than par s
nd accrued interest, the city to have v
ways the right to reject any and =
II bids. Coupons attached to said n
onds. past due at the time Of deliv- =
~, shall be detached and cancelled
y said city before delivery Of the e
onds. n
Section 3. Be It further enacted, q
&C.. That the principal and interest o
said bonds shall be paid BY pref q
rence from the revenues of the Pub r
G Belt Railroad Of the City of New O.
rleans. after deducting the expenses II
maintenance and operation. and q
4 Public Belt revenues collectible Il
nder existing laws or ordinances, or r.
thereto, and all future ii
ublic Belt Railroad revenues, after 81
the expenses of mainte- tt
ance and operation. are hereby tt