The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1908-10-03


and accrued interest. Coupons attach
ed to said bonds, past due at the
time of delivery, shall be detached
and cancelled by said Board before
delivery Of the bonds.
Section 3. Be 1t further enacted,
ETC.. That the principal and interest
OF said bonds shall be paid by pre-
ference from the revenues of the
Board of Commissioners of the Port
OF New Orleans, and all revenues col
lectible under the laws as now exist
ing, shall he and are hereby pledged
to secure said bonds and interest.
In no event shall the charges i'm
posed by said Board, under the law
now existing, be reduced to an
amount less than necessary for the
payment of the principal and in
terest of said bonds; and the Board
of Commissioners of the Port of New
Orleans, as presently organized and
without elimination of existing ter
ritorial Jurisdiction, shall continue in
legal existence until all the bonds is
sued in accordance with this Act
shall have been paid in principal and
interest; provided that the members
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-annually, by
the Treasurer of the State of Louisi-
ana on the first days Of July and
January, and said Board shall place
on deposit. on or before April l,
lSO9, and on or before the first of
April of every subsequent year, with
the Treasurer of the State of Louisi-
ana, to the credit of special ac-
count to be styled Interest Ac-
count" an amount equal to the an
nual interest on all bonds that may
have been delivered. Said Treasurer
Is hereby empowered and directed, !
and 1t is made his duty to pay any |
and all such coupons that may be i
due when presented by any holder |
thereof. In the year 1924, and annu-
ally thereafter, said Board shall,
In addition to the amount of the an
nual interest due on the LIST of July
place on deposit, on or before April |
!, with the Treasurer of the state of
Louisiana, to the credit of a spe-
c1al account to be styled Bond of
Redemption Account" sum Of one
hundred thousand dollars $780,
OOO.OO), and the said Treasurer is
hereby empowered and directed, and
1t is made his duty, to pay, on the
LIST Of July of the year 1924, and an
nually thereafter, out of said Bond
Redemption Account, one hundred
uOO) 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 can
celed and delivered to the Board of
commissioners of the Port of New
orleans, which shall receipt for
same, and which shall retain and
paste the same as vouchers, in a
book to be by it kept for that pur-
pose. It shall be the duty of said ,
Treasurer to require said deposits to i
be made as aforesaid; and in case i
of failure on the part of said Board :
to make said deposits, or to impose, {
under the law as now existing, the i
charges for the use of said wharves, I
landings, sheds and oppurtenances I
thereto, or to collect the revenues
therefrom. In an amount sufficient {
to provide for the payment of inter- ,
est due or to become due, and the I
redemption of bonds as provided in a
this Act, said Treasurer is hereby /
empowered and directed, and it is a
made his duty, to impose said =
charges and collect said revenues, q
and to apply the same to the purpo- a
ses OF this Act, and to that extent,
and for that purpose only, and for
such time as may be necessary to d
that end. the said Treasurer is here.
by authorized to exercise all the
powers and is charged with all the I,
duties vested under existing law in A
the Board of Commissioners of the
Port Of New Orleans.
Section 4 Be it further enacted. n
ETC.. That all of the provisions of A
mis- Act shall constitute a contract
between the holder of the bonds issu-
I'd hereunder, the State of louisa
Ia, and the Board of Commission
srs OF the Port of New Orleans. Is
Section 5. Be it further enacted,
'tc., That the Board of Commission r
RS of the Port of New Orleans shall.
Ind 1t is hereby authorized and en-
powered to expend the proceeds of
aid bonds for the extension of ex-
sting wharves, for building new
vharves, for erecting sheds, for con-
tructfng roadways, and other i'm
'rovements; for the purchase of
uitable dredges, barges and tug
'oats; for the payment of wharves CO
r other property purchased or ex-
ropriated, and for the payment of "
heretofore contracted and u
provided that no pri- 81 e.,
ate property shall be taken with -
ut Just and adequate compensation ST
reviously paid. al
On the thirty-first day of Deem II,
er OF each year, the said board a,
hall furnish a detailed account of r,
be receipts and expenditures to the fo
GOVERNOR of the State; which re- e.
0Yf lhAn hn mn 0S