The Natchitoches enterprise., 1908-09-24

I payable semi-annnally, the principal
which shall be payable at any time be
tween July l, 1921, and July l. 1859,
Said bonds shall be drawn pay able to
bearer and shall be styled Port Com
mission Bonds. - They shall be of the
/ denomination of one thousand dollars
| (Sl,OoO-0Ol each, payable in lawful mo-
nev OF the United States, with semi an
! nuai interest coupons attached, due July
| lst and January st. They shall be sign
| ed by the President and countersigned
| by the Secretary OF the Board of Com
| mIssloners of the Port Of New Orleans.
] They shall be exempt from all taxation.
4 State, parish and municipal. and the
/ tutors Of minors and cufators OF inter-
I diets shall be authorized to invest the
! funds In their hands n such bonds. They
may Je registered and released from
registry under such rules and regulations
as L. aY be presc-Ibed by SAID Board Of
Commissioners of the Port of New Or
/ leans, and no registered bond shall be
negotiable. They shall be receivable on
( deposit with the STATE, or its officers, or
any Of It's political subdivisions or mum
iclpallties in all cases where, by law,
deposits Of bonds are required or allow
ed 10 be made, as security with the State
OF its officers or any of its political sab
divisions Of municipalities
Section ?. Be it further enacted, etc,
That, as soon as the constitutional auth
GRITTY for the Issuance of said bonds shall
have been obtained, il shall be the duty
OF The Board OF commissioners of the
Port of New Orleans 10 cause said bonds
to be engraved AID executed. he Board
Of Commissions. Of the Port Of New
Orleans is hereby authorized and EN-
powered, on and alter January l. 1903.
to exchange, al no more than par and
accrued luteIe7ts1s, many OF said hGnds.
as may be Gccess sry 10 retire nutStand-
ing obligations OF said Board, coupons
past due at the GATE of exchange 70 BE-
detached and cancelled bV sad Board
before delivery of bonds; and sai1 Board
is hereby authorized and empowered to
sell the remainder of said bonds. la
whole or III part, 10 such manner, and
upon such terms and conditions. as bv
SAID Board may be deemed advisable:
provided, that no sule shall be maze by
sand Board at price which Will net to
the Board less than par and accrued i'll
tererest. Coupons attached to said bonds
past due at the time Of delivery, shall
be detached and cancelled by said Boald
before delivery of the bonds.
Section g. Be 1t further enacted, etc.
That the principal ard interest of sand
bonds shall be paid by preference from
the revenues Of the Board of Eommls
sIoners of the Port of New Orleans, and |.
all revenues cOllecubIe under the laws. /
as now existing shall be and are hereby
pledged TO secure said bonds and inter /
est, Ia no event shall the charges i'm /
uGsgd by SAID Board. under the law now
existing, be edEced ITO an amount less /
tan necessary for the payment of the /
and interest Of SAID BONDS: and .
the Board Of Commissioners of tue Port
al new Orleans rs presently organized .
and without dHnmutOn of existing ter
TitOrial jurisdiction, shall continue in
legal existence until all the bonds issued .
I'D accordance with tuis act snail have
been paid in principal and interest; pro-
yided that the members of said Board
shall be appointed by HE Governor, sub
iect to removal by the Governor. ana the
Governor shall have power to fill all va
The interest on SAID bonds sail be ev-
deneed by coupons attached thereto.
payable semi-annually. by the Treasurer
81 the State OF Louisiana, on the first DAYS
# july and January, and said Board
shall place on deposit, on OF before
April /, 1909, and on or before the first
II April of every subsequent year, with
he Treasurer Of the STATE Of Louisiana,
Q the credit Of a special account to be
tyled "InteUest Account an amount
quail to the annual interest on all bonds
hat may have been delivered. SAID
Treasurer is hereby empowered and di-
ected' and il is made his duty, to pay
ny and all such coupons that NAV be
Tue when presented by any holder
nereoI. 10 the year 1924, and annually
hereafter, SAID Board shall, in addition
o tue amount Of the annual interest due
- the lat OF IalY, place, on deposit. on
u before April /. with the treasurer of
ne 9llle OF Louisiana. to the credit of a
petlnl account to be STYLED ''Bond Re. ,
tmp.lon Account, sum o. one hun
ted thousand dollars |Sl00O0O.0O), and !
ne said Treasurer is hereby empowered
nd directed. and it is made his duty, to !
ay on the lst Of July, Of the year 1921, +
I'D annually thereafter, out of sud i
'ond Redemption Account, one hundred a
lJJ, of said bonds i'm the reverse order
{ their issue: and all bonds and IL
5u- retired under this Act shall be by #
'id Treasurer duly cancelled and deliY o
rem to the board OF commissioners Of e
De Port of New Orleans, which shall re- q
aipt Cor same and which shall retain and
isIe the same as vouchers. IN a book g
oe b it Kept for that purpose. It ~