The Bossier banner. [volume] (Bellevue, Bossier Parish, La.) 1859-1952, 1910-10-27

BENTON, BOSSIER T
THE LEyEE BOARD.
Official Proceedines of the Meeting Held
October 4th.
The regular meeting of the Board of
Commissioners of the Bossier Levee
District of Louisiana was held this day,
October 4, 1910, at the Office of
the board, in Shreveport, with the fol-
lowing named members, constituting a
quorum, present: Messrs. H N. Carl
ton, President; S. w. Vance, T. w. w.
Stinson, A. Curtis, T. D. Connell and
]. G. McDade. Absent: W.. L. Foster.
The minutes of the meeting of August
Is, 1910, were read and approved.
The President stated to the board that
some objection had been raised to the
purchase by the Caddo Levee Board of
$32, 900 of bonds of the issue of 1904,
under the resolution passed by the board
at the meeting held on August 25th, and
suggested that the resolution directing
him to sell the $4,000 OF bonds be re-
scinded.
Whereupon, on motion of Mr.. Nc
Dade, seconded by Mr.. Curtis, the reso-
luton authorizing the President to sell
to the Caddo Levee Board $4,000 Of
bonds of the issue Of 1904, the board to
receive 96 per cent Of the par value Of
said bonds, be and the same is hereby
rescinded, which motion was unani-
mously carried.
The President of the board stated that
the Caddo Levee Board would loan to
this board the sum of $4,000 at 5 per
cent interest, payable semiannually,
until January l, 1912, if this board
would secure the said sum by pledging
with the Caddo Levee Board $4,000 Of
bonds of the issue of 1904.
The Secretary read to the board the
following letter from the Attorney Cen
eral on the question of the right of this
board to pledge it's bonds:
New Orleans, La, Sept. 80, 1910.
Messrs. Thigpen & Herold,
Attorneys at Law,
Shreveport, La.
Dear Sirs: Your letter of the 9Th
inst, in which you ask me to advise you
whether, in my opinion, there would be
any legal objection which might be
urged against the investment by the
Caddo Levee Board of its funds in the
bonds of the Bossier Levee Board
reached my Office during my absenct
] from the State on my vacation, from
which have just recently returned.
If understand correctly, the ques'
ton, the Bossier Levee Board has in.
CURED an, Indebtedness of about $35 ,OOl
by reason of the overflow of 1908, O
which $4,000 is now due, the same
being evidenced by certificates OF in
debtedness bearing 8 per cent interest
The Caddo Levee Board, on the con
trary, has to its credit a large amount o
money arising from the lease of OF
/ lands, and it offers to loan the Bessie
Levee Board S32, ,OOG until January, 1912
at 5 per cent per annum interest, to b
secured by a pledge of its bonds to tn
amount of $4,000, issued under tn
terms of Act No. % of 1904.
/ You further inform me that the Bos
sier Levee Board cannot dispose of it
bonds at this time at par, and that "
loan with the bonds as security will b
to the advantage of the Bossier Board.
have read the act creating the Bos
} sier Levee District No. SO of 1885,
and Act No. q Of 1904, amending it
and / find nothing therein which, in m
opinion, would deny to the Board {
Commissioners of that district the rigE
, to enter into such a contract as is con
templated, and it would seem that th
carrying it out will certainly be bene
ficial to the Bossier Levee District, sine
it will, if consummated, be relieved of
per cent per annum interest, the differ
. ence between the rate of interest whic
it's outstanding certificates of indebted
ness now bear and that which its bond
issued under the provisions OF Act N
% of 1894, may bear.
The exact question to be considered
whether the Caddo Levee Board will |
authorized to loan it's funds on the fait
of these Bossier Board bonds.
Act No. 1863 of 1910 provides that IL
Board of Commissioners of the Cadt
Levee District may s'invest all of j
: funds which are not set apart by law +
i the payment of interest or sinking fuI
!. in bonds of the State of Louisiana, or
: any of the municipal corporations
public boards thereof, bearing rate
interest at not less than per cent
The word "inyest" is broad enough
!, include not only the right to acquire Il
: bonds of the public boards OF the Sta
9 by actual purchase, but to loan mon'
= secured by pledge Of such bonds. Al
and Eng. Enc'y Of Law (second editio
:. vol. II, p. 420.
I / am, therefore, of the opinion th
the Caddo Levee Board has the pow
and authority to make loan to t
Bossier Levee Board, as contemplate
Yours very truly,
WALTER GUIoN.
After some discussion, the followi
resolution was unanimously adopted:
Be it resolved by the Board Of Coz
missioners of the Bossier Levee Distri
in regular session convened, That
President, H. N Carlton, be and he
. hereby authorized to borrow from
Board of Commissioners OF the Cad
Leyee District the sum Of So, ,OOO fo1
term ending the fst day Of January, ~
at an interest OF per cent per annu
d. navable semiannuallV.