The Bienville Democrat. [volume] (Arcadia, Bienville Parish, La.) 1912-1980, 1920-08-26

election 70 Re h"!6 ca
che first Tuesday after the first Mon
day in November, 1920, to-Wit:
The Board of Commissioners of the
Port of New Orleans shall, except as
otherwise herein changed and amended,
have and exercise all powers now con,
ferred upon them by CONSTITUTIONAL
Amendment. Additional power ana
Jurisdiction may be conferred by ACT OF
the LEGISLATURE. Said Board shall have
full power and authority to construct,
extend and improve works Ter FORT
purposes within the limits of the Port
including Wharves, docks, warehouses,
grain elevators, locks, slips, laterals
basins and other structures ana I'M
provements, and may dredge shlpWays,
channels, slips basins and turning
basins in the Mississippi River. Said
I Board may without further legislative
enactment borrow money and issue
+, notes and bonds under the following
| conditions and not otherwise; 1t may,
! with the approval of the Governor ana
! the Auditor of the State, for us pupiic
purposes, borrow on notes lot lelll-
! porary loans, payable within one year,
an amount not exceeding rive hulioleu
| Thousand Dollars ($5OO,OOO at any one
time outstanding. and may in addition,
borrow money in anticipation OF the
collection of charges for wharfage,
foliage, storage service and other
charges which have been actually
earned but have not yet been re-
celvsd. With the approval OF the COY
ernor of this State, it may for puDllc
purposes other than the payment OF
current expenses of the funding OF IN
debtedness incurred or to be incurred
for current expenses, borrow money
and issue bonds to the amount or SIX
Million Five Hundred Thousand dollars
(s6, 500 ,0O0). Said board may, with the
approval of the Governor, and Tor llKe
purposes, borrow other and further
sums and issue bonds in the manner
following: When the Board shall nave
ascertained and certified in writing 10
the State Auditor or the Supervisor or
Public Accounts the amounts OF rev
enue and income of the Port Tor the
two fiscal years Immediately preceding,
after deducting therefrom the amour,
of operating and maintenance charged
and expenses, and ell sums payaDle
{, during said year upon maturing Prih'
cinal and interest of its bonded dept
|
. of public Accounts shall have verified
; and approved said certificate, the BoarO
may borrow money and issue boads tC
An amount the annual interest upol
g which Is not in excess Of the average
9 net revenues for the two fiscal years
} Immediately preceding as saoW1l o!
e said certificate. The Board may au(
: to such net revenues of the precedlnt
| fiscal years as certified to the Stat'
g Auditor or the Supervisor OF Pubic
t Accounts, the net income and revenues
= for such years Of any revenue pro
n duclng wharf dock, warehouse, ele
g vator or other structure to be acquired
!, by said Board by purchase or expro
e prlation from the proceeds OF sucI
: Bond Issue. The net revenues ana IN
e come of such producing aIlill.
e shall be determined and certtnea u
r the Board and approved by the stat
II Auditor or the Supervisor OF fuoll
a Accounts. Said Board may also VIII
r the approval of the Governor borro'
: money and issue bonds TO reluh
g honded Indebtedness heretofore incur
: red or hereafter to be incurred ana ma
d turing and becoming payable Wlthl
r, one wear of the date of such refundins
d All bonds issued under the 1oregolh
n nrovisions. except as otherwise eX
d pressly provided, shall run not NOR
IS than fifty years from date, shall .
1t issued In serial form, payable In annuS
% installments commencing not NOR
lie than ten (1O) years from. date, IN
amount payable each year Tor prli
3, oipal and interest to be as nearly equ;
lie AZ practicable, but annual installmen'
or Of principal may be fixed at Five Thol
II, sand Dollars ($5,000) or the neare'
ID multiple thereof. Refunding bonds IL
i'd sued hereunder shall be payable in al
RS nual installments commencing not MOI
Is than one year from date. All OF tt
K said bonds shall have the same exeml
e. tion from taxation, and the same PR
~ ilege of registration and release ;, ITO +!
registration, and the same ellgihlil
d. for deposit with the State or lts
be fcers or any of its poltlcal suDu
ed visions or municipalities, as WI
d. granted by Article S21 of the Constlt'
Of tion to the bonds therein authorize
ne Tutors of minors and curators OF
IS. terdicts shall be authorized 10 lilve
IL the funds in their hands In any OF SUI
rd bonds. Nothing herein contained sns
w affect the power of said Board 10 lsS
H. bonds for the construction of the ma
d. ipation canal under the ordinance al
C. secured by the mortgage hereto1o
made and executed, and said Board
authorized to carry into full erect sa
a. ordinance and mortgage and 10 ISIS
and sell for canal purposes the !
majnder of bonds thereby authorize
of and said ordinance and mortgage a
tha contracts made with the Board
I,evee Commissioners Of the Orlea
lJ,evee District under date of June ~
la. 1918, February 26th, 1919, NoVemt
14th, 1919, and the contract made WI
the City of New Orleans under date
August 18th, 1918, through the b
railroad Commission to carry II
effect Act No. of 1918 in relation
said Navigation Canal are hereby ra
fed and confirmed Said Board sn
:. have the power to lease 1or maluit
Pm turing, commercial and business p'
ma poses, lands acquired for SAID car
Such leases may run Tor term
"a. exceeding twenty years at ~
III rental without any provision LOT
' % newal, reimbursement or reappralsem1e
a mS but may run for term not eHceeu'
ieh ninety-nine (99) years, provided Il
zee shall contain a clause or clauses
n.y. reappraisal of the premises and
en- adjustment of the rental at interv
rs, not exceeding ten QO) years after
tea expiration of the first tWanty-y
an neriod. In the event that the 8
.ns Board and the lessee cannot agree VI
tnu the readiustment and reappralsem'
vi they each shall appoint an arbltra
'oh' who shall have the powers or amica
W compounders to whom the matter 81
teW he referred for decision, and in case
Ter, disagreement they shall appoint an
eVy sire and decision of any two shall
ing binding upon the parties said 30
lpls NAV also construct warehouses,
anu vators. and other buildings and
Inc nroyements upon the said canal
eoy the revenues from the navigation ca
anu shall be kept separate from the OF
..ys- revenues of the Port, Such canal !
lpie enues shall be deemed to incl
ART rentals of all Lends leased upon
IN canal, lock charges, and charges
SeSd passages, through the canal II
,o o9,, Board shall construct warehouses;
very vators and other buildings or imprt
LIZ fnents for public purposes on CT
sara lands, the rental value Of the site tn
line AZ shall be fixed by appraisers
pointed by said Board and the rece
etc, from such warehouses; elevators
tteu other buildings or improvements S
tne he charged with the payment OF
WIN rental value into the canal fund.
!, u canal fund shall be applied first In
res res operating expenses of the canal and
per, maintenance thereof, and thereafte
ip1'l payment of the principal and int
,I tne of the canal bonds, and in the re-
NE" tion in the manner provided in
tx eH ordinance of the payments and COZ
oiise buttons by the City of New Orl
the tnrou ~ ~ Iuo poord of I,evee Com
ecial anu Wy tHV th i'o Orleans Tevee Dist
fire Siohels ~ " h, ,ne aIevators and a