The Concordia sentinel. (Vidalia, Concordia Parish, La.) 1882-current, 1920-09-18

I lle oIdle AQQlIOF OF the supervisor Oh
Pubic Accounts the amounts OF rev
| enue and income of the Port for the
| two fiscal years Immediately preceding.
| after deductng therefrom the amou I
| or operating and maintenance charged
and expenses, and all sums payable
! during said year upon maturing prin-
! clpal and interest of its bonded debt,
/ and the State Auditor or the Supervisor
| OF Public Accounts shall have verified
! and approved said certificate, the Board
mhy borrow money and issue bonds to
| an amount the annual interest upon
! which is not in excess of the average
net revenues for the two fiscal years
Immediately preceding as shown by
/ said certificate. The Board may add
| T. such net revenues of the preceding
hscal years as certified to the state
| Auditor the Supervisor of Public
Accounts, the net income and revenues
1or such years of any revenue pro-
vator or other structure to be acquired
| by said Board by purchase or eXpFo-
| priation from the proceeds of such
! bond issue. The net revenues and in
come OF such revenue producing utility
shall be determined and certified by
the Board and approved by the State
Auditor or the Supervisor of Public
Accounts. Said Board may also with
the approval of the Governor borrow
money and issue bonds to refund
bonded Indebtedness heretofore incur
red or hereafter to be incurred and ma
turing and becoming payable within
one year of the date of such refunding.
All bonds issued under the foregoing
provisions, except as otherwise ex-
pressly provided, shall run not more
than fifty years from date, shall be
issued In serial form. payable in annual
tnstallments, commencing not more
than ten QO) years from date, the
amount payable each year for prin-
cipal and interest to be as nearly equal
as practicable, but annual installments
OF principal may be fixed at Five Thou
sand Dollars tS5,000) or the nearest
thereof Rounding bonds g.
sued hereunder shall be payable in an
nuaf instailments commencing not more
than one year from date. All of the
said bonds shall have the same eXemp-
ton from taxation, and the same priv
ilege of registration and release from
registration. and the same eligibility
flcers or any of it's political subdi-
visions or municipalities, as was
granted by Article 321 of the Constitu-
ton to the bonds therein authorized.
Tutors of minors and curators of in
terdicts shall be authorized to invest
the funds in their hands in any of such
bonds. Nothing herein contained shall
affect the power of said Board to issue
bonds for the construction of the nav
igation canal under the ordinance and
secured by the mortgage heretofore
made and executed. and said Board 10
authorized to carry into full effect said
ordinance and mortgage and to issue
and sell for canal purposes the re-
mainder of bonds thereby authorized,
the contracts made with the Board of
Levee Commissioners of the Orleans
Levee District under date of June 29th,
1918, February 18th, 1919, November
l4th, 1919, and the contract made with
the City of New Orleans under date of
August 18th, 1918, through the Belt
Railroad Commission to carry into
effect Act No. 3 of 1918 in relation to
said Navigation Canal are hereby rati-
fed and confirmed. Said Board shall
have the power to lease for manufac-
turing, commercial and business pur-
poses, lands acquired for said canal
Such leases may run for a term not
exceeding twenty years at fixed
rental without any provision for re-
newal, readjustment or reappraisement,
but may run for a term not exceeding
ninety-nine (S9) years, provided they
shall contain a clause or clauses for
reappraisal of the premises and a re-
adjustment of the rental at intervals
not exceeding ten (10) years after the
expiration of the first twenty-year
period. In the event that the said
Board and the lessee cannot agree upon
the readjustment and reappraisement,
they each shall appoint an arbitrator
who shall have the powers of amicable
compounders to whom the matter shall
be referred for decision, and in case of
disagreement they shall appoint an UNI
pire and decision of any two shall be
binding upon the parties. Said Board
may also construct warehouses, ele-
vators, and other buildings and i'm
provements upon the said canal, but
the revenues from the navigation canal
shall be kept separate from the other
enues shall be deemed 10 include
rentals of all lands leased upon the
canal, lock charges, and charges for
passages through the canal If the
Board shall construct warehouses ele-
vators and other buildings or improve
ments for public purposes on canal |
lands, the rental value of the site there
of shall be fixed by appraisers ap-
Fn
from such warehouses. elevators and |
other buildings or improvements shall !
be charged with the payment of such |
rental value into the canal fund. The |
canal fund shall be applied first in the /
operating expenses of the canal and the |
maintenance thereof, and thereafter in |
payment of the principal and interest /
of the canal bonds, and in the reduc- |
ton in the manner provided in said |
ordinance of the payments and contri- |
buttons by the City of New Orleans
through the Belt Railroad Commission |
and by the Board of Bevee Commits
sioners of the Orleans Levee District |
If warehouses, elevators and other |
buildings or improvements be con-
strueted or acquired by said Board |
upon canal lands Sby the use of moneys I
other than the proceeds of the said |
canal mortgage, the receipts from such |
warehouses. elevators and other build
ings or improvements after the pay
ment of the rental value to the canal !
fund, shall be deemed general reve-
nues of the Port. The interest on all |
bonds issued hereunder shall be paid
semi annually by the Treasurer of the
State of Louisiana at his office, and
at any other place or places within or
without the State designated in the
bonds. Said Board shall place on de- /
posit with the Treasurer of the State
to the credit of an account or accounts
to be. known as Interest Accounts, in
such manner as may be provided in the
to issue the bonds an
amount equal to The interest on an
bonds that may have been delivered !
Said Treasurer is hereby empowered
and directed. and it is made his duty,
to pay or provide for the payment Of
all interest that may become due upon
said bonds. Said Board shall in addi-
ton in each year when any of said
bonds become due and payable deposit
with the Treasurer of the State of
Louisiana, to the credit of an account
Or accounts to be known as Redemption
Accounts. the amount of all bonds ma
turing or becoming payable, and IL
shall be. the duty of said Treasurer to
pay or provide for the payment of such
bonds. Such deposits shall be made
with the state Treasurer in timely sea-
son for the payment of such principal
and interest apd not less than thirty
moneys become payable. 1t shall be
me dnty OF said Treasurer to collect
such deposits as aforesaid, and in case
't failure on the part of said Board to
make said deposits in an amount suf-
lclent to provide for the payment of
interest due or to become due, and for
ne redemption of the bonds the said
Treasurer is hereby empowered and di-
'ected, and 1t is made his duty, to
,ollect the charges and revenues of
ne Port and to apply the same after
'roVIolns Tor necessary operating ex-