New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-09

Congressional election to be held on
the nrst 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
ferred upon them by CONSTITUTIONS,
Amendment. . Additional power ana
Jurisdiction May be conferred by ACT OF
the Legislature Said Board snail nave
extend and improve works TOT foIt
purposes within the limits OF the Port
including wharves, docks, warehouses
grain elevators, locks, slips, laterais
basins and other structures and I'M
provements, and may dredge shipWays'
channels, slips, basins and turning
basins in the Mississippi River Sald
Board may without further leglslauVe
enactment borrow money and issue
notes and bonds under the following
conditions and not otherwise: II may;
the Auditor of the State, for it's public
purposes. borrow on notes Tor tenn
porary loans. payable within one year;
an amount not exceeding Five hundred
time outstanding, and may in ada ton,
borrow money in anticipation OF the
collection of charges for Wharfage
foliage, storage service and otner
earned but have not yet been re-
ceived. With the approval of the GOV
ernor of this State, 1t may for pubic
purposes other than the payment OF
current expenses of the funding OF IN
debtsdness incurred or to be incurred
for current expenses, borrow money
and issue bonds to. the amount or SIX
Million Five Hundred Thousand Dollars
($6, 500, 000). Said board may, with the
approval of the Governor, and for IKE
purposes. borrow other and further
sums and issue bonds in the manner
following: When the Board shall have
n ia Al nd
the State Auditor or the supervisor or
Public Accounts tho amounts OF rev.
enue and income of the Port for the
two fiscal years Immediately preceding
after deducting therefrom the amount
Of operating and maintenance charged
and expenses, and all sums payable
during said year upon maturing prln-
cipal and interest of its bonded debt
and the State Auditor or the Supervisor
of Public Accounts shall have Verined
and approved said certificate, the Board
may borrow money and issue bonds 70
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
to such net revenues of the preceding
fiscal years as certified to the State
Auditor or the Supervisor or Pubic
Accounts, the net Income and revenues
for such years of any revenue pro-
ducing wharf. dock, warehouse. ele--
vator or other structure to be acquired
by said Board by purchase or expro-
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 nifty years from date, shall be
issued in serial form, payable In annual
installments, commencing not more
than ten (i0) years from date, the
amount payable each year for prin :
cipal and interest TO be as nearly equal
as practicable. but annual instaliments
of principal may be fixed at Five Thou
sand Dollars ($5,o0ol. or the nearest
multiple thereof. Refunding bonds is
sued hereunder shall be- payable in an
nuai fnstallments commencing not more
than one year from date. All OF the
said bonds shaii have the same exemp-
ton from taxation. and the same, priv
ilege Of registration and release from
registration. and the same eligibility
for deposit with the State or Its Of
ficers or any OF its political subdi-
visions or municipalities, as YVES
ton to the bonds therein authorised.
Tutors of minors and curaters 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 constructors of the nav
igation canal under the ordinance and
secured by the mortgage hsretofore
made and executed. and said Board IL
authorized to carry into full effect said
ordinance and mortgage and to issue
and sell for canal purposes rthe re-
mainder of bonds thereby authorized,
and said ordinance and mortgage and
the contracts made with the Board OF
Levee Commissioners of the Orleans
Bevee District under date ef June 10Th
1918. February 2sth, 1919, november
the City of New Orleans under date OF
August 16th,ts 1919 through the Belt
Railroad Commission to carry into
effect Act No of 1918 in relation to
said Navigation Canal are hereby rati-
ned 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 term not
exceeding twenty years at a nxed
rental without any provision for re-
newal, readjustm snt or reapprafsement.
but may run fora term not exceedir s
ninety-nine (99) years, provided tn, !
shall contain q clause or clauses for
reappraisal of the premises and 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 reimbursement 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
proyements upon the said canal, but
the revenues from the navigation canal
shall be kept separate from the other
revenues of the Port. Such canal rev.
enues shall be deemed to include
rentals of all lands leased upon the
canal lock charges and charges for
passages, through the canal. II the
Board shall censtru& warehouses, ele-
vators and other buildings or improve
Inents for public purposes on canal
lands, the rental value of the site there
of shall be fixed by appraisers ap-
pointed by said Board and the receipts
from such warehouses; elevators and
ether 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