The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1920-10-09

nue. producing wharf, dock, warehouse.
elevator or other structure to be acquir-
ed by said Board by purchase or expro-
priatlon from the proceeds of such bond
issue. The net revenues and income 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
incurred or hereafter to be incurred ana
maturing and becoming payable within
one year of the date of such refunding.
All bonds issue1 under the foregoing
provisions. excent as otherwise expressly
provided shall run not more than fifty
years from date. shall be issued in serial
form, payable il, annual installments-
commencing not more than ten I0) years
from date, the amount payable each
year for principal and interest to be as
nearly equal as practicable. but annual
installments of principal may be fixed at
Five Thousand dollars $4,000 or the
nearest multiple thereof Refunding bonds
issued hereunder shall be payable in an
than one year from date. All of the said
bonds shall have the same exemption
from taxation, AMI the same privilege of
registration and release from regis
tratiOn and the same eligibility for
deposit with the State or it's officers or
any of It's political subdivisions or NUM-
cipalities. as was granted by Article 32l
of the Constitution TO the bonds therein
authorized. Tuto's of minors and cura-
tors Of inter1icts 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
isuue bonds for the construction of the
navigation canal under the ordinance and
secured by the mortgage heretofore made
and executed. and said Board is author
lied to carry into full effect said ordi-
nance and mortgage and to issue and
sell for canal purposes the remainder OF
bonds thereby authorized, and said or
dnance and mortgage and the contracts
made with the Beard of Levee Commits
sioners of the Orleans Levee District un,
der date of June 18th. 1918. February 2sth,
1919 November 18th. 1919, and the con-
tract made with the City OF New Orle-
through the Bel Railroad Commission
to carry into effect Act No. of 1918 IN
relation to said Navigation Canal are
hereby ratified and confirmed Said Board
shall have the power to lease for manu-
featuring. commercial and business pur-
poses, lands acqri, ed for said canal. Such
leases may run tor term not exceeding
twenty years at a fixed rental without
any provision for renewal readJustment
or reappraisement, but may run for
term not exceeding ninety nine (99) years.
provided they shall contain a clause or
clauses for reapprf.isal of the premises
and readjustmert of the rental at in
tervals not exceeding ten 00) years after
the expiration Of the first twenty year
period. In the evcn1 that the said Board
and the lessee cannot agree upon the re.
adjustment and reappraisement, they each
shall appoint an arbitrator who shah have
the powers of amcahle eompounders to
whom the matter shall be referred fo1
decision and IN case of disagreement
they shall appoint an umpire and de-
cision of any two shall be binding upon
the parties. Said Board may also con-
struct warehouse elevators. and other
buildings and improvements upon the sat0
canal, but the revenues from the navigas
ton canal shall bS kept separate from the
other revenues OF the Port. Such canal
revenues shall re deemed to include
rentals Of all lands leased upon the canal,
lock charges, and charges for passages
through the canal. If the Board shall
construct warehouses. elevators and
other buildings or improvements for pub
l,o no oil
ue of the site thereof shall be fixed by ap-
praisers appointed by said Board and the
receipts from SUI, warehouses, elevators
and other buildings or improvements shall
be charged with the payment Of such rent.
al value into the canal fund. The canal
fund shall be applied first in the operating
expenses of the canal and maintenance
thereof. and thereafter in payment Of the
principal and interest of the canal bonds.
and in the reduction in the manner pro-
vided in said ordnance of the payments
and contributions by the City of New Or
leans through the Eelt Railroad Commits
sion and by the Board of Levee Commits
sioners of the Orleans Levee District. If
warehouses, elevators and other buildings
or improvements be constructed or ac-
quired by said Board upon canal lands by
the use of moneys other than the proceeds
of the said canal mortgage. the receipts
from such warehouses, elevators and 9th
er buildings or improvements after the
payment of the rental value to the canal
fund. shall be deemed general revenues
of the Port. The Interest on all bonds is
sued hereunder shall be paid semi an
nually 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 deposit with the