St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-09-18
ACT NO. 1903.

Proposing an amendment to the Goa
stitution of the State of Louis
ana relative to the Board of Con.
missioners of the Port of Ney
: Orleans.
Section /. Be 1t resolved by tn
General Assembly Of the State o
Louisiana, two-thirds Of all member
elected to each house concurring
That the following Amendment t,
the Const tuition Of the State of Lou
isiana be submitted to the elector
of the State at the next Compression
al election to be held on the frs
Tuesday after the first Monday I
November, 1920, to-wit:
The Board of Commissioners O.
the Port of New Orleans shall, ex
cept as otherwise herein changed ant
amended, have and exercise all pow
ers now conferred upon them b,
Constitutional Amendment. Add,
ltional power and jurisdiction may be
conferred by Act of the Legislature
said board shall have full power and
authority to construct, extend and
improve works for Port purposes
within the limits OF the Port, includ
ing wharves, docks. warehouses
gra n elevators locks, slips. laterais
basins and other structures and I'M
prove nents, and may dredge ship
ways, channels, slips, basins and
turnlng-basins in the Miss .ssippi
River. Said board may without fur.
Their leg .slative enactment borrow
money and issue notes and bonds
under the following conditions AMI
not otherwise: 1t may, with the ap-
prevail of the Governor and the
Auditor OF the State, for its public
purposes, borrow on notes for tenn
| Porary loans, payable within on ;
year, an amount not exceeding Five
Hundred Thousand ($5OO,OOO) Dol
lars at any one time outstanding,
and may IN addition, borrow money
in anticipation Of the collection OF
charges for wharfage, foliage, stnr-
age service and other charges which
hav5 been actually earned but have
not yes been received. With the ap-
prevail of the Governor of the State.
it may for public purposes other than
the payment Of current expenses ~
the funding Of Indebtedness incurr-
ed or to be incurred for current ek-
pen5es borrow money and issue
bonds to the amount of Six Millica
Five Hundred Thousand Dollars
Csc, 500 ,00O). Said board may. with
the approval of the Governor ani
for like purposes, borrow other AMI
further sums and issue bonds in tue
manner following: When the Board
shall have ascertained and certified
In writing to the State Auditor or
the supervisor OF Public Accounts
the amount Of revenue and income
of tho Port for the two fiscal year.
immediately preceding. after deduct
ing therefrom the amount of operat-.
ing end maintenance charged ana
expenses, and all sums payable dur
ing said year upon maturing princ:-
pal and interest Of it's bonded debt.
and the State Auditor or the Super
visor of Public Accounts shall have
verified and approved said certificate,
the Poard may borrow money and
ISSUE bonds to an amount the an
nual interest upon which is not III
excess OF the average net revenues
for the two fiscal years Immediately
preceding as shown by said certlfi-
cate. The Board may add to such
net revenues Of the preceding fiscal
years as certified to the State Audit
tor 1r the Supervisor of Public Ac-
counts, the net income and revenues
for such years OF any revenue pro-
ducins wharf, dock, warehouse, ele-
vator or other structure to be ac-
quired by said Board by purchase
or appropriation from the proceeds
of such bond issue. The net reye-
nues and income Of such revenue
producing utility shall be determine
ed and certified by the Board AMI
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 in
debtednes heretofore incurred Or
hereafter to be incurred and matur-
ing and becoming payable within one
year. of the date Of such refunding.
All bonds issued under the forego-
ing provisions, except as otherwise
expressly provided, shall run no.
more chan fifty years from date, sha
be issued in serial form, payable In
annual installments, commencing not
more than ten (r0) years from date,
the amount payable each year for
principal and interest to be as near
ly equal as practicable, but annual
installments of principal may be fix
ed at Five Thousand ($500O) Dol
lars or the nearest multiple Thereof.
Reminding bonds issued hereunder
shall be payable IN annual install
ments commencing not more than
one year from date. All of the said
bonds shall have the same exemp-
ton from taxation, and the same
privilege of registration and reieass
from registrat ON, and the same ell,
gibiHty for deposit with the State Or
Its officers or any OF the politica!
subdivisions or municips Hties. as was
granted by Article 321 of the Con-
st tuition to the bonds therein AL
thorized. Tutors Of minors and III.
rators Of interdictss shall be author!z
ed to invest the funds in their hands
In any such bonds. Nothing here
in contained shall AFFECT the power
of said board to issue bonds for the
construction of the nav igation cana
under the ordinance and secured DY
the mortgage heretofore made and OK
ecuted, and said Board Is authorized
to carry into full effect said nrdi-
nance and mortgage and to issue and
n. fr, Il