The Bienville Democrat. [volume] (Arcadia, Bienville Parish, La.) 1912-1980, 1920-09-02

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day in November, 1920, to-wit:
The Board of Commissioners of tn
Port Of New Orleans shall. except a
otherwise herein changed and amended
have and exercise all powers now con
feFred upon them by Constitution 4
! Amendment, Additional power an
Jurisdiction may be conferred by Act o
the Legislature. Said Board shall haY
full power and authority to construct
extend and improve works for Por
purposes within the limits of the Port
! including wharveS, docks warehouses
/ grain elevators locks, slips, laterals
! basins and other structures and I'm
| provements, and may dredge shipways
| channels, slips. basins and turning
/ basins in the Mississippi River. SaiC
| 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 anC
! the Auditor of the State, for its public
| purposes, borrow on notes for tenn
| porary loans, payable within one year
| an amount not exceeding Five Hundred
/ Thousand Dollars ($500,00O) at any one
| time outstanding, and may in addition
collection of charges for wharfage
foliage, storage service and other
charges which have been actually
earned but have not yet been re-
ceived. With the approval of the Gov
ernor of this State, it may for public
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 of Six
Million Five Hundred Thousand Dollars
(S6,500, 6001. Said board may, with the
approval of the Governor, and for like
purposes, borrow other and further
sums and issue bonds in the manner
following: When the Board shall have
asCertained and certified in writing to
the State Auditor or the Supervisor of
Public Accounts the 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 prin-
Cipal 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
may 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
to such net revenues of the preceding
fiscal years as certified to the State
Auditor or the Supervisor Of Public
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 t0-he incurred and ma
turing and becoming payable within
one year of the date Of such refundlng,
All bonds issued under the foregoing
except as otherwise eX-
pressly provided, shall run not more
than fifty years from date, shall be
issued in serial form, payable in annual
commencing not more
than ten COY years from date, the
amount payable each year for prin-
cipai and interest to be as nearly equal
as practicable, but annual installments
Of principal may be fixed at Five Thou
sand Dollars ($5,000) or the nearest
thereof. Rsfunding bonds is !
sued hereunder shall be payable in an
nual installments commencing not moro
than one year from date. All of the
said bonds shall have the same exemp-
ton from taxation, and the same priv
llege of registration and release from
for deposit with the State or its Of |
fcers or any of its political subdi-
visions or municipalities, as was |
granted by Article 321 Of the C0nstitu- |
ton to the bonds therein authorized |
Tutors of minors and curators of in |
.erdicts shall be authorized to invest |
the funds in their hands in any of such !
ponds. Nothing herein contained shall |
affect the power of said Board to issue
ponds for the construction of the nav
cation canal under the ordinance and
secured by the mortgage heretofore
made and executed, and said Board is
authorized to carry into full effect said
ordinance and mortgage and to issue
Ind sell for canal purposes the re-
nander of bonds thereby authorized,
md said ordinance and mortgage and
he contracts made with the Board Of
Ievee Commit SSionerS Of the Orleans
4evee District under date of June 10Th,
91S, February 26th, 1913, November
4th 1919, and the contract made with
he City of New Orleans under date Of
August 18th, 1918, through the Belt |
railroad Commission to carry into
fleet Act No. of 1918 in relation to
aid Navigation Canal are hereby rati
ted and confirmed. Said Board shall
ave The power to lease for manufac-
uring, commercial ana business pur-
'oses, lands acquired for said canal.
uch leases may run for term not
Exceeding twenty years at fixed
entail without any provision for re-
eWal, REIMBURSEMENT or reappraisement,
ut may run for term not exceeding
(99) years. provided they'll
hall contain clause or clauses for I;
appraisal of the premises and a re-
dtustment of the rental at intervals
OF exceeding ten {l0) years after @thei ;
EXPIRATION OF the first twenty year
eriod. In the event that the said :
,oard and the lessee cannot agree upon
be readjustmept and reappfaisement, II
hey each shall appoint an arbitrator
tho shall have the powers of amicabie S
to whom the matter shall
e referred for decision and in case of
they shall appoint an UNI
ire and decision of any two shall be
hiding upon the parties. Said Board {
lay also construct warehouses, ele- {
ators, and other buildings and inn &
rovements upon the said canal, but d
ne revenues from the navigation canal /
hall be kept separate from the ether /
evenues of the Port. Such canal rev. [
nues shall be deemed to include
entails of all Leads leased upon the t
anal, lock charges, and charges for !
assages, through the canal. If the {
GARD shall construct warehouses, ele- k,
ators and other buildings or improve q
tents for public purposes on canal S
nds. the rental value Of the site there t
shall be fixed by appraisers ap- !
1inted by said Board and the receipts c
ON such warehouses elevators and /
her buildings or improvements shall t
8 charged with the payment of such .
ental value into the eanal Fund The /
NAL fund shall be applied FIRST in the 4
Derating expenses of the canal and the t
thereof, and thereafter in t
lyment of the principal and interest p
the canal bonds, and in the reduc- t
on in the. mannerS provided In said a
'dinance Of the payments and contri- f
atoms by the City Of New Orleans h
rough the Belt Railroad Commission b
I'd by the Board OF tTlevee Commits h
0ners of the Orleans Levee District d
WAREHOUSES; elevators and other @
lildings or improvements be con- f