The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1920-10-16


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
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. 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-
pointed by said Board and the receipts
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 Levee Commits
sioners of the Orleans Levee District.
If warehouses. elevators and other
buildings or improvements be CON
structed or acquired by said Board
upon canal lands by the use of moneys
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
without the State designated i'll the
bonds. Said Board shall place de-
post 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 III the
proceedings TO issue the bonds, an
amount equal TO the interest on all
bonds that may have been delivered
Said Treasurer is hereby empowered
and directed and 1t 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 add
tion 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 it
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 and not less than thirty
500 days before the date when any
moneys become payab BILE. y1t shall be
the duty of said Treasurer to collect
such deposits as aforesaid and in case
of failure on the part of said Board to
make said deposits in an amount sut-
hcient to provide for the payment of
interest due or to become due, and for
the redemption of the bonds. the said
Treasurer is hereby empowered and di
rected, and it is made, his duty, to
collect the charges and revenues of
the Port and to apply the same. after
providing for necessary operating ex
penses and any prior charges to the
payment of the principal and interA'
of the said bonds. and for that pur-
pose and for such time as may be
necessary, the said Treasurer is hereby |
authorized to exercise all the powers |
and duties vested in the Board of Com |
mi ssoners OF the Port of New Orleans. |
The accounts of said Board a De- |
partment of State shall be subject to |
audit and Investigation by the State
Auditor or Supervisor of Public Ac- |
counts. and the auditor shall counter |
sign all bonds hereafter issued. The !
Board may acquire real and personal |
property subject to mortgage or other
lien and may make or execute pur- |
chase money mortgages or property |
acquired. Nothing herein contained |
shall prejudice the right of the holder |
of any bonds of the Port now outStand- |
ing. or that may be issued under the |
ordinance and mortgage heretofore |
made and executed for canal purposes |
to segregation OF such revenues al |
are applicable to his bonds under said |
ordnance and mortgage or other COW
enant of his bonds. This amendment |
shall not repeal any statutes hereto
fore enacted. except insofar as incon- |
slstent herewith.
Section >. Be it further resolved
etc, That on the official ballots to be
used at said election shall be placed |
the words, For the proposed amend
ment to the Constitution giving addi-
tlonal powers to the Board of Commits
sioners of the Port of New Orleans in
the financing and control of the prop
erty under it's administra ton" and the
words. Against the proposed amend
ment to the Constitution giving addi-
tiOnal powers to the Board of Commits
sioners of the Port of New Orleans in
the financing and control of the prop
arty under it's administration and
each elector shall indicate his vote for
provided in the general election laws
Of the State.
r. r. WALKER.
Speaker-of the House Of Representa-
tives.
HEWITT BOUANCHAUD,
Governor and President OF
the Senate.
Approved: July 7, 1920.
JNO. NJ. PARKER,
Governor of the State of Louisiana.
A true copy:
JAMES j. BAILEY,
Secretary of State.
ACT NO. $40.
House Bill No. 2S6-By Mr.. Schell.
JOINT RESOLUTION.
an amendment to Article 400
of the Constitution of the State of
relative to pensions for Confederate
Veterans.