The Natchitoches enterprise., 1920-10-28

1
otherwise herein changed and amended
have and exercise all powers now con
ferred upon them by Constitutions
Amendment Additional power AM a
the Legislature. Said Board shall hav'
full power and authority to construct
extend and improve works for Por
purposes within the limits of the Port
grain elevators. locks, slips, laterals
basins and other structures and i'm
provements. and may dredge shipways
n sbs SLIPS a1d Rver sa
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 and
the Auditor of the State. for it's public
purposes, borrow on notes for tenn
porary loans. payable within one year
| Thousand Dollars ($500,000) at any one
time outstanding. and may in addition
borrow money in anticipation of. the
oasa OF charges s1cs for asd
charges which have been actually
earned earned . bpt have not yet been re-
ceived. With the approval Of the Coy
i purposes other than the payment Of
| current expenses of the funding of in
| debtedness incurred or to be incurred
! for current expenses, borrow money
Million Five Hundred Thousand Dollars
LNsLo0,o00). 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 10
/ the State Auditor or the Supervisor OF
Public Accounts the amounts OF rev
two fiscal years Immediately preceding.
| after deducting therefrom the amount
| OF operating and maintenance charged
| and expenses. and all sums payable
| cfpal 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 10 not in excess of the average
net revenues for the two fiscal years
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, els-
vat0r or other structure to be acquired
by said Board by purchase or expro-
bond issue. The net revenues and in
come Of such hrevenue-producing utility
shall be determined and certified by
the Board and I'd. approved BY the stats
Accounts. said Board may also with
the approval of the Governor borrow
money and issue bonds to refund
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
pressly provided, shall run not more
than fifty years from date, shall be
issued in serial form, payable in annual
installments. commencing not more
smonnt payable each year for prin-
a. p1 practicasls. M BUT = ANIMAL n inssal llmssnts sn
s sFi9ssRssa baPsl, sZ e$ S5ss S. = e:
multiple thereof. Refunding bonds is-
sued hereunder shall be payable In an
nuAl installments commencing not more
said bonds shall have the same exemp-
ton from taxation, and the same priv
ilege of registration and release from
registration. and the same eligibility
ficcrs or any of its political subdi.
visions or municipalities. az was
granted by Article 321 OF the Constitu-
ton to the bonds therein authorised.
Tutors of minors and curators Of in.
terdicts shall De authorized to inyest
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 construction OF the nav
iSation canal under the ordinance and
secured by the mortgage heretofore
made and executed, and said Board is
authorized to casry into tull effect said
ordinance and mortgage and to issue
and sell for canal purposes the re-
mainder of bonds thereby authorized,
and said ordinance and mortgage and
Levee Commissioners Of the Orleans
Levee District under date Of June 29th.
1918 February 26th, 1914, November
18th, J21a, ana the contract made with
c s s'Y ,i: uaa'F the asi
Railroad Commission to carry Into |
effect Act No. OF 1913 In relation to !!
said Navigation Canal are hereby rati-
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 |
rental without any provision for re-
newal, readtuStment or reappraisement, |
but may run for term not exceeding |
ninsty.ni1s n as n tss Esars' provided wi they
reappraisal Of the premises and q re-
not exceeding ten ao) years after the
expiration Of the farst twenty-year |
Board and the lessee cannot agree upoa |
the readjustment and reappraisement. /
they each shall appoint an arbitrator I
who shall have the powers Of amicahle
70 whom the matter shall |
be referred for decision, and In case Of |
they shall appoint an um-
pire and decision OF any two shall be I
binding upon the parties. Said Board
vators. and other buildings and inn
provements upon the said canal. but
the revenues from the navigation canal /
.haii Be kept separate from the other
snuss shall be deemed to include
rentals Of all lands leased upon the |
canal. lock charges. and charges for
passages. through the canal. II the
vators and other buildings or improve.
InentS fUr public purposes on canal /
lands, the rental value of the site there
Of n - ss .s s1ss sa. y .aR aP
from such warehouses, elevators and
other buildings or improvements shall
be charged with the payment Of such
rental value into theFcanal fund. The
operating expenses Of the canal and the I
thereof. and thereafter In Il
payment Of the principal and Interest
of the canal bonds end IN. the reduc-
m nn and e cons4 sa1a
bUfiQn4 ey the City OF New Orleans !.
lhfau1h the Belt Railroad Commies!on I
snd By the Board Of Leyes Coramis-
e warehouses. elevators and other
buildings or improvements Be con-
Itructed or acquired BY said Board
upon canal landssby the use of moneys 1
anal mertsass. de receipts = from snn sacS ua.S
warehouses, elevators and other buiId-
!ngs or improvsmsats, after the pay
ment Of The ysA1el value 70 the canal
i 81 Fort Tss isssssst on rssi .i
6onds issued hereunder shall ID nstS