The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-09-18

purposes. borrow other and farther
sums and issue bonds in ehe manner
following: when the Board shall have
ascertained and certified In writing 70
the State Auditor or the supervisor q
Public Accounts the amounts OF rev
enue and income OF the Port TOT nc
two fiscal years Immediately preceding,
after deducting therefTorn the amour!
OF operating and maintenance chIa 80
and expenses. and all sums PaysUe
during said year upon maturing prih-
ripal and interest of its Bonded dept
and the State Auditor or the supervisor
of Public Accounts shall have NtT Int9
and approved said certificate. the Boaro
msy borrow money and issue bonds 70
an amount the annual interest upon
which is not In excess OF the average
net revehues for the two hscGl years
immediately preceding as SHOWN by
said certificate. The Board may add
70 such net revenues of the preceoihs
fiscal years as certified TO the STATE
Auditor or the Supervisor OF fuouc
Accounts, the net income and revenues
for such years Of any revenue pro-
ducing wharf dock. warehouse eIe.
vator or other structure TO De aequIreu
by said Board by purchase or eNpro-
priation from the proceeds OF such
bond issue. The net revenues and IN
come of such reyenue-producing uuhty
snail be determined and certified oy
the BOARD and approved by the State
Auditor or the Supervisor OF Publ9
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 to be incurred and ma
turing and becoming payable WITHIN
one year of the date Of such reiundins:
provisions. except as otherwise ex-
pressIy provided, shall run not more
! than fifty years from date, shall be
| issued in serial form, payable In annual
instaliments. commencing not more
than ten G0) years from date, the
amount payable each year for prin,
cipal and interest 10 be as nearly equal
as practicable, but annual installments
| Of principal may he fixed at Five Thou
sand Dollars $4,000 or the nearest
| multiple thereof. Refunding bonds is-
sued hereunder shall be payable In an
nuai instslIments commencing not more
than one year from date. All OF the
| said bonds shall have tue same exemp-
! ton from taxation, and the same priv
| lege of registration and release from
! reg istration. and the same eligibility
| for deposit with the State or its Of
| fcers or any OF It's political suhdi-
granted by Article 32l of the Constitu-
ton to the bonds therein authorized.
Tutors of minors and curators OF In
| terdicts 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 issue
| bonds for the construction OF the nav
| igation canal under the ordinance anu
L
| made and executed. and said Board 10
authorized to carry into full effect said
| ordinance and mortgage and 10 ISSUE
| and sell for canal purposes the re-
| mainder of bonds thereby authorized.
and said ordinance and mortgage and
| the contracts made with the Board OF
| Levee Commissioners of the Orleans
| Levee District under date OF juno 18TH,
1918, February 26th. 1918, November
| 18th, 1919. and the contract made with
the City of New Orleans under date OF
| August 18th, 1918, through the Belt
Railroad Commission to carry into
| effect Act No. 3 of 1918 In relation to
said Navigation Canal ars hereby rati,
aed and confirmed. Said Board shall
| turing commercial and business pur-
| poses, lands acquired for said canal
| Such leases may run for term not
exceeding twenty years at liked
| rental without any provision for re-
| newal, readjustment or reappraisement
but may run for term not exceeding
| ninety mine tss) years, provided they
! shall contain a clause or clauses for
reappraisal Of the promises and a re-
| adjustment of the rental at intervals
not exceeding ten do) years after the
| expiration OF the first twenty-year
period. In the event that the said
Board ard the lessee cannot agree upon
the REIMBURSEMENT and reappraisorlent.
| they each shall appoint an arbitrator
| who shall have the powers of amicable
compounders to whom the tier shall
| be referred fer decision, and in case of
| disagreement they shall appoint an UNI
pire and decision of any two shall be
| binding upon the parties. Said Board
may also construct warehouses. Gle
vators. and other buildings ard i'm
provements upon the said canal but
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-
! vstors ard other buildings or improve
ments for public PURPOSES on canal
lands. the rental value of the site there
q shall be fixed by appraisers APP
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 AID the
| maintenance thereof. and thereafter in
payment of the principal ard 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.
II warehouses, elevators and other
buildings or improvements be con-
structsd 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
| semiannually 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 de-
posit with the Treasurer OF the State
to the credit OF an account or accounts
such manner as may be provided in the
! proceedings to issue the bonds an
amount equal to the interest on ali
bonds that may have been delivered
Said Treasurer Is hereby empowered
| and directed, and II 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
| ton In each year when any OF said
bonds become due and payable, deposit
With the Treasurer OF the State o!
Louisiana, to the credit of an account
or accounts to be known as Redemption
tuning or becoming payable. and 1t
shall be the duty of said Treasurer to
pay or provide for the payment OF such
| oohds- Such deposits shall be made
SON for the payment of such principal
and intC~est and not less than thirty
800 days before the date when any
moneys become payable. II shall be
such deposits as aforesaid. and In case
| or failure on the part of said Board to
make said deposits in an amount suf-
hcient to provide for the payment of
the redemption OF the bonds. the said
| treasurer Is hereby empowered and di-
| rected. and IL Is made his duty to
soIiect the charges and revenues Of