The Era-leader. [volume] (Franklinton, La.) 1910-current, 1920-09-30
Congressional election to be held on

Congressional election to be held on
the first Tuesday after the first Mon
day in November, 1920. to-wlt:
The Board OF Commissioners of the
Port OF New Orleans shah. except as
otherwise herein changed a:id amended.
have and exercise all powers now con-
ferred upon them by Constitutional
Amendment. Additional power and
Jurisdiction may be conferred by Act Of
the Legislature. Said Board shall have
1ull power and authority to construct,
extend and improve works for Port
purposes within the limits OF the Port.
including WharveS, docks. warehouses,
gram elevators. locks. slips. latcrals.
basins and other structures and i'm
provements. and may dredGe shipways.
channels, slips. basins and turning
Board may without further Legislative
enactment borrow money and issue
notes and bonds under the following
conditions and not otherwise: 1: may,
with the approval of the Governor and
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 (35O0,0OO) at any one
time outstanding. and may in addition.
borrow money in anticipation OF the
collection Of charges for wharfage.
foliage. storage service and other
charges which have been actually
ceived. With the approval of tho 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
a4d Issue bonds to the amount Of Six
MILLION Five Hundred Thousand Dollars
t}s,6o0,000). 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-
Opal and interest of It's 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
not revenues for the two fiscal years
Immediately preceding as shown by
said ceftfHtdto. AHe L.oato may reu
to suoh 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. Gle:
vator or other structure to be ACQUIRED
by. said Board by purchase or expro,.
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 incnr'
red or hereafter to be incurred and MI.
turing and becoming payable within
one year Of the date Of such refGhdins.
All bonds issued under the foregoing
provisions, except as otherwise ex.
pressly provided. shall run not more
than fifty years from date. shall be
issued In serial form, payable IN annual
installmehts; commencing not more
than ten nol Year, n from rom date eas IN she
cipal and interest to be as nearly equal
as practicable. but annual installments
Of principal may be fixed at Five Thou.
sand Dollars is5,o0O) or the nearest
multiple thereof. Refundins 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 tho same priv
ilegs Of registration ana release from
tor deposit with the state or Its Of
ficars or any Of It's political subdi.
visions or municipalities, as was
tion to the bonds therein authorized
Tutors of minors and curators Of In.
terdicts shalt 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 tho nav:
igation 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
and sell for canal purposes the re-
mainder Of bonds thereby authorized.
and said ordinance and mortgage aAd
the contracts made with the Board OF
Levee .Comnissioners OF ths orleans can
1S1S, February 2eth, 1919, November
18th, 1919, and the contract made with
the City Of New Orleans under date Of
Asgsst 18th. 1918. through the Belt
Railroad Commission to carry into
effect Act No. of 1918 In, relation to
said Navigation Canal are hereby tG r rat
have the power to lease for manufnc-
turing, commercial and business Qur-
poses, lands acquired for said canal.
Such leases may run for term not
exceeding twenty years at a fixed
rental without any provision for re-
newal, REIMBURSEMENT or reappraisement.
but may run for a term not exceeding
ninety.nine (9p) years, provided they
shall contain a clause or clauses for
! rcappraisal of the premises and re-
adjustment Of the rental at Intervals
not exceeding ten t10) years after the
| expiration OF the first twenty-year
period. In the event that the said
Board and the lessee cannot agree upon
| the REIMBURSEMENT and rsappraisement,
they each shall appoint an arbitrator
compounders to whom the matter shall
| be referred for 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, ele-
vators, and other buildings and i'm
provements upon the said canal, but
the revenues from the navigation canal
shall be kept separate from the other
enues shall be deemed to include
rentals Of all lands leased upon the
canal. lock charges. and charges tor
passages, through the canal II the
board shall construct warehouses, ele.
vators and other buildings OF improve.
msnts fer 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 feceipts
| from such wafehsuses elevators and