St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-09-25

| JuStmenL ana reappralSement, they
each shall appoint an arbitrat u
who shall have the powers of ami
cable ccmpounders to whom the mat
ter shall be referred for decision, an
n case of disagreement they shall.
| appoint an umpire and decision of
any two shall be binding upon the
parties. Said Board may also Goa
struet warehouses, elevators, and
other buildings and Improvements
upon the said canal, but the revenues
| from the navigation canal shall be
kept separate from the other reye-
nues of the Port. Such canal reve-
nues 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,
elevators and other buildings or i'm
provements for public purposes IN
| canal lands, the rental value of toe
site thereof shall be fixed by the APP
praisers appointed by said Board and
the receipts from such warehouses,
elevators and other buildings or I'M
proVements shall be charged with
the Payment of such rental valut
into the canal fund. The canal fund
shall be applied first in the operating
expenses of the canal and the nam
tenance thereof, and thereafter in
payment Of the principal and ID
terest of the canal bonds, and in the
reduction in the manner provided Ill
said ordinance of the payment and
contributions by the City of New Or
leans through the Belt Railroa
Commission and by the Board Of
Levee Commissioners Of the Orleaus
Leves District. If warehouses, ele-
vators and other buildings or I'M
prove1aents be constructed or acquir-
ed by said Board upon canal lands
by the use of moneys other than the
proceeds of the said canal mortgage,
the receipts from such warehouses,
elevators and other buildings or in
proVements after the payment of the
rental value to the canal fund, shall
be deemed general revenues of the
Port. The interest on all bonds
issue1 hereunder shall be paid semi
annually by the Treasurer of the
State of Louisiana at his Office, AMI
oS any oChCA p1oNO VI p1dICS Will i
or without the State designated by
the bonds. Said Board shall place
on deposit 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 in 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, AMI
it is made his duty, to pay or pro-
vide for the payment of all interest
that may become due upon said
bonds Said Board shall in addi-
ton in each year when any of said
bonds become due and payable, de-
post with the Treasurer of the State
Of Louisiana, to the credit of an ac-
count Or accounts to be known as
Redemption Accounts, the amount
of all bonds maturing or becoming
payable, and it shall be the duty III
said Treasurer to pay Oraprovide for
the payment. Of such bonds. Such
deposits shall be made with the State
Treasurer in timely season for the
payment Of such principal and In
tere5t and not less than thirty 500
days before the date when any mon
eys become payable. 1t 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 sufficient to provide for the
payment of interest due or to be-
come due, and for the redemption II
the bonds, the said Treasurer Is |
hereby empowered and directed, and |
it Is made his duty, to collect the
charges and revenues of the Port !
and to apply the same, after provll-
ing FOR necessary operating expenses
and any prior charges, to the pay
ment of the principal and interest |
of the said bonds, and for that pur-
pose and for such time as may De |
necessary, the said Treasurer is here |
by authorized to exercise all the |
powers and duties vested in the |
Board of Commissioners of the Port |
of New Orleans. The accounts o.
said Booard as Department of State |
shall be subject to audit and invest !
CATION by the State Auditor or Sup |
ervisor OF Public Accounts, and thu |
Auditor shall countersign all bon Is |
hereafter issued. The Board may |
acquire real and personal property
subject to mortgage or other lien |
and make OR execute purchase money |
or property acquired. |
Nothing herein contained shall pre-
JUDGE the right Of the holder Of any
bonds of the Port now outstanding,
or that may be issued under the ordi
nance and mortgage heretofore made |
and executed for canal purposes to
q segregation of such revenues as are
applicable to his bonds under said /
ordinance and mortgage or oth9c
covenant of his bonds. This amend
ment shall not repeal any statutes
heretofore enacted, except insofar as
herewith.
Section 2. Be it further resolved,
ETC., hat on the official ballots to b.
used at said election shall be placed |.
the words, "For the proposed
to the Constitution Civ
ing additional powers to the BoarI |
of Commissioners of the Port of New
Orleans in the financing and control
of the property under it's admins
tration," and the words, Against
the proposed amendment to the Con
stitution giving additional powers to
the Board of Commissioners Of the |
Port of New Orleans in the financ-
ing and control of the property I'M
der itc ad min stPation " and nach |