St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-09-18

canal. Such leases may run for {
term not exceeding twenty years q
a fixed rental without any provisiol
for renewal, readjustment Or reap.
praisement, but may run for a terll
not exceeding ninety-nine (99) years
provided they shall contain a clause
or clauses for reappraisal of tue
premises and readjustment of tn
rental at intervals not exceeding ten
| (10) years after, the expiration .
the frs twenty year period. In tha
event that the said Board and tn /,
lessee cannot agree upon the rea
justment and reappraisement, 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, al |
case Of disagreement they shall,
appoint an umpire and decision Of
any two shall be binding upon the
| parties. Said Board may also Goa
! struct warehouses, elevators, and
| other buildings and Improvements
| upon the said canal, but the revenue ;
from the navigation canal shall be
Z
nues of the Port. Such canal revt-
nues shall be deemed to include
rentals of all lands leased upon tho
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 the
site thereof shall be fixed by the ap-
praisers appointed by said Board anu
the receipts from such warehouses,
elevators and other buildings or I'M
proven ents shall be charged with
the payment of such rental value
into the canal fund. The canal funI
shall be applied first in the operating
expenses of the canal and the MAN.
tenance thereof, and thereafter N
payment Of the principal and Id
terest Of the canal bonds, and in tn,
reduction in the manner provided III
said ordinance Of the payment and
contributions by the City Of New Or
leans through the Belt Railroa
Commission and by the Board IF
Levee Commissioners Of the Orleans
Leves District. If warehouses, ele-
yators 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 lon all bonds
issue1 hereunder shall be paid semi
annually by the Treasurer of tho
State Of Louisiana at his Office, an
at any other place or places with n
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 IA 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 &C.
count or accounts to be known as
Redemption Accounts, the amount
of all bonds maturing or becoming
payable, and 1t shall be the duty IF
said Treasurer to pay or provide 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
tere3t 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
sufficient to provide for the
payment of interest due or to be-
come due, and for the redemption IT
the bonds, the said Treasurer Is
hereby empowered and directed, and
1t is made his duty, to collect the
charges and revenues Of the Port
and to apply the same, after provl1-
ing Cor 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 be
necessary, the said Treasurer is here
by authorized to exercise all the
powers and duties vested in the
Boarl 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 ths
shall countersign all bon Is
hereafter issued. The Board may
acquire real and personal property
subject to mortgage or other Hen
and make or execute purchase money
or property acquired. |
Nothing herein contained shall pre-
jud &c 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
a segregation of such revenues as are
applicable to his bonds under said
ordinance and mortgage or oth9:
covenant of his bonds. This amend
ment shall not repeal any statutes
enacted, except insofar as
herewith.
Section q Be 4 further resolved.