St. Tammany farmer., 1920-08-28

featuring, commercial and business
purposes, lands acquired for sad
canal. Such leases may run for
term not exceeding twenty years 1t
a fixed rental without any provision
for renewal, readjustment Or reap
praisement, but may run for terra
not exceeding ninety-nine (99) years
provided they shall contain clause
or clauses for reappraisal Of the
premises and readjustment Of the
rental at intervals not exceeding ten
(1O years after the expiration o.
the first twenty year period. In the
event that the said Board and the
lessee cannot agree upon the rea
justment and reappraisement, they
each shall appoint an arbitrat )r
who shall have the powers of ami
cable ccmpounders to whom the mat
ter shall be referred for decision, anl
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
struct warehouses, elevators, and
other buildings and improvements
upon the said canal, but the revenues
from the navigation canal shall 5e
kept separate from the other reve-
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. IL the
Board shall construct warehouses,
elevators and other buildings or i'm
provements for public purposes on
canal lands, the rental value OF the
site thereof shall be fixed by the ap-
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 value
into the canal fund The canal funl
shall be applied first in the operating
expenses of the canal and the mann
tenance thereof, and thereafter in
payment of the principal and Ia
terest of the canal bonds, and in the
reduction in the manner provided IN
said ordinance of the payment and
contributions by the City of New Or
leans through the Belt Railroa /
Commission and by the Board Of
Leyee Commissioners of the Orleaus
Leve,s District. If warehouses, ele-
vators and other buildings or i'm
prove1aents be constructed or acquir-
ed by said Board upon canal lands
by ta1e use Of moneys other than the
proceeds of the said canal mortgage,
the receipts from such warehouses,
elevators and other buildings or in
proveme1lts after the payment of the
rental value TO the canal fund, shall
be deemed general revenues Of the
Port. The interest on all bonds
issuel hereunder shall be paid SENT
annually by the Treasurer OF the
State of Louisiana at his office, an
at any other place or places with 4
or without the State designated by
the honds 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 he 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 addl-
ton in each year when any of said
bonds become due and payable, de-
posit with the Treasurer of the State
of Louisiana, to the credit of an ac-
70 n "a
Redemption Accounts, the amount
of all bonds maturing or becoming
payable, and it shall be the duty NJ
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
terest and not less than thirty (3))
days before the date when any mo1-
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 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 provll-
| ing sor 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
Boar1 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 tn
Auditor shall countersign al bon |;
hereafter issued The Board ma!
acquire real and personal propert.
subject to mortgage or other her
and make or execute purchase mon3,
mortgages Or property acquired
Nothing herein contained shall pre-
JUDGE the right Of the holder of an,
bonds of the Port now outstanding
or that may be issued under the ord'