The Concordia sentinel. (Vidalia, Concordia Parish, La.) 1882-current, 1920-09-11

Public Accounts the amounts of rev.
enue and income of the Port Tor 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-
cipal and interest OF IT'S Donaeo ueoI. |
and the State Auditor or the supervisor
of Public Accounts shall have NerineQ |
and approved said certificate. the Board
may borrow money and issue bonds 10
an amount the annual interest upon
which is not in excess of the average |
net revenues for the two fiscal years |
Immediately preceding as SHOWN py
said certificate. The Board may add
to such net revenues of the preceding
fiscal years as certified to the state
Auditor or the Supervisor OF Pubic
Accounts, the net income and revenues
for such years of any revenue pro-
ducing wharf. dock. warehouse, ele-
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 utllty
shall be determined and certified by
the Board and approved by the state
Auditor or the Supervisor of Public
Accounts. Said Beard may also with
the approval of the Governor borrow
money and issue bonds to re1und
bonded indebtedness heretofore incur
red or hereafter to be incurred and ma
turing and becoming payable within
one year of the date of such refundlng
All bonds issued under the foregoing
provisions, except as otherwise eN-
pressly provided. shall run not more
than fifty years from date, shall be
issued in serial form. payable in annual
installments, commencing not more
than ten (10) years from date, the
amount payable each year for prin-
cipal and interest to be as nearly equal
as practicable. but annual tnstaliments
of principal may be fixed at Five Thou
sand Dollars ($5,000) or the nearest
multiple thereof. Reminding bonds is
sued hereunder shall be payable in an
nual installments commencing not more
than one year from date. All of the
said bonds shall have the same exemp-
ton from taxation, and the same priv
ilege of registration and release from from
registration, and the same eligibility
for deposit with the State or Its of
fcers or any of its political subdl-
visions or municipalities, as was
granted by Article 321 of the Constltu-
ton to the bonds therein authorized.
Tutors of minors and curatorS OK 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 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 and
the contracts made with the Board of
| Levee Commissioners of the Orleans
| Leyee District under date of June 29th.
| 1918, February Goth, 1919. November
| nth, 1919. and the contract made with
/ the City of New Orleans under date OF
August 18th. 1918, through the Bet
Railroad Commission to carry into
effect Act No. of 1918 in relation to
| said Navigation Canal are hereby rau-
/ fed and confirmed. Said Board shall
/ have the power to lease for manufac-
] turing, commercial and business pur-
/ poses, lands acquired for said canal.
! Such leases may run for term not
exceeding twenty years at hxed
rental without any provision Tor re-
newal, readjustment or reappraisement.
| but may run for a term not exceeding
| ninety (99) years, provided they
| shall contain a clause or clauses for
| ~eappraisal of the premises and a re-
| kdjustment of the rental at intervals
not exceeding ten (1O) years after the
expiration of the hrst twenty-year
| period. In the event that the said
J Board and the lessee cannot agree upon
the readjustment and REIMBURSEMENT,
| they each shall appoint an arbitrator
| who shall have the powers OF amicable
compounders to whom the matter shall
| be referred for decision, and in case OF
disagreement they shall appoint an uIn-
pire and decision of any two shall De
/ 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
revenues of the Port Such canal rev.
i enues shall be deemed to include
rentals of all lands leased upon t.it
! canal lock charges. and charges for
passages, through the canal II the
4 Board shall construct warehouses, ele-
| Vators and other buildings or improve
ments for public purposes on canal
lands, the rental value of the site there
| of shall be fixed by appraisers APP
pointed by said Board and the receipts
/ from such warehouses, elevators and
i other buildings or improvements shall
rental value into the canal fund. The
/ canal fund shall be applied first in the
operating expenses of the canal and the
maintenance thereof, and thereafter In
payment of the principal and 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
If warehouses, elevators and Other
buildings or improvements be con.
structed or aequireds by said Board
upon canal lands by the use of money:
: other than the proceeds of the saiS
canal mortgage, the receipts from sucf
warehouses. elevators and other build
ings or improvements after the pay
ment of the rental value to the cana
fund, shall be deemed general reve
bonds issued hereunder shall be paiC
semi annually by the Treasurer of th'
State. of Louisiana at his office, anC
; I at any other place or places within OF
. I without the State designated in thu
| bonds Said Board shall place on de
posft with the Treasurer of the Stat,
to the credit OF an account or accounts
; TO be known as Interest Accounts. il
such manner as may be provided in thu
proceedings to issue the bonds. al
: amount equal to the interest on al
/ bonds that may have been delivered
Said Treasurer is hereby empowere,
! and directed, and it is made his duty
! to pay or provide for the payment o
! ali interest that may become due upol
said bonds. Said Board shall in add
ton in each year when any of salt
bonds become due and payable, deposi
with the Treasurer of the State o
louisiana. to the credit of an accoun
or accounts to De known as Redemption
{ Accounts. the amount of all bonds ma
turing .or becoming payable, and
shall be the duty of said Treasurer Z
pay or provide for the payment of sucl
> bonds Such deposits shall be mad
with the State Treasurer in timely sea
son for the payment of such principa
and interest and not less than thirt,
(30) days before the date when an,
moneys become payable. 1t shall b
the duty of said Treasurer to collec
such deposits as aforesaid, and in cas-
: of failure on the part of said Board I
4 make said deposits in an amount sui
: ficient to provide for the payment o
J. interest due or to become due, and 70
the redemption of the bonds, the sal
Treasurer is hereby empowered and di
/ 4 rected. and it is made his duty, [