The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1920-10-23

nue. producing wharf, dock, warehouse,
elevator or other structure to be acquIr-
ed By SAID Board by purchase or eXpro-
priation from the proceeds OF Sueh pono
issue The net revenues and income OF
such revenue producing utility snail be
datermined and certified by the Board
and annroyed BIZ the State Auditor or the
Supervisor of Public Accounts. sad
Board may also Xith the approval OF the
Governor borrow raoney and issue bonds
to refund bonded Indebtedness heretofore
incurred or hereafter to be incurred and
maturing and becoming payable within
ona wear of the date of such refundlng.
All bonds ISSUED under the foregoing
provisions, except as otherwise eXpressl!
provided. shall run not more than fifty
wears from date shall be issued IN serla'
form. navable in annual installments,
commencing not more than ten tloD years
from date. the amount payable each
year for principal and interest to be as
nearly equal as practicable, but annual
installments of principal may be hSed III
Five Thousand Dollars (S5,ooo) or the
nearest multiple thereof. Refunding bonus
issued hereunder shall be payaDle III an
nual instalments commencing no, more
than one year from date. All OF the said
bonds shall have the same exemption
from taxation, ami the same privilege OF
registration and release from regis
tration and the same eligibility TOT
deposit with the State or its ofhcers or
anv of it's political subdivisions or NUM-
cipalities. as was granted by Article 32l
of the Constitution to the bonds thereih
authorized Tuto's of minors and cura-
tors of interdicts 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 10
isuue bonds for the construction OF the
navipation canal under the ordinance and
secured by the mortgage heretofore MADE
and executed. and said Board is author
lied to carry into full effect SAD ordi-
nance and mortgage and TO issue aho
sell for canal pun poses the remainder Oh
bonds thereby authorized, and SAID or
dinance and mortgage and the contracts
made with the Beard of Levee Commas
sioners of the Orleans Levee District un-
der date of June 25th. 1918, February 10th.
1919. November 18th, 1919, and the con-
tract made with the City of New Orle-
ans under date Of August 18th. 1918.
through the Bell Railroad Commission
to carry into effect Act No. 3 of 1918 in
relation to said Navigation Canal are
hereby ratified and confirmed. Said Board
shall have the power to lease for manu-
featuring commercial and business pur-
poses. lands acqui, ed for said canal. Such
leases may run tor term not exceeding
twenty years at a fixed rental without
Al Hing ma
or REIMBURSEMENT, but may run for
term not exceeding ninety mine ts9) years,
provided they shall contain a clause or
clauses for reapprsisal of the premises
and a readjustment of the rental at in
tervals not exceeding ten 10) wears after
the expiration of the first twenty year
period. In the evrn1 that the said Board
and the lessee cannot agree upon the re-
adjustment and reappraisement they each
shall appoint an arbitrator who shall nave
the powers of amicable compounders to
whom the matter shall be referred fol
decision and in case of disagreement
they shall appoint an umpire and de-
cision of any two shall be binding upon
the parties. Said Board may also con-
struct warehouse elevators. and other
buildings and improvements upon the said
canal but the revenues from the naviga-
ton canal shall be kept separate from the
other revenues OF the Port Such canal
revenues shall ne 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 on improvements for pub
lie purposes on canal lands the rental val
ue CT the site thereof shall be fixed by ap-
praisers appointed by said Board and the
receipts from sun warehouses, elevators
and ether buildings or improvements shall
be charged with the payment of such rent
al value into the canal fund. The canal
fund shall be applied first in the operating
expenses of the canal and maintenance
thereof, and thereafter in payment of the
principal and interest of the canal bonds.
and in the reduction in the manner pro-
vided in said ordinance of the payments
and contributions by the City Of New Or
leans through the Eelt Railroad Commits
sion and by the BOARD of Levee Commits
sioners of the Orleans Levee District. IF
warehouses, elevators and other buildings
or improvements be constructed or ac-
quired 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 9TH
er buildings or improvements after the
payment of the rental value to the canal
fund.- shall be deemed general revenues
of the Port. The interest on all bonds is
sued hereunder shall be paid semi-an-
nually by the Treasurer of the State of
Louisiana at his office, and at any other
place or places within or without the
State designated in the bonds. Said
Board shall place on deposit with the