St. Tammany farmer., 1920-09-11
ACT NO. 103.

l JOAN1 AG4SOAO t1ON.
Proposing an amendment to the Goa
| stitution of the State of Louis :
ana relative to the Board of Con-
| missioners of the Port OF New
Orleans.
Section /. Be 1t resolved by the
| General Assembly of the State o.
Louisiana, tWo-thirds of all members
elected to each house concurring,
That the following Amendment to
the Const tuition OF the State Of Lon
isian4 be submitted to the electors
OF the State at the next Congression-
al election to be held ON the tirs.
Tuesday after the first Monday n
November. 1920, to-wit:
The Board Of Commissioners OF
the Port OF New Orleans shall, ex-
cept as otherwise herein changed -and
amended, have and exercise all pow
ers now conferred upon them by
| Constitutional Amendment. Addi-
tionel power and jurisdiction may be
conferred by Act of the Legislature.
Said board shall have full power and
| authority to construct, extend and
improve works for Port purposes
within the limits Of the Port, includ-
ing wharyes, docks. warehouses,
gra n elevators, locks, slips. laterals,
basins and other structures and I'M
provo ,nents, and may dredge ship
ways. channels, sips, basins ana
turning-basins in the Miss :ssippi
River. Said board may without fur.
ther leg slative enactment borrow
money and issue notes and bonds
under the following conditions ami
not otherwise: 1t may, with the ap-
proval Of the Governor and the
Auditor Of the State, for it's public
purposes, borrow on notes for tem-
poracy loans, payable within on
year, an amount not exceeding Five
Hundred Thousand ($5O0,00O) Do,-
lars at any one time outstanding,
and may in addition, borrow money
in anticipation of the collection of
charges for wharfage, foliage, stor-
age service and other charges which
hav5 been actually earned but have
| not ye. been received. With the ap-
proval Of the Governor of the State.
1t may for public purposes other than
the funding Of Indebtedness incurr-
ed or to 'be incurred for current eA-
pen5es borrow money and issue
bonds to the amount OF Six Millica
Five Hundred Thousand Dollars
($6, ,50O,0OO. Said board may, with
the approval of the Governor anl
for like purposes, borrow other AMI
further sums and issue bonds In tue
manner following: When the Board
shall have ascertained and certified
In writing to the State Auditor or
the supervisor of Public Accounts
the amount of revenue and income
Of the Port for the two fiscal year ;
immediately preceding, after deduct
ing therefrom the amount of operat-
ing end maintenance charged ana
expenses, and all sums payable dur
ing said year upon maturing primo:
pal and interest OF its bonded debt,
and the State Auditor or the Super
visor OF Public Accounts shall have
verified and approved said certificate,
the Poard may borrow money and
issue bonds to an amount the an
nual interest upon which is not III
excess OF the average net revenues
for the two fiscal years Immediately
preceding as shown by said certlfi-
cate. The Board may add to such
net revenues of the preceding fiscal
years as certified to the State Audit
tor Gr the Supervisor of Public Ac-
counts, the net income and revenues
for such years of any revenue pro-
u r. nj, Thav vf a.
vator or other structure to be ac-
quired by said Board by purchase
or appropriation from the proceeds
of such bond issue. The net reye-
nues and income of such revenue
producing utility shall be determine
ed and certified by the Board anil
approved by the State Auditor or tn :
Supervisor of Public Accounts. Said
Board may also with the approval oil
the Governor borrow money and
ssue bonds to refund bonded in
debtednes heretofore incurred or
hereafter to be incurred and matur-
ing and becoming payable within one
year of the date Of such refunding.
ALI bonds issued under the forego-
ing provisions, except as otherwise
expressly provided, shall run not
more Shan fifty years from date, sha
be issued IN serial form, payable in
annual installments, commencing not
more than ten (10) years from date,
the amount payable each year for
principal and interest to be as near
| ly equal as practicable, but annual
installments of principal may he fix
ed at Five Thousand ($5000) Dol
lars or the nearest multiple thereof.
Refunding bonds issued hereunder
shall be payable in annual install
ments commencing not more than
one year from date. All Of the said
bonds shall have the same exemp-
ton from taxation, and the same
privilege of registration and reiea &C
from registrat on, and the same eli
gibility for depos't with the State or
| its officers or any of the politica.
subdivisions or municips lities. as was
granted by Article 321 of the Con-
st tuition to the bonds therein az.
| thorized. Tutors Of minors aud u.
rators OF interdicts shall be authorlz
ed to invest the funds in their hands
in any such bonds. Nothing here
in contained shall AFFECT the p.wcl
of said board to issue bonds for the
construction of the navigation cana
under the ordinance and secured o.
the mortgage heretofore made and Q,
ecuted, and said Board is authorize
to carry into full effect said nrdi
nance and mortgage and to issue anf
/ %hn IN, Il