The Donaldsonville chief., 1920-10-02

Cdy IN november H., 10 w A.
The Board of Commissioners Of the
Port of New Orleans shall, except as
otherwise herein changed and amended
have and exercise all powers now con-
ferred upon them by Constitutions!
Am endment. Additional power ana
the Legislature. Said Board shall have
full power and authority to construct,
extend and improve WORKS Tor Poft
purposes within the limits of the Port,
Including wharves docks, warehouses.
grain elevators, locks, slips, latefals
basins and other structures and I'M
provements, and may dredge shlpWays'
channels, slips, basins and turning,
Board may without further legislative
enactment borrow money and issue
notes and bonds under the following
conditions and not otherwise: 1t may,
with :.he approval of the Governor and
the Auditor of the State, for its public
purposes, borrow. on notes for tenn
porary loans, payable within one year,
an amount not exceeding Five Hundred
time outstanding, and may in addition
borrow money in anticipation of the
collection of charges for wharfage
foliage, storage service and other
earned but have not yet been re-
ceived. With the approval of the Gov
ernor of this State, it may for public
purposes other than the payment Of
debtedness incurred or to be incurred
for current expenses. borrow money
and issue bonds to the amount of Six
Million Five Hundred Thousand Dollars
(S6,500 .0O0). Said board may. with the
approval OF the Governor. and for like
purposes, borrow other and further
sums and issue bonds in the manner
following: When the Board shall have
ascertained and certified in writing to
the State Auditor or the Supervisor Of
Public Accounts the amounts of rev.
enue and income of the Port for the
two fiscal years in1m ediately preceding,
after deducting therefrom the amount
of operating and maintenance charged
and expenses, and all sums payable
during said year upon maturing prln-
cipal and interest of it's bonded debt,
of Public Accounts shall have verified
and approved said certificate, the Board
may borrow money and issue bonds TO-
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 by
said certificate. The Board may add
to such net revenues Of the preceding
Auditor or the Supervisor of Public
Accounts, the net income and revenues
for such years of any revenue pro-
ducing wharf, dock, warehouse, ele--
priation pr si5G IRON from Il the pI proceeds r " of such
bond issue. The net revenues and in
come of such revenue producing utility
the Board and approved by the State
Auditor or the Supervisor of Public
Accounts Said Board may also with
the approval Of the Governor borrow
money and issue bonds to refund
bonded Indebtedness heretofore incur
red or hereafter to be incurred and ma
turing and becoming payable within
one year of the date Of such refunding.
bonds I'D lrIaf the foraoCincr
provisions. except as otherwise ex-
pressly provided. shall run not more
than fifty years from date, shall be
issued in serial form, payable in annual
than ten I0) years from date, the
amount payable each year for prin-
cipal and interest to be as nearly equal
as practicable, but annual installments
of principal may be fixed at Five Thou
sand Dollars {S5,00O) or the nearest
multiple thereof. Refunding 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
registration, and the same eligibility
for deposit with the State or it's Of
ficers or any of it's political subdi-
visions or municipalities, as was
granted by Article 321 of the Constitu-
ton to the bonds therein authorized
Tutors of minors aud curators of in
terdicts shall be authorized to invest
the funds in their hands i'll 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 tor caral purposes the re-
mainder of bonds thereby authorized.
i
the contracts made with the Board of
Levee Commissioners of the Orleans
Levee District und"r date of June 29th
1913, February 21th, 1919, Novembe-
the City Of New Orleans under date of
August 18th. 1918. through. the Ben
Railroad Col9mis3ion to carry into
effect Act Nc oi 1913 in relation t.
hed and confirmed, Said Board shall
have the power to lease for manufac-
turing, commercial and business pur-
poses. lands acquired for said canal
exceeding twenty yeilrs at a fixed
rental without any provision for re-
newal. readjustment or reappraisement
but may H run >for Ter term not eXcee8G
shall contain q clause or clauses fo<
reappraisal OF the promises and a RI
adjustment of the rental at intervals
not exceeding ten G0) years after the
y
period. In the event that the saiG
Board and the lessee cannot agree upon
the readjustment and reappraiSemeut
they each shall appoint an arbitrator
who shall have the powers of amicab!e
compounders to whom the matter shal
be referred for decision, and in case OF
disagreement they shall appoint an UNI
pire and decision of any two Shall be
binding upon the parties. Said Boaro
may also construct warehouses, ele~
vators, and other buildings and i'm
provements upon the said canal, bu
the revenues from the navigation cana
revenues Of the Port. Such canal rev
enues shall be deemed to include
rentals of all lands leased upon the
canal, lock charges, and charges for
Board shall construct warehouses, ele-
vators and other buildings or improve
ments for public purposes on canal
lands. the rental value Of the size there
of shall be fixed by appraisers ap-
pointed by said Board and the receipts
from such warehouses, elevators and
other buildings or Improvements shall
be charged with the payment Of such
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
tion 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 Lcvee Commits
sioners of the OrIears I-evee District.
If wareh ouses, elevators and other
buildings or improvements be CON
structed or acquired by said Board
upon canal lands by the use of moneys
other than the proceeds Of the said
canal mortgage. the receipts from sucn
warehouses. elevators and other build
ings or Improvements after the pay
ment Of the rental value to the canal
fund, shall be deemed general reye-
nues of the Port. The interest on all
bonds issued hereunder shall be paid
semi annually by the Treasurer of the
State Of Louisiana at his office, and
at aRy other PLACE or places within or