New Iberia enterprise and independent observer., 1920-09-25

Congressional election to be held or
the nrst Tuesday after the first Mon
day in November, 1920, to-wit:
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-
| fsrred upon them by Constitutional
| Amendment. Additional power and
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
grain elevators, locks, slips, laterals
basins and other structures and inn
provements, and may dredge shipways'
| channels, slips, basins and turning
| basins in the Mississippi River. Said
Board may without further Legislative
| enactment borrow money and issue
notes and bonds under the following
conditions and not otherwise: 1t may,
| 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
Thousand Dollars ($600,000) at any one
time outstanding, and may in addition.
borrow money in anticipation of the
collection of charges for Wharfage:
charges which have been actually
! earned but have not yet been re-
ceived. With the approval of the Gov
purposes other than the payment of
current expenses of the funding OF in
debtednsss incurred or to De incurred
for current expenses. borrow money
and issue bonds to the amount of Six
Million Five Hundred Thousand Dollars
($6,600, ,000). Said board may, with the
approval of the Governor, and for like
purposes borrow other and md further
following: When the Board shall have
escertained apd certified in writing to
the State Auditor or the Supervisor of
Public Accounts the amounts Of rev.
enus and income of the Port for the
two hscal years imme lately preceding,
after dedpcting therefrom the amount
of operating and maintenance charged
and expenses, and ali sums payable
during said year upon maturing prin-
cipal and interest of it's bonded debt,
and the State Auditor or the Supervisor
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
fiscal years as certified to the State
Auditor or the Supervisor of Public
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
priation from the proceeds of such !
bond issue. The net revenues and in
come of such revenue-productng utility !
shall be determined and certified by |
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. |
All bonds issued under the foregoing |
provisions, except as otherwise ex-
pressly provided, shall run not more !
than nifty years from date, shall be
issued In serial form, payable In annual
than ten (1o) years from date, the
amount payable each year for prin-
cipa1 and interest to be as nearly equal !
as practicable, but annual installments
OF principal may be fixed at Five Thou
sand Dollars (S5,000l or the nearest
thereof Refunding bonds is-
sued hereunder shall be payable in an
than one year from date. All of the
said bonds shall have the same exemp-
ton from taxation, and the same priv
ilegs of registration and release from
for deposit with the State or its 0 :
fcers or any of it's political subdi-
visions or municipalities, as was
granted by Article s31 of the Constitu-
IA
Tutors of minors and curaters of in
lsrdiots 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
gation 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-
nainder of bonds thereby authorized,
Ind said ordinance and mortgage and
The contracts made with the Board of
-evee Commissioners of the Orleans
1evee District under date of June 29th,
1918, February 26th. 1919, November
I4th, 1919, and the contract made with
he City of New Orleans under date of
August 18th, 1918 through the Belt
Railroad Commission to carry into
IN nect Act No. ) of 1918 in relation to
Iafd Navigation Canal are hereby rati-
led and confirmed. Said Board shall
lave the power to lease for manufac-
urtng, commercial aBd business pur-
'uch leases may run for a term notj .
'xceeding twenty years at hxed I
'ental without any provision for re- |
lewal. readjustnent or reappraisement.
inety-nin (s9) years, provided they
hall contain q clause or clauses for I
appraisal of the premises and a re-
dJustment of the rental. at intervals ,
y
EXPIRATION Of the first twenty-year
Ieriod. In the event that the said {
,osrd and the lessee cannot agree upon 1
he readtustment and reappra isement !
hey each shall appoint an arbitrator !
rho snail have the powers of .amicable {
ompounders to whom the matter shall I
9 referred for decision, and in case of I
lsagreement they shall appoint Sn UNI !
ire and decision. of any two shall be q
hiding upon the parties. Said Board I
hay also construct warehouses, ele- Z
sters. and other buildings and inn !
rovements upon the said canal, butl a
ne revenues from the navigation canal {
hall be kept separate from the other I
eyenues OF the Port. Such canal rev I
nues shall be deemed to include 4
eHtals of all lands leased upon the (
anal lock charges, and charges for
assages. through the canal II the I
card shall construct warehouses. ele- v
ators and other buildings or Improve a
ients for public purposes on canal 3
.nds. the rental value OF the site there 4
shall be hxed by appraisers ap- o
ointed by said Board and the receipts G
'om such warehouses, elevators and b
.her buildings or improvements shall 4
charged with the payment OF such d
'ntal value into the canal fund. The 4
snsi fund shall be applied first in the | A
2erating expenses of the canal and the q
thereof, and thereafter in q
lyment OF the principal and interest d
the canal bonds and in the reduce tl
on in the manner nrnxytdaa a. c.fd n