St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-10-23
THE 81 rAMMANY FARMER CovNGreN OCTOBER 1920
ACT NO. 103.

Proposing an amendment to the Goa
stitution of the State OF Louis
ana relative to the Board Of Com
missioners Of the Port of New
Orleans.
Section i. 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 Constitution of the State of Lou
isiana be submitted to the electors
of the State at the next COMPRESSION
al election to be held on the FIRST
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. Add
tional power and jurisdiction may be
conferred by Act Of the Legislature.
Said board shall have full power and
authority to construct, extend and
within the limits of the Port, includ-
ing wharyes, docks. warehouses.
gran elevators, locks, slips. laterals,
basins and other structures and I'M
prove nents, and may dredge ship
ways. channels, slips, basins and
turnIng-basins in the Mississippi
River. Said board may without fur
Their 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 its public
poracy loans, payable within ons
year, an amount not exceeding Five
Hundred Thousand (s500,000} Dol
lars st 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
have been actually earned but have
not ye. been received. With the ap-
prevail OF the Governor of the STATE,
1t may for public purposes other than
the payment OF current expenses oe
the funding OF indebtedness incurr-
cd OR to he incurred for current ex-
pen5es borrow money and issue
sonds to the amount Of Six Millicl
Five Hundred Thousand Dollars
($6, 5O0,000). Said board may, with
the approval of the Governor AMI
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 years |
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 prime |
pal and interest of its bonded debt, |
and the State Auditor or the Supei-
visor Of Public Accounts shall have |
verified and approved said certificate,
the BOARD may borrow money and /
issue bonds to an amount the an
nual interest upon which Ia not Ill
excess OF the average net revenues
for the two fiscal years Immediately
preceding as shown by said certlf
cate. The Board may add to such
net revenues Of the preceding fiscal
years as certified to the State Audi
tor or the Supervisor of Public Ac-
counts, the net income and revenues
for such years OF any revenue pro-
ducing wharf, dock, warehouse, els-
vator or other structure to be &C
Quired by said Board by purchase
or appropriation from the proceeds
Of such bond issue. The net reVe-
nues and income of such revenue
utility shall be determine
ed and certified by the Board AMI
by the State Auditor or th3
of Public Accounts. Said
Board may also with the approval OF
the Governor borrow money and
,ssue bonds to refund bonded in
debtednea 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 than fifty years from date, sha
be issued in serial form, payable in
annual installments, commencing not
moro 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
OF principal may he fix
ed at Five Thousand ($5000) Dol
lars or the nearest multiple thereof.
Reminding bonds issued hereunder
shall be payable in annual install
ments commencing not more than
one year from date. ALI of the said
bonds shall have the same exemp-
ton from taxation, and the same
privilege Of registration and release
from registrat ON, and the same ell
gibility for deposit with the Stats or
Its officers or any of the political
Or municipe lities. as was
granted by Article 321 of the Con-
st tuition to the bonds therein au.
thoriZed. Tutors Of minors and -u
rators of interdicts shall be authorlE
ed to invest the funds In their hands
In any such bonds. Nothing here
In contained shall AFFECT the p.we1
Of said board to issue bonds for the
of the navigation canal
under the ordinance and secured D7
the mortgage heretofore made and OK
ecuted, and said Board Ia authorized |
to carry into full effect said nrdi-
nance and mortgage and to issue and |