New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-09-18

Congressional election to be held on
the hrst Tuesday after the first Mon
day in November, 1920, to-wit:
The Board of Commissioners of tn,
Port Of New Orleans shall, except "a
otherwise herein changed and amended
have ana exercise all powers now con
fsrred upon them by Constitution
Amendment. Additional 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 Por
purposes within the limits OF the Port
including wharVes, docks, warehouses.
grain elevators, locks, slips, laterals
basins and other structures and i'm
proVenents, and may dredge ShipwayS
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.
with the approval of the Governor and
the Auditor of the State, for its public
porary loans, payable within one year.
an amount not exceeding Five Hundred
Thousand Dollars (Ss00,000) at any one
time outstanding. and may in addition,
collection of charges for wharfage.
foliage, storage service and other
charges which have been actually
earned but have not yet been re
ernor of this State, it may for public
purposes other than the payment of
current expenses of the funding of in
debtedness incurred or to be incurred
for current expenses, borrow money
and issue bonds to the amount of Six
Million Five Hundred Thousand Dollars
CSC, 500 ,000). 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
aseertainsd 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 Immediately preceding
after deducting therefrom the amount
OF operating and maintenance charged
and expenses, and all sums payable
during said year upon maturing prin-
cipal and interest of its 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 az 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, eIe-
by said Board by purchase or expro- |
priation from the proceeds of such
bond issue. The net revenues and in |
come of such revenue-producing 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 |
installments, commencing not more
than ten G0) years from date, the !
amount payable each year for prin-
as practicable, but annual installments !
of principal may be fixed at Five Thou
sand Dollars (S5,000) or the nearest
thereof. RefundinS bonds is
nual installments commencing bot more
than one year from date. All of the
said bonds shah have the same exemp
ton from taxation, and the same priv
ilege of registration and release from
registration, and the same eligibility
for deposit with the State or it's Of
ficers or any of its political subdi
granted by Article al of the Constitu-
ton to the bonds therein authorized
Tutors of minors and curators of in
terdicts 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
igation canal under the ordinance and
secured by the mortgage heretofore
made and executed, and said Board is
to carry into full effect said
ordinance and mortgage and to issue
and sell for canal purposes the re-
mainder of bonds thereby authorized
and said ordinance and mortgage and
the contracts made with the Board of
Levee Commissioners of the Orleans
1918, February 2Sth, 1919, November
18th, 1919, and the contract made with
the City OF New Orleans undsr date of
August 18th, 1913, through the Belt
effect Act No of 1918 in relation to
said Navigation Canal are hereby rati-
fed and confirmed. Said Board shall
nave the power to lease for manufac-
poses. lands acquired for said canal.
Such leases may run for term not
exceeding twenty years at a fixed
rental without any provision for re-
out may run for a term not exceeding
(s9) years, provided they
shall contain clause or clauses for
appraisal of the premises and a re-
lot exceeding ten (10) years after the
expiration of the first twenty-year
period. In the event that the said
Board and the lessee cannot agree upon
he readJustment and reappraisement
hey each shall appoint an arbitrator
Who shall have the powers of amicable
to whom the matter shall
,e referred for decision, and in case of
they shall appoint an UNI
lire and decision of any two shall be
binding upon the parties Said Board
nay also construct warehouses, ele-
'ators, and other buildings and i'm
,rovements upon the said canal, but {
he revenues from the navigation canal I I
hall be kept separate from the other
evenues of the Port Such canal rev.
nues shall be deemed to include .
entails of all lands leased upon the /
anal lock charges, and charges for !
through the, canal If the I
board shall construct warehouses, ele-
ators and other buildings or improve
nents for public purposes on canal
ands, the rental value of the site there I
f shall be fixed by appraisers APP
ointed by said Beard and the receipts
rom such warehouses, elevators and l
Their buildings or improvements shall (
e charged with the payment of such /
ntal value into the canal fund. The I
anal fund shall be applied first in the
perating expenses of the canal and the I
maintenance thArAof and Z