The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1920-09-18

the first Tuesday after the first Mon
day in November. 1920, to-wit:
The Board of Commissioners of thu
Fort OF New Orleans shall. except as
otherwise herein changed and amended
have and exercise all powers now con.
ferred upon them by constitutional
Amendment. Additional power and
Jurisdiction may be conferred by Act OF
full power and authority to construct
| extend and improve works for Port
purposes within the limits of the Port
including wharves, docks, warehouses,
basins and other structures and i'm
proyements. and may dredge shfpways,
| 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,
W.T. WITH the approval Of the Governor and
purposes, borrow on notes for tenn
porary loans payable within one year.
an an amount not exceeding Five Hundred
Thousand Dollars (s500.000) at any one
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
current expenses of the funding of in
debtedness incurred or to be Incurred
Tor current expenses. borrow money
ana issue bonds to the amount of Six
Miiiion Five Hundred Thousand Dollars
($6,60o,o00). Said board may, with the
approval of the Governor, and for like
purposes, borrow other and further
sums and issue bonds in the manner
aouowing: 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 |
after deducting therefrom the amount |
Of operating and maintenance charged |
and expenses. and all sums payable !
auring said year upon maturing prin- |
and the State Auditor or the Supervisor
d Public Accounts shall have verified |
and approved said certificate, the Board |
nay borrow money and issue bonds to |
which is not in excess of the average
let revenues for the two fiscal wears
preceding as shown BY
aid certificate. The Board may add
iscal years as certified to the State
auditor or the Supervisor of Public
accounts. the net income and revenues
or such years of any revenue pro-
ator or other structure to be acquired
y said Board by purchase or expro-
r1at1on from the proceeds of such
ono issue. The net revenues and in
ONE or such revenue producing utility |
nall be determined and certified by
ne Board and approved by the State
-uditor or the Supervisor of Public
,ccounts. Said Board may also with
ne approval OF the Governor borrow
honey and issue bonds to refund |
onded indebtedness heretofore incur
ID or herea fter to be incurred and ma
iring and becoming payable within
ne year of the date Of such refundinr
IL bonds issued under the foregoing
rovlsions, except as otherwise en-
ressiy provided. shall run not more
sued in serial form. payable In annual
stailmentSs commencing not more |
ian ten Qo) years from date, the
mount pa1kabfe each year for prin-
pal and interest to be as nearly equal 4
practicable, but annual instailments e
principal may be fixed at Five Thou A
ND Dollars t$5.o0o@ or the nearest S
uitfpie thereof. Refunding bonds is q
ed hereunder shall be payable in an q
lal installments commencing not more
an one year from date. All of the I
ID bonds shall have the same exemp- b
zee OF registration and release from Il
gistration. and the same eligibility
r. deposit with the State or its OF | Fl
err; or any of It's political subdi- Il
anted by Article 32l of the Copstitu- n
IN to the bonds therein authorized | e
tors of minors and curators OF in G.
'dlcts shall be authorized to invest ! m
funds in their hands in any of such Vi
mas. Nothing herein contained shall
ect the power of said Board to issue m
nds for the construction of the nav u:
ltion canal under the ordinance and
'ured by the mortgage heretofore W
qe and executed, and said Board n la
snorized to carry into full effect said | m
nance and mortgage and to issue 81
! i,,d seIi for canal purposes the re- az
i said ordinance and mortgage and in
contracts made with the Board OF re
rec commissioners. of the Orleans ye
zee District under date of June sefh I'll,
8, February .26th. 1919, November tn
n. l9l9, and the contract made with or
CITY Of New Orleans under date Of La
g Gus; 18th, 1918, through the Belt fe
ct Act No. 3 of 1918 in relation TO DR.
Navigation Canal are hereby rati- SIC
and confirmed. Said Board shall | to
e the power to lease for manufac- RE
ing, commercial and business pur- of
es, lands acquired for said canal | ria
n leases may run for a term NOT ia
eeding twenty years at flxed cei
tai Wltnout any provision for re- ito
Tal, readjustment or reappraisement he
may run for a term not exceeding his
sty-nine (99) years, provided they Wi
u contain clause or clauses for as
,pfasat OF the the premises and re- sid
exceeding ten 10) years after the | an,
ration of the first twenty-year els
cd. In. the event that the said | ser
rd and the lessee cannot agree upon In
read5ustment and reapprafsement in
each shallSappoint an arbitrator her
snail haveNhe powers of amicable | Sta
FOUNDERS to whom the matter shall | to
eferred for decision, and in case Of pro
greement they shall appoint an UNI ma
and decision of any two shall ba a
ing upon the parties. Said board fro
also construct warehouses. eie- emf
RS, and other buildings and i'm as
ements upon the said canal. Int ate
revenues from the navigation canal tina
be Kept separate from the other to
nues of the Port. Such canal rev. the
s shall be deemed to incinde Art
ais of all lands leased upon the for
!. lock. charges. and charges FOR be-
ages, through the canal. If the thr,
q snail construct warehouses; ele~ viii
RS and other buildings or improve. abl,
IS for public purposes on canal SAID
,. the rental value Of the site there tina
nan be fixed by appraisers an pen
led by said Board and the receipts crul
such warehouses; elevators and be
buildings or improvements shall the
n,arged with the payment of such pria