The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1920-10-23
ACT NO. 103.
House Bin No. 2O6-By Mr.. Perez.
JOINT RESOLLTION.

| Proposing an amendment to the Con-
stitution Of the State OF louisiana
| sioners of the Port of New Orleans.
| Section /. Be it resolved by the Cen
! eral Assembly of the State of Louis
| lana, two thirds of all members elected
| to each House concurring, That the fol-
| lowing amendment to the Constitution
of the State of Louisiana be submitted
! TO the electors of the State at the next
| Congressional election to be held on
| the first Tuesday after the first Mon
! day in November. 1920, to-wit:
| The Board of Commissioners of the
Port of New Orleans shah, except as
| otherwise herein changed and amended.
| have and exercise all powers now con-
ferred upon them by Constitutional
Amendment. Additional power and
| jurisdic ton may be conferred by Act OF
| 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,
| including wharves, docks, warehouses
| grain elevators, locks, slips laterals,
basins and other structures and I'M
| provements. and may dredge shlpWays,
| 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,
| with the approval of the Governor and
| the Auditor of the State, for its public
purposes, borrow on notes Tor tenn
| porary loans, payable within one year.
an amount not exceeding Five Hundred
| Thousand Dollars (S500000) 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
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
debtednesS incurred or to be incurred
| for current expenses. borrow money
and issue bonds to the amount of Six
Million Five Hundred Thousand Dollars
| (s6,500,0Oo). 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 Immediately 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
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 20 5e acquired
by said Board by purchase or expro-
priation from the proceeds of such
bond issue The net revenues and in
II N
shall he 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 fifty years from date. shall be
issued in serial FORM payable in annual
installments, commencing not more
than ten 10) 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 $4,000 or the nearest
multiple thereof. Refunding bonds is
sued hereunder shall be payable in an
nual installments commencing not more
IMAM one year from GATE. All OF the
said bonds shall have the same exemp-
ton from taxation. and the same priv
llege of registration and release from
registration, and the same eligibility
for deposit with the State its Of
ficers or any of its political subdi
visions municipalities, was
granted by Article 321 Of the Constitu-
ton to the bonds therein authorized,
Tutors of minors and curators of i'm
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
authorized to carry into full effect said
ordinance and mortgage and to issue
and sell for canal purposes the re-
mainder of bonds thereby authorized.
the contracts made with the Board of
Levee Commissioners Of the Orleans
Levee District under date of June 29th,
1918, February 26th, 1919. November
the City of New Orleans under date Of
August 10th, 1918, through the Belt
Railroad Commission to carry into
effect Act No. of 1913 in relation to
fed 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 years at fixed
rental without any provision for re-
newal, readjustment or reapprsisement,
but may run for term not exceeding
ninety (s9) years, provided they
shall contain Q clause or clauses for
reappraisal Of the premises and a re-
adjustment Of the rental at intervals |
not exceeding ten 1e) years after the |
expiration of the first twenty-year
period. In the event that tho said |
Board and the lessee cannot agree upon |
the readjustment and reappraisement |
they each shall appoint an arbitrator
who shall have the powers of amicabe |.
compounders to whom the matter shall |