The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-09-11

s.rsr,,fsed and certified in writing 70
/ .ns state Auditor " lie SIP -. -
Public ACCOUNTS the an ~ Sar the
we fgcal years imrned ately preceding.
| 4frer deducting thereffom the sfhouht
1 u operating aHo ma - 's -, ,sxstle
| Iurinc said year upon ma n y
| -iraI snd interest Of Us boEo-o ovpL
md the state Auditor or ne sup ~
n subIic ArcOuI tE shall nave NsrlHr1
Lid aUprovkd said cert ihcate. the toaI1
nav borrow money and issu~ tomas 70
an amount he annu@i .i -. sx. -.
| - reve.ues for the two hsea! years
rnrr-sd ately preceding as shoRh ~
said certificate. The boaru N! -
- such net revenues OF the ~ oceans
r.rsl ware as certified 20 the state
| AUDITOR or the Supervisor 81 PGbic
/ ACCOUNTS. TIE net income -ho - -
! Tor such years Of any revenue pro-
! s,cir- wharf do.k warehouse ele-
r.tor or other structure % be acquired
~ said Board ny purchase or shIfo-
| yrizrion from the prOceecs e Len
( bond lssu. The ret revenues anc IN
come OF such revenue prod Ge.ns 1iihty
| shall be determined and ceTtin-o o!
the Board and approves % " p,tatc
| Auditor or the superNisCT o. 1o.LS
Accounts sad Board may also with
the approval of the Governor borrow
: grou.y and .ssue bonds TO refund
l .orsed ird-btedness heretofore incur
1 r.d or hereafter 20 be incurred ana ma
Z turing and becoming payab-- WIN
one year o! the Gate o. huCIi = -44N-l'--
All bonds issued Under the foregoing
r,rovfefous except as otherwise eS-
yreEsly provided. shall run hCt hhOr
than afty ye4rs from date' shAl ot
.ssu.d IN serial form. payable IN annual
instSlnents. commencing not more
thau I-a G0) years from GATE. the
amount DaysIe each year Tor pfln-
} c.pal ard interest 70 De as ncariy qua
as practicable but annual insfaiifnebts
II principal may re hGec al F.NT Ihou-
sand Dollars =. zoe, or ty 80 y9. -
sued HEREUNDER shall De p yabiF I'm an
,.u:,. me tAIiIneEtE commencing E"t more
than one year from date. All .! tHe
] said noLdE shall have the sam" -hHnp-
tfor from TAXATION. and the same priv
ilege OF registration and release from
Tegistration and the same eligibility
for deposit with the STATE or ~ O.
, | fcers or any of its pChtcai Hobd4-
J I visions or municipalities. S was
: granted by Article 81 OF the C0hstltu-
} ton TO the bonds therein authoIiz-1
2 Tutors Of minors and curators OF in
J terdicts shall be authorized TO lnNest
, the funds in their hands IN any OF such
I ! bonds Nothing herein contlneo shall
. affect the power OF SAID Board 70 issue
{ bonds for the construction Of the nav
legation canal under the ordinance and
b, | secured by the mortgage hsT"toIOre
: authorized 20 carry into full! eject sa!o
!, ordinance and mortgage ard 10 ISSUE
> and sell for canal purposes the TO
q mainder OF bonds thereby authoilzeo;
and said ordinance and mortgage and
. The contracts made with the Board Of
Levee Commissioners OF me OTSa rs
: Levee District under date Of June Zsth.
y 1918. February zeth. 1919. NoEember
18th 1919 and the contract mace with
l. the CITY OF New Orleans under date OIL
. August Ieth. 1918. through the Belt
d Railroad Commission to carry into
: effect Act 10. 3 of 1915 in relation 70
4 said Navigation Canal arr hereby r&u-
e ned and confirmed. Said Board shan
}: have the power TO lease for manuf;-:-
: turing. commercial and business pur-
d poses lands acquired for said canal
" Such leases may run for term not
: rental without any provision for r.
: newal. readtUstmeBt or reappraisement
but may run for term not eXce"cin
ninety nine tss) years. provided theI
= shall contain clause or clauses foT
reappraisal of the premises and a re-
adjustment OF the rental at interVa! ID
" nos exceeding ten 1b) years after the
expiration Of the hrst twenS-yeai
period In the event that the said
J Board and the lessee cannSt agree upon
l. the adjustment and requirement.
they each snail appoint an arbitrator
who shall have the powers of AMIGA bic
rompOunders to whom the matter shall
be referred for decision, and in case oil
sagreement they shall appoint an UNI
pire and derision OF any two sail b'
binding upon the parties. Said Board
l., may also construct warehouses, &c
a yators. and other buildings ard i'm
- provements upon TIE SAID canal. bU
- the revenues from the navigation cana
AZ shall be kept separate from the othei
II revenues Of the Port such canai re-
~ rentals Of all lands leased upon Tn
e canal lock charges. and chargrs 70
v passages. through the canal II tn
., Board shall construct warehouses, eIe
YatOrs ard other buildings or improve
A ments for public purposes on cana
IN lands. the rental value OF the site thsre
~ Of shall be fixed by appraisers ao
"A pointed by said Board and the receipt
AZ from such warehouses. elevators AM
n other buildings or improvements shall
10 be charged With the payment OF sucl
- rental value into the canal fund. Tn
- , canal fund shall be applied first in tn
Nv operating expenses Of the canal and tn
20 maintenance thereof, and thereafter d
10 payment of the principal and interes
Id Of the canal bonds. and in the reduc
ne ton in the manner provided In sal
Nv { ordinance of the payments and contri
~ buttons by the City OF New Or!an
A. through the Belt Railroad Commission
lie and by the BoarS Of Levec Commits
L sioners of the Orleans Levee Distric'
in IL warehouses;, elevators and othe
I'd buildings or improvements be con
ed | structed or acquired by said Boar
Nv upon canal lands by the use OF money
a. ! other than the proceeds of the sal
id canal mortgage. the receipts from sue
ne | warehouses. elevators and other build
ings or improvements after the pay
C. ment of the rental value to the cana
ed fund, shall be deemed general reve
he nues of the Port The interest on a.
IN bonds issued hereunder shall be pal
to b3 lie Oh IN
s. State OF Louisiana at his office. an
pr at any other place or places within o
on without the State designated in tn
he bonds. Said Board shall place on de
~ post with the Treasurer OF the Stat
K to the credit OF An account or account
&c to be known Interest Accounts. /
d. such manner as may be provided in tn
he proceedings to issue the bonds, a
IaI amount equal to the interest on a
ire bonds that may haYe been delivered
CHI Said Treasurer is hereby empowere
in and directed. ard IL is made his dut!
te TO pay or provide for the payment {
lid all interest that may become due upo
said bonds. Said Board shall In add
ton in each year when airy of sai
a. bonds become due and payable depos
With the Treasurer OF the State
, louisiana, to the credit OF an accoun
of OF accounts TO be known as Redempto
turing or becoming payable, and
shall be the duty of said Treasurer {
IA pay or provide for the payment OF sue
beLdsS Such deposits shall be mad
with the State Treasurer In timoly sea
son for. the payment Of such princips
and interest and not less than thirt
(3O) days before the date when an
moneys become payable. II shall b
Tie duty of said Treasurer 10 cole;
N such deposits as aforesaid, and in cas-
ma OF failure On the part OF said Board
is make said deposits In amount sui
ms. hcient to provide for the payment {
m interest due or TO become due. and fo
IS the redemption of the bonds. the sal
ed Treasurer is hereby empowered and d
OIL rected. and it is made his duty.
Oh collect the charges and revenues
ed the Port and to apply the same. aftt
.xt providing for necessary operating e1
nd - ill., o