The Concordia sentinel. (Vidalia, Concordia Parish, La.) 1882-current, 1920-10-30


ascertained aRG certified In writing to
the State Auditor or the Supervisor Of
Public Accounts the amounts OF rev.
enue and income Of the Port Tor 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-
cipaf 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 as certified to the state
Auditor or the Supervisor OF Public
Accounts, the net income ana revenues
for such years of any revenue pro-
vator or other structure to be acquired
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 utlllty
shall be determined and certified by
the Board and approved by the state
Auditor or the Supervisor OF PuDllc
Accounts. Said Board may also with
the approval of the Governor borrow
money ana 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 G0) years from date, the
amount payable each year for prin-
cipai and interest to be as nearly equal
-. .,r,1 ms Hanl Inn m (
of principal may be fixed at Five Thou
sand Dollars ($5,000) or the nearest
multiple thereof. RefundinE bonds IS
sued hereunder shall be payable i'm an
nual installments commencing not more
than one year from date. All of the
said bonds shall have the same eNemp-
ton from taxation, and the same priv
ilege of registration and release trom
for deposit with the State or it's Of
fcers or any of its political subdi-
visions or municipalities as was
granted by Article 321 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
authorized TO carry 3HtO uit SfiC%b Sat0
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
Levee District under date of June 18th.
1918, February 26th. 1919, November
18th, 1919, and the contract made with
August 10th. 1918, through the Belt
Railroad Commission to carry into
effect Act No. 3 OF 1918 in relation to
said Navigation Canal are hereby rat-
fed and confirmed. Said Board shall
have the power to lease for manufac-
turing. commercial and business pur-
poses, lands acquired for said canal.
Such leases may run for term not
exceeding twenty years at fixed
rental without any provision for re-
newaI. readiustment or reappraisement,
but may run for a term not exceeding
ninety-nine (99) years, provided they
shall contain a clause or clauses for
of the premises and re-
adjustment OF the rental at intervals
not exceeding ten (10) years after the
of the first twenty-year
period. In the event that the said
Board and the lessee cannot agree upon
they each shall APPOINT an arbitrator
who shall have the powers of amicable
to whom the matter shall
be referred for decision. and in case of
pire and decision of any two shall be
binding upon the parties. Said Board
may also construct warehouses, ele-
vators and other buildings and i'm
upon the said canal, but
the revenues from the navigation canal
shall be kept separate from the other
revenues of the Port. Such canal rev
enues shall be deemed to include
rentals of all lands leased upon the
canal, lock charges, and charges for
passages, through the canal. If the
Board shall construct warehouses, efe-
vators and other buildings or improve
ments for public purposes on canal
lands, the rental value of the site there
of shall be fixed by appraisers ap-
pointed by said Board and the receipts
from such warehouses, elevators and
other buildings or improvements shall
be charged with the payment of such
rental value into the canal fund. The
canal fund shall be applied first in the
operating expenses of the canal and the
maintenance thereof, and thereafter in
payment of the principal and interest
of the canal bonds, and in the reduc-
ton in the manner provided in said
ordinance of the payments and contri-
through the Belt Railroad Commission
and by the Board of Levee Commits
sioners of the Orleans Levee District.
If warehouses. elevators and other
structed or acquired by said Board
upon canal lands by the use of moneys
other than the proceeds of the said
canal mortgage, the receipts from such
warehouses. elevators and other build
ings or improvements after the pay
ment of the rental value to the canal
fund shall be deemed general reve-
nues of the Port. The interest on all
bonds issued hereunder shall be paid
semi annually by the Treasurer Of the
State of Louisiana at his office. and
at any other place or places within or
without the State designated in the
bonds. Said Board shall place on de-
post with the Treasurer of the State
to the credit of an account or accounts
to be known as Interest Accounts in
such manner as may be provided in the
proceedings to issue the bonds. an
amount equal to the interest on all
Said Treasurer IL hereby empowered
and directed, and 1t is made his duty,
to pay or provide for the payment of
all interest that may become due upon
ton in each year when any of said
bonds become due and payable, deposit
with the Treasurer of the State of
Louisiana, to the credit of an account
or accounts to be known as Redemption
Accounts. the amount of all bonds ma
turing or becoming payable, and Ii
shall be the duty of said Treasurer to
pay or provide for the payment of such
bonds. Such deposits shall be made
with the State Treasurer in timely sea-
son for the payment of such principal
and interest and not less than thirty
(30) days before the date when any
moneys become payable. 1t shall be
the duty OF said Treasurer to collect
such deposits as aforesaid, and in case
of failure on the part of said Board TO
make said deposits in an amount suf-
hcient to provide for the payment OF
interest due or to become due, and for
the redemption of the bonds, the said
Treasurer is hereby empowered and di-
rected, and il is made his duty. to
collect the charges and revenues OF
the Port and to apply the same. after
providing for necessary operating ex-