St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-09-25
ACT MO 1n3
All M. 1US.
House Bill No. 206. By Mr.. Peraz
JOINT RESOLUTION.


stitution of the State of Louis
ana relative to the Board of Com
missioners of the Port of New
| Orleans.
Section /. Be It resolved by the
General Assembly Of the State Of
Louisiana, two-thirds of all members
elected to each house concurring,
That the following Amendment to
the st.tution of the State of LOU
isiana be submitted to the electors
of the State at the next COMPRESSION
al election to be held on the first
Tuesday after the first Monday n
November, 1920, to-wit:
The Board of Commissioners of
the Port of New Orleans shall, ex-
cept as otherwise herein changed and
amended, have and exercise all pow
ers now conferred upon them by
Constitutional Amendment Add
tional 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 Port purposes
within the limits Of the Port, includ-
ing Wharyes, docks. warehouses.
gran elevators, locks, slips, laterals,
basins and other structures and I'M
prove nents, and may dredge ship
ways, channels, slips, basins and
turnlng-basins In the Mississippi
River. Said board may without fur.
Their legislative enactment borrow
money and issue notes and bonds
/ under the following conditions AMI
not otherwise: 1t may, with the ap-
prevail of the Governor and the
Auditor of the State, for its public
purposes, borrow on notes for tenn
porary leans, payable within one
year, an amount not exceeding Five
Hundred Thousand (S500,000) Dol
lars at any one time outstanding,
and may in addition, borrow money
in anticipation Of the collection of
charged for wharfage, foliage, stnr-
age service and other charges which
havs been actually earned but have
not ye. been received. With the ap-
proVal of the Governor of the State,
1t may for public purposes other than
the payment of current expenses :,e
ed or to 'be incurred for current eA-
pen5es borrow money and issue
bonds to the amount of Six Million
Five Hundred Thousand Dollars
$6,500,000). Said board may, with
the approval of the Governor AMI
for like purposes, borrow other AMI
further sums and issue bonds in tue
manner following: When the Board
shall have ascertained and certified
In writing to the State Auditor or
the supervisor Of Public Accounts
the amount OF revenue and income
of the Port for the two fiscal years
Immediately preceding, after deduct
ing therefrom the amount of operat-
Ing and maintenance charged ana
expenses, and all sums payable dur
ing said year upon maturing prine-
pal and interest Of Its bonded debt,
and the State Auditor or She Super
visor OF Public Accounts shall have
verified and approved said certificate,
the Poard may borrow money and
issue bonds to an amount the an
nual interest upon which Is not Ill
excess OF the average net revenues
for the two fiscal years Immediately
preceding AZ shown by said certlfi-
cate. The Board may add to such
net revenues Of the preceding fiscal
years as certified to the State Audi |
tor or the Supervisor of Public Ac-
counts, the net income and revenues |
for such years OF any revenue pro-
ducins wharf, dock, warehouse, ele- |
vator or other structure to be &C
quired by said Board by purchase
or appropriation from the proceeds |
Of such bond issue. The net reye
nues and income Of such revenue |
producing utility shall be determine
ed and certified by the Board anil |
approved by the State Auditor or tina |
Supervisor of Public Accounts. Said
Board may also with the approval OF |
the Governor borrow money and
lSsue bonds to refund bonded in
debtednea heretofore incurred or
hereafter to be incurred and matur-
ing and becoming payable within one
year of the date Of such refunding. |
All bonds issued under the forego-
ing provisions, except as otherwise |
expressly provided, shall run not |
more than fifty years from date, sha |
be issued IN serial form, payable in |
annual installments, commencing not |
more than ten C10) years from date,
the amount payable each year for |
principal and interest to be as near
ly equal as practicable, but annual
installments of principal may be fix
ed at Five Thousand ($50O0) Dol
lars or the nearest multiple Thereof
Refunding bonds issued hereunder
shall be payable In annual install
ments commencing not more than
one year from date. All Of the said
bonds shall have the same exemp-
ton from taxation, and the same
privilege of registration and release
from registration, and the same ell
gibifity for deposit with the State or
its officers or any of the political
or municipa lities. as was
granted by Article 321 of the Con-
st:tution to the bonds therein au-
thorized. Tutors Of minors and ru
rators Of intsrdicts shall be authorlz
ed to invest the funds In their hands
in any such bonds. Nothing here
In contained shall AFFECT the p,wcr
of said board to issue bonds for the
Of the navigation cana!
under the ordinance and secured D7
the mortgage heretofore made and OK
ecuted, and said Board Is authorized
to carry into full effect said nrdi
nance and mortgage and to issue and
sell for canal purposes the remainder |