The Bienville Democrat. [volume] (Arcadia, Bienville Parish, La.) 1912-1980, 1920-10-14

| che first Tuesday after the frst Mon
day In November, 1920, to-wit:
The Board of Commissioners OF the
! Port of New Orleans shall, except as
otherwise herein changed and amenaed,
have and exercise all powers now con,
| ferred upon them by Constitutional
| Amendment, Additional power aha
! jurisdiction may be conferred by Act OF
! the Legislature. Said Board shall have
| full power and authority to CONSTRUCT,
| extend and improve works for por'
purposes within. the limits of the forI
| Including wharves, docks, warehouses
{ grain elevators locks, slips, laterals'
| basins and other structures ana I'M
proyements. and may dredge shipWays'
| channels slips, basins and turning
basins in the Mississippi River. SAD
Board may without further Legislative
/ enactment borrow money ana lssue
notes and bonds under the following
conditions and not otherwise. IL may,
with the approval of the Governor amu
| the Auditor of the State, Tor its Puolio
! purposes, borrow on notes iof tein
porary loans, payable within one yeal,,
an amount not exceeding rive Huhoieu
! Thousand Dollars ($5OO,OVV) at any one
time outstanding and may In auus'i ~.
borrow money in anticipation VI tno
collection Of charges LOT whati az or
CHARGES which have been actually
earned hut have not yet been re-
csived, With the approval Of the COY
i ernor Of this State, 1t may for pabue
nurnoses other than the payment OF
current expenses of the funding OF In.
dsht4dness incurred or to be incurred
for current expenses, borrow money
/ and issue bonds to the amount OF SIX
Million Five Hundred Thousand Dollars
Is6, 500 00O). Said board may, with the
anproyal of the Governor, and Tor IKE
nurposes borrow other and further
sums and issue bonds in the manner
following: When the Board shall nave
ascertained and certified in writing y
fine 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 amour!
Of operating and maintenance charged
and exuenses, and all sums payable
, during said year upon maturing prln-
cinal and interest of Its bonded dept
and the state Auditor or the Supervisor
Of Publfc Accounts shall have VerlneG
and arnroyed said certificate, the Boaro
NAV borrow money and issue b0nds 10
an amount the annual interest upon
which is not in excess of the average
net revenues for the two hscal years
Immediately preceding as SHOWN Wy
said certificate. The Board may auo
to such net revenues OF the preceuins
fiscal years as certified to the eiat. I
! Auditor or the Supervisor OF rum.
Accounts, the net income anu feSenaes
for such years of any revenue PR n,o
ducing wharf, dock, warehouse, eio;
by said Board by purchase or eApro,.
priation from the proceeds OF sucf
hond Issue. The net revenues ana IN
come Of such revenue producing uullt!
shall he determined and certihed D!
the Board and approved by the Statt
Auf,itor or the Supervisor OF Pubn'
Accounts. Said Board may also Wltf
the approval of the Governor borrow
money and issue bonds TO refune
handed Indebtedness heretofore incur
rad ar hereafter to be incurred ana ma
turing and becoming payable Withii
one wear of the date Of such refundlng
Ali bonds issued under the foregoing
nrovisions except as otherwise ex
nressly provided, shall run not NOR
, than atty years from date, shall D.
issued in serial form, payable in ahhua
, installments, commencing not NOR
, than ten (1O) years from date, tn
amount payable each year Tor prlh
cinai and interest to be as nearly equa
, AZ practicable, but annual installment
Of principal may be fixed att Five Thou
sand Dollars $4,000 or the neafe -
| multiple thereof. Refundlng ponds 10
| sued hereunder shall be payable IN an
nual installments commencing not hoI
, than one year from date. All Oh IN
said bonds shall have the same eAeinp
ton from taxation, and the same priv PRIV
!, ilege of registration ana release ilGt
registratton, and the same eHglDlllt
fos Jnnosit with the State or its or
, ficers or any of it's political subdi
visions or municipalities, as wa
: Granted by Article 321 of the Constitu
Z finn IN the bonds therein authorized
. Tntors of minors and curators OF III
. terdicts shall be authorized to inves
. fhe funds in their hands in any OF sue
I bonds Nothing herein contained shal
, affect the power of said Board TO lssa
bonds for the construction or the nav
: iratiOn canal under the ordinance an
: secured by the mortgage heretoiof
made and executed, and said board !
authorized to carry into full ehtct sal
: ordinance and mortgage ana 10 issu
and sell for canal purposes the re
mainder of bonds thereby authorized
( and said ordinance and mortgage an
the contracts made with the Board G
Eeyee Commissioners of the Ofean
Ievee District under date OF June z9tf
i. ! 1918 February 18th, 1918, Noqemoe
I4th, 1919, and the contract mace VIII
the City Of New Orleans under GATE e =
August 18th, 1918, through the BE
railroad Commission to carry I'M
effect Act No. of 1918 in relation
said Navigation Canal are hereby fat
fed and confirmed. Said Board sna
have the power to lease 1or mahuia.
: tarine, commercial ana business pun
!, poses, lands acquired ior salo cana
o Such leases may run for term Il.
: eyceedine twenty years at nxe
7 rental without any provision lot -
I newal, reimbursement or reappraisemeh
;, hut NAV run for term not exeeedln
n ninety-nine (99) years, PROVIDED tne
e shall contain clause or clauses fe
7. rnappraisal of the premises and a r.
: adjustment of the rental at mterVa
i not exceeding ten (10) years after Tn
d eYniration of the first twenty-yei
n neriod. In the event that the sal
e BOARD and the lessee cannot agree upo
d fine reimbursement and reappraisemen
II thew each shall appoint an arbitratt
q, who shall have the powers OF amlcap
o commanders to whom the matter Sha
W ne referred for decision, and in case
r, DISAGREEMENT they shall appoint an tls,
y nira and decision Of any two snail
g binding upon the parties. Said Boal
lie nav also construct warehouses, ell
d vators' and other buildings and In
e nrovements upon the said canal, b'
y the revenues from the navigation can
ID shall be kept separate from the eth
J. revenues of the Port Such canal re-
lie enues shall be deemed to inciut
T. rentals of all Lends leased upon q
N canal, lock charges, and charges 7
q passages through the canal, III q
"a Board shall construct warehouses, Ell
y vators and other buildings or improy
!. dnepts for public purposes on can
ID lands the rental value OF the site tner
le of shall be fixed by appraisers q
pointed by said Board and the recelp
c2 from such warehouses, elevators AZ
20 other buildings or improvements shs
le be charged with the payment OF sn
III rental value irto the canal Iund q
20 canal fund shall be applied nrst In y
81 operating expenses OF the canai anu
IT, maintenance thereof, and Thereafter
N payment of the principal and intere
l l.s Of the canal bonds, and in the red u.
W ton in the manner provided in sa
X ordinance of the payments and eentl
&c buttons by the City of New orlea
q. through the Belt Railroad commissl
ne and by the Board of Levee Comml
al sioners of the Orleans Levee Distrl
re IF warehouses. elevators and 9th
% buildings or improvements De co
In = e..c.,,irad hN SaiQ AQa