The Donaldsonville chief., 1920-09-11

4 c
Port OF New orisans shall, eacep.. ~
| otherwise herein changed and amsnoeo'
have and exercise Ill powers new con
tsrred upon them ny 1ohs.,sr''Sn"aa .ar .na
| Amendment. Additional power sha
| jurisdiction may be conferred Dy ASt OF
| the Legislature. Said Board small nave
full power and authority 70 consernc.,
| extend and improse works Iors rory
| purposes within tie limits OF the foFt,
! including wharYess docks warehouses,
| grain elevators, lacks, slips, laterals,
| basins and other structures aha na-
proyements. and may dradge shtpways'
channels. slips. baains ana turhlhY
basinB In the Mississippi River sald
Board may without further legisia.Ws
notes and bonds under the foIio9lhk
conditions and notEotherwise: II may;
with the approval ef the toVetnos sito suo
the Auditor of the State. Tor its paomc
I purposes, borrow on notes Ior Tenn
porary loans. nayahis within enc yea;
| an amount not exceeding Five Hundred
Thousand Dollars e50o,0oo} at any one
time outstanding, and may IN aoat t,Hm, on
collection OF charges Tor WnaEIase.
foliage, storage service and other
CHARGES which have been sclua.iy
earned but have mot yet been re-
ceived. With the approval OF the 10y
ernor of this state il may for pennc
purposes other than the payment Ok
debtedness incurred or to be incurred
for current expenses, borrow money
and issue bonds tos the amount or Slx
Million Five Hundred Thousand Doliars
approval of the Governor, ana for IKE
purposes, borrow other and further
sums and issue bonds In the manner
following: When the Board shall have
ascertainsd and eeftihed in writing 70
the State Auditor or the Supervisor OF
| Public Accounts the amounts of rev.
two fiscal years imnediately preceding,
after deducting therefrom the amouns
of operating and maintenance cnargea
and expenses, and all sums payabie
during said year upon ma atuflnE prM-
cipal and interest of it's bonded deot
and the State Auditor or the supervisor
of Public Accounts shall have verlned
and approved said certificate, the board
may borrow 1noney5and issue bonds to
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 by
said certificate. The Board may add
to such net revenues of the preceding
i fiscal years as certified to tho state
Accounts. the net Income and revenues
| for such years of any revenue pro-
ducing wharf. dock, warehouse, ole.
vator Or other structure to be ACQUIRED
I priation from the proceeds or such
bond issue. The net revenues and IN
come of such revenue producing utfhLy
shall be determined and certified by
the Board and approved by the State
Auditor or the Supervisor OF Public
Accounts said Board may also with
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 refundfng.
ALL bonds issued under the foregoing
provisions, except as otherwise ex-
prsssly provided, shall run not more
{ than fifty years from date. shall be
| issued In serial form. payable In annual
thsaasAei than tes doo 'eyas Years from date the
amount payable each year for prln,
| as practicable. but annual installme ents
OF principal may be dxed at Five Thou
sand Dollars fs6,ooel or the nearest
sued hereunder shall be payable An an
a nual inetallments commencing not more
/ than enc year from date. All of the
said bonds shall have the same exen,p-
ilsge of registration and release from
| registration, and the same eligibility
for deposit with the State or it's of :
ftcers or any of Its political suhdi :
| visions or municipalities az was
i granted by Article 321 of the Constitu-
ton to the bonds therein authorized
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
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,
and said ordinance and mortgage and
the contracts made with the Board Of
/ Levee Commissioners of the Orleans
Levee District under date of June 2sth,
1 1918, February .2sth, 1919. November
the city OF New Orleans under date Of
| August 10th, 1913. through the Belt
Railroad Commission to carry into
effect Act No. J of 1918 in relation to
fed and confirmed. Said Board shall
| have the power to lease for manufae-
| turing, commercial and business pur-
poses, lands acquired fore said canal.
exceeding twenty years at a fixed
rental without any provision for re-
newal, readiustmsnt or reappraisemsnt.
but may run for term not exceeding
ninsty-nfne tss3 years, provided they
| shall contain q clause or clauses for
rsappraisai OF the premises and re-
not exceeding ten t1a3 years after the
expiration of the first twenty year
period. In the event that the said
Board and the lessee cannot agree upon
the readjustmsnt and reappraissment,
| they each shall appoint an arbitrator
who shall have the powers of anlicable
compounders to whom the matter shall
be referred for decision, and in case OF
disagreement they shall appoint an url-
4 pire and decision of any two shall be
binding upon the parties. Said Board
may also construct warehouses, eie.
yators, and other buildings and inn
provements upon the said canal. but
the revenues from the navigation canal
shall be kept separate from the other
enues shall be deemed to include
rentals of all lands leased upon the
canal, lock charges, and charges for
passages, through the canal. IL the
Board shall construct warehouses. eie-
vators and other buildings or improve
ments for public purposes on canal
lands, tfae rental value Of the stSs there
Of shah as J., be axsd by appraisers ap.
from such warehouses elevators and
other buildings or improvements shall
be charged with the payment of such
rental value into the canal fund The
| operating expenses OF the canal and tfls
maintenance thereof, and thereafter in
payment of the principal and interest
OF the canal bonds, and in the rsduc-
tion in the manner provided In said
ordinance of the payments and contri.
| buttons by the City OF Snw Orleans
through the Belt Railroad Commission
and by the Board OF Levee Commits.
sionsFa of the Orleans Leyee District
Il If warehouses. elevators and othe,
buildings or improvements be con.
| sIFuctea OF acquired by SAID Bparg
upon canal lands by the use of moneys
| other than the proceeds Of the said
canal mortgage, the receipts from suef
warehouses elevators and other build.
| iHgs or improvements after the pay.
yuent OF the rental value to the cana
fund, shall be deemed general reye,
| nues of the Port. The interest ON al
bonds Issued hereunder shall be paid
ssEal annually by the Treasurer OF ths
| State OF Louisiana at his efftes nd
at any other place or places within OF
without the State designated in ths