St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-10-16

1ustment and reappraisement, the
each shall appoint an arbitrat }
who shall have the powers of ami
cable ccmpounders to whom the mat
ter shall be referred for decision, an
n case of disagreement they shal
appoint an umpire and decision d
any two shall be binding upon ths
parties. Said Board may also Goa
struct warehouses, elevators, an(
other buildings and improvement:
upon the said canal, but the revenue:
| from the navigation canal shall 3s
kept separate from the other re7e
nues of the Port. Such canal reve,
nues shall be deemed to include
rentals of all lands leased upon thc
canal, lock charges, and charges 70,
passages, through the canal. If the
Board shall construct warehouses
elevators and other buildings or i'm
proVements for public purposes IN
canal lands, the rental value of the
site thereof shall be fixed by the ap-
praisers appointed by said Board and
the receipts from such warehouses,
elevators and other buildings or I'M
proVements shall be charged with
| the payment Of such rental value
Pinto the canal fund. The canal fund
shall be applied first in the operatin :
expenses of the canal and the NAM
tenance thereof, and thereafter n
payment of the principal and i'll
teresI of the canal bonds, and in th,.
reduction in the manner provided III
said ordinance of the payment and
contributions by the City of New Or
leans through the Belt Railroa
Commission and by the Board IF
LeVee Commissioners of the Orleaus
Leves District. II warehouses, ele-
vators and other buildings or i'm
proyeIaents be constructed or acquir-
ed 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 buildings or in
proVements after the payment of the
rental value to the canal fund, shall
be deemed general revenues of the
Port. The interest on all bonds
issuei hereunder shall be paid semi
annually by the Treasurer of the
State OF Louisiana at his Office, an
at any other place Or places with \
Or without the State designated by
the bonds. Said Board shall place
on deposit 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 he proceedings to issue
the bonds, an amount equal to the
interest on all bonds that may have
hereby empowered and directed, AMI
it is made his duty, to pay or pro-
vide for the payment of all interest
that may become due upon said
bonds Said Board shall in addi-
ton in each year when any of said
bonds become due and payable, de-
post with the Treasurer Of the State
Of Louisiana, to the credit of an ac-
count Or accounts to be known as
Redemption Accounts, the amount
of all bonds maturing or becoming
payable, and it shall be the duty III
said Treasurer to pay or provide for
the payment of such bonds. Such
deposits shall be made with the State
Treasurer in timely season for the
payment of such principal and in
terest and not less than thirty 800.
days before the date when any mol-
eys become payable. 1t shall be the
duty Of said Treasurer to collect
such deposits as aforesaid, and il
case of failure on the part of said
Board to make said deposits in an
q mr. ff1aiorf - rrnxytHA hn
payment of interest due OR to De-
come due, and for the redemption II
the bonds, the said Treasurer is
hereby empowered and directed, and
it Is made his duty, to collect the
charges and revenues of the Port
and to apply the same, after provll-
ing Cor necessary operating expenses
and any prior charges, to the pay
ment of the principal and interest
Of the said bonds, and for that pur-
pose and for such time as may De
necessary, the said Treasurer is here
by authorized to exercise all the
powers and duties vested in the
Board of Commissioners of the Port
of New Orleans. The accounts o.
said Booard as a Department of State
shall be subject to audit and invest
CATION by the State Auditor or Sup
erVisor Of Public Accounts, and the
Auditor shall countersign all bon Is
hereafter issued The Board may
acquire real and personal property
subject to mortgage or other lien
and make or execute purchase monev
or property acquired
Nothing herein contained shall pre-
jud sc the right of the holder of any
bonds of the Port now outstanding,
or that may be issued under the ordi-
nance and mortgage heretofore made
and executed for canal purposes to
4 segregation of such revenues as are
applicable to his bonds under said
ordinance and mortgage or otha:
covenant of his bonds. This amend.
ment shall not repeal any statutes
heretofore enacted, except insofar as
herewith.
Section 2. Be It further resolved.
ETC., hat on the official ballots to b.,
used at said election shall be placed
the words, For the PROPOSED
to the Constitution Civ
ing additional powers to the Board
of Commissioners of the Port of New
Orleans in the financing and control
Of the property under it's adm mis-
tration," and the words, Against
the proposed amendment to the Goa
stitution giving additional powers to
the Board of Commissioners of the
Port of New Orleans in the financ-
ng and control of tho nronortv nm