The St. Mary banner. (Franklin, Parish of St. Mary, La.) 1889-1931, 1920-10-23

disagreement they shall appoint an UNI
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
provements 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
rentals of all lands leased upon the
canal lock charges. and charges for
passages, through the canal. If the
Board shall construct warehouses. ete-
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 III SAID
ordinance of the payments and contri-
buttons by the City of New Orleans
through the Belt Railroad Commission
and by the Board of Levee Commits
sioners of the Orleans Levee District.
If warehouses, elevators and other
buildings or improvements be con-
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
al any other place or places within or
without the State designated i'll 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
bonds that may nave been delivered
Said Treasurer is hereby empowered
and directed, and it is made his duty.
to pay or provide for sne payment Of
all interest that may become due upon
said bonds. Said Board shall in add
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 paya Bile, and it
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
800 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 SUI
fClent 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 1t is made his duty, to
90 hn oh Il Hf
the Port and to apply the same, after
providing for necessary operating ex-
penses and any prior charges, to the
payment of the principal and interest
OF the said bonds. and for that pur-
pose and for such time as may be
necessary. the said Treasurer.is hereby
authorized to exercise all the powers
and duties vested in the Board of Com
miSSionerS of the Port of|New Orleans
The accounts of said Board as a De-
partment of State shall be subject to
audit and investigation by the State
Auditor or Supervisor of Public Ac-
counts, and the auditor shall counter
sign all bonds hereafter issued. The
Board may acquire real and personal
property subject to mortgage or other
lien and may make or execute pur-
chase money mortgages or property
acquired. Nothing herein contained
shall prejudice the right of the holder
of any bonds of the Port now outstand-
ing. or that may be issued under the
ordinance and mortgage heretofore
made and executed for canal purposes
to a segrega ton OF such revenues as
are applicable to his bonds under said
ordinance and mortgage or other COW
enant of his bonds This amendment
shall not repeal any statutes hereto
fore enacted. except insofar as incon-
sistent herewith.
Section 2. Be it further resolved
etc, That on the official ballots to be
used at said election shall be placed
the words. For the proposed amend
ment to the Cons titution giving addi-
tional powers to the Board of Commits
Sioners of the Port of New Orleans in
the financing and control of the prop
erty under it's administration" and the
words, Against the proposed amend
ment to the Constitution giving addi-
tional powers to the Heard of Commits
sioners of the Port of New Orleans in
the financing and control of the prop
erty under it's administration" and
each elector shall indicate his vote for
or against the proposed amendment as
provided in the general election laws
of the State.
r. F. WALKER,
Speaker of the House of Representa-
HEWITT BOUANCHAUD,
Lieutenant Governor and President OF
the Senate.
Approved: July 7, 1920.
JNO. NJ. PARKER.
Governor of the State of Louisiana.
JAMES j. BAILEY.
Secretary of State.
ACT NO. 40.
House Bill No. 2S6-By Mr. SchelI.
JOINT RESOLUTION
Proposing an amendment to Article 303
of the Constitution of the State of
Louisiana as heretobefore amended
relative to pensions for Confederate
Veterans