New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-23

: Congressional election to be held on
the nrst Tuesday after the first Mon
day in November, 1920, to-wit:
The Board of Commissioners of the
Port of New Orleans shall. except as
etherwise herein changed and amended,
have and exercise all powers now con-
fsrred upon them by Constitutional
3urisdi on May be conferred by Act or
the Legislature Said Board shall have
fun power and authority to construct
extend and improve works for Port
including wharves, docks, warehouses,
grain elevators. locks. slips, laterals,
basins and other structures and i'm
provements and may dredge shipways,
channels, slips, basins and turning
basins in the Mississippi River. Said
Board may without further legislative
enactment borrow money and issue
notes and bonds under the following
conditions and not otherwise: 1t may,
with the approval of the Governor and
the Auditor Of the State, for it's public
purposes. borrow on notes for tenn
porary loans. payable within one year,
an amount not exceeding Five Hundred
Thousand Dollars (S500,000) at any one
time outstanding, and may in addition,
collection of charges for wharfage.
foliage, storage service and other
charges which have been actually
earned but have not yet been re-
ernor of this State, it may for public
purposes other than the payment of
current expenses Of the funding OF In
debtedness incurred or to be incurred
for current expenses, borrow money
and issue bonds to the amount of Six
Million Five Hundred Thousand Dollars
(ss,50o,0oo). Said board may, with the
approval OF the Governor, and for like
purposes, borrow other and further
sums and Issue bonds in the manner
following: When the Board shall have
escertAinsd and certified in writing to
the State Auditor or tho Supervisor of
Public Accounts the amounts Of rev.
enus and income Of the Port for the
two fiscal years Immediately preceding.
after deducting therefrom the amount
of operating and maintenance charged
and expenses, and all sums payable
during said year upon maturing prfn-
cipal and Interest of it's bonded debt.
and the State Auditor or the Supervisor
of Public Accounts shall have verified
and approved said certificate, the Board
may borrow money and issue bonds TO
an amount the annual interest upon
which Is not in excess OF the average
net revenues for the two fiscal years
Immediately preceding as shown by
said certificate. The Board may add
to such net revenues of the preceding
fiscal years as certified to the state
Auditor or the Supervisor Of Public
Accounts, the net income and revenues
for such years Of any revenue pre-
ducinR wharf, dock. warehouse, ele-
vator or other structure to be acquired
by said Board by purchase or ezpro-
priation from the proceeds of such
bond issue. The net revenues and in
come of such revenue-producins utillty
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
the approval of the Governor borrow
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 refunding.
All bonds issued under the foregoing
provisions, except as otherwise ex-
pressIy provided, shall run not more
than fifty years from date, shall be
issued in serial form, payable in annual
installments, commencihg not more
than ten (10) years from data, the
amount payable each year for prtn-
cipal and interest to be as nearly equal
as practicable, but annual insta1lm eats
sand Dollars $4,000 or the nearest
multiple thereof Refunding bonds is
sued hereunder shall be payable In an
nual fns&al1ments commanding not more
said bonds shall have the same sxsnp
ton from taxation. and the same priv
Hege eff registration and release fr~m
registration, and the same eligibility
ficers or any of It's political Subdi
visions or Municipalities. az was
graateA by Artksie 321 of the Coasilba-
tion To the bonds therein autAef1Ena.
Tutors Of minors and curAters OF in
terdicxs SHALL be authorised to kavest
the funds IN their hands In any Of such
bonds Nothing herein contained shafi
affect the power of said Board to Issue
bonds for the construction of the nav
igation canal under the ordin aaos and
SCORED by the mortgage heretofore
made and executed, and said Board hs
authorized TO carry into full effect said
I'm
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
Leyee District under date Of June 18th.
1918, February 2eth, 1919, November
18th, 1919, and the contract made with
the City OF New Orleans under date of
August 18Th, 1913, through the Belt
Railroad Commission to carry into
effect Act No. of 1918 in relation to
said Navigation Canal are hereby rau-
fed and confirmed. Said Board shall
have the power to lease for manufae-
turing commercial and business pur-
poses. lands acquired for said canal.
Such leases may run for term not
exceeding twenty years at d Hzed
rental without any provision for re-
newai. readtastmeRt or reappraisssasAt
but may run for a term not exceeding
ninety -nins (sO years, proyids1 they
reaDpraisal of the premises ana a re-
adjustment OF the rsmtal at Intervals
not e1oee1lng ten (1e) years after the
expiration of the HYst twenty-ysar
period. In ths event that the Ra4d
Bsara and the losse& esaAst Agfss uneu
the PsaA5ustment and FeappFa1zeEss~t
they eGeh shall appoint an &rMtrats ter
wins sha4 have the psweFa Of A1e
compromised to whom the matter shall
be reSerrsd for deStssen, and ~ ease Of
Disagreement thsy shall appoint an MA
Vtre and deeiSten of aNy tive SHALL be
b+nding upSn t5ae parties Said Beard
Tnay Rlss construct wArsA@~aae. sts-
vators, and other buildings sad i'm
YYov esueHts upon the said eanAl bot
the revenues from the navigatisa eABal
shall be Kept separate fro@ tAs sths1
revenues Of the Port Suet canal rev.
enues shall be Aeemed to Include
rentals Of all lanAs leased upoa tha
eaaal, lock changes, and Charges fer
passages. through the canal If the
Beard sssa1l construct warehouses; ele-
vators and other buildings or impreve-
ments for public purposes on canal
.ATd5, the rental value of the site thers-
shail be fixed by appraisers ap-
pointed by said Board and thu receipts
from such warehouses, elevators and
other buildings or improvements shall
be charged with the payment of such
rental value into the canal fnnd. The
canal fund shall be applied nrst in the
operating expenses of the canal and m
maintenance thereof. and tha~eafter in
payment Of the principal and interest
of the canal bOnda. and In radrc-