The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1920-10-16

the first Tuesday after the first Mon
day in November. 1920. to-wit.
The Board Of Commissioners of the
Port of New Orleans shall, except AZ
otherwise herein changed and amehueo,
have and exercise all powers now con,
ferred upon them by Constitut ionaI
Amendment. Additional power any
Jurisdiction may be conferred py ACT oi
the Legislature. Said Board snasa nay
full power and authority to construct
extend and improve WORKS ior TOY
purposes within the limits CT the Poas
Including wharves. DOCKS warenous9Is
grain elevators. locks. slips laterals'
| basins and other structures ana I'M
provements, and may dredge shipways'
channels, slips, basins and turning
basins In the Mississippi River Salo
Board may without further Legislative
enactment borrow money ana issue
notes and bonds under the following
conditions and not otherwlse: ~ may ~
with the approval of the Governor ana
the Auditor of the State, for It's puoIIc
purposes, borrow on notes Tor tenn
| porary loans. payable WITHIN one ys .aI
| Thousand Dollars {$500.00o) at any one
| time outstanding. and may IN aodit loh,
borrow money in anticipation OF the
collection of charges for wharfage,
| foliage, storage service and other
| charges which have been actuaiIy
| earned but have not yet been re-
With s t STATE It MAY 81 for ns pubic
purposes other than the payment OIL
| current expeuses of the funding of In
| debtedness incurred or 70 pc incurreu
/ and issue bonds to the amount OF Six
| Million Five Hundred Thousand Dollars
| CSC, 500, o00). Said board may, with me
nurposes. borrow other and further
| sums and issue bonds In the manner
following: When the Board shall have
ascertained and certified IN wrli,ng Of Of
Public Accounts the amounts or rev
enue and income Of the Port for the
two fiscal years Immediately preceding,
after deducting therefrom the amouns
Of operating and maintenance charged
and expenses, and all sums payaDIe
during said year upon maturing Prin-
cipal and interest o. iss .h nos sunerv Visor
of Public Accounts shall have Verlne9
and approved said certificate. the board
may borrow money and issue Dohus 70
| which is not in excess Of the average
net revenues for the two fiscal years
Immediately preceding as shown ey
TO such net revenues of the preceding
| fiscal years as certified to the state
Auditor or the Supervisor of Public
. Accounts. the net income ana revenues
ducing wharf dock. warehouse, eie,
!, vator or other structure to be ACQUIRED
by. said Board By purchase or &c ex i,,cb
Bond issue. The net revenues and in-
> Come Of such neutrality-suspicious. utility
shall be determined and certined ny
Board and eSe by Of e pabie
Accounts. said Board may; also with
the approval OF the Governor borrow
money and issue bonds 10 reIunu
: 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
2 All bonds issued under the foregoing
u utcia otherwise en-
I than fifty years from date. shall bt
. q issued in serial form. payable In annual
iinstallments, commencing not more
than ten (i0) years from date. thu
:, amount payable each year for prin.
. cipaI and interest to be as nearly equa
of principal may be fixed at Five Thou
9 tsand Dollars i$5.0o01 or the neares
q multiple thereof Refunding bonds Is
!. sued hereunder shall De payaD.e IN ,., an
: than one year from date. All or tn
!. said bonds shall have the same exemp
ton from taxation. and the same PRIV
!, iiege of registration and release from q
registration. and the same eligibility
g for deposit with the State or Its OF
a ficers or any of its political subdi
sy Ar msnG III u the
le don to the bonds therein authorised
y Tutors of minors and curators OF IN
d terdicts shall be anthorizeo 70 ~ fn suc
bonds. Nothing herein CONTAINED snal
affect the power of said Board 10 issu
bonds for the construction OF the nav
9 igation canal under the ordinance an
secured by the mortgage heretoior
made and executed, and said Board !
l. authorized to carry into full effect sal
land sell for canal purposes the re
u mainder of bonds thereby authorized
and said ordinances and mortgage an
the contracts made with the BoaId
,.,ic ut
r. Leyee District under date OF June zsti
1918, February 26th, 1919, Novembe
i4th. 1919. and the contract made wit
August 18th. 1918. through the BE
Railroad Commission TO carry I'M
effect Act No. 8 of 1913 in relation
said Navigation Canai are nereoy "a shs
"a have the power to lease for manura'
to turing, commercial and business pul
Z poses, lands acquired for said cana
of exceeding twenty years at fxt
"a. rental without any provision Tor r.
en- newal, readjustment or reappraisemeh
ce but may run for term not exceea an
n shall contain a clause or clauses Z
is lreappraisal of the premises and a r
ed adjustment Of the rental at interva
he expiration Of the frst twenty-ye'
nd period In the event that the sa
of Board and the lessee cannot agree upt
m the reaQ1uStmeut anu TodpPi
TO they each shall appoint an arbitrat
ew who shall have the powers of amicap
err. compounders to whom the matter shs
wv | be referred for decision. and in case
ng disagreement they shall appoint an vi
bic pire and decision of any two shall
nd binding upon the parties. Said Boa
he may also construct warehouses, ell
,by vators, and other buildings and 4
nd provements upon the said canal, D
VS. the revenues from the navigation can
Die shall be kept separate from the 9th
TT revenues of the Port. Such canal Ire re
yed rentals of all lands leased upon
sed canal, lock charges. and charges !
civ passages, through the canal. IL 7
I'd board shall construct warehouses e
aid vators and other buildings or improy
me ments for public purposes on ca. car
lands the rental value OF the site thel
tc of shall be fxed by appraisers q
ted pointed by said Board and the receil
the from such warsh ouses, elevators a
18th other buildings or improvements sh
to be charged with the payment or su
.es- rental value into the canal fund. l