The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-10-16

allowing: when the Board shaii nAss
.scertained and certifso n s. -
,ublic Accounts the amount. 81
,nue and income Of the port toI tne
vo fiscal years imme dtateiy preceunS,
'fter dedueang thea ssn,enanee charged
md expenses. and all sums payaDe
Turing said year upon maturing ~,
.ipal and interest OF its oonu tsor
md the state Auditor or the Supe.vssotd
n Public Accounts shall have verlns3
ana sroroved said certificate. the eoafo
may Borrow monty and issue oohus
an amount the s snnasi Of the Average
net revenues for the two fiscal year.
immediately preceding AZ shown q
said certificate. The Boera NAY
s,csi Years az certified to the State
Auditor or the Supervisor OF IuDns
tccounts the net income ana revenue
FOR such years a ot any yyaIehouse. Gle
-ator or other structure to be ecQuIIeo
y said Board by purchase or Apr on
oy,ation from the proceeds OF SUI
ONE Of such revenue producing utiity
mail be determined and certihea ~
;he Board and approved BY the State
Auditor or The su per msr al esso With
the approval of the Governor borrow
money and fesue bonds TO Teiuho
bonded indebt cdness heretof2re incur
turing and becoming payable within
ans vear of the date OF such refunding.
All bonds Issued under the ioIesoins
provisions. except as otherM 80.
han ATTY years from date. shall be
issued in serial form. payable In annual
ans In Ilmente, commencing not moIe
than ten n1 D., 'e earn year for prin.
cipai and interest to be as nearly equA
as practicable. but annual installments
of principal may be dxed Al flVe Ihou
multiple thereof Refunding bonds Is
sued hereunder shall lie payable In an
nual inetailments commencing not more
than one year from GATE. ~ OF .ne
ton from taxation. and the same PRIV
iiege OF registration and release from
registration. and the same eligibility
for deposit with the state ,, or im n, Of
visions or municipalities, as was
granted by Article S3l OF the Constitu-
| ton to the bonds therein authorized.
| tsrdicts shall be authorized to invest
! the funds In their hands In any OF such
| bonds. Nothing herein contained shal!
AFFECT the power of said Boare 70 issue
igation canal under the ordinance and
| secured by the mortgage heretofore
made and executed. md said board ie
authorized to carry into fun eneet ssid
and sell for csnal purposes the re-
mainder Of bonds thereby authorised
, and said ordinance and mortgage and
L fn "Reminiscences Of tie Orleans
Levee District under date OF lyme 18th,
| 1918, February isth. 1919. November
18th, 1919. and the contract made with
the city Of New Orleans under date Of
August 18th. 1918. through the Belt
eject srea01 Ae. No. Of ISIS in relation TO
said Navigation Canal srs hereby rat, rat,
have the power TO lease for manufao-
turing. commercial and business pur.
poses. lands acquired fof said canal.
Such leases may run for q term not
rental without any provision for re-
newal. readjnstmept or reappradsement
but may run for term not exceeding
" ess.s Or Ssns.s 'h fey
reappraisai of the premises and re-
adjustment Of the rental at intervals
not exceeding ten ue) years after the
/ expiration OF the first tventy-year
period. In the event that the said
board and the Lessee cannot agree upon
the readjustmert and reappraisement
they each shall appoint an arbitrator
who shall have the powers of amicaDle
compounders to whom the matter shall
be referred for decision. and In case o:
disagreement they shall appoint an UNI
pire and decision Of any two shall DC
may also construct warehouses, eie-
vators. and other buildings ard Inn
provements upon the said canal. but
the revenues from the navigation canal
revenues Of the Port. Such canal rev.
enues shall De deemed to Include
rentals. CT al lands leased upon tbs
passages. through the canal II the
board shall construct wareh ouses. eie-
vasers and other buildings or improve,
nsGts 40 for public purposes =, ;s o.. On , ssns
pointed by said BOARD and the receipt,
from such war shouses. elevators and
Be charged viii the payment Of suci
rental value int the canal fund. tn,
canal fund shall be applied frst In thu
operating expenses Of the canal and thu
payment Of the principal and interes
OF the canal bonds. and in the reduc
, ton In the manner provided In sale
ordinance Of tho payments and oontri
.. through the Belt Railroad Commission
, and BY the Board OF Levee Commits
sioners of the Orleans Levee District
bu,,S,ns sH'o or imere~e@en.. n 5. 0 son
struotsd or acquired by said Boar,
: upon canal lands By the use Of money
other than the proceeds of the sal.
! canal mortgage. the receipts from sue,
! warehouses. elevators end other build
ihEs or improvemspts after the pay
ment Of the rental vaius to the cana
/ fund. sail BE deemed .senerai revs
( bonds issued hereunder shall be pal,
, eeni- annually by the Treasurer Of tn
: State Of Louisiana st his office. an,
, without the State designated in tn,
) bonds. Said Board shall place on de
, post with the Treasurer Of the Stat
20 the credit of an account or account
A a. b. n Int p,
: such manner as may bH provided In tn
. | proceedings to issue the bonds. q
| amount equal to the interest on al
. bonds that may have been delivered
4 and directed. and II 10 made his dut,
!, to pay or provide for the payment o
4 all interest that may become due upol
said bonds. Said Board shall In adj
a.. ana rS payable sSE s.p :s
vsth the Treasurer OF the State o
Louisiana. to the credit OF an account
{ or accounts to be known az Redemption
Account.. the amount Of all bonds ma
:Sa ;. Il. dSss u .aid aE Te.s.u ssa !,
= pay or provide for the payment Of sucl
boEds. Such deposits shall be mad
son for the payment Of such principa
and intceest ana not less than thirt.
(So) days before the date when AM
moneys become payable. II shall b
: such deposits as Aforesaid. and in cas-
a OF failure on the part Of said Board I,
: make said deposits In an amount SUI
neient to provide for the payment o
/. the redemption OF the bonds. the sal,
d Treasurer Is hereby empo wered and di
rec.ed. Japd II Is made his duty. (
2 collect the. charges and revenues o
{ providing for necessary operating ex
% pers~s and any prior charges, to tn