The Bienville Democrat. [volume] (Arcadia, Bienville Parish, La.) 1912-1980, 1920-10-07


day in November, 1920, to-wit:
The Board of Commissioners of the
Port of New Orleans shall, except as
otherwise herein changed and amended,
have and exercise all powers now con-
ferred upon them by Constitution al
Amendment. Additional power ard
jurisdiction may be conferred by Act Of
the Legislature. Said Board shall have
full power and authority to construct,
extend and improve works for Port
purposes within the limits Of the 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 ana
the Auditor of the State, for its pubic
purposes, borrow on notes for tenn
porary loans, payable within one year,
an amount not exceeding Five Hundred
Thousand Dollars ($500,O0O) at any one
time outstanding, and may in add ton
borrow money in anticipation or the
collection of charges for wharfage,
foliage. storage service and other
charges which have been actually
earned but have not yet been re-
ceiyed. With the approval OF the Gov
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
In
and issue bonds to the amount of Six
Million Five Hundred Thousand Dollars
$1,000, O00). 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
ascertained and certified in writing to
the State Auditor or the Supervisor of
enue and income of the Port for the
two fiscal years Immediately preceding,
after deducting therefrem the amount
of operating and maintenance charged
and expenses, and all sums payable
during said year upon maturing prin-
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 pro-
ducing wharf, dock, warehouse, ele-
vator or other structure to be acquired
by said Board by purchase or expro-
priation from the proceeds of such
bond issue The net revenues and in
come of such revenue-p producing utility
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-
pressly provided, shall run not more
than fifty years from date, shall be
issued in serial FORM payable in annual
installments, commencing not more
than ten (10) years from date, the
amount payable each year for prin-
oipal and interest to be as nearly equal
as practicable, but annual installments
Of principal may be fixed at Five Thou
sand Dollars ($5,000) or the nearest
multiple thereof. Reminding bonds is
sued hereunder shall be payable In an"
nual installments commencing not mors
than one year from date. All of the
said bonds shall have the same exemp-
ton from taxation, and the same priv
ilege of registration and release from
registration, and the same eligibility
for deposit with the State or it's Of
ficers or any of it's political subdi-
visions or municipalities, as was
granted by Article 321 Of the Constitu-
ton to the bonds therein authorized
Tutors of minors and curators OF In
terdicts shall be authorized to: invest
the funds in their hands in any Of such
bonds. Nothing herein contained shall
affect the power Of said Board to issue
bonds for the construction of the nav
igation canal under the ordinance and
secured by the mortgage heretofore
made and executed and said Board is
authorized to carry into full effect said
ordinance and mortgage and to issue
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
Leyee, Commissioners of the Orleans
Leyee District under date Of June 18th
1918, February 26th 1919, November
14th, 1919, and the contract made with
the City of New Orleans under date Of
August 10th, 1918, through the Bel
Railroad Commission to carry int
effect Act No. of 1918 in relation tt
said Navigation Canal are hereby rati.
fed and confirmed Said Board shall
have, the power to lease for manufac.
, turing, commercial and business pur.
poses, lands acquired for said canal
Such leases may run for term moi
exceeding twenty years at a fixed
rental without any provision for re-
newal, readjustment or REIMBURSEMENT
but may run for q term not exceeding
ninety-nine (99) years, provided they
shall contain clause or clauses fol
reappraisal of the premises and re
adjustment of the rental at Intervals
not exceeding ten (l0} years after. tht
expiration of the first twenty-yeal
| period. In the event that the SALT
Board and the lessee cannot agree upor
the readjustment and reappraisement
| they each shall appoint an arbitrator
who shall have the powers Of .amicabl'
compounders to whom the matter shall
| be referred for decision, and inrcase O.
/ disagreement they shall appoint an um
/ pire and decision of any two shall b.
binding upon the parties. Said Boart
| may also construct warehouses, ele
| vators, and other buildings and i'm
! prOyements upon the said canal, blu
| the revenues from the navigation cana
| shall be kept separate from the ethei
| revenues of the Port Such canal rev
enues shall be deemed to Include
rentals of all Lends leased upon tn!
canal, lock charges and charges TO
passages, through the canal. If tn
Board shall construct warehouses, ele
vators and other buildings or improve
hnents for public purposes on cana
lands, the rental value of the site there
of shall be fixed by appraisers ap
pointed by said Board and the receipt
| from such warehouses, elevators an,
other buildings or improvements shall
be charged with the payment of sucl
| rental value into the canal fund. TIL
canal fund shall be applied first intth
operating expenses OF the canal and TIL
maintenance thereof, and thereafter Ii
payment of the principal and interes
| of the canal bonds, and i'm the reduc
ton in the manner provided in sal
! ordinance of the payments and contri
buttons by the City Of New Orlean
4 through the Belt Railroad Commission
1 and by the Board of Levee Commits
sioners of the Orleans Levee District
/ II warehouses, elevators and othe
buildings or improvements be con
structed or acquired by said Boar