The St. Mary banner., 1920-09-11
ACT NO. 102.
AZ No. Ip-'.
House Bin No. 206-By Mr.. Perez.
JOINT RESOLUTION

L
JOINT RESOLUTION.
Proposing an amendment to the Con-
stitution of the State of Louisiana
Relative to the Board of Commits
sioners of the Port of New Orleans.
Section l. Be it resolved by the Cen
eral Assembly of the State of Louis
lana, two thirds of all members elected
| to each House Concurrlng, That the fol-
| of the State of Louisiana be submitted
| to the electors of the State "a the next
Congressional election to be held on
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 as
otherwise herein changed and amended,
| have and exercise all powers now con-
Amendment Additional power and
| 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 and
| the AuOltOF OF the state. 1Or ltS puDllC
purposes, borrow on notes for tenn
porary loans. payable within one year,
an amount not exceeding Five Hundred
| Thousand Dollars (S500000) at any one
time outstanding, and may in addition,
borrow money in anticipation of the
collection of charges for wharfage.
foliage, storage service and other
charges which have been actually
earned but have not yet been re-
ceived. With the approval of the Gov
ernor of this State, it nay for public
purposes other than the payment of
current expenses of the funding of in
deDedness incurred or to be incurred
for current expenses, borrow money
and issue bonds to the amount of Six
Million Five Hundred ThousandsDollars
(S6500 ,000). 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
Public Accounts the amounts of rev.
enue and income of the Port for the
fWo fiscal years Immediately preceding,
after deducting therefrom the amount
of operating and maintenance charged
ana expenses, and all sums payable
during said year upon maturing prin-
cipal and interest of its 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-
A n rIph
bond issue. The net revenues and in
come of such revenue 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
lnStallmentS, commencing not more
than ten G0) years from date, the
amount payable each year for prin-
cipal and interest to be nearly equal
as practicable, but annual installments
of principal may be fixed at Five Thou
sand Dollars (s5,000) or the nearest
multiple thereof. Refunding bonds is
sued hereunder shall be payable in an
nual ins stallments commencing not more
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 i'm
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
Levee Commissioners of the Orleans
Levee District under date of June 2sth.
1918, February 26th, 1919, November
l4th, 1919, and the contract made with
the City of New Orleans under date of
August 18th 1913, through the Belt
effect Act No. 3 of 1918 in relation to
said Navigation Canal are hereby rati- | ,
led and confirmed. Said Board shall
nave the power to lease for manufac-
COMMERCIAL anu business pur-
poses, lands acquired for said canal. ,
Such leases may run for a term not
twenty years at fixed
rental without any provision for re-
1ewal, readjustment or reappraisement, ,
]ut may run for a term not exceeding i
ninety (99) years, provided they {
shall contain a clause or clauses for &
'eappraisal of the premises and a re- /
adjustment of the rental at intervals
Tot exceeding ten G0) years after the J
of the first twenty-year
period. In the event that the said
3oard and the lessee cannot agree upon
he readjustment and reappraisement /
hey each shall appoint an arbitrator f
Who shall have the powers of amcable /
to whom the matter shall I
fan 49, e. LII.