The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-09-25

: follC--i.... ~ - III Pea c shH ] nave
! zscertalned and certified in writing 70
sc state Ardi.or o. the S-SeTTlsoF OF
/ Public Accounts the amounts o. rev
! -lUe and income % the PORT Ior we
| two Ss-Gi years I-nrne- tiafei. lTt-rulis >
| aEtRr dSduefifg there m me aTpOuht
J a. ryar-t!rr arG rnaiHt nance cnafg-d
I and expenses and all sums pagatls
{ Curing sid year upon IA torihg gIn
.iDai and interest q It's bofu,u 80.
/ ard -l- Stat - Auditor or the super lsOI
% Public Accounts shall have F-fiheo
I and approy.d said certificate, the BoaId
MY borrow money enc issue DCi'os -
"a amount the ANIMAL i1'e~est upon
which is not In excess of the average
! act rege.uts for the two IsSa4 years
! Immediately preceding as SHOWN ~
| SAID certificate. Tie !3oaFo may ao1
nscal years as cert fed 70 the state
! sr:a.tgr or the Supervisor q bCb!l.
/ ACCOUNTS the net income ana rev ehutH
| Tor such years Of any revenue pro
/ yator q Ctle- structure 70 be acquired
! ~ said EUar4 by purchase or eADEo-
rriat.Ou from the proceeds q flth
isnd Issue. The net revenues ana IA
/ come OF such re-enue-prodUCinE utility
shall De deterris cd aud scertiDed Oy
,h- 2o.TS AID approved by re stare
Auditor or the supervisor OF FG1.t e
| Arrouyts f'-ld Beard nay also WIN
/ the apI. al OF the Governor borrow
money and Issue bonds TO refund
I bonded Indebtedness hefctofoS iacur-
I RED or hereafter 20 De IHe1rrsd aic ma
! turing and becoming payable within
| ous year Of the GATE Of such refuGdIng.
Al lords Issued under the tCT|GOirE
k-oviPio.s. except as otherwise eI-
! tHan fifty years from d1;c. stall be
issued in serial form. payable IN annual
| ms ailments. CONF eIc.EE not more
than ter GO) ye5rs from GATE. the
eipaI and interest &c - - nearly equal
as pT-ct ics BILE. but annual las .atfnents
| II principal may be fixed - Five Thou
! sand Dollars tsJ,t9+l OF the nearest
! multiple tAeIe.-. Hefu.3Igg bonds Is
su I'd hereunder shall b. payable ia an
rual InEtaiiIn. nts 90 .nTn~nciag not more
! than one year from Gate. All Of the
( said bonds shall have tie same eksUlp-
| ton from tSxstien, and &. same E.iy-
( ilsge Of r,gisgFSt.on AID release from
J reElstratiCn. asd TIE same eligibility
| FOR deposit with the state CT rs Of
/ ficers or any OF us political subdi.
1 visions or municipalities. as was
/ granted ~ Article 81 OF the CoasiitG-
\ ton 10 the bonds therein authorized.
/ Tutors of minors ard cCrators OF in
| terdiets shall be- aUtaOrl4ed 10 Invest
The funds IN their sEds in any Of SUCH
| bonds. Nothing herein Contained s1all
: I feet the power OF raid Board - issue
I ipnds for the coz stru-uon OF the nav
| igatibn canal under the ordinance ana
! secured by the mortgage heretofore
/ made and executed. and said Board ~
! authorized 70 carry into fh!l eject said
! ordinance and mortgage and 20 sss''e
and sell for canal purposes the re-
mslndsr OF EoRds thereby authorized.
and said ordinance and mortgage and
| the contracts made with the Board OF
| Levee Commissioners Of the Orleans
! Levee j. strict under date Of jun Z5th.
| 1918 February 2eth, 1919. November
I ltth. 1919. and The contract mad with
! the C!ty OF New Orleans under date Of
! August 18Th. 1913. through The Bsit
I Railroad Commission 10 carry into
| EFFECT Act 30. or 1913 In relation 10
| seid Navigation Canal ars hereby fatl-
! 9od ard confirmed. Haid Board Shall
/ turing. commercial and business pur-
\ poses. lands acquired for said canal
| Such leases may ran Tor term not
exceeding twenty years az liked
| rental without any provision for re-
newal, rsad1ustmeut o. rea?p!ais amsnt
| but may run for term not exceeding
ninety-nhle 0t) years, provided they
shall contain a clause or clauses for
reappraisal Of the premises ana a 70
! adjustment OF the rental at Intervals
not exceeding tea N0j years after the
| expiration OF the first tweAty-ytar
period. In the event that the said
} Board and the lessee cannot agree upon
| the rSadjustmCIt and -e&pETaI5.TIe. at
| they each shall appoint an arbitrator
| Who shall Rave the powers Of a:nicable
| compCuHders 20 whom the matter SHALL
| be referred for decision. and IN case Of
DISAGREEMENT they shall O yOiEt az U:D-
pire and decision CT any TWO gan De
blnuiNE upon lstS gdIlltS. SAtI I>Jdf1
] MAJ also construct warehouses. e!e-
vators and other buildings a..G I'm
proysmeDts upon u" s2iG canal, bUt
| the. revenues from the navigation c2na,s
I shall Dc kept separate from the other
J revenues OF the Port such canal rev
enUes SHAH be deemed to include
rentals CT all lands Leased upon the
( canal. lock charges. and charges for
! passages through tie canal. e the
! Board shall construct warehouses. eis-
T, yatols a@d otH-g buildings or improve
ments for public purposes or cshal
lands. the rental vaiue Of tho cite there
pointed by said Boa-i and the receipts
from such warehouses. elevators and
other buildings or improvements shall
be charged with the payment u such
canal fund she'll be applied iir.'t IN the
operating expenses of the canal and the
maintenance thereof, and thereaft r in
payment OF the principal and interest
OF the canal bonds, ard IN tho reduc-
I ton in the manner provided n said
, ordinance of the payments and cOntri-
buttons by thu City Of Sow orr
! through the Belt Railroad Commission
| and by the Board Of Leyec Commits
sioners OF the Orleans Lovce District
III warehouses, elevators and other
buildings or improvements be con:
stEuct-d or acquired by said Board
| upon canal lands by the use of rnoneYS
| other than the proceeds OF the said
canal mortgages the receipts from such
ines Or improvements after the pay
ment OF the rental value to the canal
! fund, shall be deemed general Yeye-
nues OF the Port The Interest on all
bonds Issued hereuEdSr shall be paid
! semi-annuaily by the Treasurer Of the
State OF Louisiana at his office. and
at any other pace or places within or
I without the state designated in the
bonds. said Board shall place on de-
pOsit with the Treasurer of the State
to the credit OF an account or accounts
to be known as Interest Accounts. IN
such manner as may be provided in the
proceedings to issue the bonds ar
amount equal 70 the interGst on ali
bonds that may save been delivered
Said Treasurer is hereby empowered
and directed. aud IL IL made his duty
TO pay or provide for the payment OF
all interest that may become Due uuo,
said bonds. Said Board shall IN coil.
tion In each year when any OF said
bonds become due and payable. deposit
With the Treasurer Of the State of
Louisiana. TO the credit of an account
Accounts. the amount OF all bonds ma
tsring or becoming payable, and II
shall be the duty of said Treasurer r.
pay or provide for The payment OF such
2oLds. such deposits shall be made
With the. State Treasurer In timely sea-
on for the payment of such principal
and int~cst and net less than thirty
tSO) days before the date when any
moneys become payable. 1t rhall be
the duty OF said lreH5ur"r to collect
such deposits as aforesaid, and In case
d failure on the part OF said Board T.
rake said deposits In an amount suf-
accent to provide for the payment NJ
interest due or to become due and for
the redemption Of the bonds. the said
TREASURER is hereby empowered and di-
rected and II Is made his dlty. T.
coliect the charges and revenues OF
the Port and to apply the same. after
90