The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1920-10-09

Congressional election to be held or
the first Tuesday after the first Aion-
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 Constitutional
Amendment. Additional power and
the Legislatures. 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 Auditor of the State, for its public
purposes, borrow on notes for tenn
porary loans. payable within one year.
Thousand Dollars $500 0oo) at any one
time outstanding. and may in addition.
borrow money in anticipation OF the
collection of charges for wharfage.
charges which have been actually
earned but have not yet been re-
ceiyed. With the approval of the Gov
srnor OF this State, 1t may for public
current expenses of the funding of In
dsbtedness incurred or to be incurred
for current expenses, borrow money
and issue bonds to the amount Of Six
(1e, 500 .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
- hot, "a a
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 Tor the
after deducting therefrom the amount
Of operating and maintenance charged
and expenses. and all sums payable
during said year upon a.. maturing turing P PIT.
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
ducing wharf. dock, warehouse, efe-
vator or other structure to be acquired
by said Board by purchase or expro-
priation from the proceeds of such
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
rcd or hereafter to be incurred and ma
turing and becoming payable within
one year Of the date of such refunding.
AL bonds issued under the foregoing
provisions, except as otherwise ex-
pressiy provided. shall run not more
issued in serial form, payable in annual
installments. commencing not more
than ten u0) years from date. the
Opal and interest to be as nearly equal
~ practicable, but annual fnstallments
Of principal may be fxed at Five ThoH-
sand Dollars ($5.00ol or the nearest
multiple thereof. Refunding bonds is
sued hereunder shall be payable in an
nual installments 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 its Of
Acers or any OF its political suodi-
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 10
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 29th.
1918, February 26th, 1919, November
14th, 1919, and the contract made with
the City of New Orleans under date Of
August 18th, 1913, through the Belt
effect Act No. of 1913 in relation to
said Navigation Canal are hereby rati-
ned 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 not
exceeding twenty years at hxed
rental without any provision for re-
newal, readjustment or reappraisement.
but may run for term not exceeding
ninety-nine t99) years, provided they
shall contain clause or clauses for
roappfaisal OF the premises ana re-
adjustment OF the rental at intervals
not exceeding ten (10) years after the
expiration of the first twenty-year
period. In the event that the said
Board and the lessee cannot agree upon
the readjustment and reappraisement,
they each shall appoint an arbitrator
who shall have the powers of amicable
compounders to whom the matter shall
be referred for decision, and in case of
disagreement they shall appoint an UNI
p3re and decision of any two shall be
binding upon the parties. Said Board
may also construct warehouses, ele-
vators, and other buildings and inn
provements upon the said canal but
the revenues from the navigation canal
shall be kept separate from the other
fevenues of the Port. Such canal rev.
enues shall be deemed to include
rentals of all lands leased upon the
canal. lock charges, and charges for
passages, through the canal. If the
Board shall construct warehouses ele-
vators and other buildings or improve
msnts for public purposes on canal
lands, the rental value OF the site there
of shall be fixed by appraisers ap-
pointed by said Board and the receipts
from such warehouses, elevators and
other buildings or improvements shall
b charged with the payment of such