The Bienville Democrat. [volume] (Arcadia, Bienville Parish, La.) 1912-1980, 1920-09-09


have and exercise all powers now con-
ferred upon them by Constitutional
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 Iand bonds under the following
conditions and not otherwise: 1t may,
with the approval of the Governor ana
the Auditor Of the State, for its public
purposes, borrow on notes for tenn
porary loans payable within one year;
an amount not exceeding Five Hundred
Thousand Dollars ($50OOOO at any one
time outs landing, and may In ADDITION,
borrow ntAey in anticipation OF the
collection charges for wharfage,
foliage, sWrage service and other
charges w1ich have been actually
earned bat have not yet been re-
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
for current expenses, borrow money
and issue bonds to the amount OF SIX
Million Five Hundred Thousand Dollars
CSC, 500, 0O0). 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
two fiscal years Immediately preceding,
after deducting therefrom the amount
!! Of operating and maintenance charged
and expenses, and all sums payable
| during said year upon maturing prln-
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 Pubic
Accounts, the net income and revenues
for such years of any revenue pro-
ducing wharf dock, warehouse, ele-
yator 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-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 refundlng.
All bonds issued under the foregoing
provisions, except as otherwise ex-
pressly provided, shall run not more
than Atty years from date, shall be
issued in serial form, payable in annual
installments, commencing not more
than ten Q0) years from date. the
amount payable each year for prln-
cipal and interest to be as nearly equal
as practicable, but annual installments
of principal may be fixed at Five Thou
sand Dollars ($5,OOO) or the neares,
multiple thereof. Refundlng bonds is-
sued hereunder shall be payable In an
nutll 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
~ ha
for deposit with the State or Its 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 curat0rs 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 anC
secured by the mortgage heretofore
made and executed, and said Board Il
authorized to carry into full effect sale
ordinance and mortgage and to issue
and sell for canal purposes the re
mainder of bonds thereby authorized
and said ordinance and mortgage ant
the contracts made with the Board o.
Levee Commissioners of the Orleans
Leyee District under date of June 18th
1918, February 26th, 1919, Novembe
18th, 1919, and the contract made Will
the City of New Orleans undersdate O.
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
fled 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 q term no
exceeding twenty years at a nxe
rental without any provision for re
newal, readjustment or reappraisemen'
, but may run for term not exceedin!
!, nlnety-nine (99) years, provided the
shall contain a clause or clauses TO
reappraisal Of the premises and re
adjustment of the rental at interval
!, not exceeding ten (10) years after tn
)expiration of the first tWenty-yeq
period. In the event that the sal
: Board and the lessee cannot agree up0
: the readjustment and reappraisement
they each shall appoint an arbitrato
!, who shall have the powers Of amicabl
' compounders to whom the matter Sha
' be referred for decision, and in case o
:, disagreement they shall appoint an um
J pire ahd decision of any two shall b
binding upon the parties. Said Boar
: may also construct warehouses, ele
! yators, and other buildings and i'm
: proyements upon the said canal, bu
Z the revenues from the navigation cane
shall be kept separate from the ethe
: revenues of the Port. Such canal rev
enues shall be deemed to includ
: rentals of all lAnds leased upon tn
= canal, lock charges, and charges fO
J, passages, through the canal, II tn
y Board shall construct warehouses, ele
y yators and other buildings or improvs
!, taents for public purposes on cant
y lands the rental value Of the site there
of shall be fixed by appraisers al
pointed by said Board and the receipt
2 from such warehouses elevators an
other buildings or improvements sha
. be charged with the payment OF sue
Il rental value into the canal fund I'll
y canal fund shall be applied first In tn
! operating expenses Of the canal and tn
!, maintenance thereof, and thereafter
:, payment of the principal and interel
. of the canal bonds, and In the redu,
ton In the manner provided In sal
: ordinance of the payments and c0ntr
= buttons by the City of New Oriear
: through the Belt Railroad Commissio
= and by the Board of Levee Commits
:, sloners of the Orleans Levee Distric
= IL warehouses, elevators and 9th,
:, buildings or Improvements be col
~ structed or acquired by said Boar
z upon canal lands by the use of none!
y other than the proceeds of the sa
canal mortgage, the receipts from sue
!. warehouses, elevators and other buil'