The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1920-09-11

the first Tuesday after the first Mon
. day in November. 1920. to-wit:
J 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
Jurisdiction may be conferred by Act of
full power and authority to construct,
extend and improve works for Port
purposes within the limits of the Port,
, nrain eisv wharves Docks warehouses
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
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 (s500, 000) at any one
time outstanding. and may in addition.
| borrow money in anticipation of the
f Collection CT charges for Wharfage.
charges which have been actually
earned but have not yet been re-
ceived. With the approval of the Gov
| srnor of this State. 1t may for public
purposes other than the payment of
current expenses Of the funding of in
dsbtedness incurred or to be incurred
for current expenses, borrow money
and issue bonds to the amounted Six
Million Five Hundred Thousand Dollars
($6,6 ,000). Said board may, with the
approval of the Governor, and for like
sums and issue bonds in the manner
following: When the Board shall have
aecertafned and certified in writing to
the State Auditor or the Supervisor of
Accounts "a e. -
enue and income of the Port for the
two fiscal years Immediately preceding
after deductfng therefrom the amount
OF operating and maintenance charged
curing said year upon maturing prin-
cfpa1 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 |
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 I
Auditor or the Supervisor of Public |
Accounts, the net income and revenues
Tor such years of any revenue pro-
ducing wharf. dock, warehouse. efe-
vhtor or other structure to be acquired
priation from the proceeds of A such
bond issue. The net revenues and In
shall be determined and certified by
the Board and approved by the State
Auditor or the Supervisor of Purlic
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
Dne year of the date of such refundIng.
All bonds issued under the foregoing
provisions, except as otherwise en-
yressfy provided. shall run not more
ssued in serial form, payable in annual
nstallments. commencing not more
han ten Qo), years from date. the
mount payable each year for prin-
V practicable. but annual installments
4 principal may be fixed at Five Thou !
Iand Dollars ($5,oo0l or the nearest |
multiple thereof Refunding bonds is
ued hereunder shall be payable In an
!ual installments commencing not more
nan one year from date. All of the 2
lon from taxation, and the same priv q
lege of registration and release from I
egistratfon, and the same eligibility
or deposit with the State or Its Of I
1sions or municipalities, as was /
ranted by Article 321 of the Constitu- | =
lon to the bonds therein authorised. I
'utors of minors and curators of IN {
erdicts shah be authorized to invest 4
he funds in their hands In any of such u
onds. Nothing herein contained shall |
meet the power of said Board to issue n
onds for the construction of the nav u
cation canal under the ordinance ana
ecured by the mortgage heretofore v
.ade and executed, and said Board is Il
utnorfzed to carry into full effect said N
romance and mortgage and to issue r
nd sell for canal purposes the. re- q
lainder of bonds thereby authorized | a
nd said ordinance and mortgage and | II
R0nfTaofl m Ia xxyfft = h. = 1 =
eyee Commissioners of the Orleans | y
eyee District under date of June 29tb ! a
rs. Februafy 2Sth. 1919. November Ii
Ith, 1913, and the contract made with O.
lie City of New Orleans under date Of +,
ugust 10th, 1918, through the Belf e
abroad Commission to carry into IN
feet Act No. of 1913 in relation to 81
Id Naviga ton Canal are hereby rati- LII
ID and confirmed. Said Board shall Tfo
I've the power to lease for manufac- r
ring, commercial and business pur- OF
lch leases may run for term not | 81
'ceedlng twenty years at fixed CO
ntal without any provision for re- ~
wal, reimbursement or reappraisement hs
nety-nine t99) years, provided thew W.
all contain a clause or clauses for | az
appraisal OF the premises and a re- | si
!ustment OF the rental at intervals | ye
pirafion of the first twenty-year eli
Rod In the event that the said AZ
ara ana the lessee cannot agree upon In
e readjustment and reappraisement. In
ey each shall appoint an arbitrator he
10 snail have the powers OF amIcable at
to whom the matter shall 10
referred for decision. and in case Of pr
agreement they shall appoint an NM -.
e and decision of any two shalt he q
lding upon the parties Said Board frt
~ also construct warehouses. eie- an
tors, and other buildings and i'm ~
svements upon the said canal. but At,
revenues from the navigation canal III,
Iii be kept separate from the Other 10
fenues of the Port Such canal rev ~,
yes shall be deemed to include Ar
,al. lock charges, and charges for Ne
ssages, through the canal If the III,
ard snail construct warehouses, ele- WI
ors and other buildings or Improve ~
nts for public purposes on canal al
as, the rental value of the site there Ar
shall be fixed by appraisers an ne ne,
nted by said Board and the receipts crr
m such warehouses. elevators and he
er buildings or improvements shall tbs
charged with the payment of such nr SS
tai value into the canal fund The The
fxo o.