The St. Charles herald., 1920-10-23

Treasurer of the state to the credit OF an
account or accounts to be known as IN
terest accounts, in such manner as may
be provided in the proceedings to issue
the bonds, an amount equal to the inter
est on all bonds that may have been de-
livered. Said Treasurer is hereby EN-
powered and directed, and it is made ms
duty. to pay or provide for the payment
Of all interest that may become due upon
said bonds Sail Board shall in addition
in each year when any of said bonds be-
come due and payable, deposit with the
Treasurer of the state of Louisiana. to
the credit Of an account or accounts tc
he known as Redemption Accounts, the
amount of all bonds maturing or becom-
ing PAYABLE and it shall be the duty OF
said Treasurer to pay or provide for the
payment of such bonds. Such deposits
shall be made with the State Treasurer
in timely season for the payment Of such
principal and interest and not less than
thirty 800 days before the date when any
moneys become payable. 1t shall be the
duty OF said Treasurer to collect such de-
posts as aforesaid, and in case OF failure
on the part of said Board to make said
deposits in an amount sufficient to pro-
vide for the payment of interest due OF
to become due. and for the redemption
of the bonds, the said Treasurer is here
by empowered anh directed, and 1T is made
his duty, to collect the charges and ex-
enues of the Port and to apply the same
after providing for necessary operating ex-
penses and any p,ior charges, to the pay
ment of the principal and interest of the
said bonds, and for that purpose and for
such time as may be necessary. the said
Treasurer is hereby authorized to exer-
else all the powers and duties vested in
the Board of Commissioners of the Port
of New Orleans. The accounts of said
Board as a Department of State shall be
subject to audit and investigation by the
State Auditor or Supervisor of Public
Accounts. and the auditor shall counter
sign all bonds hereafter issued The
Board may acquire real and personal
property subject to mortgage or other
lien and may make or execute purchase
money mortgages on property acquired.
Nothing herein contained shall prejudice
the right of the holder of any bonds of
the Port now outstanding, or that may be
issued under the ordinance and mortgage
HeTetOiOfe Hiiue anu eXecuttu LOT CdHdi
purposes to segregation of such reve
nues as are applicable to his bonds under
said ordinance and mortgage or other
covenant of his bonds This amendment
shall not repeal any statutes heretofore
enacted, except insofar as inconsistent
herewith.
Section 2. Be It further resolved, ETC.,
That on the official ballots to be used at
said election shall be placed the words,
Constitution giving additional powers to
the Board of Commissioners of the Port
of New Orleans Iii the financing and con-
troll of the property under it's administra-
tion." and the words. Against the pro-
posed amendment to the Constitution
giving additional powers to the Board
of Commissioners Of the Port of New Or
leans in the financing and control of the
property under its administration" and
each elector shall indicate his vote for
or against the proposed amendment as
the State.
r. F. WALKER,
Speaker of the House of Representatives
HEWITT BOUANCHAUD,
Lieutenant Governor and President of the
Senate.
Approved: July z, 1920.
JNO. NJ PARKER,
Governor of the State of louisiana
A true copy:
JAMES J. BAILEY.
Secretary OF State.