The Bienville Democrat. [volume] (Arcadia, Bienville Parish, La.) 1912-1980, 1920-09-30

day in November, 1920, to-wit:
| The Board OF Commissioners of th'
Port Of New Orleans shall, except al
otherwise herein changed and amended
have and exercise all powers now con
fsrred upon them by Constitutions
Amendment. Additional power ant
Jurisdiction may be conferred by Act Of
the Legislature. Said Board shall have
full power and authority to construct
extend and improve works for Por
purposes within the limits of the Port
including wharves, docks, warehouses
grain elevators. locks, slips, laterals
basins and other structures and Ina
provements, and may dredge shipways
channels, slips, basins and turning
basins In the Mississippi River. Sale
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
| an amount not exceeding Five Hundred
Thousand Dollars ($600. 10000 at any one
time outstanding, and may In addition
borrow money In anticipation Of the
collection Of charges for wharfage
foliage, storage service and other
charges which have been actually
earned but have not yet been re-
ceived. With the approval Of the Gov
! ernor Of this State, II may for public
purposes other than the payment OF
current expenses Of the funding of in.
debtedneps incurred or to be Incurred
for current expenses, borrow money
M taastn honda 20 fha annnunf If Civ
Million Five Hundred Thousand Dollars
$500, oOO). 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 dsducting therefr0m the amount
Of operating and maintenance charged
and expenses, and all sums payable
/ during said year upon maturing prln-
Opal 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 10 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
for such years Of any revenue pro-
ducing wharf. dock. warehouse, els-
vator 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 refunding.
All bonds issued under the foregoing
provisions, except as otherwise ex-
pressly provided, shall run not more
than fifty years from date. shall be
issued In serial form. payable In annual
installmentS, commencing not more
than ten (l0) years from date. the
amount payable each year for prin-
oipal and interest to be as nearly equal
90 practicable, but annual installments
Of principal may be fixed at Five Thou
sand Dollars $4,000 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
ilegs Of registration and release from
registration. and the same eligibility
for deposit with the State or its Of
ficers or any OF its political subdi-
granted by Article 321 Of the Constitu-
ton to the bonds therein authorised.
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 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-
rnainder 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 2sth, 1919, November
14th, 1919, and the contract made with
the City Of New Orleans under date OF
August 18th, 1918 through the Belt
Railroad Commission to carry into
effect Act No. 3 of 1918 In relation to
said Navigation Canal are hereby rati-
fed 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 fixed
rental without any provision for re-
newal, readjustment or re&ppraiSement.
but may run for q term not exceeding
ninety-nine (9s) years. provided they
shall contain clause or clauses for
reappralsal OF the premises and q re-
adjustment of the rental at intervals
not exceeding ten 1O) years after the
expiration of the frst twenty-ye8r
period. In the event that the said
Board and the lessee cannot agree upon
the readjustment and reappraisement,
they each shall appoint ansarbitrator
who shall have the powers Of amicabie
compounderS to whom the matter shall
be referred for decision, and In case of
disagreement they shall appoint an UNI
pire and decision Of any two shall be
binding upon the parties. Said Board
may also construct warehouses, ele-
fAu nd 81 htlil Inn.
prOvements upon the said canal, but
the revenues from the navigation canal
shall be kept separate from the ether
revenues 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. II the
Board shall construct warehouses; ele-
vatOrs and other buildings or improve
ihsnts 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
be charged with the payment OF such
rental value into the canal fund. The
canal fund shall be applied first In the
operating expenses Of the canal and the
maintenance thereof, and thereafter In
payment OF the principal and interest
of the canal bonds. and In the reduce
ton In the manner provided In said
ordinance Of the payments and contri.
buttons by the City Of New Orleans
through the Belt Railroad Commission
and by the Board Of Levee Commits
sioners of the Orleans Levee District.
II warehouses, elevators and other
hnildinRa nr imnPnYAmenfR he com