St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-10-02
THE rAMMY FARMER covNeTeN SATURDAY OCTOBER 1920

justment and reappraisement, they
each shalf appoint an arbitrat il
who shall have the powers of amt
cable ccmpounders to whom the mat.
ter shall be referred for decision, an
! n case of disagreement they shall
| appoint an umpire and decision oi
any two shall be binding upon the
parties. Said Board may also Goa
struct warehouses, elevators, and
other buildings and improvements
! upon the said canal, but the revenues
from the navigation canal shall be
kept separate from the other reye-
nues shall be deemed to include
rentals of all lands leased upon tho
canal, lock charges, and charges for
passages, through the canal. If the
Board shall construct warehouses,
| elevators and other buildings or i'm
| provements for public purposes in
| canal lands, the rental value of the
site thereof shall be fixed by the ap-
praisers appointed by said Board and
the receipts from such warehouses,
elevators and other buildings or I'M
proven ents shall be charged with
the Payment of such rental value
into the canal fund. The canal fuu,l
shall be applied first in the operatins
expenses of the canal and the NAM
tenance thereof, and thereafter in
payment of the principal and id
terest of the canal bonds, and in TIL.
reduction in the manner provided III
said ordinance of the payment and
contributions by the City of New Or
leans through the Belt Railroa
Commission and by the Board of
Levee Commissioners Of the Orleaus
Leyea District. If warehouses, ele-
vators and other buildings or I'M
proVe1aents be constructed Or acquir-
ed by said Board upon canal lands
by the use of moneys other than the
proceeds of the said canal mortgage,
the receipts from such warehouses,
elevators and other buildings or in
proVements after the payment of the
rental value to the canal fund, shall
be deemed general revenues of the
Port. The interest ON all bonds
issue1 hereunder shall be paid semi
annually by the Treasurer of the
State Of Louisiana at his Office, AMI
at any other place or places with y
or without the State designated by
the bonds. Said Board shall place
ON deposit with the Treasurer Of the
State to the credit of an account or
accounts to be known as Interast
Accounts, in such manner as may be
provided in he proceedings to issue
tho hnnhs onnol n 40
interest on all bonds that may have
been delivered. Said Treasurer Is
hereby empowered and directed, AMI
it is made his duty, to pay or pro-
vide for the payment Of all interest
that may become due upon said
bonds Said Board shall in addi-
ton ii each year when any of said
bonds become due and payable, de-
post with the Treasurer Of the State
of Louisiana, to the credit of an ac-
count or accounts to be known as
Redemption Accounts, the amount
of all bonds maturing or becoming
payable, and it shall be- the duty If
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 in
terest and not less than thirty (39)
days before the date when any NOR
eys become payable. 1t shall be the
duty of said Treasurer to collect
such deposits az aforesaid, and in
case Of failure on the part of said
Board to make said deposits in an
amount sufficient to provide for the
payment of interest due or to be-
come due, and for the redemption If
the bonds, the said Treasurer is
hereby empowered and directed, and
1t Is made his duty, to collect the
charges and revenues of the Port
and to apply the same, after provil-
ing Cor necessary operating expenses
and any prior charges, to the pay
ment Of the principal and interest
of the said bonds, and for that pur-
pose and for such time as may be
necessary, the said Treasurer Is here
by authorized to exercise all the
powers and duties vested in the
Boar1 of Commissioners of the Port
of New Orleans. The accounts O.
said Booard as Departmental State
shall be subject to audit and invest
CATION by the State Auditor or Sup
ervisor Of Public Accounts, and ths
Auditor shall eountersign all bon Is
hereafter issued. The Board may
acquire real and personal property
subject to mortgage or other lien
and make or execute purchase money
mortgages or property acquired.
Nothing herein contained shall pre-
jud &c the right Of the holder of any
bonds of the Port now outstanding,
or that may be issued under the ordi-
nance and mortgage heretofore made
and executed for canal purposes to
q segregation of such revenues as are
applicable to his bonds under said
ordinance and mortgage or othsc
covenant of his bonds. This amend
ment shall not repeal any statutes
heretofore enacted, except insofar as
inconsistent herewith.
Section 2. Be it further resolved,
etc, hat on the official ballots to b.
used at said election shall be placed
the words. For the proposed
to the Constitution CIV
ing additional powers to the Board
of Commissioners of the Port of New
Orleans in the financing and control
of the property under it's adm mis-
tration," and the words, Against
the proposed amendment to the Con-
stitution giving additional powers to
the Board of Commissioners of the
Port of New Orleans in the financ-
ND ~ h.