The Era-leader. [volume] (Franklinton, La.) 1910-current, 1920-10-28
Congressional election to b. held or

the first Tuesday after the first Mon
| day in November, 1920, to-wlt:
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 COnstitutlonal
| Amendment. Additional power and
| Jurisdiction may be conferred by Act Oh
| the Legislature. Said Board snail nave
| full power and authority to construct,
| extend and improve works for Polt
| purposes within the limits of the Port
| including wharves docks. warehouses;
grain elevators, locks, slips, laterals
| basins and other structures ana IN
! provements, and may dredge shipWa!s'
| channels. slips. basins and turh1hS
basins in the Mississippi RIVER oaiu
Board may without further legislative
enactment borrow money and issue
| notes and bonds under the following
conditions and not otherwise: Il may !;
! with the approval Of the Governor an an
| the Auditor of the State, Tor us pun.ic
purposes. borrow on notts lot venr
an amount not exceeding Five Huncreu
Thousand Dollars (S5O0,o0O) at any one
| time outstanding, and may in adoi tlo o,
| borrow money in anticipation % tne
collection of charges Tor "nall ~ a q.
| foliage, storage service anu .,, Ill
earned but have not yet oeeh
| ceived. With the approval OF the Coy ,.
| ernor of this State it may Tor puDHt
purposes other than the payment OF
current expenses of the funding OIL ~
dsbtedHcss incurred or TO De incul eu
ana Issue bonds to the amount OF or rs
Million Five Hundred Thousand Dollars
Ne,5oO, ooo). Said board may, with me
approval Of the Governor, and Tor IKE
| purposes, borrow other ana 1urther
sums and issue bonds In the manner
ascertained and certified In writing TO
the State Auditor or the Supervisor of
| Public Accounts the amounts or 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. payabl
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 10
an amount the annual interest upon
which is not In excess Of the average
not revenues for the two fiscal years
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, Gle.
vator or other. structure, to be acqnirea
priation from the proceeds OF such
bond Issue. The net revenues and In
come Of such producing utility
shall be determined and certified by
the Board and approved by the State
Auditor or the Supervisor OF Puhslc
Accounts. Said Board may also with
the approval Of the Governor borrow
bonded Indebtedness heretofore incur.
red or hereafter to be incurred and ma.
turing and becoming payable within
one year Of the date of such rcfunding'
All bonds issued under the foregoing
provisions, except as otherwise ex-
than Atty years from date, shall be
issued in serial form, payable in annual
nstallments, commencing not more
than ten (1o) years from date, the
amount payable each year for prin-
cipal and interest to be as nearly equal
as practicable, but annual installments
If principal may be fixed at Five Thou
sand Dollars (s5,OOol 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-
uon from taxation, and the same priv
| ilegs Of registration and release from
registration, and the same eligibility
Acers or any of Its political subdi.
visions or municipalities, as wal
granted by Article 321 OF, the Constitu.
ton to the bonds therein authorized.
Tutors of minors and cutators OF IN
terdicts shall be authorized to invest
the funds In their hands in any Of such
bonds. Nothing herein contained shall
bonds for the construction Of the nav
igation canal under the ordinance and
secured by the mortgage heretofore
made and executed, and said Board is
authorized to carry into full effect said
ordinance and mortgage and to issue
and sell for canal purposes the, re-
mainder Of bonds thereby authorized,
the contracts made with. the Board Of
Levee Commissioners of the Orleans
Levee District under date Of June 10Th,
1915 February 26th, 1919, November
18th, 1919, and the contract made with
the City Of New Orleans under date OF
Mgsst 18th, :, 19l su through tn. the Be It
effect Act No. 8 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 r.
newal, feadjuetmsnt or renpprHsemeT
but may run for term hot ex2etdinis
ninety-nine (99) years, provided they
shall contain clause or clauses for
tdjus intent Of the rental at intervals
not exceeding ten 1O) years after the
expiration of the first twenty-year
period. In the event that the said
Board and the lessee cannot agree upon
the readjustment and reappraisement
they each shall appoint an arbitrator
who shall have the powers of amicable
compounders to whom the matter shall
be referred for. decision, and In case of
pire and decision Of any two shall be
binding upon the parties. Said Board
may also construct warehouses, ele-
vators, and other buildings and i'm
pr0vementS upon the said canal, but
the revenues from the navigation canal
shall be kept separate from the other
revenues OF the Port. Such canal rev.
enues shall be deemed to include
rentals Of all lands leased upon the
passages, through the canal. # the
Board shall construct warehouses, ele-
vators and other buildings OF improve-
ments for public purposes on canal
lands, the rental value of the site there.
OF shall be fixed by appraisers at.
pointed by said Board and the receipts
from such, warehouses, elevators and