The St. Mary banner., 1920-10-02

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
provements 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
canal. lock charges, and charges for
passages through the canal. If the
Board shall construct warehouses. elc-
vators and other buildings or improve
ments 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 reduc-
tion 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.
If warehouses. elevators and other
buildings or improvements he con-
structed or acquired by said Board
upon canal lands by the use of moneys
other than the proceeds of the said
warehouses. elevators and other build
ingS or improvements after the pay
ment of the rental value to the canal
fund, shall he deemed general reve-
nueS of the Port. The interest on all
bonds issued hereunder shall be paid
semi annually by the Treasurer of the
State OF Louisiana at his office, and
,5oyr Tny ot4sf 5e p4af sta or wthn or
bonds. Said Board shall place on de-
posit with the Treasurer of the State
to the credit of an account or accounts
to be known IS Interest Accounts, in
such manner a may be provided in the
proceedings to issue the bonds, an
amount equal to the interest on all
bonds that may have been delivered.
Said Treasurer is hereby empowered
and directed, and it is made his duty. !
to pay or provide for the payment OF !
all interest that may become due upon |
said bonds. Said Board shall in add |
tion in each year when any of said |
bonds become due and paya Dle. deposit |
with the Treasurer Of the State OF |
Louisiana. to the credit of an account |
Accounts. the amount of all bonds ma |
turing or becoming payable, and it |
shall be the duty of said Treasurer 10 |
pay provide for the payment of such |
bonds. Such deposits shall be made !
with the State Treasurer in timely sea
son for the payment of such principal |
and interest and not less than thirty
(3o) days before the date when any
moneys become payable. 1t shall be
the duty of said Treasurer to collect
such deposits as aforesaid. and in case
OF failure on the part of said Board to
fcient to nrot.ida for tha naI,rnErt Of
interest due or TO become due, and for
ril' 1nt redemptlon Of the BOZ ds. the SAID
rected and ~ ,,n4p ,,m+, 60
collect the rharqee .snd revennGS Of
the Port and to apply the same. after
nensas snd an,- 49,. ,,e,, a - - -
M avnrnrt Of tta ,pr',,'i,,Ii 'if'! "a ita.+
Of tha sai,i Lnd - ~, tl,"t go ~ 'ci
nose a,i fr - ~ 1't i'ut
rsreceorr ~ So; ,r tli.o as nc -,
antbor;d -, '"-u ! %" - ~ 81 - s 5lei 80
.n'I 1,,il,' -" ~ ~! ciSC az tnt po"tra
80 81 sFstSu ~ lIe t'odrd o. COM
The acna,,nts f ga g., - VI ,edtLH'
nar+r'anT "-'t' az ~ saiu iiofIu a9 d -.
audit and go Std,i bG supJeCt 70
Anditior or Snnsr,,iSnr ~
,n,,ntr "a 'Iupel NIo"l oi upilc &C
sign all bonds hereafter issued The
Board NAV acauire real and nersonal
propertv suhi4rt To rrortgaga or oTheri
lien and may make or Vicente nnr-
chase money mortgages or properly
shall prejudice the right Of tbe hoidar
Of any bonds of the Port now outstaud-
ing. or that may be issued under the
ordinance and mortpape haratofora
made and executed for canal nurnosas
to a segregation Of such revenues ne
ordinance and mortgage or other COW !
-nant of his bonds. This amendment d.
snail not repeal any statutes hereto
-ore enacted, except insofar as incon- ,
'lstent herewith.
Section 2 Be it further resolved :
,tc That on tho officio, ha,Iots :. =. J
~ " '4i' 0iiiNioi paliols 10 pe
iseo at sald election shall be place c
ne "ords; for the proposed amend
iient 70 the cohstltutlon giving addl- {
! ;! omar powers TO the Board of Commits !
'ioHtrS OF the Fort or New orleans in /
ne lnancIhs ana contfol OF the prop .
.rty uhuer lts adnlnlstratlon. and the :
NordS' Against the proposed amend
neut to the COpSfi+ution piy