New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-02

Congressional election to be held or
the nrst Tuesday after the first Nor
day in November, 1890, to-wit:
The Board of Commissioners of the
Port OF New Orleans shall, except al
otherwise herein changed and amended
fsrred upon them by Constitutions
Amendment. Additional power and
1urtsdlction may be conferred by Act OF
the Legislature. Said Board shall have
full power and authority to construct
extend and improve works for Port
purposes within the limits of the Port
including wharves, docks, warehouses
grain elevators, locks, slips laterals
basins and other structures and i'm
! provements, and may dredge shipwsys
channels, slips. basins and turning
basins in the Mississippi River. Said
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
perary loans, payable within one year,
an amount not exceeding Five Hundred
Thousand Dollars $500 .000) 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, it may for public
purposes other than the payment of
current expenses of the funding of in
debeedness incurred or to be incurred
FOR current expenses, borrow money
and issue bonds to the amount of Six
Million Five Hundred Thousand Dollars
csc, ,0o0). Said board may, with the
approval of the Governor and for like
purposes, borrow other and furth er
SUMS and issue bonds in the manner
following: When the Board shall have
esceptainsd and certified in writing to
tho 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 deducting therefrom the amount
of operating and maintenance charged
and expenses, and all sums payable
during said year upon maturing prin-
cipal and interest of it's 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 is 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, ele-
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
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
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 10) years from date, tn
amount payable each year for prin- F,
cipal and interest to be as nearly equal
as 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 sxemp-
tfon 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- !
visions or Municipalities, as was
granted by Article 321 OF the Constitu-
a.
Tutors. of minors and curators of in !
terdicts shall be authorised to inyest
the funds in their hands in any OF such i
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 is !
authorized to carry INTO full effect said
ORDINANCES and mortgage and. to ISSUE
snd Fer d RI bo is tAssSS
and said ordinance and mortgage and !
Levee Commissioners of the Orleans
Levee District under date of June 29th,
1918, February 26th, 1919, November
14th, 1918, and the Contract made with
August 10TH. 1918, through the Belt I
Railroad Commission to carry into
effect Act No. 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 a term not
rental without, any provision for re-
newal, REIMBURSEMENT or reappraisement
but may run for term not exceeding
ninety nine (99) years, provided they
shall contain clause or clauses for
reappraisal of the premises and a re-
adjustment of the rental at intervals
not exceeding ten (10) years after the
expiration of the first twenty year
period. In the event that the said
Board and the lessee cannot agree upon
he readtustment and reappraisement
hey each shall appoint an arbi traitor
Who shall have the powers of amicable
to whom the matter shall
,e referred for decision, and in case of
disagreement they shalT appoint an UNI
Dire and decision OF any two Shall be |
binding upon the parties. Said Board
nay also construct warehouses; ele-
-ators, and other buildings and i'm
upon the said canal but ;
he revenues from the navigation canal
hall be kept separate from the otherj
eyenues of the Port. Such canal rev
nues shall be deemed to include .
entails Of ali lands leased upon thu
anal, lock charges. and charges for
through the canal. If the [
Soard shall construct warehouses. ele-
ators and other buildings or improve
merits for public purposes on canal I
ands, the rental value of the site there I
( shall be fixed by appraisers APP ]
ointed by said Board and the receipts {
rom such warehouses, elevators and !
Their buildings or improvements shall I
e charged with the payment of such I
entail value into the canal fund The I
anal fund shall be applied first in the !
perating expenses Of the canal and the I
thereof, and thereafter in I
ayment of the principal and interest ]
the canal bonds and in the reduc- I