St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-10-16

ACT NO. 103.

Proposing an amendment to the Goa
stitution of the State Of Louis.
ana relative to the Board Of Con.
missioners Of the Port Of New
Orleans.
Section /. Be it resolved by the
General Assembly of the State 0!
Louisiana, two-thirds of all members
elected to each house coneurring,
That the following Amendment to
the Const tuition Of the State of Lou
isiana be submitted to the electors
of the State at the next Congressioa-
al election to be held on the fest
Tuesday after the first Monday n
November, 1920. to-Wit:
The Board OF Commissioners of
the Port of New Orleans shall, ez-
cept as otherwise herein changed and
amended, have and exercise all pow
ers now conferred upon them by
Constitut. onal Amendment. Add
tionel power and jurisdiction 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, include
ing wharVes, docks. warehouses.
gra n elevators. locks, slips. laterals,
basins and other structures and I'M
prove .aents, and may dredge ship
ways, channels, slips, basins and
turning basins in the Miss .ssippi
River. Said board may without fur
Their leg .slatiye enactment borrow
money and issue notes and bonds
under the following conditions AMI
not otherwise: It may, with the ap-
proval Of the Governors and the
Auditor of the State. for its public
purposes, borrow On notes for tenn
pora.y loans, payable within one
year, an amount not exceeding Five
Hundred Thousand $500, 000J~ Dol
lars st any one time outstanding,
and may in addition, borrow money
in anticipation Of the collection of
charges for Wharfage, foliage, stor-
age service and other charges which
haV5 been actually earned but have
not ye. been received. With the ap-
prevail of the Governor of the State.
it may for public purposes other than
the payment OF current expenses 1e
the funding Of Indebtedness incurr-
ed or to be incurred for current e.l-
penses borrow money and issue
bonds to the amount Of Six Millicl
Five Hundred Thousand Dollars
Csc, 500,000). Said board may, WITH
the approval Of the Governor AMI
for like purposes, borrow other AMI
further sums and issue bonds in tue
manner following: When the Board
shall have ascertained and certified
in writing to the State Auditor or
the supervisor of Public Accounts
the amount OF revenue and income
of the Port for the two fiscal years
Immediately preceding. after deduct
ing therefrom the amount of operat-
ing end maintenance charged ana
expenses, and all sums payable dur
ing said year upon maturing prime
pal and interest of its bonded debt.
and the State Auditor Or the Super
visor Of Public Accounts shall have
verified and approved said certificate,
the Poard may borrow money and
ISSUE bonds to an amount the au
nual interest upon which is not Ill
excess OF the average net revenues
for the two fiscal years Immediately
Oh shown by said certlfi
cate. The Board may add to such
net revenues of the preceding fiscal
years as certified to the State Audit
ter ar the Supervisor OF Public Ac-
counts, the net income and revenues
for such years of any revenue pro-
ducing wharf, dock, warehouse, ele-
vator or other structure to be &C
CURED by said Board by purchase
or appropriation from the proceeds
Of such bond issue. The net reye
nues and income OF such revenue
utility shall be determine
cd and certified by the Board AMI
by the State Auditor or tn ;
OF Public Accounts. Said
Board may also with the approval oil
the Governor borrow money and
ssue bonds to refund bonded in
heretofore incurred or
ing and becoming payable within one
year of the date OF such refunding
All bonds issued under the forego-
ing provisions, except rs otherwise
provided, shall run not
more than fifty years from date, sha
be issued IN serial form, payable in
annual installments, commencing not
more than ten (10) years from date,
the amount payable each year for
principal and interest to be as near
ly equal as practicable, but annual
Of principal may be fix
ed at Five Thousand (s5000) Dol
lars or the nearest multiple thereof.
Reminding bonds issued hereunder
shall be payable In annual Install
ments commencing not. more than
one year from date. ALI Of the sail
bonds shall have the same exemp-
ton from taxation, and the same
privilege of registration and release
from registration, and the same ell
yibility for deposit with the State Or
its officers or any of the political
or municips lities. as WAS
granted by Article 321 of the Con-
1T tuition to the bonds therein au-
thorized. Tutors Of minors aud III
rators of interdiets shall be authoriz-
ed to invest the funds in their hands
IN any such bonds. Nothing here
In contained shall AFFECT the p,we1
Of said board to issue bonds for the
of the navigation cana'
under the ordinance and secured "
The mortgage heretofore made and OK
ecuted, and said Boar1 Is authorized
to carry into full, effect said nrdi-
nance and mortgage and to issue and