The St. Mary banner., 1920-10-02
ACT NO. 1O2.
House Bin No. 206-By Mr.. Perez.
JOINT RESOLUTION.

ACT NO. 102.
House Bin No. 206-By Mr.. Perez.
| JOINT RESOLUTION.
Proposing an amendment to the Con-
stitution of the State of Louisiana
Relative to the Board of Commits
sioners of the Port of New Orleans.
Section /. Be it resolved by the Gen
eral Assembly of the State of Louis
lana, tWo-thirdS of all members elected
to each House rconcurring, That the fol-
lowing amendment to the Constitution
of the State of Louisiana be submitted
to the electors of the State at the next
Congressional election to be held on
the first Tuesday after the first Mon
day in November, 1920, to-wit:
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 Constitutional
Amendment Additional power and
Jurisdiction may be conferred by Act of
the Legislature. Said Board shall have
fulI 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 shipwayS,
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 it's public
purposes, borrow on notes for tenn
porary loans, payable within one year,
an amount not exceeding Five Hundred
Thousand Dollars (S500,000) 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
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
debtednesS incurred or to be incurred
for current expenses. borrow money
and issue bonds to the amount of Six
Million Five Hundred Thousand Dollars
tS6.5O0,OOO. Said board may, with the
approval of the Governor, and for like
purposes. borrow other and further
sums and issue bonds in the manner
following: When the Board shall have
ascertained and certified in writing 10
the state Auditor or the Supervisor of
Public Accounts the amounts of rev.
enue and income of the Port for the
two iscal years Immediately preceding.
after deduCting therefrom the amount
of operating and maintenance charged
and expenses, and all sums payable
during said year upon ma turing prin
cipal and interest of it's bonded debt, /
and the State Auditor or the Supervisor
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
net revenues for the two fiscal years
preceding as shown by
said certificate. The Board may add
TO such net revenues of the precedingI
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 I2oaTl by purchase or expro-
priatinT from the proceeds of such |
bou! issue The net revenues and in
come of such revenue producing utility /
shall lie determined and certified by /
Che Egard ard approved by the State .
Auditor or the Supervisor of Public /
Accounts. Said Board may also with j..
the anpro.al of the Governor borrow !
money and issue bonds to refund |
oHded Indebtedness heretofore incur
rcd 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
provisions, except as otherwise ext
pressly provided, shall run not more
than fifty years from date, shall be
issued in serial form, payable in annual
nstallments, commencing not more
than ten 10) years from date, the
amount payable each year for prin-
cipal and interest to be as nearly equal
Of principal may be fixed at Five Thou
sand Dollars (s5,000) or the nearest
multiple thereof. Refunding bonds is
sued hereunder shall be payable in an
han one year from date. All of the
said bonds shall have the same exemp-
ion from taxation, and the same priv
lege of registration and release from
.or deposit with the State or it's Of
1cers or any of its political subdi-
VISIONS or municipalities, as was
granted by Article 321 of the Constitu-
ion to the bonds therein authorized
Tutors of minors and curators of in-
erdicts shall be authorized to invest
he funds in their hands in any of such
,onds. Nothing herein contained shall
tffect the power of said Board to issue
'onds for the construction of the nav
cation canal under the ordinance and
secured by the mortgage heretofore
made and executed. and said Board is
ordinance and mortgage and to issue
md sell for canal purposes the re-
nainder of bonds thereby authorized
md said ordinance and mortgage and
he contracts made with the Board of
-evee Commissioners of the Orleans
4evee District under date of June 29th,
91S, February 26th. 1919. November
! tsh, 1919, and the contract made with
august 18th. 1918. through the Belt
Railroad Commission to carry into
fleet Act No. 8 of 1918 in relation to
aid Navigation Canal are hereby rati-
ed and confirmed. Said Board shall
ave the power to lease for manufac-
uring, commercial and business pur-
'oses lands acquired for said canal.
uch leases may run for a term not
xceeding twenty years at fixed
entail without any provision for re-
ewal, readtustment or reappraisement
ut may run for a term not exceeding
inetynine (99) years, provided they
hall contain a clause or clauses for ,
of the premises and a re-
dtustment of the rental at intervals
OF exceeding ten (10) years after the
EXPIRATION of the first twenty-year
eriod- In the event that the said