The Concordia sentinel. (Vidalia, Concordia Parish, La.) 1882-current, 1920-10-23

following: When the Board Wn9t nevS
the state Auditor or the Supervisor OF
Public Accounts the amounts 81
enue and income of the Port tor tnc
two nscal years immeolateT arnnunt
after deducting therefrom the smoohs
of operating and maintenance chareeo
and expenses, and all sums payAnNe
during said year upon matuTns ~
ana the State Auditor or the SuperHIhsso55
of Public Accounts shall have Verlne9
and approved said certincate' une Do~ -
may borrow money and issue oohos "
an amount the annual interest upon
which is not in excess or the average
net revenues for the two nscaI yeHTs
| Immediately preceding as SHOWN py
said certificates. The Board may aud
| to such net revenues OF the preceNlns
| fiscal years as certified TO the obHte
| Auditor or the Supervisor OF Fusnc
| Accounts. the net income and revenues
I for such years of any revenue pro
| ducinR wharf, dock, warehouse, eAe
| vator or other structure 10 De acqu ,.r 81
| by said Board by purchase or eApIO
| priation from the proceeds OF such
bond issue. The net revenues any an
! come of such revenue-produclng o!l'i ~
| shafl be determined and certthed Dy
| the Board and approved by the SIaiS
| Auditor or the Supervisor OF FuDnc
| Accounts. Said Board may alsS VIII
the approval of the Governor borrow
| money and issue bonds to refund
! bonded indebtedness heretofore incur
| red or hereafter to be incurred ana ma
. turing and becoming
one wear of the date of such refunding.
| All bonds issued under the iofeBO1hs
| provisions, except as otherWlse 90
pressly provided shall run h Sbam ' he
issued in serial form, payable In annual
installments, commencing NOT more
than ten (10) years from GATE tne
amount payable each year Tor prih11
cipal and interest to be as nearly eauaI
as practicable, but annual instruments
} of principal may be fixed at FIVE Ihou-
. sand Dollars ($5,000) or the nearest
multipIe thereof Reminding bonds is
sued hereunder shall be payable IN an
nual installments commencing not more
said bonds shall have the same exemp-
ton from taxation, and the same PRIV
| ilege of registration and release from
= Tor deposit with the State or its Of
: fcers or ann of it's political subdl-
visions or municipalities, as was
granted by Article 321 Of the Constltu;-
, | 9fon 10 the bonds therein authorized.
! Tutors of minors and curators OF IN
! terdicts shall be authorized 10 lhVest
! the funds in their hands IN any OF SUI sue II
> bonds Nothing herein contained shali
AFFECT the power of said Board TO issue
D bonds for the construction OF the nav
E igation canal under the ordinance apa
secured by the mortgage heretofore
), made and executed, and said Board is
e authorized to carry into full erect salo
r ordinance and mortgage ana 10 ISSUE
!, and sell for canal purposes the re-
4 mainder of bonds thereby authorized
1 and said ordinance and mortgage and
6 the contracts made with the Board OF
q Ievee Commissioners of the orleans
= T,evee District under date of June 29th
= 1913 February 26th, 1919, November
y l4th, 1919, and the contract made wltn
the City of New Orleans under aats o. q,
|. August 18th, 1918, through the Bel
9 Railroad Commission to carry lhte
d effect Act No. 8 of 1918 in relation C
: said Navigation Canal are hereby ran
4 fed and confirmed. said BOARD snaI
g have the power to lease for manufac'
}: turing, commercial and business pur,
: noses. lands acquired for said canal
q Such leases may run Ior term 10
" exceeding twenty years at hxe'
J. rental without any provision Tor re
i newal readjustment or reappraisement
= but may run for term not eXceeolni
nfnety-nine (99) years, provided the!
shall contain a clause or clauses 10
l. reappraisal of the premises and re
adjustment of the rental at interval
not exceeding ten 10 years after IN
If expiration of the first twenty-yea
period In the event that the sal
Board and the lessee cannot agree upo
the reimbursement and reappralsenen'
o. they each shall appoint an arbitrato
who shall have the powers OF amlcaDl
| compounders to whom the matter sha
be referred for decision ana IN Ease =
disagreement they shall appoint an um
pire and decision OF any TWO shah
binding upon the parties. Said Boar
may also construct warehouses, exc
n kvators and other buildings and I'm
a provements upon the said canal, br
70 The revenues from the navigation cans
K shall be kept separate from the otht
Of enues shall be deemed to includ
ls. rentals of all lands leased upon II
an canal, lock charges, and charges K
ce messages, through the canal. IL n
w | BOARD shall construct warehouses, ell
n vators and other buildings or improve
is ments for public purposes on cam
ed lands, the rental value OF the site 1heF,
he pointed by said Board and the receip
nd from such warehouses, elevators al
of other buildings or improvements sha
On be charged with the payment OF SUI
to rental value into the canal fund. II
ew canal fund shall be applied first in Il
er. operating expenses of the canal and Il
Wv maintenance thereof, and thereafter
ng PAYMENT of the principal and intere
bic of the canal bonds, and in the redu
nd | ton in the manner provided in sa
he ordinance of the payments and contI
by buttons by the City of New orlea
md through the Belt Railroad Commissit
VS. and by the Board of Levee Commi
pie sioners of the Orleans Levee Distri'
TT If warehouses, elevators and 9th
in buildings or improvements be co
yed structed or acquired by said Boa
sed upon canal lands by the use of none
I'd canal mortgage, the receipts from su
aid warehouses; elevators and other bull
me ings or improvements after che pa
ment OF the rental yalue 20 InS CAT
ted nuea of the Port. The interest on
the bonds issued hereunder shall be pS
nth semf-annually by the Treasurer OF I
to state of Louisiana at his office, a
-es- at any other place or places within
Der. without the State designated In
pom bonds. Said Board shall place on {
the posit with the Treasurer of the Sta
few to the credit of an account or aocoul
ex- to be known as Interest Accounts,
lice such manner as may be provided in
nd proceedings to issue the bonds,
the amount equal to the interest on
cial bonds that may have been deliver
fire said Treasurer is hereby empowe
ZACH and directed, and 1t is made hts du
in to pay or provide for the payment
ate, all Interest that may become due VI
said said bonds Said Board shall in nd
ton in each year when any OF 3
bonds become due and payable, depC
nta- with the Treasurer of the State
Louisiana, TO the credit OF an acco
ID, or accounts TO be known as Redempt
t Of Accounts, the amount of all bonds !
turing or becoming payable, and
pay or provide for the payment of O
ana. bonds Such deposits shall be m
with the State Treasurer in timely 8
son for the payment of such prtnci
and interest and not less than tn
900 days before the date when
moneys become payable. It SHAH
the duty of said Treasurer to eel
such deposits as aforesaid. and In {
-on- Of failure on the part of said Board
lana make said deposits In an amount
mis- fcient to provide for the payment
ans. interest due or to become due, and
Gem the redemption of the bonds. the
,uie- Treasurer IL hereby empowered and
cted Pected, and tt is made his duty.
~ ~