St. Tammany farmer., 1920-08-28
ACT NO. 102.

ACT NO. 103.
House Bill No. 2O6. BY Mr.. Peraz
JOINT RESOLUTION.
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 l. Be 1t resolved by the
General Assembly of the State %!
tWo-thirds Of all members
elected to each house concurring,
That the following Amendment t,
the Const tuition Of the State Of Low
isiana be submitted to the electors
of the State at the next Congression-
al election to be held on the frs,
Tuesday after the first Monday n
1920, to-wit:
The Board of Commissioners OF
the Port of New Orleans shall, ex-
cept as otherwise herein changed and
have and exercise all pow
ers now conferred upon them by
Constitut .onal Amendment. Add;-
tional 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, includ-
ing wharves, docks. 60 warehouses.
gra. n elevators, locks, slips! laterals,
basins and other structures and I'M
provo .nents, and may dredge ship
ways. channels, slips, basins and
turniug-basins in the Miss :ssippi
River. Said board may without fur
ther leg g;slative enactment borrow
money, and issue notes and bonds
under the following conditions and
not otherwise: 1t may, with the ap-
proval of the Governor 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 ($500,000) 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
hays been actually earned but have
not yes been received. With the ap-
proval of the Governor of the State,
it may for public purposes other than
the payment of current expenses oe
the funding of Indebtedness incurr-
ed or to he incurred for current eS-
pen5es borrow money and issue
bonds to the amount Of Six Millicl
Five Hundred Thousand Dollars
($6,50O,0OO). Said board may, with
the approval of the Governor AMI
for like purposes, borrow other AMI
further sums and issue bonds in the
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 an
nual interest upon which Is not IL
excess OF the average net revenues
for the two fiscal years Immediately
preceding as shown by said certlfi-
cate. The Board may add to such
net revenues of the preceding fiscal
years as certified to the State. Audi
tor or the Supervisor of Public Ac-
counts, the net income and revenues
for such years OF any revenue pro-
ducin3 wharf, dock, warehouse, ele-
vator or other structure to be ac-
quired by said Board by purchase
or appropriation from the proceeds
of such bond issue. The net reVe-
nues and income of such revenue
producing utility shall be determin-
ed and certified by the Board AMI
approved by the State Auditor or tn ,
Supervisor Of Public Accounts. Said
Board may also with the approval OF
the Governor borrow money and
issue bonds to refund bonded in
debtednes heretofore incurred or
hereafter to be incurred and matur-
ing and becoming payable within one
year Of the date Of such refunding.
All bonds issued under the forego-
ing provisions, except as otherwise
expressly provided, shall run not
more ehan fifty years from date, sha
be issued IN serial form, payable In
annual installments, commencing not
more than. ten C101 years from date,
the amount payable each year for
principal and interest to be as near
Iy equal as practicable, but annual
installments of principal may be fix
ed at Five Thousand ls500O) Dol
lars or the nearest multiple thereo:
Refunding bonds issued hereunder
shall be payable in annual install
ments commencing not more than
one year from date. All of the said
bonds shall have the same exemp-
tion from taxation, and the same
privilege of registration and release
from registration, and the same ell,
gtbility for deposit with the State OF
its officers or any Of the politica
subdivisions or municipa lities, as wa:
granted by Article 321 of the Con
st tuition to the bonds therein su
thorized. Tutors Of minors and u
rators of interdicts shall be authorlz
ed to invest the funds in their hand:
in any such bonds. Nothing here
in contained shall affect the p,wcl
of said board to issue bonds for th'
construction of the navigation cana
under the ordinance and secured o,
tho nnnrfeapn her.atofore made and {!