The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-10-02

,,rn,.-.- borrow other and Iure
su.'s aaa is,Se e9 o. eo 5a shall have
ascertained and certified IN w,,,snSg n
tSc~etate Auditor or the super
Public Accounts the amo9pn, r, for the
,ro escal years Immediately preceaS,
.Star ieducting thereir0rl the snd
Of opera ting and maintenance nsble
and ezp.Gsses IS. SnG nna ar' maturing prin-
NAL and interest OF its oonoeI 49,
and Ire State Auditor OF the 0uE eer!Sed
OF Public accounts snuir the Board
nav borrow money and issue pohuS
an amount the annual lhteres. upoa
which is not In excess Oh sscsi Years
,mne,iately preceding as shown ~
said certifcate. The Board may r
to such net revenues OF the pre- Stats
a%d,,oy the Supervisor of Public
ACCOUNTS. the net income ana resen nro.
for such years of any reveIue H.
iucing wharf. dock, wal ao,,utrea |
sy said Board by purchase or eh Incb
oyiation from the proceeds OF suGh
bond Issue. The net revenues revenues an ni,,ifv
shall be determined and certineS Dy
the Board and approved by tne p,,h,,o
Auditor or the s ssape55V1 msr also With
,Ss s6asova s Of si.e Governor borrow
nhnsy ard issue bo1ds TO reSna
bonded indebtedness heretofore incu
| red or hereafter to be incuraSI s w,tbin
one wear Of the date of such retundine:
Al bonds issued under the foregoing
| provisions. except as otherWse -.
psss'lys XIV PToy y.ars from se date shall be
issued In serial form, payaoie 10 more
installments; commencing ing, n Sot. the
than tea le) years years l rom Y or princ
snei md interest to be as nearly equal
"a practicable. but annual ms taI ireI,,
II principal may be fixed at give anou
rnd Dollars ($5Oe0) or the neareet
nuItipIe thereof Refunding bonds is-
aued hereunder shall be payable IN an.
nua. ins:allments commencing noI Ihoss
than one, year from d ,s .,, n exemp
zion from taxation, and the same PRIV
iiege Of registration ard release , Iron u
ress,rs.iGn and tn, the s same or its OF
Scers or any of Its political subd.
Visions or municipalities as was
granted by Article a2l OF the Const t.aa
lion 10 the bonds therein authorizee'
Tu,ors Of minors and curators OF IN.
terdicts shall be authorized to in:est
the funds in their hands In any OF sucn
I bonds. Nothing herein , c Snsrd 20 issue
3 bonds for the construction OF the nav .
etton canal under the ordinance ana
>. secured by the mortgage hs,esetVt ~
. made and executed. aud said board y y
r anthorized to carry into full erect saio
|. orSinance and mortgage and to ISSUE
4 and sell for canal purposes the re-
d mainder of bonds thereby authorised
. and aid ordinance and raortssge ana
3 rhe contracts made with the board OF
: Levee Commissioners OF me sS.n
: Levee District under DATE OF ySe ,hs,
AN 1918. and the contract made Wit
l. The city Of New Orleans under date o.
: August 18th. 1913: through the pc pc,
i Railroad Commission 20 carry mt
: erect Act No. 3 Of 1918 IN relation e
u said Navigation Canal are hereby rati
e Sed and Confirmed Said Board shai
nave the power 70 Lease saa h tos Dur
d poses, lands acquired tof said cana
" Such leeses may run for term no
! exceeding twenty years at q hAe
, n neWsL readjustment or reappra1semen'
hut may run for O term not exceed.S
ninety-nine tsO years proy,dso zoe
l. shall contain oianss or causes Aus - -
Adjustment Of the rental at interval
of NOS exceeding ten uy) years after 70
e1pil alton of the frst twenV-yea
period. In the event that tie sal
board and the lessee cannot agree upo
- the rea6justment and reappraisemen
they each shah appoint an erbitrato
sorooounders to whom the matter sha
be referped for deC!s 'oi- and In case
disagreement they shall appoint an w
pire and decision OF AM tTo Sad pas,
may also construct warehouses, Ell
n vators. and other buildings ara va
80 provement3 upon tho eaid sonsa, "
~ the revenues from the navigation can
A. shall be kent separate from the oth'
~ revenues OF the Port such canal re-
y, enues shall be deemed TO inclut
- rentals OF all lands leased upon [
en- en- canal. lock charges. and charges Z
~. passages, through the canal III Z
~ Board shall constTuct warehouses;. Ell
a. vntors aud other buildings or improv
on lands the rental value OF the Site ther
-nS pointed by said Board and the recetp
~ from such warehouses ELEVATORS D.
OF other buildings or Improvements 81.
on BE- charged with the payment Of So
- rental value Into the ca Gal SuId- I
'er canal fund shall be appted hrst IN :
~ maintenance thereof. and thereafter
S,s payment of the principal and intoT'
nd of the canal bonds. and In the redu
M, ordinance of the payments and cont
"a buttons hy the City of Nv orl",
IN IN through the Belt Railroad Commissi
sn one by Of the the eo Orleans evee 6st
1, II warehouses. elevators and otf
vad buildings or imp tovements DO &C
seS structsd or acquired by sag BOZ
~ oefer than tire proceeds of the 81
as canal mortgage. the receipts from g,
,@.s warehouses; elevators and other bui
y
,,c ment OF the rental value to the ca
tied fund, shall ne oeeTeo s.
vtth bonds issued hereunder shall be p
70 semi- annually by the Treasurer Of
res- State OF Louisiana at his otAice
ter. at any Other pia>e or places wtthAn
non without the State designated In
tha bonds. Said Board shall place on
;.w posit with the Treasurer OF the ST
ex TO the credit OF an account or aceou
lice to be known as Interest Accounts.
and such msnner as may be provided In
tb. proceedings to issue the bonds.
,ciai amount equal TO the interest on
Are bonds that may have been deHvel
,ach Said Treasurer 10 hereby empowe
In and directed. and II is made bis d.
aid all interest that may become due a
said bonds. Said Board shall In az
ton IN each year when any OF q
nta- bQnds become due and payable. dep
With the Treasurer Of the State
%, Louisiana. to the credit of an acco
/ Of ,r accounts to be known as Rsesmp,
Accounts, the amount OF all bonds !
turing or becoming payable, and
shall be the duty OF said Treasurer
ana pay or provide for the payment OF Q
bonds. Auoh deposits shall be m
with the State Treasurer in timely {
$on for the payment Of such prime
and intivest and not less than tn
(5o) days before the date when
q. moneys become payable, IL shall
the duty of said Treasurer 70 col
Gem such deposits as aforesaid. ana In
iiana Of failure on the part OF said IIoaT'
riis- make said deposits In an amount
cans. ficient to provide for the payment
Cen interest due or to become due. and
3pis- the redemption OF tho bonds. the
acted Treasurer In hereby empowered and
fol- rected and IL Is made his duty
rite collect the charges and revenues
itted the Port ard to apply the same, q