The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-08-28

and lEeut
semn, V-n,n tMr Ecard sha have
,scertsined and certified in ~rltlhg 70
~. State Auditor or IA super ~
public Accounts the amo uhts , o. tbe
.nue and income of the Port LOT lhe
,y,o Ascal wears INN I'd at-!y preceulhe.
1Iter deducting therefrom the anoutS
Of operating and maimtenance 1a
and expenses and all suns PaSae
JuTing said year upon maturing prLh-
.ipal and interest OF ts oorueu ~.
nd the State Auditor or the SuptrNissos
! - public Accounts shall have Ferlhrd ,
"a annroyed sad certificate. the Board
nav borrow money and issue bonus 70
an amount the annual interest," upDn
| which is not IN excess or the average
- rcy.sues for the two fiscal years
Immediately preceding as shown Dy !
| said certificate. The Board may aui
! 70 such net revenues OF the S,,
| 1scaI years as certified tQ the STATE
| Auditor or the Supervisor OF fuplc
Accounts. the net income ana revenues
| for such years OF any revenue
| ,bIcing wharf dock, warehouse ele.
| vator or other structure 10 be acquired
by said Board by purchase or eApro-
| priation from the proceeds OF SUN
bond issue. The net revenues ano IN
| ON. of such revenue producing utility
| shall be determined and Ccrtihed by
! the Board and approved by the otate
| Auditor or the supervisor OF u1 S,t
| Accounts S.!d Board may also win
| the approval Of the Governor DorroW
| money and Issue bonds TO reluho
| bonded indebtedness heretofore incur
"a n
turing and becoming payable withln
| one wear of the date of such refundln9
All bonds issued under the foregoing
provisions. except a. othtr~s -.
| than hfty years from date. shaIi DE
Issued in serial form. payable In annual
lnstallments. commencing hot H'oIe
! than ten GO) years from ua'"' the
amount payahIe each year for prin-
cipal and interest TO be as nearIy equaI
as practicable. but annual installmehls
Of principal may be nNeI al ssNT ra,r.st
| muItiple thereof RefundinE bonos IS
sued hereunder shall be payaoIt IN an
nual installments con mrnclhG TOT hone
| aid bonds shall have the same exenlp-
ton from taxation. and tn same Frlv-
uege Of registration ana reic!s" ir0n
! registration. and the same Ell lpiIlt!
sor drDosit with the State or It's Of
ncers or any of its political suhdI-
visions or municipalities, as was
granted by Article 32l of the ConstItu-
ton to the bonds therein authorized.
tutors OF minors and curatorS OF IN
terdicts shall be authorized TO invest
the funds in their hands in any OF suci
LopdH Nothing herein contained Snail
, afTect the power of said Board to issue
bonds for the construction Of the nav,
lIration canal under the ordinance ano
secured by the mortgage heretofore
made and executed. and said Board IL
authorized to carry into full effect said
ordinance and mortgage ana 10 s's'e
and sell tOr Candl purposes INV
maindcr of bonds thereby authorized
and said ordinance and mortgage ana
the contracts made with the Board OF
Levee Commissioners or the orleans
Leyee District under date OF June 29th.
1915 February 18th, 1873. November
18th, 1919. and the contract made Win
the City OF New Orleans under date OF
, August 18th, 1913 through the Bet
Railroad Commission to carry into
. erfect Act No. of 1918 in relation TO
! said Navigation Canal ars hereby rat,
: fed and confirmed. Said Board shaii
have the power to lease for manufac-
turing commercial and business pur-
] poses lands acquired fOS said canal.
Such leases may run for term not
exceeding twenty years at a nNed
: rental without any provision for re
: newal. readjustmeEt or reappraisement
but may run for term not exceeding
ninety ssD years provided they
: shall contain a clause or clauses Tor
reapprasal OF the premises and re-
. adjustment OF the rental at intervals
not exceeding ten 1o) years after the
expiration of the first twenty-yeaI
period. In the event that the said
! Board and the lessee cannot agree upon
: the readjustment and :"appraiscment
they each shall appoint an arbitrator
who shall have the powers of amicab it
compounders to whom the matter shall
be referred for decision. and in case oil
lsagreement they shall appoint an um-
pire and decision OF any two slall ID
binding upon the parties. Said BoarC
may also construct warehouses. ele
| vators. and other buildings ard I'm
- movements upon ts~ said canal, bu
' the revenues from the navigation cana
= shall he kept separate from the othel
4 revenues of the Port. Such canal rey
enues shall be deemed to Include
n rentals of all lands leased upon tn
a canal. lock charges. and charges 70
,, passages. through the canal II III
i Board shall construct warehouses. eIe
+ yators and-other buildings or improve
ments for pubic purposes Oh cana
n lands. the rental value OF the site there
q Of shall be fixed by apprais RS ao
pointed by said Boari and the receipt
- from such warehouses. elevators an,
n other buildings or improy 'mcnts shall
"a be charged with the payment Of sucI
W rental value into the CANA fund tn
? canal fund shall be applied fret in tn
" operating expenses OF the canal and Ia
z maintenance thereof. and thereafter l.
10 payment OF the principal ard interes
ID Of the canal boINs, and in the rcduc
,e ton In the manner provide d In sal
W ordinance OF the payments and contri
"a buttons by the City of New Orr can
a. through the Relt Railroad Commissio
Ie and by the Board OF Levec commi 8
l. sioners OF the Orleans Levce Distrir
in II warehouses. elevators and oth-
d buildings or improvements be con
a structcd or acquiI ed by said Boar
~ upon canal lands by the use of money
f. other than the proceeds OF the sal
id canal mortgage. the receipts from sue
No warehouses elevators and other build
ings or improvements after the pay
c. ment of the rental value to the cana
ID ! fund shall be deemed general reve
no nues of the Port. The interest on a
IN bonds issued hereunder shall be pal
10 semi annually by the Treasurer of tn
g. State OF Louisiana at his office, an
.r at any Other place or places within o
IN without the State designated in tn
ne bonds. Said Board shall place on de
w | post with the Treasurer of the Stat
K / to the credit Of an account or account
&c 70 he known as Interest Accounts.
d. such manner may be provided in tn
he proceedings to issue the bonds. a
al amount equal to the interest on a
re bonds that may save been delivere,
en- Said Treasurer is hereby empower,
IN | and directed. and IL is made his dut,
he. to pay or provide for the payment
id all interest that may become dur upo
said bonds. Said Board shall in add
a bonds become due and payable. depos
With the Treasurer OF the State
Louisiana. to the credit of an accour
OF 1T accounts to I've known as Rcdempto
Accounts, the amount of all bonds ma
turing or becoming payable. and
shall be the duty of said Treasurer I
Ia. pay or provide for the payment OF sue
lords. Such deposits snail he mad
with the State Treasurer in timely sea
son for the payment OF such princip:
and Interest and not less than thirt
800 days before the date when an
moneys become payable. II shall
the duty of said Treasurer to "olle'
n such deposits as aforesaid. and in cas-
M OF failure on the part of said Board
ls- make said deposits in an amount SUI
ns hcient TO provide for the payment
n interest due or to become due. and Il
is the redemption of the bonds. the sa
ed Treasurer is hereby empowered and d
d. rected. and II Is made his duty.
OIL collect the charges and revenues