New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-09-11

1 Congressional election to be held or
the hrst Tuesday after the hrst 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 Constitutions.
! Amendment. . Additional 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
| grain elevators, locks. slips, lateTals
| basins and other structures and I'M
provements, and may dredgc shtpWays
! 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: II may,
with the approval of the Governor ana
| the Auditor of the State, for it's pubic
purposes. borrow on notes for tenn
pcrary loans, payable within one year,
an amount not exceeding Five Hundred
! Thousand Dollars $500 000) at any one
! time outstanding, and may in adj ton,
! borrow money in anticipation of the
collection Of charges for whar dtbar
! charges which have been actually
earned but have not yet been re
! ceived. With the approval of the Coy
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
| ($6,500, 0o0l. 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
AscertAinad and certified In writing to
the State Auditor or the Supervisor of
Public Accounts the amounts of rev.
enue and income OF the Port for the
two fiscal years imm ediately preceding,
after deduetinG therefrom the amount
of operating and maintenance charged
and expenses, and all sums paySpie
during said year upon maturing prtn-
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 to
an amount the annual interest upon
which is not in excess OF the average
imm edIate1y preceding as shown by
said certificate The Board may add
to such net revenues of the preceding
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
ducinE wharf, dock, warehouse, e}e-
vator or other structure to be acquired
by said Board by purchase or expro-
priation from the proceeds of such
bend issue. The net revenues and in
come Of such revenue-producing utility
shall be determined and certified by
the Board and approved by the State
Auditor or the Supervisor of Public
Accounts. SKID Board may also with
money and issue bonds to refund
bonded indebtedness heretofore incur
red or hereafter to be incurred and ma
turing and becoming payable within
- - Ana ~ oh fxp1 a i1.r
All bonds issued under the foregoing
provisions, except as otherwise eX-
press1y provided, shall run not more
than fifty years from date, shall be
issued in serial form, payable in annual
installments, commencing not more
than ten (10) years from date. the
amount payable each year for prin-
c4pal and interest to be as nearly equal
as practicable, but annual instailments |
of principal may be fixed at Five Thou |
sand Dollars $4,000 or the nearest
multiple thereof. Refundlng bonds rs
sued hereunder shall be payable In an |
nual insta1lmspts commencing not more |
than one year from date, ALI of the
said bonds shall have the same exefnp |
ilege of registration and release from |
registration, and the same eligibility |
for deposit with the State or its Of /
ficers or any of it's Political subdi-
visions or municipalities, as was
granted by Article 321 Of the Constitu-
ton to the bonds therein authorized.
Tutors Of minors and curators of in
tsrdicts shall be authorised to invest
the funds in their hands in any of such
bonds. Nothing herein contained shall |
affect the power of said Board too Bsue
bonds for the construction of the hav
iga ton canal under the ordinance and |
made and executed, and said Board is
authorized to carry into full effect said
ordinance and mortgage and to issue
and sell for canal purposes the re-
mainder of bonds thereby authorized,
and said ordinance and mortgage and
the contracts made with the Board of
Levee District under date of June 2sth.
1918, February 26th, 1919, November
14th, 1919, and the contract made with
the City of New Orleans under date of
Railroad Commission to carry into
effect Act No. of 1918 in relation to
said Navigation Canal are hereby rati-
fed and confirmed. Said Board shall
turing. commercial and business pur-
poses, lands acquired for said canal.
Such leases may run for a term not
exceeding twenty years at a fixed
rental without any provision for re-
newal, reimbursement or reappraisement.
but may run for term not exceeding
ninety nine (s9) years, provided they
shall contain q clause or clauses for
reappraisal of the premises and a re-
adjustment of the rental at intervals
not exceeding ten CO) years after the
expiration OF the nrSt twentY-year
period. In the event that the said
Board and the lessee cannot agree upon
the reimbursement and reappraisement
they each shall appoint an arbitrator
who shall have the powers of amicable
compounders to whom the matter shall
be referred for decision, and in case of
they shall appoint an UNI
pire and decision of any two shall be
binding upon the parties. Said Board
may also construct warehouses, ele-
vators, and other buildings and i'm
upon the said canal, but
the revenues from the navigation canal
shall be kept separate from the other
revenues of the Port Such canal rev.
enues shall be deemed to include
rentals of all lands leased upon the
canal, lock charges, and charges for
passages, through the canal II the
Board shall construct warehouses, ele-
vators and other buildings or improve
ments for public purposes on canal
lands. the rental value of the site there
Of shall be fixed by appraisers ap-
pointed by said Board and the receipts
rom such warehouses, elevators and
other buildings or improvements shall
be charged with the payment of such
rental value into the canal fund The
canal fund shall be applied first in the .
operating expenses of the canal and the |
thereof, and thereafter in
payment of the principal and interest
)t the canal bonds, and in the reduc-