New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-10-16


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 :
: Amendment . Additional power and
! jurisdiction May be conferred by Act Of
the Legislature. Said Board shall have
i full power and authority to construct.
extend and improve works for Port
! purposes within the limits of the Port
J including wharves, docks, warehouses,
grain elevators, locks, slips laterais,
basins and other structures and i'm
provements, and may dredge shipways,
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: 1t may,
with the approval of the Governor and
the Auditor of the State, for its public
purposes, borrow on notes for tenn
! porary loans, payable within one year,
an amount not exceeding Five Hundred
, Thousand Dollars (s500000) at any one
time outstanding, and may in addition,
borrow money in anticipation of the
collection of charges for wharfage.
| foliage, storage service and other
| charges which have been actually
earned but have not yet been re-
ceived With the approval Of the Gov
ernor of this State, it may for public
purposes other than the payment Of
current expenses of the funding OF in,
/
for current expenses, borrow money
and issue bonds to the amount Of Six
Million Five Hundred Thousand Dollars
(S6 500 00). Said board may, with the
approval of the Governor, and for like
purposes, borrow other and furth er
sums and issue bonds in the manner
following: When the Board shall have
aseertainsd 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 immedi ately preceding,
after deductinR therefrom the amount
of operating and maintenance charged
and expenses, and all sums payable
during said year upon maturing prln-
cipsl and interest of its bonded DEBT
and the State Auditor or the Supervisor
of Public Accounts shall have verified
and approved said certificate, the Board
may borrow money and issue bonds 10
an amount the annual interest upon
which Is not in excess of the average
net revenues for the two fiscal years
Immediately 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
vator or other structure to be acquired
by said Board by purchase or expro-
priation from the proceeds of such
bond issue. The net revenues and in
shall be determined and certified by
the Board and approved by the State
Auditor or the Supervisor of Public
Accounts said Board may also with
the approval of the Governor borrow
money and issue bonds to refund
bonded Indebtedness heretofore incur
red or hereafter to be incurred and ma
turing and becoming payable within
one year of the date of such refunding.
All bonds issued under the foregoing
provisions, except as otherwise ex-
pressly provided, shall run not more
than nifty years from date, shall be
issued in serial form. payable in annual
installments. commencing not more
than ten Go) years from date, the
amount payable each year for prin,
cipal and interest to be as nearly equal
as practicable, but annual instalImsnts
of principal may be hxed at Five Thou
sand Dollars (sb,eeel or the nearest
sued hereunder shall be payable In an
nual installmsnts commencing not more
than one year from date. All OF the
said bonds shall have the same exemp-
ton from taxation. and the same priv
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 suodi-
granted by Article 141 Of the CoBstitr
ton 20 the bonds therein authorised.
Tutors Of miners and euEaters OF In
tsrdicta shall be authorizes to invest
the funds In their hands in any Of such
bonds. Nothing herein contained shall
affect the power OF said Board 10 issue
bonds for the construction of the nav
igation canal under the ordinances and
secured by the mortgage heretofore
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
Leyee Commissioners of the Orleans
Levee District under date of June 18th,
1918, February 2eth, 1919, November
14th, 1919. and the contract made with
the City Of New Orleans under date of
August 18th, 1918. through the Belt
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 q term not
exceeding twenty years at 2 hxed
newal, readjustmsnt or reappraisement.
but may run for q term not exceeding
ninety-nine tsO years. provided they
rsappraisai of the premises aAd a re-
adjustment Of che rental at intervals
not szoesding tea (1o) years after the
expiration of the first twenty-ysar
period. In the event that the safd
Board and the lessee cannot agree upon
the reaA5ustment and reappraisement.
they ssck shall appoint An arbitrator
who shall have the powers of amieabie
eozpounders to whom the matter shall
be referred for decision, and in case Of
disagreement they shall appoint an nm
ptre and decision of any two shall Do
binding upon the parties. Said Board
may klae construct warehouses. eis-
waters. and other buildings and ina
prevenasnts 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.
snues ahaA Be deemed to include
rsatals of al lands leased upon the
canal. lock saaxgss. and charges for
passages. thrssgh the canal II the
Board shall censtru& warehouses, eIe-
waters and other buildings or improve
ments for public purposes on canal
lands. ths rental value Of the site there
OF shall be faxed by appraisers APP
pointed BY said Beard and the receipts
from 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 nrst In the
operating expenses of the canal and the
maintenanee thereof. and thereafter In
payment of the principal and interest
of the canal bonds. and in the reduc-
ton In the manner provided Ia said
ordinance of the payments and contri-
buttons by the City OF New Orleans
through the Belt Railroad Commission
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