The St. Mary banner., 1920-09-25
ACT NO. 103.
House Bin No. 206-By Mr. Perez.
JOINT RESOLUTION.

Promising an amendment to the Con-
stitution of the State of LOUISIANA
Relative to the Board of Commls-
sioners of the Port OF New Orleans
Section |. Be it resolved by the Cen
eral Assembly of the State OF LOUIS,
lana. two-thirds of all members elected
to each House concurring, That the fol-
lowing amendment to the constitution
of the State of Louisiana be submitted
to the electors of the State at the next
Congressional election to be held on
the first Tuesday after the hrst Mon
day in November, 1920, to-wit:
The Board of Commissloners or the
Port of New orleans shall, except as
otherwise herein changed ana AMENDED
have and exercise all powers now con-
ferred upon them by constitutional
Amendment Additional power ana
| the Legislature Said Board shall have
full power and authority TO construct,
extend and improve works tor FORT
purposes within the limits of the Port
including wharves, docks, warehouses;
grain elevators, locks, slips, iaterais
| basins and other structures ana I'M
| provements. and may dredge shlp"ayS'
| channels, slips, basins and turning
| basins in the Mississippi River. Sald
| Board may without further legislative
enactment borrow money ana issue
notes and bonds under the following
conditions and not otherwise: 1t may,
| with the approval of the Governor ana
| the Auditor of the State, for its pubic
| purposes, borrow on notes Tor tenn
an amount not exceeding Five Hundred
| Thousand Dollars ($500,000) at any one
| time outstanding, and may IN add! tloh'
| 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 COY
| ernOr of this State, 1t may for puDhc
| purposes other than the payment OF
| current expenses of the funding OF IN,
! - r11 tn 10 pl rt1
for current expenses. borrow money
and issue bonds to the amount Of Six
Million Five Hundred Thousand Dollars
| (S6,500, ,000). 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 shaI! nave
ascertained and certified in writing TO
| the State Auditor or the Supervisor OF
! Public Accounts the amounts or rev
enue and income of the Port Tor the
two fiscal years Immediately preceding.
after deducting therefrom the amount
| of operating and maintenance charges
and expenses, and all sums payable
during said year upon maturing prin-
| cipal and interest of it's bonded debt,
and the State Auditor or the Supervisor
| of Public Accounts shall have Verlhed
! and approved said certificate, the Boafd
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 hscal years
| 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-
ducing wharf. dock, warehouse ele-
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
come of such revenue producing utlIlty
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
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 fifty years from date, snail be
issued in serial form, payable in annual
! nstallments. commencing not more
than ten G0) years from date, the
amount payable each year for prin-,
cipal and interest to be as nearly equal
as practicable, but annual installments
of principal may be fixed at Five Thou
sand Dollars ($5000) or the nearest
| multiple thereof Refunding bonds is
sued hereunder shall be payable in an
nual installments 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 it's Of
ficers or any of it's political Subd-
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
terdicts shall be authorized to invest
the funds in their hands in any of such
bonds. Nothing herein contained shall
affect the power of said Board to issue
bonds for the construction of the nav
igation canal under the ordinance and
secured by the mortgage heretofore
made and executed, and said Board is
authorized to carry into full erect sad
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 Commissioners of the Orleans
Levee District under date of June 29th,
1918. February 26th, 1919, November
14th 1919, and the contract made with
the City of New Orleans under date of
: August 10th, 1918, through. tire Belt
Railroad Commission TO carry into
effect Act No. of 1918 in relation to
said Navigation Canal are hereby rau-
fed and confirmed. Said Board shall
have the power to lease for manufac-
turing, commercial and business pur-
poses, lands acquired for said canal.
| Such leases may run for term not
exceeding twenty years at fixed
rental without any provision for re-
newal, readjustm or reappraisement,
but may run for a term not exceeding
ninety-nine (99) years, provided they
shall contain clause or clauses for
reapprasaI of the premises and a re-
adjustment of the rental at intervals
not exceeding ten Q0) years after the
expiration of the first twenty-year
period. In the event that the said
| Board and the lessee cannot agree upon
the readjustment 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