The Donaldsonville chief., 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,
tsrred upon them by consttsrs'onad' nstIsr ma
jurisdiction may be conferred by ACT or
the Legislature Said Board shall have
full power and authority to construct,
purposes within the limits of the Port.
including wharves, docks. warehouses.
grain elevators, locks, slips, latsrals'
basins and other structures ana I'M
provements, and may drecge shlpWays,
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: e may;
with the approval Of the Governor ana
the Auditor of the State, for IT'S puollc
purposes, borrow on notes Ter tenn
porary loans, payable within one year,
an amount not exceeding Five Hundred
Thousand Dollars $500 Coo) at any one
time outstanding. and may IN aoo,tlo n,
collection Of charges for wharfage,
foliage, storage service and other
charles which have been actually
ceived With the approval OF the Gov
ernor of this State. it may Tor puDAc
purposes other than the payment OF
current expenses OF the funding or IN.
i for current expenses, borrow money
| and issue bonds to the amount OF six
| Million Five Hundred Thousand Dollars
| S6,50o,Ooo). 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 shan nave
aseertained and certified in writing to
| the State Auditor or the Supervisor or
Public Accounts the amounts OF rev.
| enue and income Of the Port Tor the
/ Il folu Sy1nr
after deducting therefrom the amount
| of operating and maintenance charged
| and expenses, and all sums payable
during said year upon maturing prin-
| cipal 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 to
| 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 9y
said certificate. The Board may add
| to such net revenues of the preceding
| fiscal years as certified to the state
| Auditor or the Supervisor CT PunHc
Accounts. the net income ana revenues @
for such years of any revenue pro
| ducing wharf, dock, warehouse, eie-
vator or other structure to be acquired
by said Board by purchase or expro
bond issue. The net revenues ana In
come of such revenue producing utllty
| shall be determined and certined oy
the Board and approved by sAe 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 refund1nE.
All bondss sissued under the foregoing
provisions except as otherwise ex-
pressly provided shall PUN not more
than fifty years from date, shall be
issued In serial form, payable in annual
than ten (loy years from date. the
| amount payable each year for prtn :
cspal and interest to be as nearly equal
&s practicable, but annual insta llments
OF principal may be fixed at Five Thou
! sand Dollars E($50OO( or the nearest
multiple thereof Refundng bonds is
| sued hereundef 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
tlege of registration and release from
registration, and the same eligibility
for deposit with the State or it's of
acers or any of it's political subdi-
visions or municipalities as was
ton to the bonds therein authorized.
Tutors of minors and curators of In
terdicts shall be authorized to invest
the funds III their. hands in any Of suoh
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 effect said
ordinance and mortgage and to lssus
mainder of bonds thereby authorized,
and said ordinance and mortgage and
the contracts made with the Board of
Levee Commissioners of the Orlea ms
mi ,I,.,- x@cf~ 4,
1918, February 2Gth. 1919. Novelnbef
18th, 1919, and the contract made wi tn
the City Of New Orleans under date Of
August 18th, 1918: through the Belt
Railroad Commiss ion to carry into
effect Act No. 3 Of 1918 in relation to
said Navigation Canal are hereby rati
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 a fixed
r rental without any provision for re-
{ newal, readjustment or reappraisemen
but may run for term not exceeding
, ninety-ni (se1 years, provided they
. rsappraisal OF the premises and re-
: adjustment of the rental at intervals
: not exceeding ten 10) years after the
expiration of the first twenty-yeal
period In the, event that the said
. Board and the lessee cannot agree upon
! the readjust tment and reappralsement
f they each shall appoint an arbitrator
who shall have The powers of amicable
, eompounders to whom the matter shall
be referred for decision, and in case o.
;. disagr ent they shall appoint an urn-
pire and decision of any two shall be
: binding upon the parties. Said Board
e may also construct warehouses, els
/ vators, and other buildings and i'm.
e provements upon the said canal, bu
Y the revenues from the navigation cana
/ shall be kept separate from the othe,
revenues Of the Port. Such canal rev.
9 enues shall be deemed to include
= rentals of all lands leased upon The
a canal. lock charges. and charges fol-
4 passages. through the canal. II tn,
4 Board shall Construct warehouses, ele.
Y vaters and 9th ef buildings or improve
: ments for public purposes on cana
i lands. the rental value Of the size there
q Of shall be fixed by appraisers ap
pointed by said Board and the receipt:
.. from such warehouses elevators ant
d other buildings or improvements shall
e be charged with the payment of sucs
h rental value In 10 the canal fund. TIL,
o canal fund shall be applied first in tn,
= operating expenses OF the canal and tn,
:, maintenance thereof. and thereafter IL
n payment of the principal and interes
G of the canal bonds, ard In the reduc
Y ton in the minner provided in sait
. ordinance Of the payments and contri
9 buttons by the. City of New Orleans
: through the Bet Railroad Commission
e and by the Bdard of Levee Commits
i sjoners OF the Orleans Levee District
e If warehouses; elevators and othe
n buildings or improvements be con
n structed or aSquired by said Boar,
). upon canal Ian Is by the use of money
d other than thu proceeds OF the sal.
canal mortgage the receipts from suei
warehouses. ELEVATORS and other build
= ings or Improvements after the pay
ment of the rental value to the cana
fund, shall be deemed general reye
t nues of the Port The interest en- al
bonds issued hereunder shall be pai'