The Concordia sentinel. (Vidalia, Concordia Parish, La.) 1882-current, 1920-10-09

Following: when the board snail nave
the State Auditor or the Supervisor Of
Public Accounts the amounts OF rev.
enue and income Of the Port for the
two hscal years Immediately preceding.
after deductIng therefrom the amount
of operating and maintenance charged
and expenses, and all sums payable
during said year upon maturing prin-
cipaf and interest of its bonded debt,
and the State Auditor or the Supervisor
OF Public Accounts shall have verined
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
said certificate. The Board may add
| to such net revenues OF the preceding
fiscal years as certified 10 the State
Auditor or the Supervisor OF Public
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-
bond 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. 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 fifty years from date, shall be
issued in serial form, payable in annual
instaIfments, commencing not more
than ten (1O) years from date, the
| amount payable each year for prfn-
cipal and interest to be as nearly equal
| as practicable, but annual instruments
4 of principal may be fixed at Five Thou
sand Dollars ($5,O0O) 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
ileKe of registration and release from
1 registration, and the same eligibility
for deposit with the State or it's Of
ficers or any OF its political subdi-
visions or municipalities, as was
granted by Article 321 of the Constitu-
ton to the bonds therein authorized.
Tutors of ssninors 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 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 Commissioners of the Orleans
| Levee District under date of June 29th,
| 1913, February 26th, 1919, November
| 14th, 1919, and the contract made with
August 18th, 1918, through the Belt
| Railroad Commission to carry into
J effect Act No. of 1918 in relation TO
! said Navigation Canal are hereby rati-
! Gn6 r,A pnrf cd Col ~ oh a
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
| rental without any provision for re-
| newal, readjustment or reappraisement,
but may run for a term not exceeding
ninety-nine (s9) years, provided they
shall contain a clause or clauses for
1 -eappraisal of the premises and a re-
| adjustment of the rental at intervals
expiration OF the first twenty-year
| period. In the event that the said
Board and the lessee cannot agree upon
the readjustment and reappraisement4
/ they each shall appoint an arbftra tor
/ who shall have the powers of amicable
| compounders to whom the matter shall
be referred for decision, and in case of
pire and decision of any two shall be
! binding upon the parties. Said Board
| may also construct warehouses, ele-
| vators, and other buildings and inn
proyements 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.
rentals of all lands leased upon the
| canal, lock charges, and charges for
| passages, through the canal. If the
/ Board shall construct warehouses. ele-
vators aud other buildings or improve
] ments for public purposes on canal
| lands, the rental value of the site there
| of shall be fixed by appraisers APP
pointed by said Board 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 first in the
operating expenses of the canal and the
! maintenance thereof, and thereafter in
payment of the principal and interest
| of the canal bonds, and in the reduc-
] ton in the manner provided in said
| ordinance OF the payments and contri-
/ buttons by the City of New Orleans
| through the Belt Railroad Commission
and by the Board of Levee Commits
| sioners of the Orleans Levee District.
| If warehouses, elevators and other
| buildings or improvements be con-
structed or acquired by said Board
! upon canal lands by the use of moneys
other than the proceeds of the said
! canal mortgage, the receipts from such
warehouses. elevators and other build
| ingS or improvements after the pay
ment of the rental value to the canal
fund, shall be deemed general reve-
nues of the Port. The interest Ion all
bonds issued hereunder shall be paid
| semi annually by the Treasurer Of the
State of Louisiana at his office, and
at any other place or places within or
| without the State designated in the
| bonds Said Board shall place on de-
post with the Treasurer of the State
| to the credit OF an account or accounts
| to be known as Interest Accounts. in
such manner as may be provided in the
proceedings to issue the bonds, an
| amount equal to the interest on all
bonds that may have been delivered.
/ Said Treasurer ie hereby empowered
] and directed, and II 10 made his duty,
| to pay or provide for the payment Of
all interest that may become due upon
said bonds. Said Board shall in addi-
| tion in each year when any of said
with the Treasurer of the State Of
Louisiana. to. the credit Of an account
or accounts TO be known as Redemption
Accounts, the amount of all bonds ma
| turing or becoming payable, and II
| shall be the duty Of said Treasurer TO
| pay or provide for the payment Of such
bonds. Such deposits shall be made
with the State Treasurer In timely sea-
| son for the payment of such principal
and interest and not less than thirty
| (30) days before the date when any
! moneys become payable. 1t shall be
| the duty of said Treasurer to collect
| such deposits as aforesaid, and in case
! OF failure on the part of said Board to
make said deposits in an amount SUI
! hcient to provide for the payment of
| interest due or to become due, and for
| the redemption Of the bonds, the said
Treasurer IL hereby empowered and d.