The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1920-08-28

| the first Tuesday after the first Mon
day in November. 1920. fo-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 Constitutional
! Amendment. Additional power and
| Jurisdiction may be conferred by Act OF
| full power and authority to construct,
! extend and improve works for Port
| purposes within the limits of the Port,
| including wharves, docks. warehouses.
grain elevators, locks. slips, laterals.
! basins and other structures and i'm
proyements. and may dredge shipways,
chanpels, 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 it's public
| purposes, borrow on notes for tenn
porary loans, payable within one year.
Thousand Dollars (s500,000) 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 OIner tndn the. payment Ol
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
csc, 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 shall have
escertained 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 Immediately preceding,
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 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 PublicN
accounts. the net income and revenues
for such years of any revenue pro-
ducing wharf, dock, warehouse. efe-
vator or other structure to be acquired
by said Board by purchase or expro-
bond issue. The net revenues and in
come of such producing utility
shall be determined and certified by
the Board and approved by the State
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 es-
pressiy 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
cipal and interest to be as nearly equal
as practicable, but annual fnstallments
of principal may be fixed at Five Thou
sand Dollars ($5,000) or the nearest
multiple thereof. Reminding bonds is
sued hereunder shall be payable in an
nuaf 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 |
fcers 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. |
4
terdicts shall be authorized to invest |
the funds in their hands in any of such |
bonds. Nothing herein contained shall |
anect the power of said Board to issue |
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-
of bonds thereby authorized
and said ordinance and mortgage and |
the contracts made with the Board of I
Levee District under date of June 29th,
1918, February 26th, 1919. November
l4th. 1913. and the contract made with
he City of New Orleans under date of
August 18th, 1918. through the Belt
Railroad Commis sion to carry into |
effect Act No. of 1918 in relation to
.aid Navigation Canal are hereby rati-
led and confirmed. Said Board shall |
rave the power to lease for manufac-
turing, commercial and business pur-
poses, lands acquired for said canal.
Sueh leases may run for term not
twenty years at a fixed
rental without any provision for re-
lewal. reimbursement or reappraisement. |
,ut may run for q term not exceeding /
linety-nine t99) years, provided they
hall contain a clause or clauses for
'eappraisal of the premises and a re-
of the rental at intervals
lot exceeding ten Q0) years after the
AplfdtiOH Ol the nrSL tW6nty-year |
,eriod In the event that the said
3oard and the lessee cannot agree upon
he REIMBURSEMENT and reappra isement. !
hey each shall appoint an arbitrator
Who shall have the powers of amicable
to whom the matter shall |
e referred for decision. and in case of
disagreement they shall appoint an UNI
ire and decision of any two shall be
inding upon the parties. Said Board
nay also construct warehouses. ele-
ators, and other buildings and inn |
Irovements upon the said canal but
he revenues from the navigation canal
hall be kept separate from the other
evenues of the Port. Such canal rev
nues shah be deemed to include |
entails of all lands leased upon the |
anal, lock charges, and charges for |
assages, through the canal. If the
'oard shall construct warehouses. eIe-
ators and other buildings or improve
aents for public purposes on canal a
ands, the rental value of the site there
I shall be fixed by appraisers an
ointed by said Board and the receipts |
rom such warehouses, elevators and |
Their buildings or improvements shall
e charged with the payment of such
ental value into the canal fund The
anal fund shall be applied first in the.I .