The St. Mary banner., 1920-09-04
ACT NO. LOB.
House Bin No. 206-By Mr.. Perez.
JOINT RESOLUTION.

ACT NO. 1O3.
House Bin No. 2O6-By Mr.. Perez.
JOINT RESOLUTION.
Proposing an amendment to the Con
stitutfon of the State of Louisiana
Relative to the Board of Commits
sioners Of the Port of New Orleans
Section l. Be it resolved by the Gen
eral Assembly of the State of Louis
lana, two-thirds of all members elected
to each House concurripg, 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 first Mon
day in November. 1920, to-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
the Legislature. Said Board shall nave
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
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
conditions and not otherwise: 1t may,
with the approval of the Governor and
the Auditor of the State, for its, pubic
purposes, borrow on notes for tenn
porary loans, payable within one year,
an amount not exceeding Five Hundred
Thousand Dollars $500, 0G0) at any one
time outstanding, and may in addl ltion,
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 nay for public
purposes other than the payment of
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
($6.5O0,000). 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
ascertained 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 imme mediately preceding,
after deducting therefrom the amount
of operating and maintenance charged
and expenses. and all sums payable
during said year upon maturing prln-
cipal and interest of its bonded debt,
and the State Auditor or the SuperVi sor
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 Public
Accounts the net income and revenues
O.
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 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
installments. commencing not more
than ten G0) years from date, the
amount payable each year for prin-
as practicable, but annual installments
of principal may be fixed at Five Thou
sand Dollars ($5,000) 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 its political subdi-
visions or municipalities, as was
granted by Article 321 of the Constitu-
ton to the bonds therein authorized.
Tutors of minors and curators of i'm
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,
1918, February 26th. 1919. November
14th, 1919. and the contract made with
the City of New Orleans under date of
August 10th, 1918. through the Belt
Railroad Commission to carry into
effect Act No. of 1918 in relation to
said Navigation Canal are hereby rati-.
fled 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 readjustment or reappraisement.
but may run for a term not exceeding
(99) years, provided they
shall contain a clause or clauses for
reappraisal of the premises and a re
of the rental at intervals
not exceeding ten G0) 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