The Bossier banner., 1920-09-16

lease for manufacturing, commercial and
canal Such leases may run for term not
exceeding twenty years at fixed rental
without any provision for renewal, readiust-
ment or reappraiscment, but may run for |
! term not exceeding ninety-nine years, pro- |
| vided they shall contain a clause or clauses
! adjustment Of the rental at intervals not
(. exceeding ten 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 reappraise-
ment. they each shall appoint an arbitrator
who shall have. the powers of amcable COM
| pounders to whom the matter shall be re-
| ferred for decision, and in case of disagree
| ment they shall appoint an umpire and I
decision Of any two shall be binding upon
/ warehouses elevators and other buildings |
and improvements upon the said canal, but |
I the revenues frem the navigation canal |
shall be kept separate from the other rev. |
enues of the port. Such canal revenues |
/ shall be deemed to include rentals of all
and charges for passages through the canal. |
/ II the board shall construct warehouses,
/ elevators and other buildings or improve
| ments for public purposes canal lands,
the rental value of the site thereof shall be
liked BY appraisers appointed by said board
and the receipts from such warehouses. elc-
yators and other buildings or improvements
shall be charged with the payment of such
rental value into the canal fund. The canal
eanenses Of tho canal and the maintenance
| thereof and thereafter in payment Of the
principal and interest OF the canal bonds,
and in the reduction in the manner pro.
vided in said ordinance OF the payments ane
contributions by the City of New Orleans
through the Belt Railroad Commission and
by the Board of Leyee Commissioners of the
Orleans Lcvee District. If warehouses, ele-
: isyators and other buildings or improvements
, ! be constructed or ACQUIRED by said board
, upon canal lands by the use of moneys other
than the proceeds of the said canal mort
i gage. the receipts from such warehouses,
: elevators and other buildings or improve
, ments after the payment of the rental value
5 TO the canal fund, shall be deemed general
8 revenues of the port The interest on all
| bonds issued hereunder shall be paid semi
. annually by the Treasurer Of the State Of
, Louisiana ut his Office, and Mt any other
: :, 1tesisnated i'm the bonds. Said board shall
: place on deposit with the Treasurer of the
G State to the credit of an account or ac-
a counts TO be known as interest accounts, in
n | .,uch manner as may be proviced in the
5 proceedings to issue the bonds, in amount
e equal to the interest on all bonds that may
v have been delivered Said Treasrer is here
3 bv empowered and directed. and it is made
d his duty. to pay or provide for the payment
of all interest that may y become be- dne upon N
70 each year wren any of said bonds become
; due and payable, deposit with theSTreasurer
# of the State of Louisiana. to the credit of
,e an account or accounts to be known as re-
n demption accounts, the amount of all bondt
d maturing or becoming payable, and It shall
" vide for the payment of such bonds Such
lg deposits shall be made with the State Treas
81 urer in timely season for the payment OF
n such principal and interest and not less
rs than thirty days before the date when any
is moneys become payable. 1t shall be tht
q duty of said Treasurer to collect such depos
n its as aforesaid, and in case of failure oI
ae the part Of said board to make said deposit:
in an amount sufficient to provide for th'
payment of interest due or to become due
IS ard for the redemption of the bonds, th'
said Treasurer is hereby empowered ant
he directed, and it is made his duty. to coiIee
| the charges and revenues Of the port and 4
apply the same, after providing for neces
slry operating expenses and any prlo
. | charges, to the payment OF the prlnclpa
and interest," q the s;sia pohus, anu anu Ipr " w. M
purpose and for such time as may be nee
essary, the said Treasurer Is hereby aufhoi
lied to exercise all the powers and dutle
vested in. the Board of Commissioners
pz the Port of New Orleans. The accounts Q
said board as department OF state shall b
subject to audit and investigation by tn
Lu- State Auditor or Supervisor OF Pubic A.
to counts. and the auditor shall eounterslg
all Donos nereai.eI lssusu' ma s,,bin, ,a
raj to mortgage or othefSlien and may make {
vO- execute purchase money mortgages or pro-
lse erty acquired. Nothing herein eontaine
mt | shall prejudice the right of the holder
is- any bonds of the port now outstanuing,
the that may be issued under the oIdlnance "
TO mortsase nerstVIoLe Mus anu ti a ,,oh "A
rst canal purposes " stIesaii.;Hu rs ~; ~, =, 1,d