The Natchitoches enterprise., 1920-09-16

than one year from date. All 81 tR1
said bonds shall have tho same exemp.
| tion from taxation. and the same priv
registration. and the same eligibility
fer deposit with the State or it's OF,
fcers or any OF its political subdi-
visions or municipalities, as was
ton to the bonds therein autboIi4ed
Tutors OF minors and curaiars az n
terdiets ts shall Be au.hsr:zee e lavesi
snsd! the funds k II e sSsi!I kahastn any af '-.n
sonS, saes, tse PSw.I Si ssi" .oard to i:sue h"a
~ured by the mortgage heretofore
made and executed, and said Board is
authorized to carry into full effect said
arddnsnEe ard am, an and mo1teage and to issue
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 asth
1918, February 2eth. 1919. November
18th. 1919. and the contract made with
the a, city Sf.s Of New Orleans under date of
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 II term not'
exceeding twenty years at a fixed
rental without any provision for re-
ncwal. rcadJustment or reappraiscment,
but may run for 4 term not exceeding
ninsty-nine (ssl years. provided they
shall contain clause or clauses for
reappraisal OF the premises and a re-
adjustment OF tho rental at intervals
not exceeding ten U) years after the
expiration Of the first twenty-year
period. In the event that the said
Board and the lessee cannot agree upoa
the adjustment and reappraisement.
they each shall appoint an arbitrator
who shall have the powers of amicable
compounders to whom the matter shall
be referred for decision. and in case OF
they shall appoint an UNI
pire and decision OF any two shall be
binding upon the parties. Said Board
may also construct warehouses. ele-
vators. and other buildings and i'm
provements 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. e!c- |
rators and other buildings or improve
nents for public purposes on canal !
ands. the rental value of the site there. |
'f shall be nxed by appraisers ap-
pointed by said Board and the receipts !
rom such warehouses, elevators and |
'ther buildings or improvements shall
% charged with the payment of such
entail value Into the canal fund. The /,
anal fund shall be applied first in the !
'perating expenses of the canal and The
thereof, and thereafter in I
'ayment Of the principal ana interest
Il the canal bonds, and IN the reduc-
lon In the manner provided in said
,utions by the city of New Orleans
through the Belt Railroad Commission /
nd Ivy the Board of Levea Commia-
toner's OF tho Orleans Levee District
I warehouses: elevators and other
or improvements be con-
tructcd or acquired by said Board
pom canal lands by the use of moneys |,
thor than the proceeds of the said Il
anal mortgage. the receipts from such H
elevators and other build
nSs or improvements after the pay
,ent Of the rental value to the canal
und. shall be deemed general reve-
onds issued hereunder shall be paid
emf a hnually by the Treasurer Of the
tate OF Louisiana at his office, and
any other place or places within or
aaa ,.hout s ths state state designated in the
osit with the Treasurer OF the state
the credit OF an account or accounts
De known as Interest Accounts. in
lch manner as may be provided in the
W 1o5uC inc DOn0S, |
mount equal to the interest on ali
onds that may have been delivered
aid Treasurer Is hereby empowered
nd directed. and 1t is made his duty.
i interest that may become due nnon
I'D bonds. Said Board shall in addi.
on IN each gear when any Of said
.nds become due and payable, deposit
Ith the Treasurer OF the State Of
COntinued on Sunnlomonf7