St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-10-02
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ACT NO. 103.

Proposing an amendment to the Goa
stitution of the State of Louis
ana relative to the Board of Com
missioners Of the Port of New
Orleans.
Section /. Be it resolved by the
General Assembly of the State o.
Louisiana, two-thirds Of all members
efscted to each house concurring,
That the following Amendment to
the ConRt tuition Of the State of LOU
isiana be submitted to the electors
of the State at the next COMPRESSION
al election to be held on the first
Tuesday after the first Monday n
November, 1890, to-Wit:
The Board of Commissioners Of
the Port of New Orleans shall, e<-
cept as otherwise herein changed and
amended, have and exercise all pow
ers now conferred upon them by
Constitutional Amendment. Add
tionel power and jurisdiction may be
conferred by Act of the Legislature.
Said board shall have full power and
authority to construct, extend and
improve works for Port purposes
within the limits Of the Port, incluu
ing wharves, docks. warehouses
gra n elevators, locks, slips. laterals,
basins and other structures and I'M
prove nents, and may dredge ship
ways. channels, slips, basins and
River. Said board may without fur
Their leg .slatiye enactment borrow
money and issue notes and bonds
under the following conditions AMI
not otherwise: 1t may, with the ap-
prevail of the Governor and the
Auditor OF the State, for its public
purposes, borrow on notes for tenn
poracy loans. payable within one
year. an amount not exceeding Five
Hundred Thousand (s500,O0O) Dol
lars at any one time outstanding,
and may IN addition, borrow money
in anticipation of the collection of
charged for wharfage, foliage, stor-
age service and other charges which
haY3 been actually earned but have
not We. been received. With the ap-
prevail Of the Governor of the Stats.
1t may for public purposes other than
the payment OF current expenses oe
the funding Of Indebtedness INCUR
ed or to he incurred for current eN-
penses borrow money and issue
bonds to the amount Of Six Million
Five Hundred Thousand Dollars
l$6, 100000. Said board may, with
the approval of the Governor AMI
for like purposes, borrow other AMI
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 amount of revenue and income
of the Port for the two fiscal years
Immediately preceding, after deduct
ing therefrom the amount of operat-
ing end maintenance charged ana
expenses, and all sums payable dur
ing esatd year upon maturing prime
pal and interest Of Its bonded debt,
and the State Auditor or the Supei-
visor Of Public Accounts shall have
verified and approved said certificate,
the Poard may borrow money and
ISSUE bonds to an amount the an
- 0OA 'AkOAO0S F0PVA WAAAA Az NV ala
excess Of the average net revenues
Cor the two fiscal years Immediately
as shown By said certlti-
cate. The Board may add to such
net revenues OF the preceding fiscal
years as certified to the State Audi
tor or the Supervisor Of Public Ac-
counts, the net income and revenues
for such years OF any revenue pro-
ducins wharf, dock, warehouse, els-
Vator or other structure to be ac-
CURED by said Board by purchase
or appropriation from the proceeds
Of such bond issue. The net revs-
nues and income OF such revenue
utility shall be determine
ed and certified by the Board AMI
by the State auditor or tn ,
of Public Accounts. Said
Board may also with the approval OF
the Governor borrow money and
ISSUE bonds to refund bonded in
debtednee heretofore incurred or
hereafter to be incurred and matur-
ing and becoming payable within one
year of the date of such refunding.
All bonds issued under the forego-
ing provisions, except as otherwise
provided. shall run not
more than fifty years from date, sha |
be issued IN serial form, payable In
annual installments, commencing not
more than ten (1O years from date,
the amount payable each year for
and interest to be as near
ly equal as practicable, but annual
Of principal may be fix
ed at Five Thousand ($5000) Dol
lars or the nearest multiple thereof.
Retunding bonds issued hereunder
shall be payable in annual Install
ments commencing not more than
one year fFom date. All Of the said
bonds shall have the same exemp-
ton from taxation, and the same
privilege of registration and release
from registration. and the same ell
gibility for depost with the Stata or
It's officers or any Of the political
or municipa Titles. as was
granted by Article 321 of the Con-
st tuition to the bonds therein au-
thorized. Tutors Of minors and "u-
rators of interdicts shall be authorlz
ed to invest the funds In ,thele hands
In any such bonds. Nothing here
in contained shall AFFECT the ptwcr
of said heard to issue bonds for the
Of the navigation canal
under the ordinance and secured pY
the mortgage heretofore made and OK
and said Board Ia authorized
to carry into full effect said nrdi-
ncnoa oud m nrfnsa 90 and tn ia ,ua and