The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-10-23

II
unss and Issue bonds in the manner
| GLOWING: when the Beard shall have
| .scertained and certified 10 writing &c
| Ne State Auditor or the Supervisor oil
| .nue ard income OF the Port Tor the
| Wo fls,al years inn e,'ia'tIy preceding
| ,fter deducting therefrom the amount
= opaTat!Es AID ma n nance t.4arR "a
! nd EXPENSES and all sums payable
| turing said year upon matSTlHs YTIn-
| raj and interest Of its bonded DEBT
| I'D the State Auditor or the SuperFiso
| + Public accounts shall have verified
I I'D approved said certificate, the Board
| 10y borrow EiCLty anc Is ne bonds 20
| ~ amount the annual interest upon
| Fhich is not in excess of the average
/ -igt revenues for the two ES13l years
| immediately prece ding as shO.- q by
| s-id certificate. The Board may add
| 20 such net revenues of the preceding
| Auditor or tie Sd.J lvscr Of Public
| lccouats. the let !rcor- and rev cnues
| 'or such years OF sry revsase pro-
| lucing wharf. dock. warehouse, ele-
% SAID Board by purchase or eHpro-
priatiO- from the proceeds CT such
! bond issue. The net revenues AID in
come OF such revsnuc-pTOduCirg Utility
shall be determined and certified by
,he Board and approved by the State
Aud:tsr or the Supervisor Of Pub lie
Accounts. SeId Board may also with
the approval of the Governor borrow
borded Indebtedness heretofore Incur
red or hereafter 10 be iacurr ! and ma
turing and becoming payable within
one year Of the date Of such refuEdins.
All bonds issued under th@ foregoing
provisions. except as otherwise ex-
prcssiy provided. shall run not mora
/ than fifty years from date. snail be
issued in serial form. payable in annual
inStalEl6It7. commencing not more
than ten G9) years from date, the
amount payable each year for PriL-
cip4l and interest to be as nearly equal
as practicable, but annual Ing ailments
Of principal rley be axed II Five Thou
sand Dollars $4,000 or the nearest
multiple thereof. RsfurGing bonds is
sued hereunder shall be payable in an
nual iYs ,allraents con uIenciHg not more
than one year from date. Al CT the
said bonds shall have the zane exemD-
ton from taxation, and the same rTiv-
ilege of registration and release from
reg istrcti5n. and the same eligibility
fer deposit with the State or its Of
ficeTs or any of its pCat!csd subdi-
visions or municipalities. as vas
granted ey Article 32i Of the Coast!tG-
ton 10 the bonds therein authorized.
Tutors of minors RHd curators of In
tcrdicts shall be authorized 70 Invest
the funds In their hands IN any OF such
bonds. Nothing herein contained sha!!
aiyect the power OF said Board to issue
bonds for the construction Of the nav
igAtion canal under the ordinance aa3
secured by Che mortgage heretofore
mace ana executed. essU SAID DOaTu Ia
authorized 70 carry into fu.l effect said
ordinance and mortgage ard 10 Ssg-
and sell for canal purposes the re-
mGiudcr Of bonds thereby AUTHORIZE
the contracts made With the Board Of
Lcvce Commissioners of the Orleans
Levee District under date OF June 2.th.
1918. February 2eth, 1919, November
the CITY of New Orleans under date Of
August 10Th. 1873, through the Be.t
Railroad Commission &c carry intc
effect Act no. 3 OF 1918 IN relation to
said Navigation Cana! ars hereby rati-
fed and confirmed. Said Board shall
have the power 10 loase :or nsahU.ac-
turing. commercial and business per
poses. lands acquired fer said canal
exceeding twenty years at q fixed
rental Without any provision for re
newal, reGdiustneEt or reeppra!se,nent
bat may run FOR a term not exceeding
ninety nine $3.50 years. provided they
shall contain clause or clauses for
rca Dprais@i OF the promises ard & r-
adjustment OF the rental at intervals
not exceeding ten ut) years after IL.
period. In the evert that the SAID
Beard and the lessee cannot agree upcr.
the REIMBURSEMENT and reappraisement
they each shall Gppc!at an arbitrator
ccuprUAcCrs to wDo.a the matter SHALL
be Fsferred for decis'Cn, and IN case o.
d :saGree E:ent they email appoint an utn-
rire and DECISION of any two Shall De
binding upon Tie parties. Said 2oard
nsRy also cCn.trGCt waToh ouS-s, clc-
vGtors. and other buildings aad i'm
provements Uroa The SAL casal, bu:
the revenues f~oEi the navigation L.,ai
shall oe kept separate from the oc.IeT
revenues OF the Port Such canal res
enucs saan Se deemed 10 i.cIud
rentals OF ali lands leased upon the
canal. lock ch.rges. and charges 10.
b
Board shall construct warehouses. ele- |
vators ard otAsI buildings or improve
ments for public purposes on Canal
lands. the renal value OF the site there
OF shall be aEed BY appraisers aD-
pointed by said board and the Receipts !
from such war shogscs, cleva tors and |
other buildings or improvements shall |
be charged with the payment of such |
rental vaIue into the canal fund. The |
canal iUnd shall b. applied fi-st In the |
ops rating expenses Of the canal and tn. |
thereof. and thereafter In |
payment of the principal and Interest |
of the canal bonds. and in the reduc- |
tton in the manner provided liz said |
ordinance OF the payments and con,ri- |
buttons by the City of New Orl,.aAs
through the Belt Railroad Commissiop |
and by the Boar6 of Levco Commits
sioners of the Orleans Levce District
il warehouses, elevators and other
Ouild!ngs or improvements be con- I
or acquired by said Board !
upon canal lands by the use OF moneys
other than the proceeds of the said |
ana! mortgage, the receipts from sucn
elevators and other build
ngs or Improvement after the ray.
nent of the rental VALUE to the canal
fund. shall be deemed general reve-
1ues Of the Port The interest on all
'emi annually by the Treasurer of tho
state OF Louisiana at his office. and
It any other place or places within or
the state desie nated In the
'osit with the Treasurer OF the Stafe
% the credit OF an account or accounts
o BE known as Interest Accounts. in
ooh manner as may bn provided in the
imount equal TO the interest on ali
,onds that may nave been delivered
SAID Treasurer Is hereby empowered
.nd directed. and II is made his dut:
III interest that may become dne upor |
aid bonds. Said Board shall In add
Ion IN each year when any of said ,
I'm tS Seco Treo Que and payable deposit
ouisiana, TO the credit Of an account
accounts to be known ae Redemption
ecounts. the amount OF all bonds ma
ssms or becoming payable. and 1t g
ay or provide for the payment OF such !
oEds. Such deposits shall BIO made !
.lth the state Treasurer IN timely sea- !
,h lot the payment Of such principal :
"a intSest and not less than thirty ,
'o) days before the date when any :
loneys become payable. 1t shall be !
ne DUTY OF said Treasurer TO collect !
5cn u.poslts as aforesaid. and In case
iaiIure on the part of said Board 20 .
axe said. deposits in an amount suf- :,
cient to provide for the payment OF II
,teres, due or to become due and 70, a
lie redemption OF the bonds. the sail a
reasurer Is hereby empo wered and d. :
e ed, and IL is made his duty, 10 :.
meet the charges and revenues OF =
~ I.nrt And to nnrlY ha | y