St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-09-04


term not exceeding twenty years ct
a fixed rental without any provision
for renewal, readjustment or reap
praisement, but may run for a tefn
not exceeding ninety-nine (99) years
provided they shall contain a clause
or clauses for reappraisal of the
premises and a readjustment of the
rental at intervals not exceeding ten
1O) years after the expiration o.
the first twenty year period. In the
event that the said Board and th<
lessee cannot agree upon the rea /
justment and reappraisement, they
each shall appoint an arbitrator
who shall have the powers of amt
cable ccmpounders to whom the mat
ter shall be referred for decision, AMI
n case of disagreement they shaE
appoint an umpire and decision III
any two shall be binding upon the
parties. Said Board may also Goa
struct warehouses, elevators, and
other buildings and improvements
upon the said canal, but the revenues
from the navigation canal shall be
kept separate from the other reve-
nues of the Port. Such canal reVe-
nues shall be deemed to include
rentals Of all lands leased upon tho
canal, lock charges, and charges for
passages, through the canal. II the
Board shall construct warehouses,
elevators and other buildings or i'm
provements for public purposes on
canal lands, the rental value OF the
site thereof shall be fixed by the ap-
praisers appointed by said Board and
the receipts from such warehouses,
elevators and other buildings or i'm
provements shall be charged with
the payment of such rental value
into the canal fund. The canal fund
shall be applied first in the operating
expenses of the canal and the maID-
tenance thereof, and thereafter in
payment of the principal and Ia
terest of the canal bonds, and in the
reduction in the manner provided III
said ordinance of the payment and
contributions by the City Of New Or
leans through the Belt Railroad
Commission and by the Board Of
Levee Commissioners of the Orleans
Levee District. If warehouses, ele-
vators and other buildings or i'm
proveIaents be constructed or acqulr-
ed by said Board upon canal lands
by the use Of moneys other than tho
proceeds of the said canal mortgage,
the receipts from such warehouses,
elevators and other buildings or i'm
provements after the payment of the
rental value to the canal fund, shall
be deemed general revenues of the
Port. The interest on all bonds
issued hereunder shall be paid semi
annually by the Treasurer of the
State Of Louisiana at his office, an
at any other place or places with
or without the State designated by
the bonds. Said Board shall place
on deposit with the Treasurer Of the
State to the credit of an account or
accounts to be known as Interest
Accounts, in such manner as may be
provided in The proceedings to issue
the bonds, an amount equal to the
interest on all bonds that may have
been delivered. Said Treasurer is
hereby empowered and directed, AMI
it is made his duty, to pay or pro-
vide for the payment of all interest
that may become due upon said
bonds. Said Board shall in addi-
ton in each year when any of said
bonds become due and payable, de-
post with the Treasurer Of the State
of Louisiana, to the credit of an &C.
count or accounts to be known as
Redemption Accounts, the amount,
of all bonds maturing or becoming
payable, and it shall be the duty Of
i To nrnujHn
the payment of such bonds. Such
deposits shall be made with the State
Treasurer in timely season for the
payment Of such principal and in
tere3t and not less than thirty 500
days before the date when any mon
eys become payable. 1t shall be the
duty of said Treasurer to collect
such deposits as aforesaid, and il
case Of failure on the part of said
Board to make said deposits In an
amount sufficient to provide for the
payment Of interest due or to BE-
come due, and for the redemption IT
the bonds, the said Treasurer Is
hereby empowered and directed, and
it is made his duty, to collect the
charges and revenues of the Port
and to apply the same, after prov1d-
ing FOR necessary operating expenses
and any prior charges, to the pay
ment of the principal and interest
Of the said bonds, and for that pur-
pose and for such time as may be
necessary, the said Treasurer Is here
by authorized to exercise all the
powers and duties vested in the
Board of Commissioners Of the Port
| of New Orleans. The accounts o..
said Booard as Department Of State
shall be subject to audit and invest :
CATION by the State Auditor or Sup
ervisor Of Public Accounts, and th3
Auditor shall countersign all bon Is
hereafter issued. The Board may
acquire real and personal property
subject to mortgage or other lien
and make or execute purchase money
mortgages or property acquired.
Nothing herein contained shall pre-
JUDGE the right Of the holder Of any
bonds of the Port now outstanding,
or that may be issued under the ord'-
nance and mortgage heretofore made
and executed for canal purposes to
a segregation of such revenues as are
applicable to his bonds under said
ordinance and mortgage or otha:'
covenant of his bonds. This amend
ment shall not repeal any statutes
heretofore enacted, except insofar as
inconsistent herewith.
Section 2. Be it further resolved,
letc.. hat on the official ballots to b.