St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-10-09

ACT NO 100.
ACT NO. 103.
House Bill No. 206. By Mr.. Perez
Joint RESOLUTION.

1 proposing an amendment 10 the Goa
stitution of the State Of Louis:
ana relative. to thesBoard of Com,
missioners of the Port of New
Orleans.
Section l.. Belt resolved. by the
General Assembly Of the State 0.
Louisiana, two-thirds of all members
elected to each house coneurring,
That the following Amendment to
the Constitution Of the State Of Low
isiana be submitted to the electors
of the State at the next Congressioa-
al election to be held on the FIRST
Tuesday after the first Monday n
November, 1920, to-Wit:'
The Board OF Commissioners OF
the Port of New Orleans shall, ex-
cept as-otherWise herein changed and
amended, have and exercise all pow
ers now conferred upon them by
Constitut onal Amendment. Add
tional 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, includ
ing WharEess DOCKS warehouses.
gra n elevators, locks. slips. laterals,
basins and other structures and I'M
prove aents,s and may dredge ship
ways. channels slips. basins and
turning basins In the. Miss. Ssippi
River. Said board may without fur
Their Legislative, enactment borrow
money, and issue notes and bonds
under the following conditions AMI
not otherwise:, 1t may, with the sap-
proval of thes, Governor. and the
Auditor ofvthe State. for its public
purposes, borrow. on notes for tenn
poracye loanss. payable within ons
year, an amount not exceeding Five
Hundred Thousand (S5Q0 ,000) Dol
lara st any one time. outstanding,
and may in addition, borrow money
In anticipation Of the, collection of
charges. for, wharfage. foliage stor-
age service and Other charges whieh
have been actually earned but have
not yas been received With the ap-
prevail of the Governor of the State,
1t may for. public purposes other thaa
the payment OF current expenses 3e
the funding Of Indebtedness incurr-
ed or to he incurred for current eA-
penSess borrow money and issue
BONDS to- the amount OF Six Million
Five Hundred thousand Dollars
(S6,500,000). Said aboard 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 ascertaineds and certified
in writing to thesStatea 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 said year upon maturing prime
pal and, interest OF its bonded debt,
and the State Auditor or the Supef-
visor of Public Accounts shall have
verified and approved said certificate,
The sPoard may borrow money and
ISSUE bonds to an amount the an
1ual interest, upon which ia not III
excess OF the average net revenues |
sor the two fiscal years Immediately |
preceding an shown, by said certli- |
cate. The Board may. add to- such |
act revenues OF the preceding fiscal |
Years as certified to the State Audi |
or 1r the~SupeEyisor Of Public, Ac-
counts, the net~income and revenues !
or such years. OF any revenue pro-
lucins wharf, DOCK warehouse, ele-
7atoT or other structure to be ac-
luired by said Boa.d by purchase
or appropriations from the proceeds
II such bond ISSUE. The net reve
lues and income OF such revenue |
producing utility shall be determine
I'd ana certified t6bys the Board ami
by the State Auditor, or ths |
Pablieb Accounts Said |
Board may also with the approval OF
he Governor borrow money, and.
ssue bonds to refund bonded in- |
lebtedneax heretofore incurred or,I
lergafteret0 be incurred and matur-
ng and becoming payable within one
rear of thesdates Of such refundingsi
All bonds issued under the forego-
ng proyisfonsg except as otherwise |
provided shall run, not |
more than fifty years from ,datessha l |
% issued in aerial form, payable in |
Innual instaliments, commencing mot |
more than,teH4(1 o. years from date,
he amount payable each year for |
principal and interest to be as near
y equal practicable, but, annual |
of principal may be fix
I'd at Five Thousand ($5000) Dol |
ars OF the nearest multiple thereo:
2efqnding bonds issued hereunder
Ihan be payable In annual INSTALL
nentsF commencing. net more than
me year from date All of the said |
ponds shall have the same exemp-
ion from taxation, and the same
privilege of registration and release
rom4 registration, and the same ELI
,ibHity for deposit with, the State or
is officers or, any Of the political
or municipalities. as WAS
granted by Article, 321 of. the Con-
to the boads therein SUI
horizeds. Tutors Of minors aud III
ators Of intordicta shall be authoriz-
ID to invest theHfuads in,theif, hands
n any such bendss Nothing here
n contained shall affects the 'p.wcI
II said board to issue bonds for the
Of the navigation canal
lnder the ordinance and secured D7
he mortgage heretofore made ana 'e14
,cuted, and said Board is authorized |
% carry intoefun effect said nrdi
lance and mortgage and'to issue and /