The Donaldsonville chief., 1920-10-23

Congressional election to be held on
the nrst Tuesday after the nrse Mon
day Ia November. 1870. to~"lt:
The Board OF Commissl1 o. Inc nc
Port Of Nav Orleans shall exeeph ~
otherwise herein changed and amended.
have and exercise all powers now eon1
fsrred upon them by cons1ltntiohas
Amendment. Additional power en1
jurisdiction may be contefred ~ 49, 60 =
full power and authority TO cohss1nS., ~
extend and improve works Tor foIt
purposes within the limits OF she loI -
including wharves, docks; WafeiouS'
basins and other structures ana I'M
provenents, ana may drsdge ship"ays'
channels, slips. basins ana tnrhshf
basins in the Mississippi Rlver: oalo
enactment borrow money ana lssus
notes and bonds under tho following
conditions and not otherwlse: ~ may
with tbs approval Of the Governor Ano
the Auditor of the State. for lta puollc
purposes. borrow on notes Tor TOM
porary loans, payable within one year;
an amount not exceeding Five Hundred
Thousand Dollars (s500,00O At any one
borrow money in anticipation OF the
collection OF charges for ~narlaso. 80,
tsllase, storage service and other
charles which have been actuaily
earned but have not yst oseh ,s cas- ~
ernor OF this State, it may TOT puoilGc
purposes other than the payment OF
current expenses OF the funulhs Oh IA.
debtedneEa incurred or to Dc lncurrso
for current expenses. borrow money
and issue bonds to the amount OF sl1
Million Five Hundred Thousand dollars
t$6,600,060). Said board may. with N
approval OF the Governor ana 1or IKE
purposes. borrow other and furthef
sums and issue bonds In the manner
following: When the Board snail heve
asaertainsd and certified IN writing 70
the state Auditor or tho Supervisor OF
Public Accounts the amounts OF rev.
snus and income Of the Port Tor the
two fiscal years Immediately preceding,
after deductink therefrom the amour
Of operating and maintenance eharS su
and expenses. and all sums payable
during said year upon maturing prin-
cipal and interest OF its bonded deDt
and the State Auditor or the supervisor
Of Public Accounts shall nave Fer1Heo
and approved said certificate, the eoato to
may borrow money and issue bonds TO
an amount the annual interest upon
which is not in exeesa OF the average Z
net revenues for the two nscal yenrs
Immediately preceding as SHOWN py
said certificate The Board may add
to such net revenues Of the prscsd1n6
fiscal years as certified to the stats
Auditor. or the Supervisor OF fuDnt
Accounts. the net income ana revenues
ducing wharf, dock, warehouse, ele,
vator or othar structure to be acquired
by said Board by purchase or e1pro- =
priation from the proceeds OIL such
bond issue. The net revenues ana IN
come of such revenue producing utility
shall be determined and certlneo D.
the Board and approved by tho State
Auditor or the Supervisor or Pubn<
the approval of the Governor borrow
money and Issue bonds to refund
bonded Indebtedness heretofore incur
red or hereafter to be incurred ana ma
turing and becoming payable wlthlI
one year of the date Of such refunding
All bonds issued under the foregoing
provisions. except rs otherwise ex'
prsssly provided. shall run not mor'
issued in serial form. payable in snnua
installmsnts, commencing not more
than ten (lo) years from date. tn
amount payable each year for prin
cipal and interest to be az nearly equa
as practicable, but annual installmen tt
OF principal may be fixed at Five Thou.
sand Dollars $4,000 or the neares
multiple thereof Refundins bonus is
sued hereunder shall be payahle IN an
nual installments commencing not more
than year from date. All OF the
said bonds shall have the same assa p
ton from taxation, and the same priv
ilege Of registration and release from
registration, and the same eligibility
for deposit with the State or it's of
fcers or any of its political subdi
visions or municipalities. as wa
ton to the bonds therein authorized
Tutors Of minors and curators Of In
terdicts shah be authorized TO lnves
the funds in their hands in any Of suct
bonds. Nothing herein contained sh II
affect the power Of said Board to issu'
bonds for the construction of the nav
igation canal under the ordinance ant
secured by the mortgage heretoror'
! Il cajH ISna atSS
authorized to carry into full effect salt
! ordinance and mortgage and to lssu
and sell for canal purposes the re
| mainder OF bonds thereby authorized
| the contracts made with the Board o
| Levee Commissioners of the Orleans
| Levee District under date Of June 2sth
! 1913, February 10Th. 1919, Novembe
| the City Of New Orleans under date 0
August 10th. 1918, through the Bel
Railroad Commission to carry int
I effect Act No. of 1918 in relation t
fed and confirmed. Said Board shall
| have the power to lease for nanutac
! turing, commercial and business pur
poses, lands acquired for said cana
Such leases may run for term no
exceeding twenty years at Axe
rental without any provision for re
newaI, rsadjustment or reappraisement
but may run for term not exceedin
ninetyonins (ss> years provided the fe
reaDpraisal OF the premises and re
adjustment OF the rental at interval
not exceeding. ten ue) years after tn
expiration Of the first twenty-yea
period. In the event that the sal
Board and the lessee cannot agree upo
the readjustmsne and reappraisemen
they each shall appoint an arbitrato
| who shall have the pewers of amicabl
eompourders to whom the matter sha
be referred for decision. and in case Q
disagreement they shall appoint an um
pire and decision OF any two shali b
binding upon the parties. Said Boar
| may also construct warehouses; ele
yaters, and other buildings and i'm
provsmsnts upon the said canal, bu
the revenues from the navigat ton cana
shall be kept separate from the othe
enuss, shall be deemed to includ
rentals of all lands leased upon til
canal. lock charges, and charges 70
passages. through the canal II tn
Board shall construct warehouses, ,ele
ments for public purposes on cans
lands, the rental value Of the site there
OF shall be fixed by appraisers al
pointed by said Board and the receipt
from such warehouses, elevators an
other buildings or improvements sha
| be charged with the payment Of sue
rental value into the canal fund. Th
| canal fund shall be applied first in tn
| Operating eApSASes Vi lha CaHdt dAV tk
maintenance thereof and thereafter
payment OF the principa! and intere,
Of the canal bonds. and in the .rsdut
ton in the manner provided in sal
ordinance Of the payments and contr
buttons By the City OF New Oriear
through the Belt Railroad Commits sal 0
and by the Board of Levee Commi.
sionsrs OF the Orleans Levee Distric
II warehouses, elevators and oths
buildings or improvements be cor
htructed or ACQUIRED by said Boar
upon canal lands by the use Of money
ether than the proceeds OF the sa
canal mortgage. the receipts from sue
warehouses, elevators and other bulk