The Natchitoches enterprise., 1920-08-26

~
the nrs. Tuesday after the first Mon
day in November. 1920. to-wit:
The Board Of Commissioners of the
Port of New Orleans shall, except as
otherwise herein changed and amended
have and exercise all powers now con-
ierred .p upon, them by constisrtiona, sa. md
jurisdiction may be conferred by Act OF
the Legislature. Said Board shall have
full power and authority to construct
! purposes within the limits of the Port
! including wharves. docks. warehouses.
grain elevators, locks, slips, laterals,
basins and other structures and i'm
| provements. and may dredge ShipwayS.
| channels. slips. basi and turning
basins in the Mississippi River. Sai id
| Board may without further legislative
enactment borrow money and issue
| notes and bonds under the following
! conditions and not otherwise: 1t may,
| with the approval of the Governor and
! the Auditor of the State. for its public
| purposes. borrow on notes for tenn
porary loans. payable within one year.
| an amount not exceeding Five Hundred
| Thousand Dollars $500 5000 at any one
time outstanding. and may in addition.
| borrow money in anticipation of the
! collection Of charges for wharfage.
foliage. storage service and other
charges which have been actually
earned but have not yet been re-
ceived. With the approval Of the Gov
| ernor of this State, it may for public
purposes other than the payment Of
| current expenses of the funding of In
| dehtedness incurred or to he incurred
for current expenses. borrow money
and issue bonds to the amount of Six
| Million Five Hundred Thousand Dollars
| Hs5o0,oo0), Said board may. with the
purposes. borrow other and further
| sums and issue bonds in the manner
| following: When the Board shall have
| ascey'ained and certified in writing to
70 O., Nf
Public Accounts the amounts of rev.
enuc and income of the Port for the
two fiscal years Immediately preceding.
after deducting therefrom the amount
of operating and maintenance charged
and expenses. and all sums paya BILE
during said year upon maturing prin-
| cipal and interest of it's bonded debt.
| and the State Auditor or the Supervisor
Of Public Accounts shall have verified
and approved said certificate. the Board
may borrow money and fssur bonds to
an amount the annual interest upon
which IL not In excess Of the average
net revenues for the two tis al years
Immediately preceding as shown by
said certificate. The Board may add
fiscal years as certified to the State
Auditor or the Supervisor of Public
Accounts. the net income and revenues
for such years of any revenue pro-
ducing wharf, dock. warehouse, ele-
vator or other structure to be acquired
by said Board by purchase or expro-
priation from the proceeds of such
bond issue. The net revenues and in
come OF such revenue-prOducing utility
shall be determined and certified by
the Board and approved by the State
Auditor or the Supervisor of Public
Accounts Said Board may also with
the approval Of the Governor borrow
money and issue bonds to refund
bonded indebtedness heretofore incur
red or hereafter to be incurred and ma
turing and becoming payable within
one year of the date Of such refunding.
All bonds issued under the foregoing
provisions. except as otherwise ex-
prss.X 9sn t p5oyasS yea1a om sha I2 "A, s ers bs
ISSUED in serial term. payable in annual
installmentG cotiimencing not more
than ten (lo) years from date, the
cipal and interest to be as nearly equal
as practicable. but annual installments
Of principal may be f1xed a. Five Thou
sand hellsss asAgso os ,,n the .asa nearest
sued hereunder shall be payable In an
nual installments commencing not more
than one year from date. All Of the
. satd bonds snail have the ,s same e1emp- n;I.
ilege Of registration and release from
registration, and the same eligibility
for deposit with the State or It's Of
Hson. or ar any 'maatpase. s as suSa %as
granted By Article 321 Of the Constitu-
tien 10 the bonds therein authorized,
Tutors Of minors and curators OF in
terdicts shall he authorized to invest
the funds In their hands in any of such
bonds Nothing herein contained shall
AFFECT the power Of said Board to issue
igation canal under the ordinance and
secured by the mortgage heretofore
made and executed, and said Board is
authorized to carry into full effect said |
and sell for canal purposes the re-
mainder Of bonds thereby authorized
and said ordinance and mortgage anti
the contracts made with. ths Raara' at
Levee District under a.ts Of june 18th, |
1918. February 26th. 1919. November |
18th. 1919. and the contract made with |
the City Of New Orleans under date Of |
Railroad Commission to carry into |
effect Act No. Of 1918 in relation 10 |
said Navigation Canal are hereby rati-
hsae sd ana ihe ssa n'nra sna
turing, coufhaercial and business pur-
posesS lands acquired for said canal |,
Such leases may run for a term not |!
rental without any proyi.isn Tor re-
newai readjiistmen: er seapprais ement |
but may run S1E term not exceeding
nIinssfya9s N si ts years rroyia.A 'hey
Feappraisal of the premises and a re-
Of the rental at intervals
not exceeding ten uO years after the
expiration OF tne nTSt tWenty-yeIr
period. In. the event that the said |
Board and the lessee cannot agree upon |
the readjustment and reappraisement,
they each shall appoint an arbitrator |
compounders to whom the matter shall |
be referred for decision, and in case of |
they shall appoint an UNI
pire and decision Of any two shall be
may also construct warehouses, ele-
and other buildings and i'm
provements upon the said canal, but
the revenues from the navigation canal
revenues Of the Port. Such canal rev.
enues shall be deemed to include.
rentals Of all lands leased upon the
canal. lock charges. and charges for
Board shall construct warehouses; elc-
vators and other buildings or improve
ments for public purposes on canal
lands the rental value Of the site there
pointed by said Board and the receipts !:
rom such warehouses, elevators and /
other buildings or improvements shall /
be charged with the payment of such I
rental value into the canal fund. The |
canal fund shall be applied first in the j;
operating expenses of the canal and the
thereof. and thereafter in
Of the principal and interest /
Of the canal bonds, and in the reduc, |;
ton in the manner provided IA said
ordinance of the payments ana eantri- q
buttons by the CITY VI New Orleans
and by the board of Levee Commis-
si.af4 OF the Orleans Ievec District Il
r. Warehouses;. elevators and other
puladinss or improvements be con:
upon canal lands by the use of moneys /
other than the proceeds of the said I
canal mortgage. the receipts from such
warehouses. elevators and other build /
nss or improvements after the pay
ment of the rental value to the canal
fund, shall be deemed general rsve-
nues Of the Port. The iHtArest on an
semi annually hr the Treasurer Of ;hs
State Of I.Syisiana at his office, and
n any other place or places within or
without the State designated in the
onTde Ca(h Pos "a shall nj. -.