The Donaldsonville chief., 1920-10-30

day in November. 1870. to-wit:
The Board of Commissioners OF tn.
Port or New Orleans shall, except 81
otherwise hersin changed and amended
fsEred upon them by Constitutions
Amendment. Additional power and
jurisdiction may be conferred by Act Of
the Legislature. Said Board shall have
extend and improve works for Por,
purposes within the limits Of the PORT
including wharves, docks warehouses
grain elevators, locks. slips. la,erals
basins and other structures ana I'm
provements, and may drsdge shipways
channels, slips. basins and turning
basins in the mississippi River. Said
Board may without further Legislative
notes and bonds under tho following
conditions and not otherwise: 1t may
with the approval Of the Governor and
the Auditor Of the State. for it's public
perary loans. payable wisnin one year
an amount not exceeding Five Hundred
Thousand Dollars $500 .00o) at any one
time outstanding, and may in addition
collection OF charges for wharfage
foliage. storage service ana 9th or
char! which have been actually
earned but have not Yet been re-
ceived. With the approval of the Gov
ernor Of this State. it may FOR public
purposes other than ths payment OF
current expenses OF the funding OF in
debtedness Incurred or to be incurred
and issue bonds to the amount Of six
Million Five Hundred Thousand Dollars
($e.500 5000. Said board may, with the
approval OF the Governor, and for like
sums and issue bonds In the manner
following: When the Board shall have
azcertainsd and certified in writing to
the State Auditor or the Supervisor OF
enue 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 payab BILE
during said year upon maturing priu-
cipAl and interest OF its 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 issue bonds to
an amount the annual Interest upon
which is not in excess Of the average
net revenues for the two fiscal years
said certificate. The Board may add
TO such net revenues Of the preceding
fiscal years as certified to tho State
Auditor or the Supervisor OF Public
Accounts, tho net Income and revenues
for such years of any revenue pro-
ducing wharf, docks warehouse, e1s-
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 tho State
Auditor Or the Supervisor OF Public
Accounts. said BOARD may also with
the approval Of the Governor borrow
money aud issue bonds to refund
bonded indebtedness heretofore incur
red or hereafter to be incurred and ma
turing and becoming payable within
6f HhA date nf AiPn refN nd Dpr
All bonds isaned under the foregoing
provisions. e1capt as otherwise ex-
pressly provided. shall run not more
issued I ' in serial form. ND payabie in % annual
than ten 10, years from date, the
amount payable each year for prsn-
sa cut 10 aaeaa
sand Dollars (s5,0o0} or the nearest
multiple thereof. Rsfunding bonds is
sued hereunder shall be payable In an
than one year from date. All Of the
said bonds shall have the same exemp-
ton from taxation, and the same priv
rsxststsa.ions ana the @a Same si ,h
for deposit with tho State or. its Of
fcers or any Of its political subdi-
visions or municipalities, az was
granted by Article 321 OF the Constitu
ton to the bonds therein authorized:
Tutors of minors and curators of In
terdictS shall be authorized to invest
the funds In their hands in any OF such
bonds. Nothing herein contained shall
effect the power Of said Board to issue
bonds for the construction OF the nav
iga tion canal under the ordinance and
secured by the mortgage heretofore
made and executed, and said Board is
auth orized to carry into full effect said
ordinance and mortgage and to issue
and sell for canal purposes the re-
inainder OF bonds thereby authorized.
and said ordinance and mortgage and
Levee Commissioners of the Orleans
Leyee District under date OF June 2ath,
1913. February 2sth. 1919. November
ltth;> 1919. and Tie contract made with
August 18th. 1915 through the Belt
Railroad Commission TO carry into
effect Act No. ; OF 1913 in relation TO
said Naviea ton Canal are hereby rati-
have the power to Lease for manufac-
turing, commercial and business pur-
poses. lands acquired for said canal.
Such leases may run for term not
rental without any provision for re-
newal, readjussment or reappraisemsnt,
but may run for term not exceeding
(ss) years, provided they
OF the premises and a re-
adjustment OF the rental at intervals
not exceeding ten (6) years after the
expiration Of tho first twenty-year
period. In ths event that the said
Board and the lessee cannot agree upon
the readiustment and reapprafscment,
they each shall appoint an arbitra tor
who shall have the powers OF amicable
to whom the matter shall
oe referred for decision. and in case Of
they shall appoint an una-
oire and decision OF any two shall be
binding upon the parties. Said Board
ssors. and other buildings and i'm
orovemsnts upon the said canal, but
The revenues from the navigation canal
shall be kept separate from the other
revenues Of tbs Port. Such canal rev
rentals Of all lands leased upon the
canal. lock- charges, and charges for
passages. through the canal. If the
Board shall construct warehouses. ele-
fators and other buildings or improve
nents for public purposes on canal
ands, the rental value OF the site there
II shall be fixed by appraisers ap-
pointed by said Board and the receipts
rom such warehouses. elevators and
20 charged with the payment OF such
entail value into the canal fund. The
ANAL fund shall be applied first in the
operating expenses OF the canal and tn G
payment OF the principal and interest
Il the canal bonds, and in the rsduc-
ion in the manner provided in said
ordinance Of the payments and contri-
buttons by the City ot New Orleans
through the Belt HsilroAd Commission
md BY the Board OF Levee Commas
ioners Of the Orleans Levee District
4 warehouses, elevators and other
buildings or improvements be con-
trucsed or acquired by said Board
fpon canal lands By the uss of moneys
'theE than the proceeds OF tho said
anal mortgage. the receipts from such
warehouses;, elevators and other build
ngs or improvements after the pay
Iient OF the rental value to the canal
und, shall be deemed general reve-
Iues Of the Port. The interest on all
'onds issued hereunder shall be paid