The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1920-09-25

nue. producing wharf, dock. warehouse.
elevator or other structure to be acquir
~ by said Board by purchase or eNpro
plIIti9n from the proceeds Of such bono
issue The net revenues and income 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
i.oard may also NTH the approval of the
Governor borrow money and issue bonds
tn refund bonded Indebtedness heretofore
incurred or hereafter to he incurred and
maturing and becoming payable within
one year of the date Of such refunding.
All bonds ISSUED under the foregoing
provisions, except rs otherwise expressly
provided. shall run not more than nifty
wears from date. shall be issued in serial
form payable IN annual nstalments,
commencing not more than ten 1o) years
from date. the amount payable each
year for principal and interest to be as
nearly equal practicable. but annual
installments Of rtincipal may he fixed at
Five Thousand Dollars $4,000 or the
nearest multiple thereof. Reminding bonds
issued hereunder shall be payable in an
nuaI installments commencing not more
than one year from date. All of the said
bonds shall have the same exemption
from taxation, AMI the same privilege OF
registration and release from regis
tration and the same eligibility for
deposit with the State or its officers or
any of its political subdivisions or NUM-
CAPABILITIES. as WAS granted by Article 32l
authorized Tuto g of minors and cura-
tors of interdicts shall be authorized to
invest the funds IN their hands in any OF
such bonds. Nothing herein contained
shall affect the power of SAID board 10
iSuue bonds for the construction of the
navigation canal under the ordinance and
secured by the mortgage heretofore made
and executed, and said Board is author
lied to carry into full effect said ordi-
nance ana mortgage and to issue ana
sell for canal purposes the remainder OF
bonds thereby authorized. and said or
dinance and mortgage and the contracts
made with the Beard of Levee Commits
sioners Of the Orleans Levee District un~
der date of June 29fl. 1918. February 26th.
1919. November ttth 1919. and the con-
ans under date Of August 10th. 1913
through the Bel Railroad Commission
to carry into effect Act No. of 1918 in
relation to said Navigation Canal are
hereby ra.ified and confirmed. Said Board
shall nay" the power to lease for manu-
factuingt commercial and business pur
poses lalfls acq!i, ed for said canal. Such
leases may run tor term not exceeding
twenty years at a fixed rental without
any provision for renewal. REIMBURSEMENT
or reappraisement, but may run for
term not exceeding ninety nine (99) years.
provided they shf.iI contain y CLAUSE ~
causes Tor feappr:.sai or the premises
and readjustmert of the rental at in
tervals not exceeding ten Ge) years afteI
the expiration of the first twenty year
period. In the evcna that the said Board
and the lessee cannot agree upon the re-
adjustment and REIMBURSEMENT, they each
Shall appoint an arbitrator who shall have
the powers vi an.icable cnnpoundrrs IL
whom the matter shall be referred faI
decision, and IN case of disagreement
they shall appoint umpire and de-
cision of any two shall be binding upon
the parties. Said Board may also con-
Struct warehouses; elevators, and other
buildings and improvements upon the said
canal, but the revenues from the naviga-
ton canal shall he kept separate from the
other revenues OF the Port, Such canal
revenues shall I've deemed TO include
rentals of all land; leased upon the canal
lock charges, and charges for passages
through the canal. If the Board shall
construct warehouses, elevators and
other buildings or improvements for pub
lie purposes on carai lands. the rental vat
lie Of the site thereof shall he fixed by app
praisarS appointed by said Board and the
rcceip:s from su,'l warehouses, elevators
be charged with the payment of such rent
al value into the canal fund. The canal
fund shall be applied first ia the operating
expenses of the canal aud maintenance
thereof, and thereafter in payment of the
and interest of the canal honds,
and in the reduction in the manner ppnz
Vided in said ord.r ance OF the payments
and contributions 10y the City of New Or.
leans through the I.elt Railroad Commits
sion and by the Hpard Of Levee comms-
sioners of the Orleans Levee District If
elevators and other buildings
or improvements be constructed ac~
auired by said Board upon canal lands by
the use of moneys ether than the proceeds
OF the said canal mortgage, the receipts
from such warehouses; elevators and 9TH,
er buildings or improvements after the
payment of the rental value to the canal
fund, shall be deemed general revenues
Of the Port. The interest on all bonds is
sued hereunder shall be paid semi-an-
nualy by the Treasurer of the State OF
Louisiana at his ciIce. and at any other
place or places within or without the
state designated in the bonds. Said
Board shall place on deposit with the