The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-10-30

purposes borrow other and further
sums and issue eonas IN ,n .haIi have
lscertsined and certified in wiring
he State Auditor or the supervisor %
,ubIic Accounts the amounts 81 rev
.nue and income of the Port lot the
,wo ascsi years Immediately preceding:
,fsr dedrcting therefrom the amoont
n operating and maintenance charged
and expenses. and all sums payauo
wiring said year upon maturing prkn
NAL and interest Of It's bonded DEBT
nd THE State Auditor or the SuperNhsos
n Public Accounts shall have NSIlne9
md approved said certiheate, uo 800 70
cay borrow money ano issue pvhon
m amount the annual intereet upon
which is not IN excess OF me
net revenues for tie two nssa. hS
Immediately preceding as shown y
aid certihcate The BOARD may add
70 such net revenues OF inc
lscsl years as certihed 70 inc o
Auditor or the supervisor Oh
Accounts. the net incoins a.d rev enues
To- such years Of any revenue pIo-
iuctng wharf. dock. warehouse, eio
-ator or other structure TO De ACQUIRED
~ said Board x pu nEaossds % Of saSh
bond Issue. The nst re,enues an NM,
shall be determined and certineS 70
The Board and approved By ne STATE
Auditor or the Supervisor OF Public
Accounts said Board may aeo Win
the approval of the Governor boIUS
money and is2oe bonds 20 ,nnnr.
red or hereaI:er to be incurred and ma
turing and becoming payable WIN
99e year Of the GATE Of OISh r td,nHnins
& bonds is9uod under tss IDhs0. ex.
p,esaIy prov.ieh. shall run not more
man hfty years from date. shall be
issued In serial form, payable In ahnoaI
instaIlmcnta. commencing not more
than ten C0) years from date. the
amount payable each year FOR pTln,
cipal and interest to be as nearly SOUS
as practicable. but annual instaiiimchte
Of principal may be 11cd at Five Thou-
sand Dollars tss.6Do) or the nearest
multiple theneof. Refunding bonds Is
SUED hereunder shall be payable In an
nual instailments eomSS,enc'hs n"S II lA ths
said bonds shall have the came exenp-
| ton from taxation. and tho same ps.v-
| ileee of registration and rolcase from
feg deposit with the State, or It's q
n VISIONS OF a. s"s rUnlc.Palities. Is was
granted by Article 3al OF TIE C0nstitn-
| lion to the bonds therein authorized
tutors OF minors and curators Of in
| ter,l,ets shall be authorized 10 Invest
| the funds IN thei. hands In any OF sucR
bonds Nothing herein contnin:d snai!
asYect the power Of said Board TO Issue
bonds for the copstruction Of the nav.
ic-ation canal under the ordinance ana
secured By the mortgage heretofore
made and executed. and SAD Boafo -
ordinance and NOR ;gnse and 70 issue
and sell for canal purposes the re-
] mainder OF bonds thereby author3ed,
and said ordnance and mortgage and
the contracts made with the Board OF
Levce Commissioners OF the Orleans
Levee District under deSe OF June seth.
1913. February 3St6. 1919. Soverno e
the city of New Orleans under date Of
August leth, 1918. through the Del:
Railroad Commission 70 carry Into
eject Act No. 3 of 1913 In relation y
aed and Confirmed Said Board shall
Nave the Power 10 lea0e for rlanusac-
turing. commercial and business pur.
poses, lands acquired fer said canal
Exceeding ,wonty years at a axei
rental without any prorision for -e-
newel. reimbursement or reappratsemeat
but may run for term not exceeding
niDety-nine tss) years. provided the!
reappraisal oseho premises and re,
adjustment OF the rontai at Intervals
pot exceeding ten ae1 yee,s si.st "a;
| period in tho event that the sait
Board and the lecsee cannot agree upor
the readjnstment and re2ppralsemrns
who shall have the powers of amicabl'
conpounder5 to whoia tho matter shpl
be referred for csci3ion. AM In case o.
Disagreement they si,.ll appoint an uin
pire and deriston OF any two snsn b-
binding upon the parties Said Boart
Hay also. coDstrvct warehouses, e!e
N,ors. and othor Buildings and i'm
provenents upon the said canal. ou
, shall be kept separate from the othe-
revenues Of the Port Such canal roy
. enuos shall he deemed to inciud
rentals Of ali larde leased upon tn
4 l0rk rRP
. passages. through the canal. II N
Board shall construct warehouses. ele
. vators and other buildings or improve
ianda the renta, value Of the site thece
, Of shall be fixed BY appraisers a2
pointed By said Board and the receirs
from such warehouses, elevators an
. other buildings or improvements eAal
be charged with the payment Of sue
, rental value into the canal fund IN
canal fund shall be applied nrot In IN
, maintenance thereof. and thereafter 8
! payment Of the principal and interee
Of the canal bonds. and Ia the reduo
) tion IN the manner provided In sal
1 buttons By the city Of New orIean
: through the Belt Railroad Commissio
q and by the Boar6 OF Levec Commits
sioners of the Orleans Levee bastric
|, II warehouses. elevators and othc
4 buildings or improvements be con
4 etructsd or acquired by said Boar
, upon canal lands by the use OF money
: other than the proceeds OF the sal
4 canal mortgage. the receipts from sue
q warehouses. elevators and other build
ibgs or improvements after the pay
:. ment Of the rental value to the cans
e pues OF the Port The interest on q
h bonds Issued hereunder shall be pal
o semf4annuaily by the Treasurer Of th
; State of Louisiana at his office An
!, ! at any other place or places within o
= , without the State deS,Quatod In III
q bonds. Said Board shall place on d.
' posit with the Treasurer OF tho Stat
: 70 the credit of an account or account
Q to be known rs Interest Accounts.
Q proceedings TO issue the bonds. o
j amount equal TO the interest on q
. bonds that may have been deiivere>
q and directed and II is made bis dut,
J, to pay or provide for the payment 6
all interest that may become duo upo
said bopds- Said Board shall In ada,
SitS the TressureT os lie e st aeS's
louisiana to the credit of an accouu
4 or accounts to be known as Rodempuo
Accounts the amount OF all bonds ma
turing or becoming payable. and
shan be the duty OF said Treasurer {
pay or provide for the payment Of sue
bonds, Such deposits shall be mad
with the State Treasurer In timely sea
son for the payment of such principa
and intNvest and not less than thirt
(3o) days before the date when au
moneys become payable. II shall b
the DUTY Of said Treespror 70 coilec
a OF failure on the part OF said Board I
J. make said deposits In an amount su!
hcient to provide for the payment q
i interest due or to become duo. and fo
J. the redemption of the bonds, the sal
q Treasurer Is hereby empo wered apd di
i rec.ed. and II is made his duty. I