The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1920-10-30

nue producing wharf, DOCK warehouse,
elevator or other structure to be acquir-
ed by said Board by purchase or expro-
Driation from the proceeds of such bona
;ssue The net revenues and income OF
such producing utility shall De
determined and certified by the Board
and approved by the State Auditor or the
Supervisor of Public Accounts. Saio
BOARD may also With the approval OF the
Governor borrow money and issue bonos
to refund bonded Indebtedness heretofore
incurred or hereafter to be incurred anu
maturing and becoming payable WITHIN
one wear of the date of such refunolhs'
All bonds issued under the foregoiHs
provisions, except as otherwise expressiS
proyided shall run not more than MY
wears from date, shall be issued in serisa'
form, payable III annual instaiimeh's'
commencing not more than ten lo) yea
from date. the amount payable each
wear for principal and interest to De do
nearly equal as practicable. but annual
installments of principal may be hxea a.
Five Thousand Dollars ($5,000) OF ING
nearest multiple thereof Refunding pohu'
issued hereunder shall be payable IN an
mail instailments commencing not Hioie
than one year from date. All OF the sal"
bonds shall have the same exemption
frone taxation, and the same privilege u
registration and release from regis
+rat;on and the same eligibility LOT
aonosit with the State or it's officers or
any of it's political subdivisions or mum
cipalities, as was granted by Af'ieie
of the Constitution to the bonos ."elen
authorized. Tutors of minors anu
tors of interdicts shall be autnori]eu
invest the funds in their hands In any
such bonds Nothing herein cohta,".'
shall affect the power OF said poa.u
isuue bonds for the constructors "
navigation canal under the ordinance anu
secured by the mortgage heretofore Haue
and executed. and said Board is author-
;zed to carry into full effect said oral
n,noo and mortp;. ge and to issue ana
col, for. canal purposes the remainder OF
bonds thereby authorized, ana saiu
dinance and mortgage ana the con.i -
made with the Beard of Levee Commis-
sioners of the Orleans Levee District UNI
der date of June. 2sth, 1918. February zotn'
1919 November 18th, 1919, and the con-
tract made with the City of New Orie-
ans under date of August 18th. 1913,
through the Bel. Railroad Commission
to carry into effect Act NO. OF 1919 ~
relation to said Navigation Canal are
hereby ratified and confirmed. oaio Doaiu
shall have the power to lease TOT Hlahu-
featuring, commercial and business pur
poses. lands acqui. ed for said canal sucn
leases NAV run for a term not exceeding
twenty years at a fixed rental wltnout
anv nroyision for renewal, read1ustment.
or REIMBURSEMENT, but may run Tor
term not exceeding ninety mine tys) years,
nrovided they shall contain clause or
clauses for reappraisal of the premises
ord a reimbursement of the rental at in
tervals net exceeding ten (10) years after
the expiration OF the first twenty year
neriod. In the even. that the said Board
and the lessee cannot agree upon the re-
adjustment and reappraisement, tney each
shall appoint an arbitrator who shan nave
the powers of amicable compounders 10
. whom the matter shall be referred ioi
decision. and in case of disagreement
they shall appoint an umpire and de
cision OF any two shall be binding upon
the parties. Said Board may also con-
struct warehouses;. elevators. and otheI
buildings and improvements upon the said
canal but the revenues from the nayiga-
ton canal shall be kept separate from the
other revenues OF the Port. Such canai
!. revenues shall ne deemed to lncluoe
rentals Of all lands leased upon the canal
lock charges and charges for passages
through the canal. If the Board sl'ai,
construct warehouses, elevators anu
other buildings or Improvements Tor pun
lie purposes on canal lands, the rentai sal-
ue of the site thereof shall be fixed by ap-
r praisers appointed by said Board ana ing
receip.s from SUE, warehouses; eievaso-s
and other buildings or improvements shan
be charged with the payment OF such rem
al value into the canal fund. The canal
, fund shall be applied first in the operating
EXPENSES Of the canal and maintenance
] thereof, and thereafter in payment OF me
/ principal and interest of the canal pohds,
/ and in Che reduction in the manner pro-
E yided in said ordinance OF the paymen.s
E and contributions by the City OF New or-
leans through the Eelt Railroad commas
z sion and by the Roard of Levee commas
G soners Of the Orleans Levee DlstricLsEsH
warehouses, elevators and other puiidihss
! or improvements be constructed or ac-
quired BY said Board upon canal iands by
! the use Of moneys other than the proceeds
| OF the raid canal mortgage, the receipts
/ from such. warehouses, elevators and 9th
i err buildings or improvements after the
j payment of the rental value to the canal
: fund, shall be deemed general revenues
i Of the port. The interest on all ponds Is
!. sued hereunder shall be paid semi-an-
: nuany by the Treasurer of the stats Of
Innisiana at his office and at any other
: plare or places within or without the
! state designated in the bonds Said
: Board shall place on deposit with the