New Iberia enterprise and independent observer., 1920-09-04

Tho Board of Commissioners OF the
| Port of New Orleans shall. except as
| otherwise herein changed and amended,
| have and exercise all powers now CON
| fsrred upon them by institutional
| Amendment Additional power and
| jUrisdictio may be conferred by Act of
| the Legislature Said Board shall have
| full power and authority to construct.
! extend and improve works for Port
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, basins and turning
| basins in the Mississippi River Said
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 it's public
purposes. borrow on notes for tenn
porary loans, payable within one year,
an amount not exceeding FlVe hundred
Thousand Dollars ($5OO,OO0) at any one
time outstanding. and may in addition
borrow money in anticipation of the
collection of charges for Wharfage
foliage storage service and 9th her
charges which have been actually
earned but have not yet been re
ceived. with the approval of the Gov
ernor of this State. 1t may for public
purposes other than the payment Of
current expenses of the funding of in
debtednesa incurred or to be incurred
for current expenses, borrow money
and issue bonds to the amount OF Six
Million Five Hundred Thousand Dollars
(S6,5OO.00O). Said board may with the
approval of the Governor, and for Ike
purposes, borrow other and further
sums and issue bonds in the manner
following: When the Board shall have
AsCertain8d and certified in writing TO
tho state Auditor or the Supervisor of
Public Accounts the amounts of rev.
enue and income of the Port FOR the
it11F11 cd at tpl V inc
after deducting therefrOm the amount
of operating and maintenance charged
and expenses, and all sums payable
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 issue bonds to
an amount the annual interest upon
which is not in excess of the average
net revenues for the two fiscal years
Immediately preceding as shown by
said certificate. The Board may add
TO such net revenues of the preceding
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, eie-
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 indeb tedneSs heretofore incur
red or hereafter 10 be incurred and ma
turing and becoming payable within 1
one year of the date of such TefundinE.
All bonds issued under the foregoing
provisions except as otherwise eX |
pressly provided, shall run not more
than nifty years from date, shall be |
issued in serial form, payable In annual |
installments, commencing not more
than ten G0) years from date. the !
amount payable each year for prin- |
cipal and interest to be as nearly equal |
as practicable, but annual installments |
OF principal may be fixed at Five Thou !
sand Dollars ($5,0OO) or the nearest |
multiple thereof RefundinE bonds is
sued hereunder shall be payable In an
nuRl installments commencing not more |
than ono year from date. All of the |
said bonds shall have the saRe eXemp-
ton from taxation, and the same priv
ilege of registration and release from
registration, and the same eligibility |
for deposit with the State or It's of
fcers or any OF its political subdi-
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
affect the power of said Board to Issue
bonds for the construction of the nav
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
ordinance and mortgage and to issue
and sell for canal purposes the re-
of bonds thereby authorized,
and said ordinance and mortgage and
the contracts made with the Board of
Levee Commissioners of the Orleans
Levee District lnder date of June 29th.
1918, February 26th. 1919, November
l4th, 1919 and the contract made with
the City OF New Orleans under date Of
August 18th. 1918 through the Belt
Commission to carry into
effect Act No. of 1918 in relation to
said Navigation Canal are hereby rati-
fed and confirmed. Said Board shall
turing, commercial and business pur-
poses, lands acquired for said canal.
Such leases may run for term not
exceeding twenty years at fixed
newal, readjustment or reappraisement,
but may run foT q term not exceeding
ninety y-nine (99) years, provided they
shall contain a clause or clauses for
adjustment Of the rental at intervals
not exceeding ten (10) years after the
expiration of the first twenty-year
period. In the event that the said
/
the readjustment and reappraisement
hey each shall appoint an arbitrator
who shall have the powers of amicable
to whom the matter shall
be referred for decision, and in case of
they shall appoint an UNI
oire and decision of any two shall be
binding upon the parties. Said Board
nay also construct warehouses ele- |
lators, and other buildings and i'm
upon the said canal, but
he revenues from the navigation canal
hall be kept separate from the other
revenues of the Port. Such canal rev.
snues shall be deemed to include
'entals of all lands leased upon the
ANAL, lock charges. and charges for
passages, through the canal If the
Board shall construct warehouses; ele-
yators and other buildings or improve
nents for public purposes on canal
ands the rental value of the site there
# shall be fixed by appraisers ap-i
pointed by said Board and the receipts
rom such warehouses elevators and
'ther buildings or improvements shall
'e charged with the payment of such
entail value into the canal fund. The
anal fund shall be applied first in the !
perating expenses of the canal and the I
thereof, and thereafter in | [
'ayment of the principal and interest
4 the canal bonds, and in the reduc-
ion in the manner provided in said 4
rdinance of the payments and contri- I
utions by the City of New Orleans /
through the Belt Railroad Commission I
nd by the Board of Levee Commis-