St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-10-09

| 1uSLmenL ana reappra1Sement, the
each shall appoint an arbitrat }
who shall have the powers of ami
cable ccmpounders to whom the mat
ter shall be referred for decision, an
n case of disagreement they shall
| appoint an umpire and decision y
any two shall be binding upon thu
| parties. Said Board may also Goa
struct warehouses, elevators, AM
other buildings and improvement
| upon the said canal, but the revenues
from the navigation canal shall b!
| kept separate from the other re7e
| nnes of the Port Such canal reve
nues shall be deemed to include
rentals of all lands leased upon til.
canal, lock charges, and charges fo'
passages, through the canal If the
Boart shall construct warehouses
elevators and other buildings or i'm
provements for public purposes III
canal lands, the rental value of ths
site thereof shall be fixed by the ap-
praisers appointed by said Board and
the receipts from such warehouses,
elevators and other buildings or lnl.
proVements shall be charged with
the Payment of such rental value
into the canal fund. The canal fun.i
shall be applied first in the operatin :
expenses of the canal and the mann
tenance thereof, and thereafter in
payment Of the principal and i'll
teresl of the canal bonds, and in the
reduction in the manner provided III
said ordinance of the payment and
contributions by the City of New Or
leans through the Belt Railroa
Commission and by the Board at
LeVee Commissioners of the Orleans
LeVes District. If warehouses, ele-
vators and other buildings or I'M
proVeIaents be constructed or acquir-
ed by said Board upon canal lands
by the use Of moneys other than the
proceeds of the said canal mortgage,
the receipts from such warehouses;,
elevators and other buildings or i'm
proVements after the payment of the
rental value to the canal fund, shall
be deemed genera! revenues of the
Port. The interest on all bonds
issue1 hereunder shall be paid semi
annually by the Treasurer of the
State of Louisiana at his Office, AMI
at any other place or places with \
Or without the State designated by
the bonds. Said Board shall place
on deposit with the Treasurer of the
State to the credit of an account or
accounts to be known as Interest
in such manner as may be
provided in The proceedings to issue
the bonds, an amount equal to the
on all bonds that may have
been delivered. Said Treasurer is
hereby empowered and directed, AMI
it is made his duty, to pay or pro-
vide. for the payment of all interest
that may become due upon said
bonds Said Board shall in addi-
lion in each year when any of said
bonds become due and payable, de-
posit with the Treasurer of the State
of Louisiana, to the credit of an &C.
count or accounts to be known as
Redemption Accounts, the amount
Of all bonds maturing or becoming
Dayables and it shall be the duty of
said Treasurer to pay or provide for
he payment of such bonds. Such
deposits shall be made with the State |
Treasurer in timely season for. the
payment of such principal and In
crest and not less than thirty (33)eI
lays before the date, when any moa-
,ys become payable. 1t shall be the
luty of said Treasurer to collect
'uch deposits as aforesaid, and in
,ase Of failure ON the part of said
Board to make said deposits in an |
sufficient to provide for the |
payment Of interest due or to be-
come due. and for the redemption If |
he bonds, the said Treasurer is |
hereby empowered and directed, aad
t Is made his duty, to collect the
charges and revenues of the Port
Ind to apply the same, after proVi1-
ng Cor necessary operating expenses
Ind any prior charges to the pay
nent of the, principal and interest
II the said bonds, and for that pur-
BOSE and for such time as may be
necessary, the said Treasurer is here
~ authorized to exercise all the
,owels and duties vested in the
Board of Commissioners Of the Port
II New Orleans. The accounts o.
laid Board as Department of State
hall be subject to audit and invest
cation by the State Auditor or Sup
,rvisoF of Public Accounts, and tina
Auditor shall countersign all bon Is |
hereafter issued. The Board may
acquire real and personal property
Iubject to mortgage or other lien
Ind make or execute purchase monsv
mortgages or property acquired. |
Nothing herein contained shall pre-
udace the right of the holder of any
ponds of, the Port now outstanding,
" that may be issued under the ordi-
lance and mortgage heretofore made
md executed for canal purposes to
segregation of such revenues as are
applicable to his bonds under said
ordinance and mortgage or othss
covenant of his bonds. This amend
nent shall not repeal any statutes
heretofore enacted, except insofar as
Inconsistent herewith.
Section 2. Be it further resolved,
'tc., hat on the official ballots to b.,
lsed at said election shall be placed
he !. words, For the proposed
to the Constitution CIV
ng additional powers to the Board
" Commissioners of the Port of New
Orleans in the financing and control
II the property under it's adm mis-
ration" and the words, Against
he proposed amendment to the Goa
giving additional powers to
he Roard Of Commissioners Of the
Port Of New Orleans In the financ-