The Natchitoches enterprise., 1920-10-14


ir jurisdiction may be conferred by Act o
r: the Legislature. Said Board shall hav
81 fun power and authority to construc,
l. extend and improve works for Por
le purposes within the limits of the Port
including wharves. docks, warehouses
a grain elevators. locks. slips, laterals
provements and may dredee shipways
4 channels. slips. basins and turning
It basins in the Missis ;ppi River. Sale
a hoara may without further legislative
/, notes and bonds under the following
q conditions and not otherwise: 1t may
e with the approval of the Governor and
=, the Auditor of the State. for its public
| purposes, borrow on notes for tenn
J. porary loans payable within one year
:, an amount not exceeding Five Hundred
q Thousand Dollars $500, ,00O) at any one
| time outstanding. and may in addition
o borrow money in anticipation of the
+ toIIection toHe Of charges for wharfage,
charges which have been actually
earned but have not yet been re-
ceiyed With the approval Of the Gov
ernor OF this state. it may for public
purposes other than the payment of
. current expenses Of the funding of in
debtedness incurred or to be incurred
for current expenses, borrow money
ana issue bonds to the amount of Six
Million Five Hundred Thousand Dollars
t6,boo,o0o): Said board may. with the
approval of the Governor. and for like
sums and issue bonds in the manner
following: When the Board shall have
asce.tained and certified in writing to
p,,h fne state Auditor or the Supervisor of
enue and income of the Port for th.
two fiscal years Immediately preceding
after deduct,ng therefrom III, amount
or operating and maintenance charged
and expenses. and all sums paya BILE
during said year upon maturing prin-
cipal and interest of Its bonded debt
snd the State Auditor or the Supervisor
of Public Accounts shall have verified
and approved said certificate, the Hoard
may borrow money and issue bonds to
which is no. In excess of the average
net revenues for the two fiscal years
lmmediately preceding as shown by
said certificate. The Board may add !
fiscal years as certified to the State
| Auditor or the Supervisor of Public !
AAcconnts A the net income and revenues
| ducing wharf dock, warehouse, eie- !,
yator or other structure, to lie acquired |
by hy,.,ida said Board .ns bx purchase or expre-
! 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 |
accounts. said Boar. may ai,o with
tne approval OF the Governor borrow
nancy and issue bonds to refund
red or hereafter to be incurred and ma
turing and becoming payale within
one year Of the date OF tuah refunding
provisions. except as otherwise ex-
than fifty years from da;.. ssaiI fi Be
ssuen ssln.F IN serial fssE s.ssabie IN annual
sasn ten '99io> years s from "H. date, "9se the
amount payable each year for prin-
sipal and interest to be as nearly equal
of PRINCIPAL may be fIra5 "a r.; "a Hhn, |
ssee ;..gs:,s,s pslIsEl ttaa y. tas as%.rss. %
5ns7 ue7 iS.ss isEssHnHss :Asn ss RaSsh. y an
than enc gear from date. All of the
saia bonds shall have the same exemn-
ton from taxation. and the same priv
llese OF registration and release from
rregistratlon. and the same piieibiiity
fer deposit with ..e State or its of, | ,
firers 81 anx 'of Its pelitical subdi-
tantea By Ariels iel'fa'sPstss as st ,se cans,fa
n2n TO the L-has therein authorized. G
Eniii., OF s,i minors or and curators Of in
the I funds in their hands in any Of such
bonds Nothing he?ain con tained shall
anest tnS pp~eF pf said Board to issue :
penH;s M ier the construction or the nav
inaie and executed, and said Eoara is
au5horlzed u5 to carry into full effect said
'rdlnanGe and mertGage and to issue
ma; ;Eder Of bonds thereby authorized.
.nd ma SAID ordinance and mortgage and
ne contracts made with the Board Of
~evee Commissioners of the Orleans v
-evee District under date Of June 2sth,
lels February 18th. 1919. Novemher .
sth; ~ c;. 1919. and the contract made vt{H
saErss safiress 10th; ah,,,lsl 1sls Belt
tfsct 4, SY"s 1s,s in @ relation ,'to TO
!td' AMI, confirmed. Said Board shan
ave the power to lease for manufac-
uFine, commercial and business pur-
'0ses' se lands acquired for said canal
AceedIns twenty years at fxea n
entai without any provisica s.s' 1ee
ewal, readjustment or reaa,,,,-.,.sesIn ent,
iasty.Si5s s p S sels & Savass ss' safssssaieS shsz
asS: ~: :.araaI ot The premises and a re-
ofussmenS ~ stn"an,n o. the rental at intervals
xpirauon of the first twenty-year
eriod. In the event that the ea.d
oara ana the lessee cannot agree Ipon
icy each shall apnsiat sa arhttra;o:
10 70 = shal' tsys s s ,aS powers Of amieaole
]. Seielfed fpE decision, and in case Of
re ana aeciSioh OF any two shall he
Aains upon the parties Said Board -
ss ,,Srs also GA construct ass.n warehouses; ele-
IN
rovements upon tho said canal. hut
e revenues from the navigation canal
a., 10 sspt separate from the other -
'xes xes"es shoi, OF tne Port Such canal rev 4
n.ais OF all lands leased upon the
.naa lock charges. and charges for
,sra ,ssasss' ss.,t through the canal II me
tors aat and End other buildings or improve
nds, The fsaer VarSe Of the si.e Ito ,sers srs' III
ined bx said s aaasaY nY and sss'nssr.s ssa -.
en- Such Warehouses, elevators pn1 III
het ev,sainGc or improvements shall III
nnargg1 vs 11o With ,n. the IN. payment If such
RAJ iund shall be applied frst in the
eratlnE expenses of the canal and the III
vmsn. of II" thereof and thereafter in
the o, 81 tHs principal and interest
n = ini In H., the name, nfnviacd in said
slans ans IT, ' ~! ttS K,,pf,; of Sss orleans
e " the Board OF I.evee Comma.
'ners OF the Orleans Lovee District -
tl(,nEs ,nrs'sa.s'; ~. erowsu eleyators and other
ucted or acquired by said Hoard
on canal lands by tho use of moneys -
,eI ,ef snan tne proceeds of the said
"a, rsh moltsass. the receipts from such
- or improvements after tho paw
1n ny OF tme rental value 10 the canal
H. shal De deenca general reye- II
ads issued hereunder shall be maid
q l-~Hnually BY the Treasurer Of the
TO OF Louisiana at his office. and
any other place or places within or
:hout the State designated in m.
IDS Said HcArd shall place on de-
lt with the Treasurer of the State
ine cre0It OF an account or accounts
De known ~ Interest Accounts in
n manner a. may be provided in the
ceedlngs to issue the bonds an
cunt equal to the interest on ali
as that may have been deIivered
d Treasurer 10 hereby emnowared
directed. and 1t is made his du.y'
pay or provide for the payment ~
! interest that may become due uaxn
PONDS. said Board shall Ia ssrT- II
IN each year Whca -. Gf SaiS