The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1920-10-16

nue. producing wharf, dock, warehouse.
elevator or other structure TO be acquir-
ed by said Board by purchase or eXpro-
priation from the proceeds of such bond
issue The net revenues and income OF
such revenue producing utility shall be
determined and certified by the Board
ma approved by the State Auditor or the
Supervisor Of Public Accounts. Said
Board may ALSO Ai.h the approval of the
t;oy el.uor borrow money ana issue bonds
to refund bonded Indebtedness heretofore
incurred or hereafter to be incurred and
maturing and becoming payable within
one year of the date of such refunding.
All bonds ISSUED under the foregoing
provisions. except aS otherwise expressly
provided, Shall run not more than fifty
wears from date. shall he issued in serial
form. PAYABLE IN annual installments.
commencing not more than ten (lol years
from date. the amount payable rach
wear for principal and interest to be as
nearly equal practicable, but annual
inStallments OF principal may be hNed AT
Five Thousand Dollars (S3.00o or the
nearest multiple thereof Refunding bonds
issued hereunder hail be payable in an
nual inStallments commencing not more
man one wear from date All Of the said
bonds shall have The same exemption
from taxation, AMI the same privilege OF
registration ana release from regis
tration and the same eligibility for
deposit with the State or its officers or
any of it's political subdivisions or NUM-
cipalties. as was granted by Article ~
Of the Constitution to the bonds therein
authorized Tuto, of minors and cura-
tors of interdicts 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
is1lue bonds for the construction of the
navigation canal ltader the ordinance and
secured by the mortgage heretofore made
ANA executed. and said Board is author
lied to carry inlD full effect said ordi-
nance ana morte.g &c and to issue and
sell for canal purposes the remainder OF
bonds thereby authorized, and said or
dinance and mortgage and the contracts
made with the Beard of Levee Commits
eioners of the Orleans Levee District I'M
der date of June 25lh, 1918. February 18th.
1919. November 9TH 1919. and the con-
tract made with the City of New Orle-
ans under date OF August 10th. 1918.
through the Eel Railroad Commission
to carry into effect Act No. 3 of 1918 IN
relation to said Navigation Canal are
hereby ratified and confirmed. Said Board
shall have the power to lease for manu-
featuring, commercial and business pur-
poses lands acqrli eel for said canal, Such
leases may run for term not exceeding
twenty wears at a fixed rental without
any provision for renewal, REIMBURSEMENT
or ACCOMPLISHMENTS, but may run for
term not exceeding ninety nine t99) years,
provided they shssil contain clause or
clauses for reappr;.sal of the premises
and q rcadustmert of the rental at In
tervais not exceeding ten 00) years aftel
the expiration of the first twenty yeaI
period In the even, that the said Board
and the lessee cannot agree upon the re-
adjustment and reappraisement, they each
shall appoint an arbitrator who shall have
the powers of an.icable compounders to
whom the matter shall be referred for
decision, and III ease 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 warehouse elevators, and other
buildings and improvements upon the said
canal, but the revenues from the naviga-
ton canal shall be kept separate from the
other revenues o: the Port. Such canal
revenues shall ne deemed to include
rentals of all lands leased upon the canal,
lock charges, and charges for passages
through the canal. If the Board shall
construct warehouses. elevators and
other buildings or improvements for pub
lie purposes on 2anal lands the rental vat
ne of the site thereof snail ne rked by app
praisars appointed by said board and the
recciD,s from su = warehouses, elevators
and other buildings or improvements shall
be charged with the payment Of such rent.
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 the
principal and interest Of the canal bonds,
ana in the reduction In the manner pro-
vided in said ordnance of the payments
and contributions by the City of New Or
leans through the I.elt Railroad Commits
sion and by the Board of Levee Commits
sioners of the Orleans Levee District II
warehouses, elevators and other buildings
or improvements be constructed az ae-
CURED by SAID l}oa1d upon canal lands by
the use of moneys ether than the proceeds
of the said canal mortgage. the receipts
from such warehouses. elevators and 9TH
er buildings or improvements after the
payment of the rental value to the canal
fund shall be deemed general revenues
of the Port The interest on all bonds is
sued hereunder shall be paid semi-an-
nually by the Treasurer Of the State of
Louisiana at his office. and at any other
place or places within or without the
state designated in the bonds Said
Board shall place on deposit with the