New Iberia enterprise and independent observer. (New Iberia, La.) 1902-1944, 1920-08-28
Congressional election to be held on
the first Tuesday after the first Mon
day in November 1920 to-wit.

otherwise herein changed and amended
hSve and exercise all powers now con-
Amendment. Additional power and
Jurisdiction May be conferred by Act OF
the Leg islAtuTe. 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, laterais
basins and other structures and i'm
PROPONENTS, and may drsdSe 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: It 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 Five Hundred
! Thousand Dollars (s60o,00o) at any one
! time outstanding. and may in addition,
borrow money in antiCipa ton OF the
| collection of charges for Wharfage
| foliage. storage service and other
! charges which have been actually
earned but have not yet been re-,
| ceived. 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
and issue bonds to the amount Of Six
N lIIlOn rive 11unOTeO hOuBanQ lOIIaTS
| ($6,50o,o o0). Said board may, with the
approval of the Governor, and for like
purposes, borrow other and further
sums and issue bonds in the manner
following: When the Board shall have
escertainsd and certified In writing to
the State Auditor or the Supervisor Of
Public Accounts the amounts OF rev.
enue and income of the Port for the
two fiscal years mmediately preceding,
after deductng 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
said certificate. The Board may add
TO such net revenues of the preceding
fiscal years certified TO the State
Auditor or the Supervisor Of Public
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 e1pro-
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 SNfd Board may also with
the approval of the Governor borrow
money and issue bonds to refund
bonded indeb tedness heretofore incur
red or hereafter 20 be incurred and ma
turing and becoming payable within |
one year Of the date Of such refunding. |
All bonds Issued under the foregoing |
provisions, except as otherwise ex-
preSsfy provided, shall rum not more |
than nifty years from date, shall be |
issued in serial form, payable in annual
tnstallments, commencing not more
than ten N0) years from date, the
amount payable each year for prin |
ctpAl and interest to be as nearly equal |
as practicable, but annual instAllments !
of principal may be fixed at Five Thou |
sand Dollars $4,000 or the nearest |
multiple thereof. Reminding bonds is |
sued hereunder shall be payable in an |
nuAl installments commencing not more |
thaa one year from date All Of the
said bonds shall have the Same exemp- |
ton from taxation, and the same priv
ilege of registration and release from
repatriation, and the same eligibility |
for deposit with the State or its Of
ficers or any Of It's political subdi
visions or municipalities. as was
granted by Article 321 of the COnstitu
ton to the bonds therein authorized
Tutors of miners 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-
mainder of bonds thereby authorized,
and said ordinance and mortgage and
the contracts made with the Board of
LeVee Commissioners of the Orleans
LeWee District under date of June 29th,
1918 February 26th. 1919. November
14th, 1919, and the contract made with
the City of New Orleans under date of
August 18th, 1918, through the Belt
effect Act No. of 1918 in relation to
said Navigation Canal are hereby rati-
fled and confirmed. Said Board shall
have the power to lease for manufac-
poses. lands acquired for said canal |
Such leases may run for term not
exceeding twenty years at fixed
rental without any provision for re
newal readjustment or reapprasement.
but may run for a term not exceeding
ninety nine (99) years, provided they
shall contain a clause or clauses for
rec appraisal of the premises and a re-
adjustment of the rental at intervals
not exceeding ten (1O) years after the
expiration of the first twenty-year
period. In the event that the said
Board and the lessee cannot agree upon
the reimbursement and reappra isement.
they each shall appoint an arbitrator
who shall have the powers of amicable
be referred for decision, and in case of
disagreement they shall appoint an UNI
pire and decision of any two shall be
binding upon the parties. Said Board
may also construct warehouses, ele-
vators, and other buildings and i'm
upon the said canal but
the revenues from the navigation canal
shall be kept separate from the other
revenues of the Port. Such canal rev
enues shall be deemed to include
rentals of all lands leased upon the
canal, lock charges, and charges for
passa ges, through the canal. If the
Board shall construct warehouses, eIe-
vators and other buildings or improve
ments for public purposes on canal
lands. the rental value of the site there
If shall be fixed by appraisers ap-
pointed by said Board and the receipts
rom such warehouses; elevators and
other buildings or improvements shall
b. charged with the payment of such
rental value into the canal fund. The
canal fund shall be applied first in the
operating exp nses Of the canal and the
thereof and thereafter in
payment of the principal and interest
or the canal bonds. and in the reduc-
ton in the manner provided in said
ordinance Of the payments and contri-
buttons by the City of New Orleans
through the Belt Railroad Commission
a q by the Board Of Levee Commits
S ouerS of the Orleans Leyee District |
II warehouses;. elevators and other
or improvements be CON
struCted aCuIIj~el nv said | -,