St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1920-09-04
ACT NO. 1913.

Proposing an amendment to the Goa
stitution of the State Of Louis
ana relative to the Board of CON-
missioners of the Port of New
Orleans.
Section /. Be it resolved by the
General Assembly Of the State o.
Louisiana, two~thirds of all members
elected to each house concurring
That the following Amendment to
the Const tuition of the State Of Lou
isiana be submitted to the electors
of the State at the next COMPRESSION
al election to be held on the frs
Tuesday after the first Monday n
November, 1920, to-wit:
The Board of Commissioners OF
the Port of New Orleans shall, es
cept as otherwise herein changed and
amended, have and exercise all pow
ers now conferred upon them by
Constitutional Amendment. Add;-
tional power and jurisdiction 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 limitR Of the Port, includ
ing wharves, docks. warehouses;
gra n elevators, locks, slips, laterals,
basins and other structures and I'M
provo nents, and may dredge ship
ways, channels, slips, basins and
turning-basins In the Mississippi
River. Said board may without fur
Their leg slative enactment borrow
money and issue notes and bonds
under the following conditions AMI
not otherwise: 1t may, with the ap-
proval 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 ($500,000) Dol
lars at any one time outstanding,
and may in addition, borrow money
in anticipation of the collection of
charges for wharfage, foliage, stol-
age service and other charges which
have been actually earned but have
not yes been received. With the ap-
prevail Of the Governor of the State,
it may for public purposes other than
the payment of current expenses az
the funding of Indebtedness incurr-
ed or to be incurred for current eX-
pen3es borrow money and issue
bonds to the amount of Six Million
Five Hundred Thousand Dollars
l$6, 500,0O0). Said board may, with
the approval of the Governor ana
for like purposes, borrow other AMI
further sums and issue bonds in the
manner following: When the Board
shall have ascertained and certified
in writing to the State Auditor or
the Supervisor Of Public Accounts
the amount Of revenue and income
of the Port for the two fiscal years
Immediately preceding, after deduct
ing therefrom the amount Of operat-
ing end maintenance charged ana
expenses, and all sums payable dur
ing said year upon maturing prime
pal and interest of its bonded debt,
and the State Auditor or the Super-
visor of Public Accounts shall have
verified and approved said certificate,
the Poard may borrow money and
issue bonds to an amount the an
nual interest upon which Is not IL
excess of the average net revenues
for the two fiscal years Immediately
preceding as shown by said certlti-
cate. The Board may add to such
net revenues of the preceding fiscal
years as certified to the State Audi
tor or the Supervisor OF Public Ac-
counts, the net income and revenues
for such years of any revenue pro-
ducins wharf, dock, warehouse, ele-
vator or other structure to be &C
CURED by said Board by purchase
or appropriation from the proceeds
of such bond issue. The net reVe-
nues and income of such revenue
producing utility shall be determine
ed and certified by the Board AMI
approved by the State Auditor or the
Supervisor of Public Accounts. Said
Board may also with the approval OF
the Governor borrow money and
.ssue bonds to refund bonded in
debtednea heretofore incurred or
hereafter to be incurred and matur-
ing and becoming payable within one
year OF the date Of such refunding.
All bonds issued under the forego-
ing provisions, except as otherwise
expressly provided, shall run not
more Than fifty years from date, sha
be issued in serial form, payable in
annual installments, commencing not
more than ten h0) years from date,
| the amount payable each year for
principal and interest to be as near
ly equal as practicable, but annual
installments of principal may be fix
| ed at Five Thousand ($5000) Dol
lars or the nearest multiple thereof.
Refunding bonds issued hereunder
shall be payable In annual install
ments commencing not more than
one year from date. All of the said
bonds shall have the same exemp-
ton from taxation, and the same
privilege of registration and release
from registration, and the same ell
gibility for deposit with the State or
its officers or any of the political
subdivisions or municips Titles. as was
granted by Article 321 of the Con-
st tuition to the bonds therein au-
thorized. Tutors Of minors and ru.
lrators Of interdicts shall be authorlz
ed to invest the funds In their hands
in any such bonds. Nothing here
in contained shall AFFECT the power
Of said board to issue bonds for the
construction of the navigation cana?
under the ordinance and secured o.
the mortgage heretofore made and OK
ecuted, and said Board Is authorized
to carry into full effect said nrdi,
nance and mortgage and to issue and
sell for canal purposes the remainder
n