The St. Mary banner., 1920-10-09
ACT NO. 103.
House Blu No. 206-By Mr.. Perez.
JOINT RESOLUTION.

ACT NO. 1o3.
House Blu No. 206-By Mr.. Perez.
JOINT RESOLUTION.
Proposing an amendment to the Con
stitution of the State of Louisiana
Relative to the Board of Commits
soners of the Port of New Orleans
Section l. Be it resolved by the Gen
eral Assembly of the State of Louis
lana, two thirds of all members elected
to each House concurring, That the fol
lowing amendment to the Constitution
of the State of Louisiana be submitted
to the electors Of the State at the mex
Congressional election to be held OF
the first Tuesday after the first Mon
day in November. 1920. to-wit:
The Board of Commissioners of the
Port of New Orleans shall, except as
otherwise herein changed and amended
have and exercise all powers now con-
ferred upon them by constitutional
Anne endment. Additional 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 limits of the Port
including wharves docks, warehouses
grain elevators, locks. slips, laterals
basins and other structures and inn
provements. and may dredge shipwayS,
channels, slips, basins and turning
basins In the Mississippi River. Said
Board may without further legisla tive
enactment borrow money and issue
notes and bonds under the following
conditions and not otherwise: 1t may,
with the approval of the Governor and
the Auditor of the State, for its public
purposes, borrow on notes for tenn
porary loans. payable within one year,
an amount not exceeding Five Hundred
Thousand Dollars (s500.000) at any one
time outstanding, and may in addition,
borrow money in anticipation 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 nay for public
purposes other than the payment of
debtedness incurred or to be incurred
for current expenses. borrow money
and issue bonds to the amount of Six
Million Five Hundred Thousand Dollars
tso,5o0, ,ooo): 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
ascertained 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 Immediately preceding.
after deducting therefrom the amount
or operating and maintenance charged
ana expenses. and all sums payable
during said year upon maturing prin-
clpal and interest of its bonded debt
d III l1te state AuHlOF OF the supervisor
OF Publlc 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
Immediately preceding as shown by
said certificate. The Board may add
to such net revenues of the preceding
hscal years as certified to the State
Auditor Or the Supervisor of Public
Accounts. the net income and revenues
for such years of any revenue pro-
ducing wharf dock. warehouse, ele-
Iator or other structure to be acquired
by said Board by purchase or expro-
nrlS lion from the proceeds of such
)ond issue. The net revenues and in
ONE Of such revenue producing utility !
shall lie determined and certified by
.h@ Board and approved by the State |
tnditcr or the Supervisor of Public
accounts. Said Board may also with |
he approval of the Governor borrow !
money and issue bonds to refund
'onded Indebtedness heretofore incur |
ed or hereafter to be incurred and ma
uring and becoming payable within |
me year of the date of such refunding. |
All bonds issued under the foregoing
except as otherwise ex-
,ressly provided. shall run not more
han fifty years from date. shall be
ssued in serial form. payable in annual
hstaliments. commencing not more
han ten G0) years from date, the
mount pAyable each year for prin-
ipal and interest to be as nearly equal
g practicable. but annual installments
Il principal may be fixed at Five Thou
and Dollars s5,00O) or the nearest
multiple thereof. Refunding bonds is
ued hereunder shall be payable in an
ual installments commencing not more
nan one year from date. All of the
aid bonds shall have the same exemp-
ion from taxation. and the same priv
lege of registration and release from
eglstration, and the same eligibility
or deposit with the State or it's of
GERS or any of it's political subdi-
isions or municipalities, as was
ranted by Article 321 of the Constitu-
ion to the bonds therein authorized.
'utors of minors and curators of i'm
erdicts shall be authorized to invest
he funds in their hands in any of such
onds. Nothing herein contained shall
rect the power of said Board to issue
onds for the construction of the nav
cation canal under the ordinance and
by the mortgage heretofore
'ade and executed, and said Board is
uthorized to carry into full effect said
ROMANCE and mortgage and to issue
nd sell for canal purposes the re-
lainder of bonds thereby authorized.
nd said ordinance and mortgage and
he contracts made with the Board of
eyee commissioners of the Orleans
91s, February 2sth. 1919, November
18th, 1919, and the contract made with
le City of New Orleans under date Of
ugust 18th. 1918, through the Belt
abroad Commission to carry into
feet Act No. Of 1918 in relation to
lid Navigation Canal are hereby rati-
ID and confirmed. Said Board shall ,
ave the power to lease for manufac-
lring. commercial and business pur-
oses, lands acquired for said canal. ,
lch leases may run for a term not
1ceeding twenty years at fixed
'ntal without any provision for re-
,wal. readtustmsnt or reappraisement.I !
1t may run for a term not exceeding (
nety-nine (s9) years, provided they
all contain a clause or clauses for :
appraisal Of the premises and a re- /
l1ustment Of the rental at intervals I
It exceeding ten G0) years after the J
piration of the first twenty-year !
.riod. In the event that the said I