The St. Mary banner., 1920-08-28
ACT NO. l03.
House Bin No 206-By Mr.. Perez.
JOIET RESOLUTION.

House Bin No. 206-By Mr.. Perez.
JOINT RESOLUTION.
Proposing an amendment to the Con-
stitution of the State of louisiana
Relative to the Board of Commis-
sioners of the Port of New Orleans.
Section /. Be it resolved by the Gen
eraI 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 Ihe mex
Congressional election to be held on
the first Tuesday after the hrSt Mon
day in November. 1920, to-wlt:
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
Amendment. Additional power ahd
the LEGISLATURE Said Board shall have
full power and authority to construct,
extend and improve works Tor fort
purposes within the limits OF the Fort
grain elevators. locks. slips, laterals,
basins and other structures and I'M
provements. and may dredge ShlpWayS,
channels, slips. basins and turning
basins in the Mississippi River. Said
Board may without further leglslatlVe
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 puDIlc
purposes. borrow on notes Tor tenn
porary loans, payable within one year;
an amount not exceeding Five hundred
Thousand Dollars CS500,000) at any one
time outstanding, and may in add ton,
borrow money in anticipation OF the
collection of charges for wi wharfase: dtba,
foliage, storage service and otaer
charges which have been actually
earned but have not yet been re-
ceived. With the approval of the Coy
ernor of this State, it nay 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
Million Five Hundred Thousand Dollars
CSC, 500.000). 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
of operating and maintenance chargeo
/ and expenses, and all sums payable
| during said year upon maturing prln-
| cipal and interest of it's bonded DEBT
and the State Auditor or the supervisor
of Public Accounts shall have Verihed
| and approved said certlf1cate, 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 hscal years
| imm msdiateIy preceding as shown by
! said certificate. The Board may add
| to such net revenues of the preceding
/ fiscal years as certified to the state
| Auditor or the Supervisor OF PubNc
! Accounts, the net income and revenues
| for such years of any revenue pro-
! ducing wharf, dock, warehouse, ele,
vator or other structure to be acquired
/ 1Nxr Il n,-I hyyrN lonC a.
priation from the proceeds of such
bond issue. The net revenues and in
| come of such revenue-produclng utility
shall be determined and certified by
| the Board and approved by the State
| Auditor or the Supervisor of Public
Accounts. Said Board may also with
| the approval of the Governor borrow
money and issue bonds to refund
! bonded indebtedness heretofore incur
red or hereafter to be incurred and ma
turing and becoming payable within
one year of the date of such refundlng.
! All bonds issued under the foregoing
| provisions, except as otherwise ex-
pressly provided. shall run not more
than fifty years from date, shall be
installments, commencing not more
| than ten 10) years from date, the
! amount payable each year for prin-
| cipal and interest to be as nearly equal
of principal may be fixed at Five Thou
sand Dollars ($5,000) or the nearest
| multiple thereof Refunding bonds is
! sued hereunder shall be payable in an
nual installments commencing not more
| than 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 IRON
| registration, and the same eligibility
| for deposit with the State or it's Of
fcers 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 minors and curators of inH
terdicts shall be authorized to invest
! the funds in their hands in any of such
bonds. Nothing herein contained snail
| 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
Levee District under date of June 29th
l4th, 1913, and the contract made with
the City Of New Orleans under date ot
August 10th, 1918, through the Bell
Railroad Commission to carry into
said Navigation Canal are hereby rati-
fed and confirmed. Said Board shall
have the power to lease for manufac-
turing, Commercial! and business pur.
poses, lands acquired for said canal
Such leases may run for a term no.
exceeding twenty years at fixed
rental without any provision for re
newal, readjustment or reappraisement
but may run for a term not exceeding
ninety-nine (99) years provided they
shall contain a clause or clauses fol-
reappraisal of the premises and a re
adjustment Of the rental at intervals
not exceeding ten 10) years after tn.
expiration of the first twenty-yeal
period. In the event that the sale
Board and the lessee cannot agree upoI
the readiustment and reappraisement
they each shall appoint an arbitrator