The Madison journal. (Tallulah, Madison Parish, La.) 1888-current, 1920-09-04

se,,.v,rS Wien IA. BesrS shs' hevs
.s.srtatSe< IA certified N vritis0 70
one esats ASAftss - The eo1s'sSr 81
s.S.'; -. 49,, ,.:.., :. :; =: 81 :. s.
i've as-si 1eos0 i@0sessssiy $500
.ftss ee1.eda0 tAsssf,~o ns eSssa
Of OPEN tiaO aRl 0afn 1900
;S1 :1s ..,s ,.: ~: .pen :s;or, .,,n-
-ipal snl Interest OF - S.
and the State Gsliter o. the sopeIvsSt
Of Putik Account sha1 nave nec
ard approved said certificate. the boaro
n.y korrsv money and isrVs bonds 10
an amount the annual i-t.reN upon
which 10 not IA eIc.ss OF me
net r.v-rues for tht two hrcal yeere
Immediately preceding as shown ~
,.IS c.rtineat. III. Board may add
>, such not revenues Of the preceding
Apcal years as certined 70 the etae
Auditor or the Supervisor OF ruohc
ACrourtp t.. net income and revenues
o., suct years Of any revenue pro-
hucius wharf dock. warehouse ele-
yator or Other structure 70 be acquired
~ said Board by purchase or eipfo-
ny,.,Ior from the proceeds Of such
ga is,u. m. ne, revenues and in
ON. Of such reyenu--producing uulty
,haH b. Determined and certified by
;ht Board ard approved by The STATE
Auditor or th- Supervisor OF PutHo
:hc apyIovA! OF the Governor borTos
money and .ssUe toDds 10 refund
t,ord+d Indebtedness her.tofor' incur
red or hereafter 20 1e incurred ana ma
turing and becoming payable Tlthlh
one year Of TIL date OF such refund ns-
All homo. ISSUED under Che foregoing
Provisions. except az oth-rSls- ef-
2r.ssy provided shall run not more
tran nifty years from date. shall be
,ssu-c IN serial form. payable in annual
Ius:aliIneHts commencing not more
,han ten uo) year, from date the
amount paystl. each year Tor prlh ,
.ipal and interest to be as nearly equal
az practicable. but annusl instailments
q principal may be iI-d at FIve Thoo-
sand Dollars $1,000 or IN. nearest
multiple thereof E"fIuding bonds p-
sued hereunder HhaH Dc poyAbi' IN an
nual inttnlIm-nts commencing not more
than one year from date. All OF the
,sld honda shall have the same eI-np-
lion from taxation. and the sa'n- priV-
l!ege Of registrauon and rcItas" rom
-.gi-,rstion. aud the same ehgibility
.or deposit with the Stat" or - Of
hcer, or any of Us political subdi i
visions or municipalities. IS ras
rsAnted ny Article al Of the Constitu-
,ion 10 the bonds therein authorized
Tutor. Of minors and ccrators OF In
terdicts shall be authorized 70 Invest
the funds in their hands In any OF euch
bonds Nothing herein contained ehali
snsct the power of said Board 10 issue
bonds for tn. construction OF the nav
!gation canal under the ordinance ana
secured by the mortgage heretofore
made aud executed. and said Board Is
authorized TO carry into full eNect said
ordInanc. and nortrar. and 10 ssG=
and sell for canal purposes the re-
malnd.r OF bonds thereby AUTHORIZED
and said ordinance and mOTtgIc and
the contracts made with the Ward OF
I've. CommI.sioner, Of The Orleans
I>-v@e District under date Of June 2sth
1919 February 2sth. 1913. November
18th, 1918. and the contract made with
tn. city Of New Orleans under date Of
E,E .El
Railroad Commission 90 carry into
effect Act No. J OF 1913 in relation 70
said Navigation Canal ars hereby rsu-
ned and confirmed. Said Board shall
tufne. commercial and business pur-
poses. lands acquired foe said canal
Such leases may run for q term not
exceeding twenty years at hred
newaI. readjustment or resppraisemenl
but may run for = term not exceeding
ninety mine tsO years provided they
shall contain . clause or clauses Tor
adjustment Of the rental At Intervals
NOT exceeding ten u1) years after the
expiration of the hrst twentyyeal
period. In the event that the said
Board and the lessee cannot agree upon
the readJustment and :eappraisement
they each shall appoint an arbitration
Who shall have the powers OF smicab!e
-ompounders 60 whom the matter shall
be referred for decision. and In case oi
dlsagreement they shall appoint fn MN
pirs and decision OF any two Sisll b
binding upon the parties. Said Board
may aiso construct warehouses. eis
vators. and sthsr bsaidinGs and In.
he r.venu.s Il. the .S-issssca ..nsI
she'll - hs1t separate 49, the sehcs
ssvsssss q 0s fsSA oseA eAnsa -.
enass sA1A - lssDsA - taavos
,:.s," ?. ~ ,s:s: $500 80 =:
passaEss through The oAsAl 70 d.
Board shall osAStrSet vsvshsus~s. eis-
vators aaA ether buiidioss 81 Improve
,..S ,t for DsSns s.,ye ;s Or; on "a AZ.
po,nts1 ~ said so,3 and n. r.e.ieu
from such warehouses. elevators ant
other buildings OF improvements shall
be charged With the payment of sucf
rental value into the canal fund n,
cana fund shah be applied nrst IA tn
operating expenses Of the canal ana th>
maintenance thereof. ard thereafter &,
OF the canal bonds. and In tho reduc
ton In the manner provided In sait
ordinance OF the payments and eontri
buttons by the City OF New orlsGn'
and by the Board of Levec Commits
sioaers OF the Orleans Lev.e District
II warehouses. elevators and othei
buildings or improvement be con,
4
upon canal lands by the use OF money;
other than the proceeds Of the salt
canal mortgage. the receipts from sucr
| warehouses elevators and other build
ings or improvements after the pay
ment of therrentsi value 20 the cana
fund. shall be decred general rev,
nues Of tie Port The interest on al
| bonds issued hereunder shall be pale
semi annually by the Treasurer Of tn,
State OF Louisiana at his office. snt
at any other place or places within Of
, without the State designated In tn.
| bonds. Said Board shall place on de
10 the credit OF an account or account
to be known as Interest AccountB, 81
such manner as may be provided In IN,
proceedings to issue the honda ~
bonds that may have been delivered
Said Treasurer 10 hereby empovere,
and directed. and IL is made his duty
TO pay or provide for the payment o.
said bonds. Said Board shall In adj
ton In each year when any Of sait
bonds become due and payable. deposit
With the Treasurer OF the State o.
'>ouisiana. to the credit Of an sccsun,
r accounts to De known as Redemption
Accounts the amount Of ali bonds ma
.urinE or becoming payable. and II
shall be the duty Of said Treasurer n
pay or provide for the payment OF such
boi ds. Such deposits shall be made
With the State Treasurer In timely sea
'on for the payment OF such principal
and interest and not less than thirty
'a0 days before the date when any
moneys become payable II shall b.
such deposits as aforesaid. and In case
OF failure on the part OF said Board "a
make said deposits In an amount SUI
hcient to provide for the payment OF
interest due or to become due. and 70,
the redemption of the bonds. the said
Treasurer is hereby empowered and di
rected- and IL IL made his duty. tc
collect the charges ard revenues o,
the Port and to apply the same after