The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1920-10-23

Congressional election to be held on
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
Amendment Additional power and
Jurisdiction may be conferred by Act 9f
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,
grain elevators, locks, slips, laterals,
basins and other structures and i'm
provements, and may dredge shipWays,
channels, slips, basins and turning
Board may without further Legislative
enactment borrow money and issue
notes and bonds under the following
conditions and not otherwise: 1t may;
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
time outstanding. and may in addition.
borrow money in anticipation of the
collection of charges for wharfage,
foliage. storage service and other
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 or
debtedness incurred or to be incurred
for current expenses, borrow money
and issue bonds to the amount of Six
Million Five Hundred Thousand Dollars
($6, SOC, 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
ad in, writ n
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 charged
and expenses. and all sums payable
during said year upon maturing prin-
cipal and interest OF Its bonded DEBT,
and the State Auditor or the Supervisor
of Public Accounts shall have verlfied
and. approved said certificate, the Board
may borrow money and issue Donds 10
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 preceSa tn
Auditor or the Supervisor of Public
Accounts, the net income and revenues
for such years of any revenue pro-
ducing wharf. dock. warehouse, ele-
priation from the proceeds of such
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. 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 refunding.
All bonds issued under the foregoing
provisions. except as otherwise eN-
pressly provided. shall run not more
than fifty years from date. shall be
issued In serial form. payable in annual
instailments, commencing not more
than ten (10) years from date. the
amount payable each year for prin-
cipal and interest to be as nearly equal
as practicable, but annual installments
of principal may be fixed at Five Thou
sand Dollars (s5,000) 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 from
for deposit with the State or its of
ficers or any of its political subdi-
visions or municipalities, as was
granted by Article al Of the Constitu-
T9tors of minors and curators Of In
terdicts shall be authorized to ihVeS.
the funds in their hands in any OF sucn
bonds. Nothing herein contained shall
affect the power of said Board to issue
bonds for the construction OF the nav,
igation, canal under the ordinances ana anu
secured by the mortgage heretofore
made and executed, and said Board ls
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
1918, February goth, 1919. November
18th, 1919, and the contract made with
the City of New Orleans under date OF
! August 10th. 1918, through the Belt
effect Act No. 3 of 1913 In relation to
said Navigation Canal are hereby rati-
fed and confirmed. Said Board shall
have the power to lease for manufac-
i turing, commercial and business pur-
poses, lands acquired for said canal
Such leases may run for a term not
A, exceeding twenty years at a fixed
rental without any provision for re-
/ newal, readjustment or reappraisement
(, but may run for term not exceeding
ninety-nine (s9) years, provided they
shall contain clause or clauses for
reappraisal Of the premises and re-
|
J not exceeding ten (10) years after the
| expiration of the first twenty-yeai
period. In the event that the sait
Board and the lessee cannot agree upor
the readjustment and reapprai5ement
/ they each shall appoint an arbitrator
; who shall have the powers of amicabls
| compounders to whom the matter shall
be referred for decision, and in case Of
| disagreement they shall appoint an UNI
pire and decision of any two shall b,
| binding upon the parties. Said BOARD
| may also construct warehouses, ele
| vators, and other buildings and i'm
provements upon the said canal, blu
the revenues from the navigation cana
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 tn
canal. lock charges, and charges TO
passages. through the canal. If tn
Board shall construct warehouses, ele
vators and other buildings or improve
ments for public purposes on cana
lands, the rental value of the site there
of shall be fixed by appraisers ap
pointed by said Board and the receipt
from such warehouses, elevators an,
\ other buildings or improvements shall
be charged with the payment of sucl
rental value into the canal fund. Tn
canal fund shall be applied first in tn
oparatipp axpQnaas of the canal and tn