OCR Interpretation


Tensas gazette. [volume] (St. Joseph, La.) 1886-current, October 23, 1908, Image 4

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn87090131/1908-10-23/ed-1/seq-4/

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Proposed
Constitutional
Amendments
To be Submitted to the Electors
at Election to be Held
November 3, 1908
ACT No. 28.
House Bill No. 30. By 'Mr. Butler.
AN ACT
A JOINT RESOLUTION
l'roposing an amendment to Article
249 of the ('onstltution of the State
of Ir.uisiana relative to the office of
the eiate Superintendent of Public
Ed ication.
Section 1. Be it resolved, by the
',Ieneral Assembly of the State of
2Loulstana two-thirds of all members
.lec:ed to each House concurring.
'That Article 249, of the Constitu
tion of the State of Louisiana be
so amended as to read as follows: I
Article 249. There shall be elect- 1
ed by the qualified electors of the i
Etate a Superintendent of Public
Education, who shall hold his office I
for the term of four years, and un
til his successor is qualified. His t
,duties shall be prescribe] by law,
and he shall receive an annual sal
ary of five thousand dollars payable v
monthly on his warrant.
Section 2 I' it further reso'lved a
etc.. That this proposed amendment t
shall to submitted to the qualified t
wotcurs of the state for adoption or re
jection at the congressional election e
lo be hell in November nineteen hun- I
dred and eight, and that if adopted, I
the same shall take effect on the n
first day of December, 1908. t
Section 2 lie it further resolved, a
etc., That on the offic!al ballots to b
be used at said election, there shall t
be placed the words "For the pro- t
posed amendment to Article 249 of o
the Constitution of the State of Lou- c
fIna." and the words "Against the P
propoecl amendment to Xrtiele 219 s
of the Constitution of the State of Ii
Louisiana," and each elector shall In- $
dicat,. as provided in the general n
election laws of the State, which of It
the propositions "For" or "Against v
he votes for. S
IH. G. DUPRE, n
Speaker of the House of Represents- P
tives. IT
P. M. LAMBREMIONT, 1
Lieutenant Governor and President m
of the Senate. P
Approved June 20th 1908. Is
J. Y. SANDERS. t(
Governor of the State of Louisiana. it
A true copy. pl
JOHN T. MICIHEL, hi
Secretary of State. al
-o- f0
ACT No. 62. 1'
Senate Bill No. 39. By Mr. Cordill. m
A JOINT RESOLUTION
Proposing an amendment to the A
Constztu*icn of the State of Loulsi
ana, providing for the exemption e
from taxation, under prescribed con
ditions, of loans made upon mort
gages of real estate and' the note-s et
evidencing such loans; and loans bE
made by life insurance companies to Il
their policy holders, upon the sole
security of policies heldiby the bor- ')r
rower In the company making the co
loan, as well as all notes or written bh
instruments evidencing such loans. pr
Be it resolved by the General As- be
sembly of the State of Louisiana, di
two-thirds of all the members elect- ta
ed to each Hlouse concurring there- th
in: That the following amendment te
to the Constitution of the State of mi
Louisiana, be submitted to the elect- 6
ors of the State, in accordance with 19
the requirements of the Constitution,
and of the election laws of 'his State, "t
at the next election for Representa- tit
tives In Congress, to be holden in No- TI
vember, 1908, to-wit: t,
In addition to the property now to
exempted from taxation by existing Le
laws, there shall also be exempt el
from taxation loans made upon the
security of mortgages granted upon sol
real estate situated in this State, as sic
well as the mortgages granted to se- 19
cure the said loans, and the notes, sti
bonds or other written Instruments ve:
evildenclng the said loans, whether Ac
In the hands of the mortgagee, or he
his or their transferees: and all pri
loans made by life insurance com- tio
panies to their policy holders, upon pri
the sole security of policies held by wi:
the borrower in the company mak- ter
Ing the loans, as well as all notes pe:
or other written instruments, evi
Ideucing such loans; provided, that an
In the case of loans upon policies of cia
life Insurance, as aforesaid, the rate tfo
of interest charged upon such loans
does not exceed five per cent per an- th
num discount.
P. M. LAMBREMONT th,
Lieutenant Governor and President
of the Senate. me
IH. G. DUPRE. lic
Speaker of the House of Represen
tatives. vot
Approved June 24. 1908. prc
J. Y. SANDERS, of
Governor of the atate of Louislana.
A true copy. Le
JOHN T. MICHEL,
Secretary of State.
ACT No. 116. t
Senate Bill No. 116. By Mr. Voegtle. Ap
AN ACT
To amend the provisions of Act Go
No. 19 of 1906, so as to authorize
the allowance to the purchasers of
the New Public Improvement Bonds
of the C:ty of New Orleans of a
commission or deduction not to ex
ceed six per cent; so as to define the Ho'
order or rank of payment of said
bonds out of the taxes dedicated to 1
that purpose; and to prohibit the let
further issue of bonds Interfering or 00O
competing in order or rank with bcr
said bonds and the Public Improve- tax
ment Bonds issued under Act No. 6 the
of the Extra Session of 1899; and of
to provide for the submission to the bar
people of the State of Louisiana of of
a Constitutional Amendment, ratify
ing the mnodifications and chafnge
herein provided to he tuads !h sal
Act. No. 19 of 1906 lhd the Constitu
tional Amvddtnent ratifying sal
SAct.
Whereas, due notice of this Ac
has been published in the City a
New Orleans for more than thirt,
drys prior to its introduction intc
the Ceneral Assembly, and due evi
.ence thereof has been exhibited it
the General Assembly; anid,
Whereas, owing to the increase !i
the rates of interest since the adop
tion of Act. No. 19 of the Acts of
1906, the $8,000,000.00 of bonds o
S the City of New Orleans authorize
to be issued by that Act cannot be
sold as provided in said Act; and,
Whereas, some misunderstanding
has arisen as to the order of pay
ment of the principal and interest ol
said bonds out of the surplus of the
one per cent debt tax and the two
mill special tax.
Section 1. Be it enacted by the
General Assembly of the State of
Louisiana, That the Board of Liquit
dation of the City Debt, which is
charged by Section 2 of Act No. 19
of the Acts of 1906, with the duty
le of selling the $8,000,000.00 of New
e Public Improvement Bonds of the
)f City of New Orleans, shall have pow
Ic er in selling the first four millions
of said bonds to allow to the pur
0 chasers thereof a commission or de
duction not to exceed six per cent..
' the amount of said commission or
deduction to be a part of the bid of
I- the purchasers for said bonds, and
e the bonds to be'adjudicated to the
best bidder in price, not however,
below par and accrued interest, cou
e pled with the least commission; and
c provided that the second four mil
e lions of raid bonds cannot be sold
as above provided with allowance of
a the said comnission or deduction ex
cept with the consent of the City
Council, expressed by an ordinance
e adopted by a vote of two-thirds of
its members, and also with the con
I sent of the Board of Liquidation of
t the City Debt, expressed by a resolu
I tien of said Board.
Section 2. Be it further enacted,
I etc., That in order to make clear and
indisputable the order or rank of
payment out of the surplus of the
one per cent. debt tax and out of the
two mill special tax. of the principal
and interest of the $8,000,000.00 of
New Public Improvement Bonds of
I the City of New Orleans, authorized
to be issued under said Act No. fb
of the Acts of 1906, it is hereby de
clared that the surplus of the one
per cent. debt tax and the two mill
special tax up to July 1st, 1942, are
first dedicated to the payment of the
$12.000,000.00 of Public Improve
ment Bonds of the City of New Or
leans issued and sold under the pro
visions of Act No. 6 of the Extra Ses
sion of 1899, and that all that re
mains of the surplus of said one
per cent. debt tax and of said two
mill special tax since January 1st,
1907. after providing for the pay
ment of all sums on said Public Im
provement Bonds now required by
law to be so paid, shall be dedicated
to the payment of the principal and
interest of the said New Public Im
provement Bonds, provided nothing
herein contained shall in any manner
affiFct the dedication of the entire
one per cent. debt tax after July 1st,
1942. Firht, to said Public Improve
ment Bcnds issued under Act 6 of
1899. and second. to said New Pub
lic Improvement Bonds issued under
Act 19 of 1900, as now provided by
existing laws and Constitutional
Amendment.
Section 3. Be it further enacted,
etc., That no bonds shall hereafter
be issued by the City of New Or
leans, payable out of said taxes,
which shall interfere with this order
'r rank of payment, or which shall
compete with these two series of
bonds for payment out of said funds,
provided that nothing herein shall
be construed as affecting the use or
distribution of any surplus of said
taxes remaining after providing for
the payment of the principal anid in
terest of said New Public Improve
ment Bonds, as provided in Section
6 of said Act No. 19 of the Acts of
1906.
Section 4. Be it further enacted,
^tc., That at the congressional elec
tion to be held in this State on
Tuesday, the third day of Novem
ber. 1908, the following amendment
to the Constitution of the State of
Louisiana shall be submitted to the
electors of the State, to-wit:
"The modification and changes
sought to be affected in the provi
sions of Act No. 19 of the Acts of I
1906, which Act was ratified by Cor.
stitutional Amendment, adopted No
vember 6. 1906, by the provisions of
Act No. 116 of the Acts of 1908, r.re I
hereby ratified and approved, and all
provisions of the present Constitu
tion of the S:ate in conflict with the
provisions of said Act of 1908, and
with this amendment, are to that ex
tent and fcr that purpose only re-,
pealed."
Section 5. Be it further enacted, I
and resolved, etc., That on the offi- a
cial ballots to be used at said elec- I
tion shall b, placed the words: 1
"For the additional amendment of
the City of New Orleans Public Im
provement Bond amendment," and a
the words:
"Against the additional amend
ment of the City of New Orleans Pub- a
lic Improvement Bond amendment." I
And each elector shall indicate his a
vote on the proposed amendment as i
provided in the general election laws b
of the State. t
P. M. LAMBRESIONT,
Lieutenant Governor and President Z
of the Senate. 5
H. G. DUPRE,
Speaker of the House of a2epresen
tatlves. t
Approved July 2nd, 1908. It
J. Y. SANDERS, o
Governor of the State of Loulslana. t
A true copy.
JOHN T. MICHEL, !
Secretary of State. a
-0- t
ACT No. 179. d
Hlouse Bill No. 153. By Mr. Barrett. as
AN ACT s
To authorize the City of New Or- T
leans to issue two million ($2,000,- ti
000) dollars of five (5) per cent. I
bends, which shall be exempt from A
taxation; to provide for the sale ti
tbereof: to provide for the payment tl
of the principal and interest of said e
bonds: to provide for the disposition d
of the proceeds thereof, through o
tsuch P0,hl' hbit Railroad Commis
ies slob as the City of New Orleans may
bid have heretofore organized, or may
tu- hereafter organize, the members of
1ii which shall be appointed by the
Mayor of the City of New Orleans,
Let and the powers, duties and funations
of of which shall be prestribed by the
rty City of New Orleans; to define the
tto powers ahd duties eof the City of
vi- New Orleant Gild the Bonid of Col
lb missioters of the Port of New Or
leans in relation thereto, and to sub
in mit to the people of the State of Lou
p- lsiana an amendment to the Consti
of tution of the State of Louisiana au
of thorizing the issue of said bonds and
ed ratifying the provisions of this Act.
be Section 1. Be it enacted by the
General Assembly of the State of
og Louisiana, two-thirds of all the mem,
hy- bers elected to each House concur
of ring, 'That, subject to the ratiica
he tior of the people of the State of
ro Louisiana, by an amendment to the
Constitution of the State, hereinaf
be ter submitted to them, the City of
of New Orleans is hereby authorized
iit- a~d empowered to issue bonds not to
is exceed two million ($2,000,000.00)
19 dollars in amount, to be dated Janu
ty ary 1, 1909, bearing five (5) per
w cent. per annum interest, payable
ie semi-annually, the principal of which
v- shall be payable at any time between
ta July 1, 1939, and July 1, 1959.
r- Said bonds shall be drawn paya
e- ble to bearer, and shall be styled:
"Public Belt Railroad Bonds of the
)r City of New Orleans." They shall
)f be of the denominations and be num
.d bered as follows, to-wit:
le Five thousand (5,000) of one hun
r, dred '$100.0t') dollars each, num
1- bered from 1 to 5,000, both inclu
d sive.
1- One thousand (1,000) of five
d hundred ($500.00) dollars each,
if numbered from 5,001 to 6,000, both
r- inclusive.
y One thousand (1,000) of one thou
e sand ($1.000.00) dollars each,
if numbered from 6,001 to 7,000, both
i inclusive.
i They shall be payable in lawful
I- money of the United States, with
semi-annual interest coupons attach
1, ed, due July 1 and January 1. They
d shall be signed by the Mayor of the
4f City of New Orleans and counter
e signed by the Comptroller and the
e Treasurer of the City of New Or
l leans. They shall be exezmpt from
,f all taxation, State, parish and mu
f nicipal, and the tutors of minors and
d curators of interdicts shall be au
Q thorized to invest all funds in their
hands In such bonds. They may be
e registered and released from regis
I try under such rules and regulations
e as may be prescribed by the City of
a New Orleans, and no registered bond
- shall be negotiable. They shall be
received on deposit with the State
or its officers or any of its political
- subdivisions or municipalities in all
cases where, by law, deposits of
e bonds are allowed or required to be
> made, as security with the State, or
its officers, or with any of its politi
i cal subdivisions or municipalities.
Section 2. Be it further enacted,
etc., That as soon as constitutional
authority for the issuance of said
bonds shall have been obtained, the
City of New Orleans shall be author
ized to cause said bonds to be en
graved and executed. The City of
New Orleans is hereby authorized
and empowered, on and after Janu
ary 1, 1909, to sell said bonds, at
such times and in such numbers and
amounts, and upon such terms and
conditions as the lity of New Or
leans may deem advisable, provided
that no sale shall be made by said
city, except upon sealed proposals to
be submitted to said city after ad
vertisement for the same shall be
had for thirty (30) consecutive days
in one or more daily newspaper or
newspapers of the cities of New York
and New Orleans, respectively, and
provided that no sale shall be made
by said city at a price less than par
and accrued interest, the city to have
always the right to reject any and
all bids. Coupons attached to said
bonds, past due at the time of deliv
ery, shall be detached and canceled I
by said city before delivery of the l
bonds.
Section 3. Be it further enacted, I
etc., That the principal and interest
of said bonds shall be paid by pref
erence from the revenues of the Pub
lie Belt Railroad of the City of New
Orleans, after deducting the expenses
of maintenance and operation, and
all Public Belt revenues collectible
under existing laws or ordinances, or
amendments thereto, and all future I
Public Belt Railroad revenues, after
deducting the expenses of mainte
nance and operation, are hereby
pledged to secure said bonds and in- K
terest. The interest on said bonds
shall be evidenced by coupons at
tached thereto, payable semi-annual
ly by the Treasurer of the City of r
New Orleans, on the first days of
July and January, and the City of e
New Orleans shall appropriate on or h
before the first days of April and t
October, 1909. and annually thereaf- 1
ter, to provide for the payment of I
the semi-annual interest due July 1 E
and January 1 of each subsequent t
year. out of the revenues of the Pub
liec Belt Railroad of the City of New t
Orleans, after deducting the expenses I
of maintenance and operation, which s
appropriatlons shall be credited on (i
the books of the Treasurer of the
City of New Orleans, to a special e
account, to be styled "Public Belt c
Railroad Bond Interest Account," 14
amounts equal to the semi-annual ?
interest on all bonds that may have ti
been delivered. The Treasurer of 0
the City of New Orleans is hereby ti
empowered and directed, and it is f
made his duty, to pay any and all t
such coupons that may be due when d
presented by any holder there6.
In the year 1939, and akually e
thereafter, the City of New Or
leans shaU, in addition to the amoopnt
of the seml-annial Interest due on
the frst of July and January of each ti
year appropriate, on or before theo
first day of April, out of the reve- ai
nues of the Fulile Belt Railroad of N
the C:ity of New Orleans, after de- 1
ducting the expenses of maintenance tI
and operation, which appropriations o
shall be credited on the books of the d
Treasurer of the City of New Orleans b
to a special account to be styled 'Pub C
lie Belt Railroad Bond kedemption 51
Account," the sum of one hundred a
thousand ($100.000.00) dollars, and tl
the said Treasurer is hereby empow- b
ered and directed, and it is made his ti
duty to pay, on the frst day of July a
o0 the year 1939, and annunalI a
I- thereafter, out of said bond redemp
Y tios account, one hundred thousand
7 ($100,000.00) dollars of said bonds.
f in the reverse order of their Issue;
e and all bonds and coupons retired
I, under this Act shall be by said Trane
s urCr duly Canceled ahd be pasted as
e vouchers lh I bdokt to be by said
a Treasurer kept for that ptirpose.
f In base of failure on the part of
- the City of New Orleans to make said
appropriatiotis at the time. herein
- lied and to administer and operate
- said Public Belt Railroad of the City
of New Orleans, and to collect the
revenues therefrom to provide for
I the payment of interest due or to be
come due. and the redemption of
a bonds, as provided for in this Act,
I the Board of Commissioners of the
6 Port of New Orleans ib hefeby aus
thorized, empowered and directed,
and it is made its duty to administer
r and operate said Public Belt Rail
road, to impose such charges as it
may fix and collect said revenues and
levy and collect the special tax here
I inafter provided for and to apply
o the same to the purposes of this Act,
and to that extent and for that pur
pose only, and for such time as may
be necessary to that end, said Board
of Commissioners of the Port of
New Orleans is hereby authorized to
exercise all the powers and is
charged with all the duties vested
under this Act in the City of New
Orleans.
Section 4. Be it further enacted,
etc., That in case there should be in
any year a deficiency in the revenues
aforesaid to pay the full interest
upon all of said bonds outstanding,
such deficiency of interest shall be
lunded into bonds of such denomina
tions as may be necessary and con
venient, bearing the same rate of in
terest as the original bonds, and hav
ing a term to run equal to the bal
ance of the term of the original
bonds, but subject to call at will by
the City of New Orleans; and in case
any such bonds are issued, they shall
be stamped across their face "Inter
est Funding Bonds, issued subject to
immediate call." and they shall be
payable out of the special tax of two
(2) mills per annum, which shall be
levied on and after January 1, 1943,
as hereinafter provided. Said inter
est,tunding bonds shall have all the
guaranties and securities provided
for the original bonds in this Act for
their payment, principal and inter
est.
In case the revenue of the Pub!'c
Belt Railroad of the City of New
Orleans should net be suf lcieht to
provide for the payment of the an
nual interest on, or for the redemp
tion annually, on and after January
1, 1939, of any of said bonds
as herelnabove set forth, the
redepmtlon of said bonds shall be
postponed until January 1, 1944. and
the City of New Orleans shall levy
upon all of the taxable property with
in the present territorial limits of
said city a special tax of two (2)
mills, beginning with and including
the year 1943, the entire proceeds
whereof shall be applied annually to
the redemption of the bonds Issued
under this Act, and all interest that
may be then or thereafter due there
on, and all outstanding "interest
funding bonds," until all of said
bonds shall have been retired in prin
cipal and interest. If any surplus of
said two (2) mills tax in the last
year of its levy shall exist, such sur
plus shall be dedicated to works of
public improvement, to be designat
ed by the City of New Orleans.
Section 5. Be it further enacted,
etc., That the City of New Orleans
shall be and is hereby authorized and
empowered to expend the proceeds
of said bonds for the construction
and equipment of a Public Belt
Railroad System in and for the City
of New Orleans, including tracks, sid
ings, switches, spurs, cross-overs and
all appurtenances and accessories
thereto; the building of depots,
roundhouses, warehouses, sheds, sta
tions, signals and all other necessary
structures incident to the construc
tion and equipment of railroads, for
the purchase of locomotives, switch
engines, cars and other necessary
rolling stock: for the payment of
property purchased or expropriated
for the purpose of laying tracks.
sidings, switches, spurs, cross-overs,
etc., or for the erection of necessary
strictures and buildings incident to
railroads; for the purchase of exist
ing roadbeds, tracks, switches, sid
ings, spurs, cross-overs, or for the
expropriation of the same; for the
purchase of barges and tugboats and
other property incident to the op.
eratio nof a barge vsystem: and wen
erally for the purchase and equip
ment of all property, movable and
immovable, necessary and proper to
construct and equip said publle belt
railroad system, and as an incident
thereto, a barge system.
Section 6. Be it further enacted. I
etc., That there shall be and there
ia hereby irrevocably dedicated to
the people of the City of New Or- I
leans for perpetual and exclusive
public use, said Pub!!c Belt Railroad a
System, as the same has been here
totore, or may hereafter be establish- I
ad by the City of New Orleans, the
title and use to which said Public a
Belt Railroad System shall be and
shall forever be in the people of the
City of New Orleans.
That all laws, arvitudes, privltt-1
ages and rights in favor of the 8tate i
of Louisiana. the City of New Or- i
leans and the pebple of the City of 4
New Orleans, now existing in or on I
the lands or pgrperty on or contiga- a
eus to the Mlulssipp river shall con- I
inue to exist unnmpaeired until the i
(ull payment of the prinlcipal and tin
terest of the bonads to be ismuned na. 1
er tbhis Act.
Section 7. 5. it further enacted, i
e;., That the City of New Orleans
Iball eqinstruot, equlp, maintain tana I
perate mid Publie Belt Railroad
iptemm of the City of New Orleans S
through and by means of such board
br commission as may have been or I
may be organised by the City of t
!ew Orleans, the members of which
hall be appointed by the Mayor of 5
he City of New Orleans, with the a
onsent of the Council, the powers,
luties and functions of which shall t
e prescribed by the City of New
)rleans. The City of New Orlean-*
thall always have the power and b
iuthority to make such changes in ii
he location of the tracks and road- a
ed of the Publie Belt Railroad Bys- a
ten as may by said city be deemed
eeseary or proper. The control, a
idmlnlatration, management and su,, -
pervislon or the constructlon, ilt;
tenance, operation an a development
of the Public Delt Railroad of the
City of New Orleans shall be exclu
sively vested and remain in such
heard of commission, which shall al
ways 6E hseAFaI and distinct from
that of any railroad Ehiite'ifg the
City of New Orleans, and 1i0 direr
tot, offieer or employee of any State
or interstalf r~n)tadd shall ever te
allowed to act as a meii;' atof said
cotmission, or as an officer of (hr
lubllid BIt Railroad, or be employed
by said Public 1e RItsitroad, and no
rights or privileges shall B grsanted
to any railroad company to control,
manage, use or operate the said Pub
lic Belt Railread System, or any part
thereof, and said Public Belt Rail
road System shall be an I remain the
hole propefty of the people of the
City of New ifleafts at all times,
and shall in no way or mander vevr
be hypothecated or alienated, pro
vided, however, that the revenues of
said Public Belt Railroad of the City
of New Orleans, after the deduction
of the expenses of mintence and
operation, shall be and remain
pledged for the payment of the
bonds in principal and interest, the
issue of which is herein authorized;
to such extent as may be necessary
under this Act.
Section 8. Be it further enactel,
etc., That all the provisions of thls
Act shall constitute a contract be
tween the holder of the bonds issued
thereunder, the State of Louisiana,
the City of New Orleans and the
Board of Commissionors of the Port
of New Orleans.
Section 9 Be it further enancted, ote
That at the congressional elect'on
to be held in this State on the first
Tuesday, after the first Mionnay in
the month of November, 1908, the
following amendment to the Consti
tution of the State of Louisiana shall
be submitted to the electors, to-wit:
"The City of New Orleans shall be
authorized and empowered to iss:le
two million ($2,000,000.00) dollars
of bonds, to toe known as Ptnlic I c:t
Railroad Bends of the City of New
Orleans for the purpose and under
the provisions and conditions set
forth in the Act of the Legislature
adopted to that end, and for that
purpose, at the regular session of
the Louisiana General Assembly for
the year 1908, which said Act is
hereby ratified and approved, an:l
all provisions of the Constitution of
the State in conflict with the provi
sions of said Act and of this amen'
ment, are to that extent end for that
purpose only repealel."
Section 1 0. Be it further enact
ed, etc., '" ;at on the oflcal ballots
to be used at said election shall be
placed the words. "For the Public
Belt Railroad Bond Amendment."
and the words 'Against the Public
Belt Railroad Bond Amendment:"
and each elector shall indicate his
vote on the proposed amendment as
prodlded by the general election
I'v ws of the State.
H. G. DUPRE,
Speaker of the House of Represen
tatives.
P. M. LAMBREMONT.
Lieutenant Governor and President
of the Senate.
Approved July 3, 1908.
J. Y. SANDERS,
Governor of the State of Louisiana.
A true copy.
JudiN T. MICHEL,
Secretary of State.
ACT No. 180,
House B&.I No. 152. By Mr. Barrett
AN ACT
To authorize the Board of Com
missioners of the Port of New Or
leans to issue three million, five hun
dred thousand ($3,500,000.00) dol
lars of five (5) per cent. bonds,
which shall be exempt from taxa
tion; to authorize the exchange of so
many of said bonds as may be ne
cessary to retire valid outstanding
obligations of said board, and to pro
vide for the sale of the remainder
thereof; to provide for the payment
of the principal and interest of said
bonds and the disposition of the pro
ceeds thereof; to define the powers
and duties of the Board of Commis
sioners of the Port of New Orleans
and the Treasurer of the State of
Louisiana in relation thereto; to con
tinue said Board In existence until
the payment of said bonds; an l to
submit to the people an amendment
to the Constitution of the State of
Loulsiana authorizing the Issue of
said bonds and ratifying the provi
sions of this Act.
Whereas, the Board of Commis
sloners of the Port of New Orleans
created, under the provisions of Act
70 of the General Assembly of the
year 1896, as amended by Act No.
36 of the General Assembly of the
year 1900, is vested with the ad
mtnlstratlon of the public wharves
and landings of the port and har
bor of New Orleans, and charged
lwith the duty of extending, improv
Ing and maintaining the same and
he appurtenances thereto; and
Whereas, said Board of Commls
loners of the Port of New Orleans
ssumed the duties imposed on it hv
Saw, at the termination of the lease
batween the City of New Orleans
nd the Louisiana Construction &
improvement Company, on the 29th
lay of May, 1901; and
Whereas, said Board out of its
revenues has, since said ate, prac
Ically rebuilt the entire wharf sys
tem received from said Louisiana
:onstruction & Improvement Conm
Pany, built new wharves, erected
aeel sheds on the wharves and land
ings for the protection of merchan
lise In transit, constructed paved
roadways and approaches thereto,
provided suitable dredge and tug
hots for dredglng and fire protec
ion purposes; has maintained sueS
dent depth of water and provided
'or the lighting and policing of the
Whredg, landings, sheds and ap
urtenances thereto; and
Whereas, on account of the grow
ng commerce of the port anl har
sor of New Orleans it is now neces
ary that additional wharvesp he eCn
tructed and extensive enlargements
.nd improvements of the sys)tem of
rharves, landings sheds and appur
enances be made so that the facil
ties for the handling of export and
mport cargoes In the port and har
or of New Orleans will be equal,
Snot superior. to similar facilities
t any 8outh Atlantic or Gulf port;
Whereas, funds eannot be made
relable for thes purpoes4 gXOg
7 tb $ssue of bonds; and
Whireas,the said BoDeard of Co.
r ,: sld "e of the Port of New OW'
leans s assilt'ed that provision ca g
. safely be made front its revenasu
f,,r the payment of the interest c.
- n'ally, and the payment of the pri.'
c'pal at maturity, of three milllh
fiV e hundred thousand dollars ($;,.
590.000.00) of five per cent bond;
Whereas, legislation providing for 
the issue of said bonds and recom.
mending the submisziou to the peo.
ple of as amendment to the Conatl.
tution of the State of Louisiana ae -
tnorizing the issuance of said bonds .
and ratifying the provisions of this
Act, is recommended by the Poe;
Investigation Commission. created
by Act No. 9 of the Extra Session ost
1907; therefore:
Section 1. Be it enacted by tlhe
General Assembly of the State of,
Louisiana, two-thirds of all the mess..
oers elected to each House concure
ing'
That, subject to the ratifleatiol
of the people of the State of Louisl.
ana, by the adoption of an amend.
ment to the Constitution of t
State, hereinafter submitted to
them, the Board of Commissioners
of the Port of New Orleans, cre.
ated by Act No. , 0 of the Generanl
Assembly of 15x6;. as amended by
Act No. 36 of the General Assembly.
of the year 1900, is here..
by authorized and empowered, and
it shall be its duty, to issue bonds'.
not to exceed three million five heba
dred thousand dollars ($3,500,000-
00) in amount dated January 1, .
1909, bearing five per cent per as .
num intere:t, payable semi-annually, s
the principal of which shall be pay.
able at any time between July 1
1924,and July 1, 1959. Said beo
shall be drawn payable to bearer aidn
shall be styled "Port Commissiks
Bonds." They shall be of the denomai
nation of one thousand dollars ($1;
000.00) each, payable in lawful mon.
ey of the United States, with semi.
annual interest coupons attached, due
July 1st and January Ist. They shall
be signed by the President and coa-.
tersigned by the Secretary of the .
board of Commissioners of the Port
of New Orleans.They shall be exem>t
from all taxation, State, parish ad
municipal, and the tutors of miners
and curators of interdicts shall be
authorized to invest the funds in
their hands in such bonds. They may br
be registered and released from r.g
Istry under such rules and regula
tions as may be prescribed by said
Board of Commissioners of the Port
of New Orleans, and no registered
bond shall be negotiable. They shall
be receivable on deposit with the
State, or its officers, or any or its
political subdivisions or municipall
ties, in all cases where, by law, de.
posits of bonds are required or al.
lowed to be made as security, with
the State, or its officers, or any of ISt
political subdivisions or municipall.
ties.
Section 2. Be it further enacted,
etc., That as soon as the ComstitU
tional authority for .theissuance oel
said bonds shall have been obtaine
it shall be the duty of the Board el
Commissioners of the Port of New
Orleans to cause said bonds to be
engraved and executed. The Boasr
of Commissioners of the Port of New
Orleans is hereby authorized and em. !
powered, on and after January 1,
1909, to exchange, at not more the
par and accrued interest, so maid
of said bonds, as may be necessary
to retire outstanding obligations 0$
said Board, coupons past due at the
date of exchange to be detached and
canceled by said Board before deliv
ery of bonds;:' and said Board I
hereby authorized and empowered is
sell the remainder of said bonds, In
whole or In part, in such manner,
and upon such terms and conditioN,
as by said Board may be deemed ad-.
visable; provided that no sale shall be
made by said Board at a price whleL
will net to the Board less than pas
and aeecrued Interest. Coupons attachb
ed to said bonds, past due at the
time of delivery, shall be detached
and canceled by said Board before
delivery of the bonds.
Section 3. Be it further enacted,
etc., That the principal and interest
of said bonds shall be paid by pre
ference from the revenues of the
Board of Commissioners of the Port
of New Orleans, and all revenues col
lectible under the laws as now exist
Ing, shall be and are hereby pledged
to secure said bonds and interest.
In no event shall the charges im
posed by said Board, under the law
now existing, be reduced to an
amount less than necessary for the
payment of the principal and in
ternst of said bonds; and the Board
of Commissioners of the Port of New
Orleans, as presently organized and
without diminuation of existing telr
ritorial Jurisdiction, shall continue in
legal existence until all the bonds is
sued in accordance with this Act
shall have been paid in principal and
interest; provided that the members
of said Board shall be appointed by
the Governor, subject to remosval by
the Governor, and the Governor shall
have power to fill all vacancies.
The Interest on said bonds shall
be evidenced by coupons attached
thereto, payable semi-annually, by
the Treasurer of the State of Lousi
ana on the first days of July and
January, and said Board shall place
on depoesit, on or before April 1,
1909, and on or before the first of
April of every subsequent year, with
the Treasurer of the State of Loulsl
ana, to the credit of a special ac
count to be styled "Interest Ac
count," an amount equal to the an
nual interest on all bonds that may
have been delivered. Said Treasure
is hereby empowered and directed,
and it is made his duty to pay any
and all much coupons that may be
due when pr eeted by apy holder
thereo. In the .yr 1b24, apd annu
ln a4ition the O mount ci the an
nual terd-it dlde on the lst of JdiY
place on deposit, on or before April
1, with the Treasurer of the Ltate of
Louisiana, to the credit of a spe
clal account to be styled "Bond of
Redemption Account," a sum of one
hundred thousand dollars ($100,
000.00), and the said Treasurer is
hereby empowered and directed, and
it is made his duty, to pay, on ths
1st of July of the year 1924, and an
nually thereafter, out of said Bond
Redemption Account, one hundred
(100) of said bonds in the reverse
order of their issue; and all bonds
sand coupons retired under this Act
shall be by said Treasurer duly cua
(Continued on page 2.)

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