Coupons attached to said bonds, past due at the time of delivery, shall be detached and canceled by said city before delivery of the bonds.

The principal and interest of said bonds shall be paid by preference from the revenues of the Public Belt Railroad of the City of New Orleans, after deducting the expenses of maintenance and operation, and all Public Belt revenues collectable under existing laws or ordinances, or amendments thereto, and all future Public Belt Railroad revenues, after deducting the expenses of maintenance and operation, are hereby pledged to secure said bonds and interest. The interest on said bonds is evidenced by coupons attached thereto, payable semi-annually by the Treasurer of the City of New Orleans, on the first days of July and January, and the City of New Orleans shall appropriate on or before the first days of April and October, to provide for the payment of the semiannual interest due July 1 and January 1 of each subsequent year, out of the revenues of the Public Belt Railroad of the City of New Orleans, after deducting the expenses of maintenance and operation, which appropriations shall be credited on the books of the Treasurer of the City of New Orleans, to a special ecount to be styled "Public Belt Railroad Bond Interest Account," amounts qual to the semi-annual interest on all bonds that may have been delivered. The Treasurer of the City of New Orleans is hereby empowered and directed, and it is made his duty, to pay any and all of such coupons that may be due when presented by any holder thereof.

In the year 1939, and annually thereafter, the City of New Orleans shall, addition to the amount of the semi-annual interest due on the first of July and January of each year, appropriate on or before the first day of April, out the revenues of the Public Belt Railroad of the City of New Orleans, after delucting the expenses of maintenance and operations, which appropriations shall be credited on the books of the Treasurer of the City of New Orleans to a special ecomt to be styled "Public Belt Railroad Bond Redemption Account," the of one hundred thousand ($100,000.00) dollars; and the said Treasurer s hereby empowered and directed, and it is made his duty to pay, on the first ay of July, of the year 1939, and annually thereafter, out of said bond redempon account, one hundred thousand ($100,000.00) dollars of said bonds, in the reverse order of their issue; and all bonds and coupons retired hereunder hall be by said Treasurer duly canceled and be pasted as vouchers in a book be by said Treasurer kept for that purpose.

In case of failure on the part of the City of New Orleans to make said appropriations at the times herein fixed, and to administer and operate said Public Belt Railroad of the City of New Orleans, and to collect the revenues therefrom to provide for the payment of interest due, or to become due, and the redemption of bonds, as provided for herein, the Board of Commissioners of the Port of New Orleans is hereby authorized, empowered and directed, and is made its duty, to administer and operate said Public Belt Railroad, to impose such charges as it may fix, and collect said revenues and levy and ollect the special tax hereinafter provided for, and to apply the same to the purposes hereof; and to that extent and for that purpose 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 harged with all the duties vested hereunder in the City of New Orleans.

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 funded into bonds of such denominations as may be necessary and convenient, bearing the same rate of interest as the original bonds, and having a term to run equal to the balance 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 "Interest 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 interest funding bonds shall have all the guaranties and securities provided for the original bonds herein, for the payment, principal and interest.

In case the revenues of the Public Belt Railroad of the City of New Orleans should not be sufficient to provide for the payment of the annual interest on, or for the redemption annually, on and after January 1, 1939, of any of said bonds, as hereinabove set forth, the redemption of said bonds shall be postponed until January 1, 1944, and the City of New Orleans shall levy upon all of the taxable property within 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 hereunder, and all interest that may be then or thereafter due thereon, and all outstanding "interest funding bonds," until all of said bonds shall have been retired in principal and interest. If any surplus of said twe (2) mills tax in the last year of its levy shall exist, such surplus shall be dedicated to works of public improvement to be designated by the City of New Orleans.

The City of New Orleans is hereby authorized and empowered to expend the proceeds of said bonds for the construction and equipment of a Public Bel Railroad System in and for the City of New Orleans, including tracks, sidings switches, spurs, crossovers and all appurtenances and accessories thereto; the building of depots, roundhouses, warehouses, sheds, stations, signals and al other necessary structures incident to the construction and equipment of rail roads, for the purchase of locomotives, switch engines, cars and other neces sary rolling stock; for the payment of property purchased or expropriated fo the purpose of laying tracks, sidings, switches, spurs, crossovers, etc., or fo the erection of necessary structures and buildings incident to railroads; fe the purchase of existing roadbeds, tracks, switches, sidings, spurs, crossover or for the expropriation of the same; for the purchase of barges and tug boats and other property incident to the operation of a barge system; an generally for the purchase and equipment of all property, movable and in movable necessary and proper to construct and equip said Public Belt Railroa System, and, as an incident thereto, a barge system.

There shall be and there is hereby irrevocably dedicated to the peopl of the City of New Orleans, for perpetual and exclusive public use, said Publi Belt Railroad System, as the same has been heretofore, or may hereafter, b established by the City of New Orleans, the title and use of which said Publi Belt Railroad System shall be and shall forever be in the people of the City q New Orleans.

All laws, servitudes, privileges and rights in favor of the State of Louisiana the City of New Orleans and the people of the City of New Orleans, now exist ing in or on the lands or property on or contiguous to the Mississippi River shall continue to exist unimpaired until the full payment of the principal and interest of the bonds to be issued under this ordinance.

The City of New Orleans shall construct, equip, maintain and operate said Public Belt Railroad System of the City of New Orleans through and by means of such board or commission as may have been or may be organized by the City of New Orleans, the members of which shall be appointed by the Mayor of the City of New Orleans, with the consent of the Council, the powers duties and functions of which shall be prescribed by the City of New Orleans The City of New Orleans shall always have the power and authority to make such changes in the location of the tracks and roadbed of the Public Belt Roadbed System as may by said city be deemed necessary or proper. The control, administration, management and supervision of the construction, maintenance, operation and development of the Public Belt Railroad of the City of New Orleans shall be exclusively vested and remain in such board or com mission, which shall always be separate and distinct from that of any railroad entering the City of New Orleans; and no director, officer or employee of any State or interstate railroad shall ever be allowed to act as a member of said commission, or as an officer of the Public Belt Railroad, or be employed by said Public Belt Railroad, and no rights or privileges shall be granted to any railroad company to control, manage, use or operate the said Public Belt Railroad System, or any part thereof; and said Public Belt Railroad System shal

le and remain the sale property of the people of the City of New Orleans at all times, and shall in no way or manner ever be hypothecated or alienated; rovided, however, that the revenues of said Public Belt Railroad of the City of New Orleans, after the deduction of the expenses of maintenance and operation, shall be and remain pledged for the payment of the bonds in rincipal and interest, the issue of which is herein authorized; to such extent as may be necessary under this act.

All the provisions hereof shall constitute a contract between the holder of the bonds issued under Act 179 of 1908 and of this Title, the State of Louisiana, the City of New Orleans and the Board of Commissioners of the Port of New Orleans.

PUBLIC DEBT.

ART. 324. SECTION 1. In order to pay the State's bonded debt of Eleven Million, One Hundred and Eight Thousand, Three Hundred Dollars, maturing January 1, 1914, the Board of Liquidation of the State Debt is hereby authorzel:

(a) To issue and sell or exchange, or both, for such price, in such manDr. at such time or times, of such denominations, in such amounts, and with sch yearly maturities on any date in each year beginning the first calendar year after the issuance and not exceeding Fitfy-one years from date of insurance, and such rate of interest not exceeding four and one-half per centum per annum, yable semi-annually, as it may deem advisable, Serial Bonds of the State of Louisiana in an amount sufficient to realize the sum necessary to settle or fund said indebtedness, except Five Hundred and Thirty Thousand, Nine dundred and Thirty Dollars thereof due the Free School Fund, and except the We Thousand Nine Hundred Dollars thereof held for exchange under Act No. of 1892; provided that said Bonds, or any of them, may, in the discretion f said Board, to be exercised before issuance, be made redeemable at any time payment of principal and accrued interest, plus a premium of four per tum upon the principal, which redemption shall be in the reverse order of riturity; and provided further, that the first and last maturing coupons be made payable at whatever dates the said Board may see proper to fix. Notice of redemption (if redeemable bonds be issued) shall be given by thirty days' advertisment in one daily newspaper published in each of the cities of New Oricans. Chicago and New York, and interest shall cease at the maturity of the coupon next falling due.

Said bonds may, if so provided by the Board of Liquidation, be registered as principal alone or as to principal and interest, in such manner and with sach conditions and in such denominations as said Board may determine in advance of the issuance thereof, but said Board shall have no power to provide for the issuance of coupon bonds in exchange for registered bonds of such issue. (b) To issue and sell or exchange, or both, pending a disposition of said Sonds as aforesaid, with full discretion as to manner, price, form, denominaFons, maturities and interest, Temporary Refunding Bonds of the State of Louisiana in an amount sufficient to realize the sum necessary to settle said debt, or any part thereof, except the amount due the Free School Fund, and the amount of bonds held for exchange as above stated; provided said Temrary Refunding Bonds shall mature in not more than five years from the ite of issuance and shall bear a rate of interest not exceeding five per centum jer annum, payable on such dates, semi-annually or otherwise, as said Board shall determine.

To provide for the settlement at maturity of said Temporary Refunding Bonds, or any of them, if issued, it shall have full power and authority to issue I sell or exchange, or both, other Temporary Refunding Bonds under like terms and conditions in an amount sufficient to realize the sum necessary to ettle the same and, in its discretion, to repeat such process as often as it inay deem necessary; provided that any issue of such Temporary Refunding Bonds after the first, shall be advertised for sale. Should said Temporary Refunding Bonds be issued, then the Serial Bonds above authorized shall be

for an amount sufficient to realize the sum necessary to settle the indebtedness evidenced by the Temporary Refunding Bonds to be retired.

Said Board may reserve the right to call for payment and retire said Tem-: porary Refunding Bonds prior to the maturities thereof, on giving fifteen days! notice by publication in one daily newspaper published in each of the cities of New Orleans, Chicago and New York and on paying to the holder or holders the principal and accrued interest, plus a premium not exceeding one per centum of the principal thereof, the amount of said premium to be settled in like manner. as the principal of said Temporary Refunding Bonds, the interest on which shall cease after the date fixed in the call.

SEC. 2. All bonds issued hereunder shall be signed by the Governor, ats tested by the Secretary of State under the seal of the State, and countersigned by the Auditor and the Treasurer. The interest may be represented by coupons attached thereto and bearing a fac-simile of said Treasurer's signature. Such bonds shall be deemed properly signed if signed by those who shall be such officers at the time they are signed, notwithstanding any change of officers priorto the actual issuance and delivery thereof. Said bonds and interest shall be payable to bearer or registered owner at such places as the Board of Liquidation of the State Debt may determine.

Should any of said bonds not be ready for delivery at the time they are sold or exchanged, Interim Certificates may be issued in lieu thereof in such form as the Board of Liquidation of the State Debt shall prescribe; which certificates shall be surrendered on delivery of the bonds respectively represented thereby.

SEC. 3. For the payment in gold coin of the United States of the presen standard of weight and fineness of the principal and interest of all obligation – issued hereunder, the faith and credit and resources of the State are hereby unconditionally and irrevocably pledged.

SEC. 4. Beginning the First Day of January, 1914, and until said obliga tions, with interest, shall have been satisfied, there is hereby levied on al property on which general State taxes are now or may hereafter be levied a annual tax of One and Three-Twentieths Mills on the Dollar of assessed valua tion, which tax is included as a part of the State tax of six mills authorize elsewhere in this Constitution to be levied for general purposes; provided, how ever that should the net proceeds of said tax exceed Six Hundred and SeventyFive Thousand Dollars in any year, the General Assembly may transfer the excess thereof to the General Fund, provided the amounts necessary to pay maturing bonds and to make the payments directed to be made in (1) and (2) of this section shall have been reserved.

The net proceeds of said tax shall be paid into the State Treasury and credited to a separate account to be known as the "State Bond and Interest Tax Fund," which is hereby dedicated and shall be devoted annually: (1) to the payment of the interest as it accrues on said Serial Bonds and Temporary Refunding Bonds and the interest amounting to Fifty-Nine Thousand, Seven Hundred and Ninety Dollars and Thirty-Nine Cents on the indebtedness of the State to the Free School Fund, the Seminary Fund and the Agricultural and Mechanical College Fund as fixed by the Constitution of 1879, and the interest on the debt of Five Hundred and Thirty Thousand, Nine Hundred and Thirty Dollars due the Free School Fund as herein fixed; (2) to the payment of the proper expenses of the Board of Liquidation of the State Debt, and of the Board of Audit and Exchange, not to exceed Three Thousand Dollars, and (3) the residue to a sinking fund to be applied by the Board of Liquidation of the State Debt to the payment or purchase of the Temporary Refunding Bonds and Serial Bonds issued hereunder. There is hereby levied, for each year in which the foregoing tax may not be sufficient to meet the payment of the bonds maturing in the following year and the payments provided for in (1) and (2) of this section, a special tax sufficient in amount to meet such payments, and the Auditor shall compute the rate necessary in any such year to produce the re quired amount and cause such tax to be extended upon the tax rolls for colle tion as other general State taxes are collected.

Said Board shall annually reserve in the State Treasury such amount

said sinking fund as it may deem sufficient to pay said Temporary Refunding Bonds and Serial Bonds as they mature. The surplus of said sinking fund then remaining shall be applied annually by said Board either to the redemption of bonds under Paragraph (a) of Section 1 of this article, (if redeemable bonds he issued) or, in its discretion, to the purchase of bonds issued hereunder at the lowest relative price obtainable in the open market or after fifteen days advertisement in one daily newspaper in each of the cities of New Orleans, Chicago and New York,

SEC. 5. The surplus in the interest tax fund remaining under existing laws out of the revenues from the year 1913 and previous years shall be devoted by the Board of Liquidation of the State Debt to the payment of the cost of engraving, lithographing or printing the Temporary Refunding Bonds, Serial Bonds and Interim Certificates issued hereunder and all other expenses incurred by said Board as well as the unpaid part of the appropriations made by Act 158 of 1912 from said fund and the balance shall be transferred to the State Bond and Interest Tax Fund established in this article or in the discretion of said Board to the payment of the outstanding bonds to be retired.

SEC. 6. The Board of Liquidation of the State Debt is hereby given full power and authority to carry out the provisions of this article and in its judgment and discretion to make and prescribe rules, regulations, conditions and methods in all particulars not inconsistent with the terms of this article.

The said Board shall formulate such rules and regulations as early as practicable after the adoption of this Constitution and shall whenever it determines to offer the serial bonds herein authorized advertise in at least one daily paper in each of the cities of New Orleans, Chicago and New York, for a period of not less than five days the terms and conditions under which it will receive saled bids for said Serial Bonds, reserving the right to reject any and all hids.

SEC. 7. The bonds of the State amounting to Five Hundred and Thirty Thousand, Nine Hundred and Thirty Dollars held by the State Treasurer for account of the Free School Fund of the State of Louisiana shall be paid by crediting the amount thereof to said fund, and said amount is hereby recog nized as a debt of the State of Louisiana to said fund, additional to that recognized in Article 258, on which additional debt interest shall be semiannually paid for the use of the respective townships for whose benefit said bonds are held, at the rate carried by the Temporary Refunding Bonds herein provided for until their retirement and thereafter at the rate carried by the Serial Bonds to be issued hereunder, until said debt shall have been paid.

SEC. 8. The bonds now held for exchange under Act No. 65 of 1892 and amounting to Nine Thousand, Nine Hundred Dollars shall continue to be held for exchange as provided by said act and when exchanged shall be paid principal and accrued interest to January 1, 1914, by the Board of Liquidation out of the sinking fund provided for herein.

SEC. 9. On the payment or purchase of any bond or coupon herein authorized by the Auditor or any Fiscal Agent designated by the Board of Liquidation, said bond or coupon shall be immediately canceled by the Auditor or said Fiscal Agent by marking with a perforating machine across the face thereof the word "Paid." Bonds after being so paid and canceled shall be delivered to the Treasurer. Canceled coupons shall be delivered to the Auditor and pasted in books and kept in the permanent records of his office.

Once every year at such meeting as the Board of Liquidation of the State Debt may fix by rule, the Treasurer shall present all canceled bonds including those surrendered for exchange, to said Board, with a statement showing the numbers, amounts and maturities thereof and separately, the numbers, amounts and maturities of all bonds outstanding and unpaid.

The Board shall, in open session, carefully examine and compare the said bonds and statement. A proces verbal of said examination shall then be made and signed by each member present at said meeting, which, together with the canceled bonds and the statement rendered by the Treasurer, shall be delivered to the Auditor to be kept in the permanent archives of his office. Said proces