L ^*517 o-Ä,
). • il
ORDINANCE
PROVIDING FOR THE ISSUANCE OF
$3,000,000
STATE OF LOUISIANA, PORT COMMISSION
5 PER CENT. SERIAL GOLD BONDS, ISSUE OF 1914,
\
and
ACT OF MORTGAGE AND PLEDGE OF REVENUES
SECURING SAME
by the
BOARD OF COMMISSIONERS OF THE PORT OF
NEW ORLEANS
to
HIBERNIA BANK & TRUST CO., TRUSTEE.
Issue Approved by
Dillon, Thomson & Clay, of New York, N. Y.
Wood & Oakley, of Chicago, III.
Caldwell, Masslich & Reed, of New York, N. Y.
Arthur McGuirk, of New Orleans, La.
1
ORDINANCE^
PROVIDING FOR THE ISSUANCE OF
$3,000,000
STATE OF LOUISIANA, PORT COMMISSION
5 PER CENT. SERIAL GOLD BONDS, ISSUE OF 1914,
and
ACT OF MORTGAGE AND PLEDGE OF REVENUES
SECURING SAME
by the
BOARD OF COMMISSIONERS OF THE PORT OF
NEW ORLEANS
to
HIBERNIA BANK & TRUST CO., TRUSTEE.
Issue Approved by
Dillon, Thomson & Clay, of New York, N. Y.
Wood & Oakley, of Chicago, III.
Caldwell, Masslich & Reed, of New York, N. Y.
Arthur McGuirk, of New Orleans, La.
AN ORDINANCE
To carry into effect the provisions of the Constitution of
Louisiana of eighteen hundred and ninety-eight, as
amended pursuant to Act No. One Hundred and
Thirty-three of the General Assembly of Louisi¬
ana, nineteen hundred and ten, and of Article
Three Hundred and Twenty-two of the Constitution
of Louisiana of nineteen hundred and thirteen, and
otherwise; to establish a system of publicly owned
and controlled warehouses therein provided for, in
connection with and as a part of the public system
-0f:ttó;PoPt of New Orleans; to authorize the issu-
, : .'àYicè'ôf-three million dollars five per cent. Port
Commission bonds for that purpose; to provide for
the payment of the principal and interest of said
bonds; to prescribe the duties of the Board of
Commissioners of the Port of New Orleans, its
officers and agents, in connection with said bonds,
and to create a contract between the Board of Com¬
missioners of the Port of New Orleans, the State of
Louisiana and each and every holder of said bonds.
Whereas, the Board of Commissioners of the Port of
New Orleans, created as an agency and instrumentality of
the State of Louisiana under the provisions of Act No. 70
of the General Assembly of the year 1896, as amended by
Act No. 36 of the General Assembly of the year 1900, and
recognized, approved and perpetuated by the provisions of
the Constitution of Louisiana of 1898, as amended in 1908
and 1910, and also by the provisions of the Constitution of
Louisiana of 1913, is vested with the control and government
of the Port and Harbor of New Orleans, and is charged with
the duty of extending, improving and maintaining the same
for the development of the commerce of the State of Louisi¬
ana, of the City of New Orleans, and of said port; and
Whereas, storage facilities whereby merchandise in
transit may, without impeding the movement of freight
over the wharves and landings and independently of the
operation of said wharves and landings, be economically
assembled, stored, protected and thereafter distributed, are
necessary to the proper development of the commerce of the
State of Louisiana, and of the Port of New Orleans; and
Whereas, by Act No. 133 of the General Assembly of
Louisiana of 1910, which act was submitted as an amend¬
ment to the Constitution of Eiouisiana of 1898, at the Con¬
gressional election held on the first Tuesday following the
first Monday in November, 1910, and by the voters at said
3
election ratified, adopted, and made part of the Constitu¬
tion of the State, and by Article 322, of the Constitution of
the State of Louisiana of 1913, the Board of Commissioners
of the Port of New Orleans is authorized to erect and oper¬
ate warehouses and other structures necessary to the com¬
merce of the Port of New Orleans, to that end to expro¬
priate any private property necessary for said purposes and
to pay for the same by issuing mortgage or mortgages, bond
or bonds, against the real estate and buildings thereon, such
mortgage or mortgages, bond or bonds, to be paid out of the
net receipts after the payment of operating expenses, and
said Board is empowered to fix charges for storage on all
goods or merchandise ; and it is also provided that bonds so
issued shall be paid by preference out of the receipts of the
warehouse or warehouses erected therewith after payment of
operating expenses, and so far as such net receipts may be
insufficient, out of the receipts and revenues of the said Port
after the payment of operating expenses and prior bonded
obligations; provided that each issue of bonds under the
authority of said Article 322 of the Constitution of 1913
shall be subordinate to previous issues thereunder ; and
Whereas, it is necessary in the public interest and
for the promotion of the commerce of the State of Louisiana,
the Port of New Orleans, and the City of New Orleans, that
the powers conferred as hereinbefore recited for the erec¬
tion and construction of storage warehouses should be exer¬
cised by this Board; and
Whereas, this Board has determined to locate and erect
the said warehouses upon the following lands and premsies—
to wit:
All that tract of land situated, lying and being in the
Sixth Municipal District of the City of New Orleans, Par¬
ish of Orleans, fronting on the Mississippi River and (ex¬
cluding the Valence Street wharves and sheds), measuring
one thousand (1,000) feet, more or less, along the easterly
line of the projection of Soniat Street, from the Missis¬
sippi River to the easterly river corner of Soniat Street and
4
Leake Avenue; thence along the line of, and following
the river side of Leake Avenue, two thousand nine hun¬
dred and twenty (2,920) feet, more or less, to the wester¬
ly river corner of Napoleon Avenue and Leake Avenue;
thence along the westerly line of the projection of Na¬
poleon Avenue, nine hundred (900) feet, more or less,
to the Mississippi River; thence along the Mississippi
River, three thousand and ninety (3,090) feet, more or
less, to the point of beginning. Said property being
bounded by the Mississippi River, easterly line of the pro¬
jection of Soniat Street, the river side of Leake Avenue,
and the westerly line of the projection of Napoleon Ave¬
nue, and containing in superhcial area, about sixty-two
(62) acres.
Which said lands and premises subject to the condi¬
tions, covenants and agreements hereinafter expressed, have
been appropriated, dedicated ana set aside by the State of
Louisiana through its designated agency, the Loard oi Com¬
missioners of the Port of New Orleans, to the public use
of the said Board and of the people of the State of Louisi¬
ana, for the construction of the said warehouses and of the
appurtenances and appliances necessary for the proper main¬
tenance, control and operation of the same; and
Whereas, the Board of Commissioners of the Port of
New Orleans, has heretofore investigated the cost of the
erection of said warehouses anu the appurtenances neces¬
sary for the proper operation of the same, and has directed
the preparation of working plans and specifications for the
construction oi said warehouses and appurtenances, to the
end that the construction of the warehouses and appur¬
tenances shall be promptly begun and completed ; and
Whereas, it is now desired, and this Board hereby
finds that it is necessary, to issue the bonds of the Port of
New Orleans to the amount of three million dollars
($3,000,000), for the purpose of providing funds for the
6
acquiring of necessary lands and for the erection of the
said warehouses and other structures in aid of commerce
thereon; and
Whereas, it is necessary for the additional security of
the bonds so to be issued, that provision should be made for
a mortgage upon the said lands and premises, and upon the
structures to be erected thereon, and to make provision for
the payment of the said bonds by preference out of the re¬
ceipts of the warehouses to be erected upon the said lands
and premises, after the payment of operating expenses of
the said warehouses, and so far as such net receipts may
be insufficient, out of the entire receipts and revenues of
the said Port, after the payment of operating expenses and
after providing for prior bonded obligations.
NOW, THEREFORE, BE IT ORDAINED BY THE
BOARD OF COMMISSIONERS OF THE PORT OF NEW
ORLEANS:
Section 1. That the Board of Commissioners of the
Port of New Orleans created by Act No. 70 of the General
Assembly of 1896, as amended by Act 36 of the General
Assembly of 1900, and as recognized, approved and per¬
petuated by the provisions of the Constitution of Louisiana
of 1898, as amended in 1908 and 1910, and by the pro¬
visions of the Constitution of Louisiana of 1918, and hereto
duly and specifically authorized and empowered by the peo¬
ple of the State of Louisiana, under and by virtue of the said
provisions of the Constitution of said State, hereby directs
that there be issued negotiable coupon bonds of the said
Board of Commissioners of the Port of New Orleans, as an
agency and instrumentality of the State of Louisiana for
the management, control and improvement of the said Port
of New Orleans, in the manner and form hereinafter pro¬
vided, to an amount not to exceed the sum of Three Million
($3,000,000.00) Dollars, which bonds shall be dated the first
6
day of April, 1914, and shall be 3,649 in number, numbered
from one to 3,649, both numbers inclusive; said bonds shall
be known and styled as "State of Louisiana Port Commis¬
sion Serial Gold Bonds, Issue of 1914," and shall be of the
following numbers, denominations and maturities:
No. of Bonds. Amount. Denominations. Amt. of Coupons
2831 $2,831,000.00 $1,000.00 $25.00
218 109,000.00 500.00 12.50
600 60,000.00 100.00 2.50
Said issue is to be entirely of $1,000.00 denominations
with the exception of
$30,000.00 bonds with a maturity of 1924,
$30,000.00 bonds with a maturity of 1929,
which are to be of the denomination of $100.00 each, and
$53,000.00 bonds with a maturity of 1930,
$56,000.00 bonds with a maturity of 1931,
which are to be of the denomination of $500.00 each.
The bonds are to be numbered consecutively, and the
maturities and coupon dates and numbers are to be tjrped
as follows :
Denomina¬
No. of
Maturity.
Principal.
tion.
Number.
Coupons.
April, 1920
33,000
1,000
1
to
33
inc. 12
ti
1921
35,000
1,000
34
<<
68
14
n
1922
37,000
1,000
69
ii
105
16
n
1923
39,000
1,000
106
<<
144
18
n
1924
11,000
1,000
145
((
155
20
n
1924
30,000
100
156
(Í
455
20
n
1925
43,000
1,000
456
i<
498
22
it
1926
45,000
1,000
499
n
543
24
(<
1927
47,000
1,000
544
n
590
26
1928
49,000
1,000
591
639
28
ÍÍ
1929
21,000
1,000
640
660
30
n
1929
30,000
100
661
960
30
7
Denomina¬
No.
of
ty-
Principal.
tion.
Number.
Coupons.
1930
53,000
500
961
t(
1066
tt
32
1931
56,000
500
1067
n
1178
tt
34
1932
59,000
1,000
1179
a
1237
tt
36
1933
62,000
1,000
1238
tt
1299
tt
38
1934
65,000
1,000
1300
n
1364
tt
40
1935
68,000
1,000
1365
n
1432
it
42
1936
72,000
1,000
1433
it
1504
it
44
1937
76,000
1,000
1505
tt
1580
tt
46
1938
80,000
1,000
1581
tt
1660
tt
48
1939
84,000
1,000
1661
tt
1744
tt
50
1940
88,000
1,000
1745
tt
1832
tt
52
1941
92,000
1,000
1833
tt
1924
tt
54
1942
97,000
1,0U0
1925
tt
2021
tt
56
1943
102,000
1,000
2022
tt
2123
tt
58
1944
107,000
1,000
2124
tt
2230
tt
60
1945
112,000
1,000
2231
tt
2342
tt
62
1946
118,000
1,000
2343
tt
2460
tt
64
1947
124,000
1,000
2461
tt
2584
tt
66
1948
131,000
1,000
2585
tt
2715
tt
68
1949
138,000
1,000
2716
tt
2853
tt
fO
1950
145,000
1,000
2854
tt
2998
tt
72
1951
152,000
1,000
2999
tt
3150
tt
74
1952
159,000
1,000
3151
tt
3309
it
76
1953
167,000
1,000
3310
tt
3476
tt
78
1954
173,000
1,000
3477
tt
3649
tt
80
Said bonds shaill bear interest at the rate of ñve per
centum per annum, payable semi-annually on the first days
of April and October in each year; coupons for interest to
be attached to the said bonds. Both principal and interest
shall be payable in gold coin of the United States of America,
of the present standard of weight and fineness, at the office
of the Treasurer of the State of Louisiana, or at the fiscal
agency of said State in the City of New York, State of New
York, at the option of the holder.
Said bonds shall be signed by the President of the said
8
Board of Commissioners of the Port of New Orleans, and
countersigned by the Secretary thereof, under authority of
the State of Louisiana, and shall be sealed with the seal of
the Board of Commissioners of the Port of New Orleans.
Upon each of the coupons shall be engraved or lithographed
the facsimilie signatures of said President and Secretary,
and said facsimilie signatures of said President and Secre¬
tary are hereby declared and adopted as a sufficient and
authentic execution of the said coupons. Coupons attached
to said bonds, past due at the time of delivery, shall be
detached and canceled by said Board before delivery of the
bonds.
Section 2. Be it further ordained, etc., That the form
of said bonds and the coupons attached thereto, and the rules
and regulations for the registration of said bonds, shall be
substantially as follows, to wit:
UNITED STATES OF AMERICA
state of louisiana
PORT COMMISSION SERIAL GOLD BOND
ISSUE OF 1914.
No $
Know All Men by These Presents, That the Board
of Commissioners of the Port of New Orleans, acting under
authority and as an agency of the State of Louisiana, for
value received, hereby promise to pay to bearer on the first
day of April 19. . ., the sum of Dollars, to¬
gether with the interest thereon from the date hereof, until
said principal sum is paid, at the rate of five per centum
per annum, payable semi-annually on the first days of April
and October in each year, on presentation and surrender of
the respective coupons hereto attached as they severally be¬
come due. Both principal and interest of this bond are
payable in gold coin of the United States of America of the
present standard of weight and fineness, at the office of the
Treasurer of the State of Louisiana, or at the fiscal agency
9
of said State, in the City of New York, State of New York,
at the option of the holder.
This bond is one of a series of like date and tenor ex¬
cept denomination and maturity, aggregating three million
dollars ($3,000,000), issued for the purpose of erecting
and constructing public warehouses for the use of the com¬
merce of the State of Louisiana and the said Port, and is
issued under the authority of, and in strict compliance with,
the Constitution and statutes of the State of Louisiana, in¬
cluding among others Act No. 138 of the General Assembly
of 1910, ratified and adopted as an amendment of the Con¬
stitution of Louisiana of 1898, at the general election of
November 1910, and Article 322 of the Constitution of
Louisiana of 1913, and is issued under and pursuant to
ordinances and proceedings of said Board duly taken for
that purpose.
For the prompt and punctual payment of the principal
hereof and the interest hereon as they severally become
due, the full faith, credit and resources of the Board of
Commissioners of the Port of New Orleans as an agency
of the State of Louisiana are hereby irrevocably pledged
in the form and manner authorized by the Constitution and
laws of said State, and this bond is further secured by a
'first mortgage on the public warehouses erected and con¬
structed with the proceeds of the series of which this bond
is a part, and of the real estate upon which said warehouses
are situated, and is also a preferential charge against the
revenues from the said warehouses and real estate after
payment of operating expenses.
It is hereby certified, recited and declared that all acts,
conditions and things required by the Constitution and
laws of the State of Louisiana to exist, happen and be per¬
formed pursuant to and in the issuance of this bond have
existed, happened and been performed in regular and due
time, form and manner as required by law, and that the
amount of this bond together with all other indebtedness
does not exceed any limit prescribed by the Constitution or
statutes of said State.
This bond may be registered, in which event all un-
I
10
matured coupons of this bond shall he cut off and cancelled
by the Treasurer of the State of Louisiana and a certificate
of that fact on the back of this bond shall be signed by said
Treasurer and the name of the registered owner of this
bond be placed in the registration clause on the back of
this bond, together with the signature of said Treasurer,
and thereafter both principal and interest of this bond shall
be payable to such registered owner or his legal representa¬
tives or assigns, and this bond shall thereafter be transfer¬
able from time to time only by the registered owner in per¬
son or by attorney upon the books of said Treasurer and
the name of the new registered owner similarly placed on
the back of this bond.
This bond is exempt from all taxation. State, Parish
and Municipal. All the provisions of said Act No. 133 of
1910, and of said Article 322 of the Constitution of Lou¬
isiana of 1913, constitute a contract between the holder of
this bond, the State of Louisiana and the Board of Com¬
missioners of the Port of New Orleans.
In Witness Whereof, This bond has been signed by
the President and countersigned by the Secretary of said
Board of Commissioners of the Port of New Orleans under
authority of the State of Louisiana, and the seal of said
Board hereto affixed, and each of the coupons hereto at¬
tached has been signed with the engraved or lithographed
fac-simile signatures of said President and Secretary, and
this bond has been dated April 1, 1914.
President, Board 'of Commissioners,
Port of New Orleans, La.
Countersigned :
Secretary, Board of Commissioners,
Port of New Orleans, La.
11
(FORM OF COUPONS.)
$
On the first day of , 19, the Board
of Commissioners of the Port of New Orleans, under au¬
thority of the State of Louisiana, will pay to bearer at the
office of the Treasurer of the State of Louisiana, or at the
fiscal agency of said State in the City of New York, N. Y.,
at the option of the holder, dollars ($ )
in gold coin of the United States of America, being six
months' interest then due on Port of Nisw Orleans Serial
Gold Bond, Issue of 1914, dated April 1, 1914, No
President.
Secretary.
12
(form of registration.)
{Notice: No writing on this bond except by the Treasurer
of the State of Louisiana.)
I Hereby Certify that the unmatured couponts on this
bond have been cut off and cancelled by me this
day of , 19..., and this bond registered as
below stated.
Treasurer of the State of Louisiana.
Date Name of
of Registration. Registered Owner. Treasurer of State.
Section 3. Be It Further Ordained, Etc., That pur¬
suant to the authority conferred by Article 322, of the Con¬
stitution of Louisiana, of 1913, to fix charges for storage on
all goods or merchandise in the said warehouses, and for the
purpose of providing means towards the payment of the in¬
terest on the said bonded inedbtedness, and towards pro¬
viding for the payment of the principal thereof at maturity,
the Board of Commissioners of the Port of New Orleans, as
an agency, and by authority, of the State of Louisiana, will
hereafter fix and determine upon a proper and sufficient
schedule of charges for the storage of goods in the storage
warehouses to be constructed pursuant to this ordinance;
which charges shall always be sufficient when taken in con¬
nection with the other resources of said Board, to pay the
interest upon and to provide for the redemption of said
bonds at their maturity, and the said Board binds itself
always to maintain rates and charges for the services and
facilities rendered sufficient, with its other resources, not
only to pay the operating expenses of the said warehouses,
but also to pay the interest upon the bonds authorized here-
13
by, and to make provision for a sinking fund for the re¬
demption of the same at maturity.
Section- 4. Be It Further Ordained, Etc., That bonds
authorized to be issued hereby shall be paid by preference
out of the receipts of the warehouse or warehouses erected
with the proceeds thereof, after payment of operating ex¬
penses, and whenever the said Board shall have sold any of
said bonds, and thereafter so long as any of the said bonds
may be outstanding, this Board will place on deposit, on or
before the first day of April of every year, with the Hibemia
Bank and Trust Company, Trustee, to the credit of a spe¬
cial account, styled ; "Port Commission Serial Gold Bonds,
Issue of 1914, Interest Fund," an amount equal to the annual
interest on all bonds authorized hereby that may have been
delivered, and will always maintain in said fund, from said
sources, a sum equal to one year's interest upon the said
bonds outstanding, and it shall be the duty of the Trustee
to transmit to the Treasurer of the State of Louisiana, at
least fifteen days in advance of interest dates, the amount
necessary to pay maturing coupons. The said Treasurer of
the State of Louisiana is hereby empowered and directed,
and it is made his duty, to pay any and all interest coupons
that may be due, when presented by any holder thereof.
This Board will also during each and every year, from
and after the first day of April, 1919, place on deposit with
the said Hibernia Bank and Trust Company, Trustee, to the
credit of a special fund or account, to be known and styled
as; "Port Commission Serial Gold Bonds, Issue of 1914, Re¬
demption Fund," a yearly sum equal to the amount of bonds
maturing in the following year ; and it shall be the duty of
the Trustee to transmit to the Treasurer of the State of
Louisiana, at least fifteen days in advance of maturity dates,
the amount necessary to pay such maturing bonds, and the
said Treasurer is hereby empowered and directed, and it is
made his duty, to pay any and all bonds at their several ma¬
turities, when presented by any holder thereof.
In case of the issuance of any bonds pursuant to this
ordinance, the Board of Commissioners of the Port of New
14
Orleans hereby irrevocably binds itself not to sell, lease or
in any manner dispose of the said warehouses, until the
bonds issued hereunder, with the interest thereon, shall
have been paid in full ; or, in case the said Board should sell,
or otherwise dispose of the same, before such payment, said
Board agrees to pay out of the moneys derived from the sale
or other disposition thereof, all bonds, principal and in¬
terest, that shall then remain unpaid, and that in any event,
it will not sell the said warehouses for a sum less than suffi¬
cient to pay all outstanding bonds authorized hereby, with
the interest thereon.
Section 5. Be It Further Ordained, Etc., That until
the said warehouses have been completed, and the receipts
therefrom, after the payment of operating expenses, are
sufficient to pay the interest upon the said bonds, and to
create a fund in the manner hereinbefore provided, for the
payment of the principal at maturity, and thereafter, so
far as the receipts from the said warehouses, after the pay¬
ment of operating expenses, may be insufficient to provide
for the payment of the principal and interest of the bonds
hereby authorized to be issued, the said bonds shall be pay¬
able out of the entire receipts and revenues of the Port of
New Orleans, after the payment of operating expenses, and
after providing for prior bonded obligations, in accord¬
ance with the terms of the contracts under which they were
issued.
Section 6. Be It Furt^her Ordained, Etc., That pur¬
suant to the authority conferred upon this Board by Article
322, of the Constitution of Louisiana, of 1913, to mortgage
the real estate on which said warehouses shall be erected,
and the buildings erected thereon, for the purpose of secur¬
ing the bonds issued for the erection of said warehouses, and
in order to secure the payment of the principal and interest
of all bonds at any time issued and outstanding, under and
pursuant to this ordinance, according to their tenor and ef¬
fect, and the performance of all the covenants and conditions
herein contained, the Board of Commissioners of the Port of
15
New Orleans, in consideration of the premises, and of the
purchase and acceptance of such bonds by the holders there¬
of, does hereby authorize to be mortgaged, affected and spe¬
cially hypothecated, in favor of each successive holder of said
bonds, and of the coupons thereto attached, and to the Hi-
bemia Bank and Trust Company, of the City of New Or¬
leans, Louisiana, as Trustee for, and to enure to the use
and benefit of all of them, all and singular the lands and
premises described as follows, viz. ;
All that tract of land situated, lying and being in the
Sixth Municipal District of the City of New Orleans, Par¬
ish of Orleans, fronting on the Mississippi River and (ex¬
cluding the Valence Street wharves and sheds), measuring
one thousand (1,000) feet, more or less, along the easterly
line of the projection of Soniat Street, from the Missis¬
sippi River to the easterly river corner of Soniat Street and
Leake Avenue; ttience along the line of, and following
the river side of i^eake Avenue, two thousand nine hun¬
dred and twenty (2,920) feet, more or less, to the wester¬
ly river corner of Napoleon Avenue and Leake Avenue;
thence along the westerly line of the projection of Na¬
poleon Avenue, nine hundred (900) feet, more or less,
to the Mississippi River; thence along the Mississippi
River, three thousand and ninety (3,090) feet, more or
less, to the point of beginning. Said property being
bounded by the Mississippi River, easterly line of the pro¬
jection of Soniat Street, the river side of Leake Avenue,
and the westerly line of the projection of Napoleon Ave¬
nue, and containing in superficial area, about sixty-two
(62) acres.
Upon which this Board has determined to locate and
erect the said warehouses, and which this Board has here¬
tofore appropriated, dedicated and set aside, and does now,
again, appropriate, dedicate and set aside, for the construc¬
tion of the said warehouses, and of the appurtenances and ap¬
pliances necessary thereto, and for the proper maintenance,
control and operation' thereof, together with the warehouse
and warehouses to be erected thereon and also any lands and
16
premises other than those hereinbefore described, upon
which a public warehouse, or public warehouses, may here¬
after be erected with the proceeds of said bonds, and the
warehouses so erected on such other and additional lands
and premises ; the said property so to remain mortgaged
and hypothecated until the full and final payment of the
said bonds, authorized to be issued hereby, in principal and
interest, the said Board of Commissioners of the Port of
New Orleans hereby binding itself not to sell, alienate,
mortgage or encumber the same, to the prejudice of these
presents.
The said Board does further bind Itself to maintain
adequate insurance upon said warehouses, payable to the
Trustee, as interest may appear, and in case of loss or de¬
struction of the said buildings by fire, or from any other
cause, to immediately, and without unreasonable delay, re¬
build and restore the same, and place the same in as good
condition as before such loss or destruction.
The said Board does further declare, that it does con¬
sent, agree and stipulate, that in the event that the said
bonds shall not be punctually paid at maturity, or in the
event of any default for sixty days in the payment of any
installment of interest thereon, it shall be lawful for, and
it does hereby authorize said Trustee upon such default, or
upon the written request of the holders of ten per cent.
(10%) of the amount of the outstanding bonds, to cause all
and singular the said hereinbefore described and herein
mortgaged property, to be seized and sold under executory
process, without appraisement, to the highest bidder, for
cash.
And the said Board does hereby, also, further stipu¬
late, covenant and agree, that in the event that the said
bonds shall not be punctually paid at, or before, maturity, or
in the event of any default or delay for sixty (60) days in
the payment of any installment of interest of said bonds,
the said Trustee of its own motion may, or upon the writ¬
ten request of the holders of ten per cent. (10%) or more of
the amount of outstanding bonds, shall, by action or suit in
17
any court of competent jurisdiction, apply for the foreclosure
of the mortgage hereby authorized to be effected, and for
the appointment of a receiver to take possession of the
mortgaged premises, and control and administer the same
for the purpose of paying the principal and interest of the
bonds hereby authorized to be issued ; and, as and when au¬
thorized by such court, to sell the same, and to apply the
proceeds thereof to the payment and satisfaction of the
said bonds, and of any accrued interest thereon; and it is
further stipulated, covenanted and agreed, that any receiver,
or other person appointed by the court pursuant hereto, or
any purchaser of the said premises at any executory or ju¬
dicial sale thereof, shall have power to collect any and all
fees and charges authorized by this ordinance, or by law,
in respect of the said storage warehouses, and in respect
of the storage and other facilities furnished therein, either
before, or after the sale of the same, pursuant to the decree
of such court.
And the said Board does further declare, that it does
consent, agree and stipulate, that in the event the said
bonds shall not be punctually paid at maturity, or in the
event of any default for sixty days in the payment of any
installment of interest thereon, the Trustee may, and upon
the written request of the holders of ten per cent. (10%)
or more, in amount of the bonds then outstanding shall, by
notice in writing delivered to said Board of Commissioners
of the Port of New Orleans, declare the principal of all
bonds then outstanding to be due and payable immediately,
and upon any such declaration the principal shall become
and be due and payable immediately, anything in said bonds,
or this ordinance, to the contrary notwihtstanding.
The Board of Commissioners of the Port of New Or¬
leans does further stipulate, covenant and agree, for the se¬
curity of the said bondholders, that it will not use, hypothe¬
cate, sell or dispose of any bonds hereby authorized in any
manner, other than in accordance with the provisions of
this ordinance, and the agreements in that behalf herein
contained; and in issuing, selling, hypothecating, or other-
18
wise disposing of said bonds, from time to time, it will well
and truly apply, or cause to be applied, the same, or the pro¬
ceeds thereof, to and for the purpose herein prescribed, and
to and for no other or different purpose.
It is further hereby declared, that in case of any
sale of the said lands, premises and buildings, whether
under executory process, or pursuant to judicial proceed¬
ings, the whole of the principal sum of the bonds hereby
secured, if not previously declared due, shall at once be¬
come due and payable, anything in said bonds, or in this
ordinance, to the contrary notwithstanding.
And the Board of Commissioners of the 'Port of New
Orleans does further stipulate, covenant and agree, that it
will, from time to time, and at all times hereafter, execute
all such further deeds, mortgages and assignments, for the
better securing unto the said bondholders, and each of them,
as shall by the said bondholders be reasonably desired, ad¬
vised and requested, through the said Trustee.
The Board of Commissioners of the Port of New Or¬
leans, acting as an agency of the State of Louisiana, fur¬
ther directs, authorizes and empowers the President of the
said Board, under the seal of said Board to certify to and
authenticate a copy of this ordinance, and directs that such
copy, so authenticated, be attached to the act of mortgage
hereinafter provided to be recorded in the office of the Re¬
corder of Mortgages of the Parish of Orleans, and the said
Board does further authorize and empower the said Presi¬
dent, for the purpose of effecting the mortgage and pledge
hereby authorized, and for the purpose of acquiring any
property or moneys from said Trustee, or both, to appear
before any Notary in the said Parish of Orleans, and to
make and execute an act of mortgage, in notarial form, of
the lands and premises hereinbefore described, and of
pledge of revenues of this Board, and to cause the same to
be recorded in the said office in the manner and form pre¬
scribed by law, and by this ordinance.
Section 7. Be It Further Ordained, Etc., That all the
provisions of said Act No. 133, of 1910, adopted as an
19
ipiendment to the Constitution of Louisiana of 1898, as
hereinbefore recited, and all of the provisions of said Article
322, of the Constitution of Louisiana, of 1913, and all the
provisions of this ordinance, shall constitute a contract be¬
tween the holders of bonds issued hereunder, the State of
Louisiana, and the said Board of Commissioners of the Port
of New Orleans, and the said Board of Commissioners of
the Port of New Orleans, as an agency of the State of Lou¬
isiana, thereunto duly authorized, does hereby pledge its
full faith, credit and resources for the prompt and faithful
performance of all the stipulations, conditions and obliga¬
tions, undertaken and imposed upon it by this ordinance.
Section 8. Be It Further Ordained, Etc., That all the
property under the control of the Board of Commissioners
of the Port of New Orelans, both real and personal, movable
and immovable, including the lands and premises herein¬
before described, and set apart, for the erection of ware¬
houses thereon, and the said warehouses when erected,
being dedicated to the public use of the people of the State
of Louisiana, and held for the benefit of the said State by
its agents, the said Board of Commissioners of the Port of
New Orleans, and being controlled by the said Board of
Commissioners of the Port of New Orleans, as an agency of
the said State, it is hereby expressly declared, that the right,
exists in the said State, acting through its General Assembly,
or otherwise, to protect its interest in the said property, by
providing for the payment of the said bonds, by appropria¬
tion, or otherwise, as the said State, through its duly con¬
stituted authorities, may elect.
Section 9. Be It Further Ordained, Etc., That the
passage of this ordinance does not exhaust the powers of
the said Board to acquire additional lands, and to build addi¬
tional warehouses on lands acquired, or hereafter to be ac¬
quired, and to issue bonds to pay for the same, under said
Act No. 133, of the General Assembly of Louisiana, of 1910,
adopted as a constitutional amendment, as hereinbefore re¬
cited, and under said Article 322, of the Constitution of
20
Louisiana, of 1913, whenever the growing commerce of said
Port may demand and require the same, and to secure the
said bonds by the specific pledge of the net receipts of the
said additional warehouses and appurtenances, and by
first mortgage of the lands and buildings acquired and con¬
structed with the proceeds of such additional bonds: pro¬
vided, that any subsequent issue of bonds for the construc¬
tion of such warehouses, under the authority of the said
Act 138, of 1910, and said Article 322, of the Constitution of
Louisiana, of 1913, shall be subordinate to the issue of bonds
hereby authorized, and to the mortgage lien hereby created,
so far as the premises herein described are concerned.
Section 10. Be It Further Ordained, Etc., That an
ordinance adopted by this Board on the 27th day of August,
1913, to carry into effect the provisions of the Constitution
of 1898, as embodied in Act 133 of the General Assembly of
Louisiana, of 1910, to establish a system of publicly owned
and controlled wharves, landings and warehouses, and to
authorize the issuance of Three Million ($3,000,000) Dol¬
lars of five per cent. Port Commission bonds for that
purpose, is hereby expressly superseded and repealed.
That all ordinances, and parts of ordinances, in conflict
with, or contrary to, the provisions of this ordinance, be, and
the same are, hereby, repealed.
Section 11. Be It Further Ordained, Etc., That this
ordinance shall take effect from and after its passage.
MORTGAGE OF PROPERTY AND PLEDGE OF REV¬
ENUES BY THE BOARD OF COMMISSIONERS
OF THE PORT OF NEW ORLEANS TO HIBER-
NIA BANK & TRUST CO., TRUSTEE.
United States of America,
state of louisiana,
piarish of orleans,
city of new orleans.
Be it known, and remembered, that on
day of the month of April, in the year of our Lord One
Thousand Nine Hundred and Fourteen, and of the Inde¬
pendence of the United States of America the One Hundred
and Thirty-eighth, before me, Arthur John Peter, a no¬
tary public, duly commissioned, sworn and qualified, in and
for the City and Parish of Orleans, therein residing, and
in the presence of the witnesses hereinafter named and un¬
dersigned :
Personally came and appeared :
HONORABLE ROBERT GODIN GUERARD,
of this city, herein appearing and acting in his capacity
as President of the Board of Commissioners of the
Port of New Orleans, hereunto duly authorized and em¬
powered, under and by virtue of a resolution and ordinance
of the said Board of Commissioners of the Port of New Or¬
leans, passed on the twenty-second day of April, 1914, a
duly certified copy whereof is hereunto annexed and made
part hereof, as fully as if the same were herein set out at
length.
Which said appearer declared and acknowledged,
that the Board of Commissioners of the Port of New Or¬
leans, a State agency, and acting under authority of the
State of Louisiana, is justly and truly indebted unto the
Hibemia Bank and Trust Company, Trustee, a corpora¬
tion organized under the laws oí the State of Louisiana, and
22
domiciled in the City of New Orleans, in the said State,
herein represented by
MR. JOHN J. GANNON, PRESIDENT,
under and by virtue of a resolution of the Board of Directors
of said bank, of date of the day of , 1914, a
duly certified copy whereof is hereto annexed, in the full and
true sum of
THREE MILLION ($3,000,000.00) DOLLARS,
borrowed money, which the said Hibernia Bank and Trust
Company, Trustee, has this day loaned and advanced to the
said Board of Commissioners of the Port of New Orleans,
as an agency and instrumentality of the State of Louisiana,
and for the reimbursement whereof, the said Board of Com¬
missioners of the Port of New Orleans has made and sub¬
scribed its thirty-six hundred and forty-nine, negotiable
coupon bonds, payable to bearer, dated the first day of April,
1914, numbered from one to thirty-six hundred and forty-
nine, both numbers inclusive, said bonds being known and
styled as "State of Louisiana, Port Commission Serial Gold
Bonds, Issue of 1914," and are of the following numbers,
denominations and maturities, viz. :
No. of Bonds. Amount. Denomination. Amt. of Coupons.
2831 $2,831,000.00 $1,000.00 $25.00
218 109,000.00 500.00 12.50
600 60,000.00 100.00 2.50
Said issue consists entirely of bonds of the denomina¬
tion of one thousand dollars each, with the exception of
$30,000.00 bonds with a maturity of 1924,
$30,000.00 bonds with a maturity of 1929,
which said bonds are of the denomination of one hundred
dollars eacn, and
$53,000.00 bonds with a maturity of 1930,
$56,000.00 bonds with a maturity of 1931,
which said bonds are of the denomination of five hundred
dollars each.
23
The said bonds are numbered consecutively, and the
maturities, coupon dates and numbers are typed as follows :
Denomina- No. of
Maturity.
Principal.
tion.
Number.
Coupons.
April, 1920
33,000
1,000
1
to
33
inc.
12
" 1921
35,000
1,000
34
<<
68
it
14
" 1922
37,000
1,000
69
n
105
it
16
" 1923
39,000
1,000
106
<<
144
a
18
" 1924
11,000
1,000
145
(<
155
a
20
1924
30,000
100
156
n
455
a
20
" 1925
43,000
1,000
456
n
498
it
22
" 1926
45,000
1,000
499
it
543
ti
24
" 1927
47,000
1,000
544
tí
590
ti
26
" 1928
49,000
1,000
591
<<
639
a
28
1929
21,000
1,000
640
ÍÍ
660
it
30
" 1929
30,000
100
661
u
960
it
30
1980
53,000
500
961
ii
1066
it
32
" 1931
56,000
500
1067
(Í
1178
it
34
" 1932
59,000
1,000
1179
<(
1237
it
36
1933
62,000
1,000
1238
(Í
1299
it
38
" 1934
65,000
1,000
1300
i(
1364
it
40
1935
68,000
1,000
1365
it
1432
it
42
" 1936
72,000
1,000
1433
ÍÍ
1504
it
44
" 1937
76,000
1,000
1505
ii
1580
it
46
" 1938
80,000
1,000
1581
<<
1660
it
48
" 1939
84,000
1,000
1661
(Í
1744
it
50
" 1940
88,000
1,000
1745
<<
1832
it
52
" 1941
92,000
1,000
1833
1924
it
54
" 1942
97,000
1,000
1925
((
2021
it
56
1943
102,000
1,000
2022
<<
2123
it
58
" 1944
107,000
1,000
2124
<<
2230
it
60
1945
112,000
1,000
2231
(<
2342
it
62
" 1946
118,000
1,000
2343
it
2460
it
64
" 1947
124,000
1,000
2461
a
2584
it
66
1948
131,000
1,000
2585
it
2715
it
68
" 1949
138,000
1,000
2716
it
2853
it
70
" 1950
145,000
1,000
2854
a
2998
a
72
24
Denomina¬
No. of
Maturity.
Principal.
tion.
Number.
Coupons.
" 1951
152,000
1,000
2999 " 3150
74
" 1952
159,000
1,000
3151 " 3309
76
" 1953
167,000
1,000
3310 " 3476
78
" 1954
173,000
1,000
3477 " 3649
80
Said bonds bear interest at the rate of five per centum
per annum, payable semi-annually, on the first days of
April and October in each year, and coupons for interest are
attached thereto. Both principal and interest of said bonds
are payable in gold coin of the United States of America,
of the present standard of weight and fineness, at the office
of the Treasurer of the State of Louisiana, or at the fiscal
agency of said State in the City of New York, State of New
York, at the option of the holder. Said bonds are signed
by the President of the said Board of Commissioners of the
Port of New Orleans, and are countersigned by the Secretary
thereof, under authority of the State of Louisiana, and have
been sealed with the seal of the Board of Commissioners
of the Port of New Orleans, upon each of the coupons at¬
tached to said bonds have been engraved or lithographed
the facsimilie signatures of said President and Secretary,
and said facsimile signatures of said President and Secre¬
tary, as aforesaid, have been declared and adopted as a
sufficient and authentic execution of the said coupons.
That the form of said bonds, and the coupons attached
thereto, is as follows :
UNITED STATES OF AMERICA,
State of Louisiana,
PORT COMMISSION SERIAL GOLD BOND,
ISSUE OF 1914.
No $
Know all men by these presents, that the Board of
Commissioners of the Port of New Orleans, acting under
authority of and as an agency of the State of Louisiana,
25
for value received hereby promises to pay to bearer on the
first day of April, 19 the sum of dollars
together -with the interest thereon from the date hereof un¬
til said principal sum is paid, at the rate of five per centum
per annum, payable semi-annually on the first days of April
and October in each year on presentation and surrender of
the respective coupons hereto attached as they severally
become due. Both principal and interest of this bond are
payable in gold coin of the United States of America of the
present standard of weight anu fineness, at the office of the
Treasurer of the State of Louisiana, or at the fiscal agency
of said State, in the City of New York, State of New York,
at the option of the holder.
This bond is one of a series of like date and tenor ex¬
cept denomination and maturity, aggregating three million
dollars ($3,000,000), issued for the purpose of erecting
and constructing public warehouses for the use of the com¬
merce of the State of Louisiana and the said Port and is
issued under the authority of and in strict compliance with
the Constitution and statutes of the State of Louisiana,
including among others Act No. 183 of the General Assem¬
bly of 1910, ratified and adopted as an amendment of the
Constitution of Louisiana of 1898 at the general election of
November 1910, and Article 322 of the Constitution of
Louisiana of 1913, and is issued under and pursuant to
ordinances and proceedings of said Board duly taken for
that purpose.
For the prompt and punctual payment of the princi¬
pal hereof and the interest hereon as they severally become
due, the full faith, credit and resources of the Board of
Commissioners of the Port of New Orleans as an agency
of the State of Louisiana are hereby irrevocably pledged in
the form and manner authorized by the Constitution and
laws of said State, and this bond is further secured by a
first mortgage on the public warehouses erected and con-
26
structed with the proceeds of the series of which this bond
is a part, and of the real estate upon which said warehouses
are situated and is also a preferential charge against the
revenues from the said warehouses and real estate after
payment of operating expenses.
It is hereby certified, recited and declared that all acts,
conditions and things required by the Constitution and
laws of the State of Louisiana to exist, happen and be per¬
formed pursuant to and in the issuance of this bond have
existed, happened and been performed in regular and due
time, form and manner as required by law, and that the
amount of this bond, together with all other indebtedness
does not exceed any limit prescribed by the Constitution or
statutes of said State.
This bond may be registered, in which event all un¬
matured coupons of this bond shall be cut off and canceled
by the Treasurer of the State of Louisiana and a certificate
of that fact on the back of this bond shall be signed by said
Treasurer and the name of the registered owner of this
bond be placed in the registration clause on the back of this
bond, together with the signature of said Treasurer, and
thereafter, both principal and interest of this bond shall be
payable to such registered owner or his legal representa¬
tives or assigns and this bond shall thereafter be trans¬
ferable from time to time only by the registered owner
in person or by attorney upon the books of said Treasurer
and the name of the new registered owner similarly placed
on the back of this bond.
This bond is exempt from all taxation. State, Parish
and Municipal. All the provisions of said Act No. 133 of
1910, and of said Article 322 of the Constitution of Louisiana
of 1913, constitute a contract between the holder of this
bond, the State of Louisiana and the Board of Commis¬
sioners of the Port of New Orleans.
In witness whereof, this bond has been signed by the
President and countersigned by the Secretary of said Board
of Commissioners of the Port of New Orleans under au¬
thority of the State of Louisiana, and the seal of said Board
27
hereto afñxed and each of the coupons hereto attached has
been signed with the engraved or lithographed facsimile
signatures of said President and Secretary and this bond has
been dated April 1, 1914.
President, Board of Commissioners,
Port of New Orleans, La.
Countersigned :
Secretary, Board of Commissioners,
Port of New Orleans, La.
(FORM OF COUPON)
$
On the first day of , 19 , the Board of
Commissioners of the Port of New Orleans under authority
of the State of Louisiana, will pay to bearer at the office
of the Treasurer of the State of Louisiana, or at the fiscal
agency of said State in the City of New York, N. Y., at the
option of the holder, Dollars ($ )
in gold coin of the United States of America, being six
months' interest then due on Port of New Orleans Serial
Gold Bond, Issue of 1914, dated April 1, 1914, No. .
President.
Secretary.
28
(form of registration)
(Notice.—No writing on this bond, except by the Treasurer
of the State of Louisiana.)
I hereby certify that the unmatured coupons on this
bond have been cut off and cancelled by me this day
of , 19 , and this bond registered as be¬
low stated.
Treasurer of the State of Louisiana.
Date Name of
of Registration. Registered Owner. Treasurer of State.
And the said bonds, after having been so identified by
numbers, maturities and denominations, have been deliv¬
ered to the Hibernia Bank and Trust Company, Trustee, the
said Hibernia Bank and Trust Company, Trustee, being here
present, as aforesaid, and acknowledging the receipt and
delivery of the said bonds, for itself, and for all bondholders.
And the said appearer. Honorable Robert Godin
Guerard, President of the Board of Commissioners of the
Port of New Orleans, declared that, pursuant to the authority
conferred upon the Board of Commissioners of the Port of
New Orleans, by Article 322, of the Constitution of i^ouisi-
ana, of 1913, to mortgage the real estate upon which the
public warehouses authorized by Act 133, of the General
Assembly of the State of Louisiana, of 1910, and Article 322,
of the Constitution of Louisiana, of 1913, shall be erected,
and the said warehouses so to be erected upon the said
land, and in order to additionally secure the payment oi the
principal and interest of all bonds now issued and delivered
under, and pursuant to, an ordinance of the Board of
Commissioners of the Port of New Orleans, enacted on the
29
twenty-second day of April, 1914, and annexed hereto as
aforesaid, according to the tenor and effect of saiu bonds,
and the performance of all the covenants and conditions con¬
tained in said ordinance, and in this act of mortgage, the
Board of Commissioners of the Port of New Orleans, in
consideration of the premises, and of the purchase and ac¬
ceptance of Three Million ($3,000,000.00) Dollars "State
of Louisiana Port Commission Serial Gold Bonds, Issue of
1914," does hereby mortgage, auect and specially hypoth¬
ecate in favor of the Hibernia Bank and Trust Company,
Trustee, and of each successive holder of said bonds, and
of the coupons attached thereto, and to enure to the use and
benefit of any or all of them, all and singular the lands and
premises described as follows—to wit:
AH that tract of land situated, lying and being in the
Sixth Municipal District of the City of New Orleans, Par¬
ish of Orleans, fronting on the Mississippi River and (ex¬
cluding the Valence Street wharves and sheds), measuring
one thousand (1,000) feet, more or less, along the easterly
line of the projection of Soniat Street, from the Missis¬
sippi River to the easterly river corner of Soniat Street and
Leake Avenue; thence along the line of, and following
the river side of Leake Avenue, two thousand nine hun¬
dred and twenty (2,920) feet, more or less, to the wester¬
ly river comer of Napoleon Avenue and Leake Avenue;
thence along the westerly line of the projection of Na¬
poleon Avenue, nine hundred (900) feet, more or less,
to the Mississippi River; thence along the Mississippi
River, three thousand and ninety (3,090) feet, more or
less, to the point of beginning. Said property being
bounded by the Mississippi River, easterly line of the pro¬
jection of Soniat Street, the river side of Leake Avenue,
and the we:.terly line of the projection of Napoleon Ave¬
nue, and containing in superficial area, about sixty-two
(62) acres.
Which said land and premises, subject to the condi¬
tions, covenants and agreements hereinafter expressed,
30
have been appropriated, dedicated and set aside by the State
of Louisiana, through its designated agency, the Board of
Commissioners of the Port of New Orleans, to the public
use of the said Board and of the people of the State of
Louisiana, for the construction of public warehouses, and of
the appurtenances and appliances necessary for the proper
maintenance, control and operation of the same.
The said property so to remain mortgaged' and hy¬
pothecated, until the full and final payment of the bonds
hereinbefore referred to and delivered, in principal and in¬
terest, the Board of Commissioners of the Port of New Or¬
leans hereby binding itself not to sell, alienate, mortgage,
or encumber the same to the prejudice of these presents.
The said Board does further bind and obligate itself
to maintain adequate insurance upon said warehouses, pay¬
able to the Trustee, as interest may appear, and in case of
loss or destruction of the said buildings by fire, or from any
other cause, to immediately, and without unreasonable delay,
reuuild and restore the same, and place the same in as good
condition as before such loss or destruction. And in case of
failure on the part of said Board to rebuild the same, the
Trustee shall have the power so to do.
And the said Board of Commissioners of the Port of
New Orleans does declare, that it does consent, agree and
stipulate, that in the event that the said bonds shall not be
punctually paid at their maturity, or in the event of any
default for sixty days in payment of any installment of in¬
terest thereon, it shall be lawful for, and it does hereby au¬
thorize said Trustee, of its motion, upon such default, or
upon the written request of the holders of ten (10%) per
cent, or more of the amount of the outstanding bonds, to
cause all and singular the said hereinbefore described and
herein mortgaged property to be seized and sold under
executory process, without appraisement, to the highest bid¬
der, for cash.
And the said Board does further consent, agree and
stipulate that, in the event the said bonds shall not be punc¬
tually paid at maturity, or in the event of any default for
81
sixty days in the payment of any installment of interest
thereon, the Trustee may, and upon the written request of
the holders of ten (10%) per cent., or more, in amount of
the bonds then outstanding shall, by notice in writing, deliv¬
ered to said Board of Commissioners of the Port of New
Orleans, declare the principal of all bonds then outstanding
to be due and payable immediately, and upon any such dec¬
laration, the principal shall become, and be, due and paya¬
ble immediately, anything in said bonds, or this instrument,
to the contrary notwithstanding.
And the said Board does hereby, also, stipulate, cove¬
nant and agree, that in the event that the said bonds shall
not be punctually paid at, or before, maturity, the said
Trustee, of its own motion, may, or upon the written re¬
quest of the holders of ten (10%) per cent., or more, of the
amount of outstanding bonds shall, by action, or suit, in any
court of competent jurisdiction, apply for the foreclosure of
the mortgage hereby affected, and for the appointment of a
receiver to take possession of the mortgaged premises, and
control and administer the same, for the purpose of paying
the principal and interest of the bonds hereby authorized
to be issued, and, as and when authorized by such court, to
sell the same, and to apply, or cause to be applied, the pro¬
ceeds thereof, to the payment and satisfaction of said bonds,
and of any accrued interest thereon.
It is further stipulated, covenanted and agreed, that
any receiver, or other person, appointed by the court pur¬
suant hereto, or any purchaser of the said premises at any
executory, or judicial sale thereof, shall have the power to
collect any and all fees and charges authorized by law, in
respect of the said storage warehouses, and in respect of
the storage and other facilities furnished therein, either
before, or after, the sale of the same, pursuant to the decree
of such court.
The Board of Commissioners of the Port of New Or¬
leans does further stipulate, covenant and agree, for the
further security of the said bondholders, that it will well
and truly apply, or cause to be applied, the proceeds of said
32
bonds to, and for, the purpose herein prescribed, and to, and
for, no other, or different purpose.
It is further stipulated, covenanted and agreed, that
in case of any sale of the said lands, premises and buildings,
whether under executory process, or pursuant to judicial
proceedings, the whole of the principal sum of the bonds
herein secured, if not previously declared due, shall at once
become due and payable, anything in said bonds, or in this
instrument, to the contrary notwithstanding.
And the Board of Commissioners of the Port of New
Orleans does further stipulate, covenant and agree, that it
will, from time to time, and at all times hereafter, execute
all such further deeds, mortgages and assignments, for the
better securing unto the said bondholders, and each of them,
as shall, by the said bondholders, be reasonably desired, ad¬
vised and required, through the said Hibemia Bank and
Trust Company, Trustee.
All the provisions of Act 133, of the General Assem¬
bly of Louisiana, of 1910, adopted as an amendment to the
Constitution of Louisiana, of 1898, as hereinbefore recited,
and all of the provisions of said Article 322, of the Consti¬
tution of Louisiana, of 1913, and all of the provisions of this
mortgage, shall constitute a contract between the holders of
bonds delivered hereunder, the State of Louisiana and the
Board of Commissioners of the Port of New Orleans, and
the Board of Commissioners of the Port of New Orleans, as
an agency of the State of Louisiana, thereunto duly au¬
thorized, does hereby pledge its full faith, credit and re¬
sources for the prompt and faithful performance of all the
stipulations, conditions and obligations undertaken and im¬
posed upon it by this act of mortgage.
That all the property under the control of the Board
of Commissioners of the Port of New Orleans, both real
and personal, movable and immovable, including the lands
and premises hereinbefore described and set apart for the
erection of warehouses thereon, and the said warehouses
when erected, being dedicated to the public use of the people
of the State of Louisiana, and held for the benefit of the
83
said State by its agents, the said Board of Commissioners
of the Port of New Orleans, and being controlled by the
said Board of Commissioners of the Port of New Orleans,
as an agency of the said State, it is hereby expressly de¬
clared that the right exists in the said State, acting through
its General Assembly, or otherwise, to protect its interest
in the said property by providing for the payment of the
said bonds by appropriation or otherwise, as the said State,
through its duly constituted authorities, may elect.
That the execution of this act of mortgage, and the
issuance and delivery of the bonds therein described, does
not exhaust the powers of the Board of Commissioners of
the Port of New Orleans to acquire additional land, and
to build additional warehouses on the lands acquired, or
hereafter to be acquired, and to issue bonds to pay for the
same, under Act 133, of the General Assembly of Louisiana,
of 1910, and under Article 322, of the Constitution of Lou¬
isiana, of 1913, whenever the growing commerce of the Port
of New Orleans may demand and require the same, and to
secure the said additional bond issue by a specific pledge of
the net receipts of the said additional warehouses and appur¬
tenances, by a first mortgage of the lands and buildings
acquired and constructed with the proceeds of such addi¬
tional bonds ; provided, that any subsequent issue of bonds
for the construction of such warehouses, under the authority
of Act No. 133, of the General Assembly of Louisiana, of
1910, and of Article 322, of the Constitution of Louisiana, of
1913, shall be' subordinate to the issue of bonds hereby au¬
thorized, and to the mortgage lien hereby created, so far as
the premises herein described are concerned.
And the said appearer further declares, consents and
stipulates, that the bonds hereinbefore described and deliv¬
ered are to be paid by preference out of the receipts of the
warehouse or warehouses erected with the proceeds thereof,
after payment of operating expenses, as defined by Article
322 of the Constitution of Louisiana, of 1913, and the Board
of Commissioners of the Port of New Orleans does hereby
pledge the said receipts of the said warehouse or warehouses.
1
84
and until the said warehouses have been completed, and
the receipts therefrom, after the payment of operating ex¬
penses, are sufficient to pay the interest upon said bonds,
and to create a fund for the payment of the principal there¬
of at maturity, and thereafter so far as the net receipts from
the said warehouses, after the payment of operating ex¬
penses, may be insufficient to provide for the payment of the
principal and interest of the bonds herein described and
now delivered, the said bonds shall be payable out of the
entire receipts and revenues of the Port of New Orleans,
after the payment of operating expenses, and'after pro¬
viding for prior bonded obligations, in accordance with the
terms of the contracts under which they were issued. And
the said Board of Commissioners of the Port of New Or¬
leans hereby pledges, assigns, and specially and preferen¬
tially affects, the said revenues, to the full extent necessary,
to secure the said indebtedness, in capital and interest.
And the said appearer further declares that the Board
of Commissioners of the Port of New Orleans now hereby
makes a special deposit with the Hihemia Bank and Trust
Company, Trustee, the receipt of which is hereby acknowl¬
edged, of the fund arising from the sale of the said bonds,
and agrees to keep the said fund so upon deposit with the
said Hibernia Bank and Trust Company, Trustee, until the
same shall be used for the purposes for which the said bonds
were issued, sold and delivered, and the said Board of Com¬
missioners of the Port of New Orleans, so long as any of
the said bonds may be outstanding, agrees to place on de¬
posit, on or before the first day of April, of every year, with
the Hihemia Bank and Trust Company, Trustee, to the
credit of a special account, styled "Port Commission Serial
Gold Bonds, Issue of 1914, Interest Fund,''' an amount equal
to the annual interest on all bonds that may have been de¬
livered, and will always maintain in said fund, from said
sources, a sum equal to one year's interest upon the said
bonds outstanding, and it shall be the duty of the Hihemia
Bank and Tmst Company, Trustee, to require said deposit
to be made, and thereafter to transmit to the Treasurer
35
of the State of Louisiana, at least fifteen days in advance of
interest dates, the amount necessary to pay maturing
coupons.
The Board of Commissioners of the Port of New Or¬
leans will also, during each and every year, from and after
the first day of April, 1919, place on deposit with the said
Hihernia Bank and Trust Company, Trustee, to the credit
of a special fund or account, styled "Port Commission Serial
Gold Bonds, Issue of 1914, Redemption Fund," a yearly
sum equal to the amount of bonds maturing in the following
year, and it shall be the duty of the Hihernia Bank and
Trust Company, Trustee, to require said deposits to be
made.
The funds arising from the sale of the said bonds,
and deposited with the said Hihernia Bank and Trust Com¬
pany, Trustee, shall not be withdrawn, except for the pur¬
poses for which the said bonds were issued, and upon the
furnishing of satisfactory evidence to the Hihernia Bank
and Trust Company, Trustee, that the moneys proposed to
be drawn out are intended for such purposes, and the Hi¬
hernia Bank and Trust Company, Trustee, shall-endorse
the evidence of its approval upon all checks or warrants
drawn upon the said fund by the Board of Commissioners
of the Port of New Orleans.
And the said Robert Godin Guerard acting in his said
capacity hereby declares that the said property having been
taken and acquired by the right of eminent domain exist¬
ing in said Board, that same has not been alienated, or en¬
cumbered, by the said Board of Commissioners of the Port
of New Orleans and is free from all liens, encumbrances
and mortgages, and the said Hihernia Bank and Trust
Company, Trustee, declares itself satisfied with said dec¬
laration holding the said Notary harmless in the premises
and the said Robert Godin Guerard, President, hereby
binds the said Board of Commissioners of the Port of
New Orleans to procure, as soon as same can be made out
S6
and certified to by the Recorder of Conveyances and Re¬
corder of Mortgages for the Parish of Orleans, State of
Louisiana, the necessary certificates to that effect, which
will be attached to, and made a part of, this act of mortgage.
Thus Done and Passed, at my office, in the City of
New Orleans, on the day, month and year herein first above
written', in the presence of Messrs and
competent witnesses, who hereunto
sign their names with the said appearers, and me. Notary,
after reading of the whole.
A true and correct copy.
ROBERT G. GUERARD,
President,
Board of Commissioners
of the Port of New Orleans.
TILEY S. McCHESNEY,
Asst. Secretary and Treasurer,
Board of Commissioners
of the Port of New Orleans.
(seal.)