©rbtnanrr ;. IJroniMttg for An Sssur nf ®wrntij-fiu£ Htllinn inllarn g>tatr of lomatana Port (Eommtaaton Hjarbor ilmproormrnt (Solb lonba 3aa or of 1917 anb for an Art nf ilortijagr anb Prbg? of Srurnnrs to arrur? aamr bg % loarb of (Eommtaatoncra of ttj? port of Nrni GMeana to ijibmua lank anb ®rnat (Eompang, Sruatrr Jsaur Ap)irnnrft by Slolin (tt. SnjnmHmt, Nrm ®nrk Artljur ifflrOSmrk, Nrm (Drlpana (SalitorU & fflaBBlxrlj, Nrtu flork Promulgatpti tHarrtj 24, 1917 H '+6' An ©r&ittattr? TO CARRY INTO EFFECT THE PROVISIONS OF THE CONSTI¬ TUTION OF LOUISIANA OF EIGHTEEN HONORED AND,'NINETY- EIGHT, AS AMENDED PURSUANT TO ACT Nd. ONE HUNDRED AND THIRTY-THREE OF THE GENERAL ASSEMBLY OF LOUISIANA, NINETEEN HUNDRED AND TEN, AND OF ARTICLE THREE HUN¬ DRED AND TWENTY-TWO OF THE CONSTITUTION OF LOUISIANA OF NINETEEN HUNDRED AND THIRTEEN, AND OTHERWISE; TO ESTABLISH AND EXTEND A SYSTEM OF PUBLICLY OWNED AND CONTROLLED WAREHOUSES AND OTHER STRUCTURES NECES¬ SARY TO THE COMMERCE OF THE PORT THEREIN PROVIDED FOR, IN CONNECTION WITH AND AS A PART OF THE PUBLIC SYSTEM OF THE PORT OF NEW ORLEANS; TO AUTHORIZE THE ISSUANCE OF PORT COMMISSION BONDS FOR THAT PURPOSE; TO PROVIDE FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST OF SAID BONDS; TO PROVIDE FOR SECURING SAID BONDS BY MORTGAGE; TO PRE¬ SCRIBE THE DUTIES OF THE BOARD OF COMMISSIONERS OF THE PORT OF NEW ORLEANS, ITS OFFICERS AND AGENTS, IN CONNEC¬ TION WITH SAID BONDS, AND TO CREATE A CONTRACT BETWEEN THE BOARD OF COMMISSIONERS 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 Act No. 14 of the General Assembly of the year 1915, 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 Louisiana, of the City of New Orleans, and of said port; and Whereas, storage facilities and other structures 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 Louisi¬ ana, and of the Port of New Orleans; and • • • • • Whereas,-by; AcC No. 133 of the General Assembly of Louisiana of 1910, which act;Was; submitted *as.an- amendment to the Constitution of Louisiana • • •• ')« • • • » # • «•«. * « ( • of K898'• aV thi .CongrfesSiDnALfefAetion held on the first Tuesday following the first Monday In .NoVertjher; 1910, and by the voters at said election ratified, *• •• • • , adopted, and Ipatt: a6 the Constitution of the State, and by Article 322, of the Constitution of the State of Louisiana of 1913, the BOARD OF COM¬ MISSIONERS OF THE PORT OF NEW ORLEANS is authorized to erect and operate warehouses and other structures necessary to the commerce of the Port of New Orleans; to that end to expropriate any private property neces¬ sary for said purposes and to pay for the same by issuing mortgage or mort¬ gages, bond or bonds, against the real estate and buildings erected 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 ware¬ house or warehouses erected therewith after payment of the 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 erection and construction of storage warehouses and other structures necessary to the commerce of the Port should be exercised by this Board; and Whereas, this Board in the exercise of the powers so conferred has pro¬ vided for the erection of warehouses upon certain lands and premises herein¬ after described in the first place, said lands and premises being also described in a certain ordinance of this Board, entitled "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 Louisiana, 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 connec¬ tion with and as a part of the public system of the Port of New Orleans; to authorize the issuance of 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 Commissioners of the 2 Port of New Orleans, the State of Louisiana, and each ahcT every holder of said bonds," passed and adopted the 22nd day cf April, 1914, and has pro¬ ceeded with the construction and erection of said warehouses; and . Whereas, this Board in the exercise of the powers so. conferred, has pro¬ vided for the erection of warehouses upon the lands and premises hereinafter described in the second place, said lands and premises being also described in a certain ordinance of this Board, entitled: "AN ORDINANCE, To carry into effect the provisions of the Constitution of Louisiana of 1 898, as amended pursuant to Act No. 1 33 of the General Assembly of Louisiana, 1910, and of Article 322 of the Constitution of Louisiana of 1913 and otherwise; to establish and extend a system of publicly owned and controlled warehouses and other structures necessary to the commerce of the Port therein provided for in connection with and as a part of the public system of the Port of New Orleans; to authorize the issuance of Port Commission Bonds for that purpose; to provide for the payment of the principal and interest of the said bonds; to provide for securing said bonds by mortgage; 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 Commissioners of the Port of New Orleans, the State of Louisiana and each and every holder of said bonds," passed and adopted the 4th day of June, 1915, and has proceeded with the construction and erection of said warehouses and other structures; and Whereas, this Board desires to complete the erection of the warehouses on the lands and premises hereinafter described in the first place, the construc¬ tion of which warehouses has been begun under the said ordinance passed and adopted the 22nd day of April, 1914, and also desires to enlarge, extend and add to the said warehouses, and this Board also desires to complete the warehouses and other structures (including a grain warehouse and elevator), which are in course of construction on the lands and premises hereinafter described in the second place, and desires to construct and erect additional warehouses and other structures upon the said lands hereinafter described in the second place, for the purpose of enlarging, extending and adding to the said warehouses and other structures now in course of construction; and Whereas, this Board desires from time to time to improve the remainder of said lands hereinafter described in the first and second places by the erec¬ tion thereon of additional warehouses and other structures necessary to the commerce of the Port of New Orleans and to acquire other and additional lands in said Port and to erect thereon warehouses, buildings and other struc¬ tures necessary for the commerce of said Port; and Whereas, it is now desired and this Board finds that it is necessary to issue bonds of the Port of New Orleans for the purpose of providing funds 3 • • r for the consfriidtiori and completion of the warehouses and other structures in*ose"bf 'providing funds for the acquiring of other lands thai are necessary for the said purposes, and for the erection on said lands ol warehouses and structures necessary to the commerce of the Port of New Orleans; and Whereas, it is necessary for the additional security of the bonds so to be issued, that provision be made for a mortgage upon the lands hereinaftei described in the first and second places, and upon all other and additional lands acquired for said purposes, and upon the warehouses and structures to be erected thereon, and to make provision for the payment of the said bonds by preference out of the receipts of the warehouses and other structures to be erected upon the said lands and premises with the proceeds thereof, after the payment of operating expenses of said warehouses and other structures, 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; and Whereas, the lands and premises described in the said ordinance passed and adopted the 22nd day of April, 1914, upon which the erection and con¬ struction of said warehouses has already been begun, are situated and described as follows, to-wit: (said lands being hereinafter referred to as the lands described in the first place) : All that tract of land situated, lying and being in the Sixth Muni¬ cipal District of the City of New Orleans, Parish of Orleans, fronting on the Mississippi River and (excluding 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 Mississippi 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 hundred and twenty (2,920) feet, more or less, to the westerly river corner of Napoleon Avenue and Leake Avenue; thence along the westerly line of the projection of Napoleon Avenue, nine hun¬ dred (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 projection of Soniat Street, the river side of Leake Avenue, and the westerly line of the projection of Napoleon Avenue, and containing in superficial area, about sixty-two (62) acres. And Whereas, the lands and premises described in the said ordinance passed and adopted on the 4th day of June, 1915, and hereinafter referred to as 4 described in the second place, are situated and are described as follows, to-wit: All that tract of land situated, lying and being in the Sixth Muni¬ cipal District of the City of New Orleans, Parish of Orleans, and lying within and between the following boundaries, to-wit: A certain tract of land facing the Mississippi River in the Sixth Municipal District of the City of New Orleans adjoining the property now owned by the Board of Commissioners of the Port of New Orleans and occupied by them for cotton warehouse pur¬ poses: Beginning at the shore line of the Mississippi River at a point on the projected line of the easterly side of Soniat Street, said point being designated by the letter "A" on a plan annexed to and made part of the ordinance adopted on the 4th day of June, 1915, for further reference, thence extending 835 feet to a point "B" on said plan 1 33 feet 4 inches from Leake Avenue, thence extending in a westerly direc¬ tion 50 feet 3 inches across Soniat street to the point "C" at a distance of I 33 feet 4 inches from Leake Avenue, thence continuing in a westerly direction 251 feet 6 inches to the lower line of Dufossat Street at point "D" 1 35 feet 6 inches from Leake Avenue, thence across Dufossat Street 50 feet 3 inches to the point "E" at a distance of 1 35 feet 6 inches from Leake Avenue, thence continuing westerly 300 feet 9 inches to a point "F," on the eastern side of Bellecastle Street, 125 feet 8 inches from Leake Avenue, thence 50 feet 2 inches across Bellecastle Street to the point "G" 124 feet 8 inches from Leake Avenue, thence in a westerly direction 362 feet 2 inches to the eastern side of Valmont Street; at the point "H" 1 26 feet 8 inches and 3 lines from Leake Avenue, thence 48 feet across Valmont Street to the point "I," thence north along the west¬ ern line of Valmont Street 126 feet 8 inches to point "J" situated at the southwestern corner of Valmont Street and Leake Avenue, thence 842 feet 1 0 inches along the southern side of Leake Avenue to the point "K" the southeastern corner of Leake Avenue and Peters Avenue, thence along the eastern side of Peters Avenue 791 feet to the point "L" on the shore line of the river, thence along the Mississippi River line about 2,100 feet to the point "A," first mentioned in this description; the whole containing 37 acres of land. And Whereas, the above lands and premises hereinbefore referred to as described in the first and second places, are to be subjected to the mortgage hereinbefore referred to, to secure the issue of bonds hereby authorized, And Whereas, certain other lands to be hereafter improved with the funds hereby provided are to be likewise subjected to the mortgage hereinbefore referred to, and when said lands have been segregated from the lands in pos¬ session of, or which may be hereafter acquired by this Board, an exact de¬ scription thereof will be attached to and incorporated with this ordinance, and the act of mortgage therein provided for, the same, and as fully, to all intents 5 and purposes, as if the said lands were herein described and made a pa; i hereof, the true intent and meaning of this provision being to make ar> supplemental ordinances and acts of mortgage essential parts of this ordinan* * and mortgage as fully as if the same were passed and executed now with tl present ordinance and the mortgage therein provided for. Now, Therefore, Be It Ordained by the Board of Commissioners of th" Port of New Orleans: SECTION 1. That the BOARD OF COMMISSIONERS OF THE POR I OF NEW ORLEANS, created by Act No. 70 of the General Assembly or 1896, as amended by Act No. 36 of the General Assembly of 1900, and b Act No. 14 of the General Assembly of 1913, and as recognized, approve! and perpetuated by the provisions of the Constitution of the State of Louisiar of 1898, as amended in 1908 and 1910, and by the provisions of the Const tution of Louisiana of 1913, and hereto duly and specifically authorized an 1 empowered by the people of the State of Louisiana, under and by virtue ( said provisions of the said Constitution of said State, and otherwise, for th purpose of acquiring lands, and erecting and constructing warehouses an other structures necessary to the commerce of the Port of New Orleans, pu suant to the provisions of Article 322 of the Constitution of Louisiana of 1 9 L and of Act No. 14 of the General Assembly of 1915, and otherwise, hereb declares and provides that there shall be issued negotiable coupon bonds c the said Board of Commissioners of the Port of New Orleans, as an agenc and instrumentality of the State of Louisiana, for the management, contrc and improvement of the said Port of New Orleans, in the form and mann; hereinafter provided, in such amount as shall be necessary for such purpose and as shall from time to time be ascertained and determined by resolutio of said Board, which Bonds shall bear date of the date of their issue, as fixeu and determined from time to time by resolutions of this Board, and shall t - numbered consecutively from one upwards. Said bonds shall be known an styled as "State of Louisiana Port Commission Harbor Improvement Go! Bonds," and shall be of the denomination of $100, $500 and $1,000, as sha be fixed and determined by this Board of Commissioners; provided, howevei that the bonds to be issued under and pursuant to the provisions of this ord nance shall not exceed the sum of $25,000,000. Said bonds shall bet i interest at a rate not exceeding five (5) per centum per annum, payable sen) annually, coupons for interest to be attached to the said bonds. Both prit - cipal and interest shall be payable in gold coin of the United States of Ameri< a of the present standard weight and fineness, at the office of the Treasurer < ! the State of Louisiana, or at the Fiscal Agency of said State in the City of Nea York, at the option of the holder. Said bonds shall be signed by the President of the said BOARD CF 6 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 facsimile signatures of said President and Secretary, and said fac-simile signatures of said President and Secretary are hereby declared and adopted as a sufficient and authentic execution of the said coupons. Cou¬ pons attached to said bonds, past due at the time of delivery, shall be detached and cancelled by said Board before delivery of the bonds. SECTION 2. Be It Further Ordained, Etc., That the form of bonds issued pursuant to and coming under this ordinance 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 HARBOR IMPROVEMENT GOLD BOND No $ Know all Men by These Presents, That the Board of Commissioners of the Port of New Orleans, acting under authority and as agency of the State of Louisiana, for value received, hereby promises to pay to bearer on the first day of 19 , the sum of Dollars, together with the interest thereon from the date hereof, until said principal sum is paid, at the rate of per centum per annum, payable semi-annually on the first days of and 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 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. This bond is one of a series issued for the purpose of acquiring lands and erecting and constructing public warehouses and other structures for the use of the commerce 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. 1 33 of the General Assembly of 1910, ratified and adopted as an amendment of the 7 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 ordinance and proceedings of said Board duly taken for that purpose, including an ordinance adopted the day of , 1 9.......... 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 mortgage on the lands acquired and to be acquired and the public warehouses and other structures erected and to be erected with the proceeds of the issue of which this bond is a part, and of the real estate upon which said warehouses and other structures are situated, and is also a charge against the revenues from the said warehouses and other structures and real estate after payment of operating expenses, and any prior charges. 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 performed 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 Con¬ stitution or statutes of said State. This bond may be registered in the name of the owner, the registry to be certified hereon by the Treasurer of the State of Louisiana, and the name of the registered owner of this bond to be placed in the registration clause on the back hereof, together with the signature of said Treasurer, after which no transfer shall be valid, unless made by the registered owner in person or by attorney upon the books of said Treasurer, and the name of the new regis¬ tered owner similarly placed on the back of this bond. This bond may be discharged from registration by being transferred to bearer, after which it shall be transferable by delivery, but it may be again registered as before. Said coupons may be separated from the bond and surrendered to the said Treasurer for cancellation, in which case interest shall be payable to the registered holder or order. 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 Commissioners of the Port of New Orleans. In Witness Whereof, This bond has been signed by the President and 8 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 attached has been signed with the engraved or lithographed fac-simile signatures of said Presi¬ dent and Secretary, and this bond has been dated 1 9 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 the Port of New Orleans Harbor Improvement Gold Bond, dated 19 , No President. Secretary. 9 (FORM OF REGISTRATION.) (Notice.—No writing on this bond except by the Treasurer of the State of Louisiana.) In accordance with a provision in this bond, this bond may be registered in the name of the owner, the registry to be certified hereon by the Treasurer of the State of Louisiana, after which no transfer shall be valid unless made 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 in the registration clause hereon, but this bond may be discharged from registration by being transferred to bearer, after which it shall be transferable by deliv¬ ery, but it may be again registered as before. The registration of this bond shall not restrain the negotiability of the coupons by delivery merely, until the surrender and cancellation of the said coupons as provided in said bond. Date of Registration: In Whose Name Registered: State Treasurer. In accordance with a provision in this bond, the unmatured coupons issued herewith have been surrendered by the holder of the bond and can¬ celled by the Treasurer of the State of Louisiana. The semi-annual interest on the bond is hereafter to be paid to the registered holder or order upon proper acknowledgement of the receipt thereof. Dated, Baton Rouge, Louisiana, 1 9 Treasurer of the State of Louisiana. SECTION 3. Be It Further Ordained, Etc., That bonds of the issue hereby authorized to an amount of Four Million Dollars ($4,000,000), shall be prepared and sold, and said bonds shall be four thousand seven hundred and five (4705) in number, and shall consist of three thousand eight hundred and fifty-five (3855) bonds of the denomination of $1,000; one hundred and fifty (150) bonds of the denomination of $500 and seven hundred (700) bonds of the denomination of $100. Said $4,000,000 of bonds shall be numbered from A1 to A4705, both numbers inclusive; shall bear date of March 1, 1917, the date of their issue, and shall bear interest at the rate of four and one-half per centum per annum, and the coupons for interest shall be payable on the first day of March and September in each year, and they shall mature and become payable serially as follows: 10 Maturities Principal: Denomination: Numbers: March 1, 1925, $ 50,000 $1,000 Al-50 1926, 50,000 1,000 A51-100 1927, 50,000 1,000 A1 01 -1 5 0 1928, 60,000 1,000 A15 1 -2 1 0 1929, 60,000 1,000 A21 1-270 1930, 40,000 1,000 A271-310 1930, 20,000 100 A311-510 1931, 70,000 1,000 A51 1-580 1932, 80,000 1,000 A581-660 1933, 80,000 1,000 A661-740 1934, 80,000 1,000 A741-820 1935, 90,000 1,000 A821-910 1936, 65,000 1,000 A91 1-975 1936, 25,000 100 A976-1225 1937, 90,000 1,000 A1226-1 31 5 1938, 100,000 1,000 A1 316-141 5 1939, 100,000 1,000 A1416-1515 1940, 85,000 1,000 A1 5 1 6-1600 1940, 25,000 100 A1601-1850 1941, 1 10,000 1,000 A185 1 -1960 1942, 120,000 1,000 A1961-2080 1943, 120,000 1,000 A2081-2200 1944, 125,000 1,000 A2201 -2325 1945, 105,000 1,000 A2326-2430 1945, 25,000 500 A2431 -2480 1946, 135,000 1,000 A2481-2615 1947, 140,000 1,000 A2616-2755 1948, 150,000 1,000 A2756-2905 1949, 160,000 1,000 A2906-3065 1950, 170,000 1,000 A3066-3235 1951, 155,000 1,000 A3236-3390 1951, 25,000 500 A3391 -3440 1952, 190,000 1,000 A3441 -3630 1953, 175,000 1,000 A3631-3805 1953, 25,000 500 A3806-3855 1954, 205,000 1,000 A3856-4060 1955, 210,000 1,000 A4061 -4270 1956, 215,000 1,000 A42 71-4485 1957, 220,000 1,000 A4486-4705 SECTION 4. Be It Further Ordained, Etc., That pursuant to the pro¬ visions of Article 322 of the Constitution of Louisiana of 1913, additional 1 1 bonds of the issue authorized by this ordinance shall be sold and delivered from time to time as this Board shall hereafter determine, for the purpose of acquiring lands and erecting and constructing public warehouses and other structures necessary to the commerce of the Port of New Orleans; that the total amount of bonds of the issue authorized by this ordinance shall not exceed Twenty-five Million Dollars ($25,000,000) ; that such additional bonds shall be in substantially the form hereby provided, and shall be dated of the date of issue and delivery, and of such maturities and bearing such rate of interest not exceeding five per cent per annum as may be hereafter fixed and determined by this Board; but no such additional bonds shall mature prior to March 1, 195 7, unless they be issued with serial maturities of which the bonds maturing in any one year shall not bear a substantially greater ratio to the total amount of such additional bonds then issued than the said bonds numbered from A-l to A-4705 maturing in that year bear to the face value of said bonds numbered A-l to A-4705; provided, however, that additional bonds shall only be sold and delivered hereunder upon the terms and in the manner following, to-wit: (a) Said bonds shall only be sold and delivered in the event that the net income and revenues of this Board computed as hereinafter provided, for the twelve (12) months immediately preceding shall have been at least equal to the annual interest charge upon such additional bonds. Such net earnings shall be computed in the following manner: From the gross income and revenues of this Board for the twelve (12) months immediately preceding, excluding moneys borrowed and capital realizations, if any, from sales or any other source, there shall be deducted the operation expenses and proper and sufficient maintenance during said period, also one year's interest on all bonds of this Board outstanding and unpaid and a sum equal to the amount of any bonds maturing and becoming payable within the period of twelve (12) months thereafter. In the event that it is proposed to acquire with the proceeds of bonds issued hereunder ware¬ houses, or other structures, necessary to the commerce of the Port of New Orleans and the lands upon which the same may be erected, and such ware¬ houses and other structures are already completed and in operation and pro¬ ducing an income or revenue, the net income and revenue of such warehouses and other structures for the twelve months immediately preceding the date of the sale and delivery of bonds hereunder computed by deducting from the gross income and revenue thereof the operating expenses and proper and suffi¬ cient maintenance during said period shall be included in computing the net earnings of this Board. For the purpose of this provision before any addi¬ tional bonds shall be sold and delivered hereunder, a detailed statement of the net income and revenue of this Board and of any completed warehouses and other structures necessary to the commerce of the Port which are in operation 12 and producing an income or revenue computed in the manner herein directed and showing the sources of said net income and revenue and a statement of the manner in which the same is computed, shall be prepared, signed and certified by all the members of this Board and filed with the Trustee hereinafter named. Before any additional bonds shall be sold and delivered hereunder, the amount of the net income and revenues of this Board and of such completed ware¬ houses and other structures, if any, and the sufficiency thereof to comply with the terms of this clause shall be ascertained by said Trustee and for that pur¬ pose the said Trustee shall have the right to investigate and examine the books and papers of this Board and to make such inquiries as it may deem expedient at the expense of this Board and no additional bonds shall be sold and delivered hereunder, unless the Trustee hereinafter named shall certify to the amount of the net income, and revenues computed as herein directed and the sufficiency thereof to comply with the terms of this clause. (b) The proceeds of any additional bonds delivered hereunder shall be deposited in such bank or banks and on such terms and security and other conditions as this Board shall determine, subject always to the approval thereof by the Trustee hereinafter mentioned, and shall be paid out and ap¬ plied on check or warrant countersigned by said Trustee only for acquiring lands and real property for sites for warehouses and other structures necessary to the commerce of the Port of New Orleans, and for erecting and constructing such warehouses and other structures under and pursuant to the provisions of Article 322 of the Constitution of Louisiana of 1913. The proceeds of the bonds issued under this ordinance shall only be used in the acquisition of lands free and clear of all liens and encumbrances or in the erection of warehouses or other structures on lands then vested in the Board or over which it shall have jurisdiction, control and power to mortgage, unencum¬ bered save by the lien of this mortgage and the mortgages referred to in the preambles hereof, and no part of the proceeds of any bonds authorized here¬ under shall be expended in the erection of warehouses or other structures on lands which are subject to any encumbrances other than the lien of the mort¬ gage hereby authorized and the said mortgages referred to in the preambles hereof. (c) All bonds issued pursuant to this ordinance and coming under its provisions, shall be certified by the said Trustee by endorsement thereon in the following form, to-wit: "The within bond is one of an issue made by the Board of Com¬ missioners of the Port of New Orleans, acting as an agency of the State of Louisiana, under and pursuant to Ordinance of said Board adopted the 5 th day of March, 1917. New Orleans, 1 9 Trustee." 13 (d) All bonds issued pursuant to and in conformity with this or¬ dinance and certified by the Trustee as herein provided are hereby declared to be a part of the single and entire issue authorized hereby and shall be of equal rank with respect to the security of the said mortgage and each of said bonds equally with every other of said bonds shall participate equally in such application to their payment of revenues of the Board of Commis¬ sioners of the Port of New Orleans authorized by Article 322 of the Consti¬ tution of Louisiana to be applied to such payment. (e) This Board hereby reserves the right to close the issue of bonds under and pursuant to this ordinance at any time before the aggregate amount of bonds authorized hereby shall have been sold and delivered, by executing an instrument authorized by ordinance of this Board, which instrument shall be recorded in the same manner as the mortgage hereinafter provided. A certified copy of such ordinance and of said instrument shall forthwith be delivered to said Trustee. This Board further stipulates and agrees with the holders of bonds issued under and pursuant to this ordinance that it will not issue any bonds pursuant to said Article 322 of the Constitution of Louisiana of 1913 or under any other constitutional or statutory authority authorizing a charge upon the revenues of said Board, except as herein provided, for dock, wharf, warehouse or grain elevator purposes without first closing this issue of bonds in the manner herein provided. If any bonds other than those hereby authorized shall be issued by said Board for dock, wharf, warehouse or grain elevator purposes, such act shall ipso facto close this issue and any and all such bonds shall be a separate, distinct and subsequent issue to the bonds authorized by this ordinance; provided, however, that nothing herein contained shall prevent this Board from acquiring lands for the use and pur¬ poses of said Board, subject to vendor's lien or other encumbrance, or in any manner which does not include a preferential lien or charge upon the revenues of this Board inconsistent herewith. SECTION 3. Be It Further Ordained, Etc., That pursuant to the au¬ thority conferred by Article 322, of the Constitution of Louisiana of 1913, to fix charges for storage on all goods or merchandise in the said warehouses and other structures, and for the purpose of providing means towards the pay¬ ment of the interest on the said bonded indebtedness, and towards providing for the payment of the principal thereof at maturity, the Board of Com¬ missioners of the Port of New Orleans, as an agency, and by authority, of the State of Louisiana, will fix and determine upon a proper and sufficient schedule of charges for the storage of goods in the warehouses and other structures to be constructed pursuant to this ordinance; which charges shall always be sufficient when taken in connection 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 14 rates and charges for the service and facilities rendered sufficient, with its other resources, not only to pay the operating expenses of the said warehouses and other structures, but also to pay the interest upon the bonds authorized hereby, and to make provisions for a sinking fund for the redemption of same at maturity. SECTION 6. Be It Further Ordained, Etc., That bonds authorized to be issued hereby shall be paid by preference out of the receipts of the ware¬ house or warehouses and other structures erected and to be erected, wholly or in part, with the proceeds thereof, after payment of operating expenses and so far as such receipts may be insufficient out of the entire receipts and revenues of said Port after the payment of operating expenses and prior bonded obligations, and whenever the said Board shall have sold any of the said bonds, and thereafter so long as any of the said bonds may be outstand¬ ing, this Board will place on deposit, on or before the first day of March of every year, with the Hibernia Bank and Trust Company, Trustee, to the credit of a special account, styled "PORT COMMISSION HARBOR IM¬ PROVEMENT GOLD BONDS, INTEREST FUND, ISSUE OF 191 7," an amount equal to the annual interest on all bonds authorized hereby, that may have been delivered, and for that purpose will always deposit on March 1st of each succeeding year 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 matur¬ ing coupons. The said Treasurer of the State of Louisiana is hereby em¬ powered and directed, and it is made his duty, to pay any and all interest coupons that may be due, when presented by any holder hereof. This Board will also during each and every year, from and after the first day of March, 1924, 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 HARBOR IMPROVE¬ MENT GOLD BONDS, REDEMPTION FUND, ISSUE OF 1917," 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 Louisi¬ ana, 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 maturities, 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 Orleans hereby irrevocably binds itself not to sell, lease or in any manner dispose of the said warehouses and other structures and the lands acquired and to be acquired with the pro¬ ceeds of said bonds, until the bonds issued hereunder, with the interest thereon, 15 shall have been paid in full; or, in case the said Board shall 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 interest, that shall then remain unpaid, and that in any event, it will not sell the said warehouses and other structures and lands for a sum les3 than sufficient to pay all outstanding bonds authorized hereby, with the in¬ terest thereon. SECTION 7. Be It Further Ordained, Etc., That until the said ware¬ houses and other structures 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 pro¬ vided, for the payment of the principal at maturity, and thereafter, so far as the receipts from the said warehouses and other structures, after the pay¬ ment of operating expenses and any prior charges, 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 payable out of the entire re¬ ceipts and revenues of the Port of New Orleans, after the payment of operat¬ ing expenses, and after providing for prior bonded obligations, in accordance with the terms of the contracts under which they were issued. SECTION 8. Be It Further Ordained, Etc., That pursuant to the au¬ thority conferred upon this Board by Article 322 of the Constitution of Louisiana of 1913, and otherwise, to mortgage the real estate on which said warehouses and other structures shall be erected, and the buildings erected thereon, for the purpose of securing the bonds issued for the completion of warehouses and other structures on the lands herein described, and the en¬ largement, extension and addition thereto, and for the construction and erec¬ tion of additional warehouses and other structures upon the said lands, and the acquisition of additional lands when necessary, and in order to secure the payment of the principal and interest of all bonds at any time issued and out¬ standing, under and pursuant to this ordinance, according to their tenor and effect, and the performance of all the covenants and conditions herein con¬ tained, the Board of Commissioners of the Port of New Orleans, in considera¬ tion of the premises, and of the purchase and acceptance of such bonds by the holders thereof, does hereby authorize to be mortgaged, affected, and specially hypothecated, (subject to any prior mortgages or hypothecations), to an amount or principal sum not to exceed Twenty-five Million Dollars ($25,000,000) in favor of each successive holder of said bonds, and of the coupons thereto attached, and to the Hibernia Bank and Trust Company, of the City of New Orleans, 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: 16 In the first place: All that tract of land situated, lying and being in the Sixth Munici¬ pal District of the City of New Orleans, Parish of Orleans, fronting on the Mississippi River and (excluding 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 Mississippi 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 hundred and twenty (2,920) feet more or less, to the westerly river corner of Napoleon Avenue and Leake Avenue; thence along the westerly line of the projection of Napoleon 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 projection of Soniat Street, the river side of Leake Avenue, and the westerly line of the projection of Napo¬ leon Avenue, and containing in superficial area, about sixty-two (62) acres. In the second place: All that tract of land situated, lying and being in the Sixth Muni¬ cipal District of the City of New Orleans, Parish of Orleans, and lying within and between the following boundaries, to-wit: A certain tract of land facing the Mississippi River in the Sixth Municipal District of the City of New Orleans adjoining the property now owned by the Board of Commissioners of the Port of New Orleans and occupied by them for cotton warehouse purposes: Begin¬ ning at the shore line of the Mississippi River at a point on the projected line of the easterly side of Soniat Street, said point being designated by the letter "A" on a plan annexed to and made part of the ordinance adopted on the 4th day of June, 1915, for further reference, thence extending 835 feet to a point "B" on said plan 133 feet 4 inches from Leake Avenue, thence extending in a westerly direction 50 feet 3 inches across Soniat Street to the point "C" at a dis¬ tance of 133 feet 4 inches from Leake Avenue, thence continuing in a westerly direction 251 feet 6 inches to the lower line of Dufossat Street at point "D" 1 35 feet 6 inches from Leake Avenue, thence across Du¬ fossat Street 50 feet 3 inches to the point "E" at a distance of 1 35 feet 6 inches from Leake Avenue, thence continuing westerly 300 feet 9 inches to a point "F," on the eastern side of Bellecastle Street, 125 feet 8 inches from Leake Avenue, thence 50 feet 2 inches across Bellecastle Street to the point "G" 124 feet 8 inches from Leake Avenue, thence in a westerly direction 362 feet 2 inches to the eastern side of Valmont Street; at the point "H" 126 feet 8 inches and 3 lines from Leake Avenue, thence 48 feet across Valmont Street to the point "I," thence north along the western line of Valmont Street 126 feet 8 inches to point "J" situated at the southwestern corner of Valmont Street and Leake Avenue, thence 842 feet 10 inches along the southern side of Leake Avenue to the point "K" the southeastern corner of Leake Avenue and Peters Avenue, thence along the eastern side of Peters 17 Avenue 791 feet to the point "L" on the shore line of the river, thence along the Mississippi River line about 2 1 00 feet to the point "A," first mentioned in this description; the whole containing 37 acres of land. The said lands having been acquired by this Board and upon said lands this Board heretofore determined to locate and erect warehouses and other structures, necessary to the commerce of the Port of New Orleans, and this Board does also hereby authorize to be mortgaged, affected arid specially hypothecated (subject to any prior mortgages and hypothecations), to the amount of the said principal sum in favor of the said holders of said bonds and to the said Trustee, the grain warehouse and elevator, the cotton warehouses and any and all other warehouses and other structures erected or that may be erected upon the said lands, and also any and all lands which may be acquired with the proceeds of any bonds issued hereunder and any and all warehouses and other structures necessary to the commerce of the Port of New Orleans that may be erected upon any lands hereafter to be acquired with the pro¬ ceeds of the said bonds, or that may be erected with said proceeds on any lands owned by said Port or subject to its power and control, 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. Also certain other lands to be hereafter improved with the funds hereby provided, shall be, and are likewise, subjected to the mortgage hereby granted, and when said lands have been segregated from the lands in pos¬ session of, or which may be hereafter acquired by, this Board, an exact de¬ scription thereof will be attached to, incorporated in, and made part of this ordinance and the act of mortgage therein provided for, the same, and as fully, to all intents and purposes, as if the said lands were herein described and made a part hereof, the true intent and meaning of this provision of said mortgage being to make any supplemental ordinances and acts of mortgage essential parts of this ordinance and mortgage as fully as if the same were passed and executed now with the present ordinance and the mortgage therein provided for. The said Board does further bind itself to maintain adequate insurance upon said warehouses and other structures, payable 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, rebuild 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 consent, agree and stipulate, that in the event that any of the said bonds shall not be punctually 18 paid at maturity, or in the event of any default for sixty days in the payment of any 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 (10) per cent 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 stipulate, covenant and agree, that in the event that any of the said bonds shall not be punctually paid at maturity, or in the event of any default or delay for sixty (60) days in the payment of any interest of said bonds, the said Trustee of its own motion may, or upon the written request 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 authorized to be effected, and for the appointment of a receiver to take possession of the mortgaged premises, and control and ad¬ minister 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 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 per¬ son appointed by the court pursuant hereto, or any purchaser of the said premises at any executory or judicial 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 warehouses and other structures, 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 any of the said bonds shall not be punctu¬ ally paid at maturity, or in the event of any default for sixty days in the pay¬ ment of any 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 delivered to said Board of Commis¬ sioners of the Port of New Orleans, declare the principal of all bonds then outstanding to be due and payable immediately, and upon any such declara¬ tion the principal shall become and be due and payable immediately, any¬ thing in said bonds, or this ordinance, to the contrary notwithstanding. The Board of Commissioners of the Port of New Orleans does further stipulate, covenant and agree, for the security of the said bondholders, that it will not use, hypothecate, 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 otherwise disposing of said bonds, from time to time, it 19 will well and truly apply, or cause to be applied, the same, or the proceeds 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 proceedings, the whole of the principal sum of the bonds hereby se¬ cured, if not previously declared due, shall at once become 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 assign¬ ments, for the better securing unto the said bondholders, and each of them as shall by the said bondholders be reasonably desired, advised and requested, through the said Trustee; and that from time to time as lands may be acquired with the proceeds of bonds authorized to be issued hereunder, it will without prejudice to the lien upon such lands created by the mortgage authorized to be executed hereby, execute and deliver such further deed, mortgage and assignment, as shall be necessary to effectuate the lien of the bonds hereby authorized upon such land so to be acquired. The Board of Commissioners of the Port of New Orleans, acting as an agency of the State of Louisiana, further 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 authenti¬ cated, be attached to the act of mortgage hereinafter provided to be recorded in the office of the Recorder of Mortgages of the Parish of Orleans, and the said Board does further authorize and empower the said President, 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 here¬ inbefore 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 prescribed by law, and by this ordinance. SECTION 9. Be It Further Ordained, Etc., That all the provisions of said Act No. 133 of 1910, adopted as an amendment to the Constitution of Louisiana in 1 898, as hereinbefore recited, and all of the provisions of said Article 322 of the Constitution of Louisiana of 1913, and otherwise, and all the provisions of this ordinance, shall constitute a contract between 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 20 Louisiana, thereunto duly authorized, does hereby pledge its full faith, credit and resources for the prompt and faithful performance of all the stipulations, conditions and obligations, undertaken and imposed upon it by this ordinance. SECTION 1 0. Be It Further Ordained, Etc., 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 thereon of warehouses and other structures in aid of the commerce of said Port, and the said ware¬ houses and other structures 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 interests in the said property, by pro¬ viding for the payment of the said bonds, by appropriation, or otherwise, as the said State, through its duly constituted authorities, may elect. SECTION 11. Be It Further Ordained, Etc., That the passage of this ordinance does not exhaust the powers of the said Board to acquire addi¬ tional lands, and to build additional warehouses or other structures on lands acquired, or hereafter to be acquired, 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 recited, and under said Article 322 of the Constitution of Louisiana of 1913, and other¬ wise, whenever the growing commerce of said Port may demand and require the same, and to secure the said bonds if not issued pursuant to the authority of this ordinance, by the specific pledge of the net receipts of the said addi¬ tional warehouses, structures and appurtenances, and to secure the said bonds if not issued pursuant to the authority of this ordinance by first mort¬ gage of the lands and buildings acquired and constructed with the proceeds of such additional bonds; provided that if any bonds other than those hereby authorized shall be issued by said Board for dock, wharf, warehouse or grain elevator purposes, this Board shall, in the manner herein provided, close the mortgage herein authorized. SECTION 12. The present and any future Trustee under this ordinance may resign and discharge itself or himself of the trusts hereby created, by notice in writing to the Board of Commissioners, Port of New Orleans, sixty days before such resignation shall take effect, or by such shorter notice as the said Board shall accept as adequate, and upon due and proper accounting in respect to the trust. In the event of such resignation, or of the neglect, refusal or incapacity 21 of the Trustee to act, said Board shall have full power and authority to, and will, nominate and appoint a Trustee or Trustees, such nomination and ap¬ pointment to be made by instrument in writing to be executed, acknowledged and recorded in the same manner as this ordinance. Any successor Trustee appointed hereunder shall be a trust company in good standing, doing business in the City of New Orleans, and shall have a capital and surplus aggregating at least two million dollars ($2,000,000), if there be such a trust company willing and able to accept the trust upon reasonable and customary terms. The Trustee shall not in any manner be responsible for the validity, legality or sufficiency of this indenture as a mortgage or pledge, nor as to the execution, acknowledgment and recording hereof, nor as to the validity and legality of the bonds hereby secured, nor as to the proper disposition of the bonds and their proceeds. The Trustee shall not, in any manner, be responsible or liable for any act, default or misconduct of any agent or agents by it employed, nor shall it be accountable except for its own willful neglect or misconduct. SECTION 1 3. Be It Further Ordained, Etc., That this ordinance shall take effect from and after its passage; that all laws or parts of laws in con¬ flict or inconsistent therewith be and the same are hereby repealed, and that the motion made and carried on March 9th, adopting and approving a certain form of act of mortgage and pledge of revenues is expressly repealed, and that the ordinance adopted on March 9, 1917, approving and confirm¬ ing an act of mortgage and pledge of revenues, as executed, be and the same is expressly repealed, and the said mortgage is hereby directed to be canceled. Promulgated March 25 th, 1917. Li J n1 n 22 Art of ilortgagr anii •pirftgr of Srurmtra UNITED STATES OF AMERICA, STATE OF LOUISIANA, PARISH OF ORLEANS, CITY OF NEW ORLEANS Be It Known, That on this twenty-sixth day of the month of March, in the year of our Lord, One Thousand, Nine Hundred and Seventeen, and of the Independence of the United States of America, the One Hundred and Forty-First: Before me, ARTHUR JOHN PETERS, a Notary Public, duly commis¬ sioned, sworn and qualified, in and for the City of New Orleans, in the Parish of Orleans and State of Louisiana, domiciliated in the said City, Parish and State, and in the presence of the witnesses hereinafter named and under¬ signed: Personally came and appeared: Honorable WILLIAM B. THOMPSON, 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 empowered, under and by virtue of resolutions and ordinances of the said Board of Commissioners of the Port of New Orleans, passed on the 5th and 24th days of March, 1917, duly certified copies whereof are 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 Orleans, a State agency, and acting under authority of the State of Louisiana, is justly and truly indebted unto the Hibernia Bank and Trust Company, Trustee, a corporation organized under the laws of the State of Louisiana, and 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 26th day of March, 1917, a duly certified copy whereof is hereto annexed, in a full and true sum not to exceed Twenty-five Million Dollars ($25,000,000) borrowed money, which the said Hibernia Bank and Trust Company, Trustee, has this day loaned and advanced and agreed to loan and advance to the said Board of Commissioners of the Port of New Orleans, as an agency and instrumentality of the State of Louisiana, in the manner and form and under the terms and conditions as hereinafter set forth, and for the reimbursement whereof the Board of Commissioners of the Port of New Orleans by ordinances duly adopted by it on the 5th and 24th days of March, 1917, has directed and provided that there shall be issued negotiable coupon bonds of the said Board in the form, terms and manner provided in said ordinances to an amount not to exceed Twenty-five Million Dollars, and has further directed that bonds to be now sold and delivered of the issue author¬ ized by the said ordinances of March 5th and March 24th, 1917, to the amount of $4,000,000 shall be four thousand seven hundred and five 25 (4,705) in number, and shall consist of three thousand eight hundred and fifty-five (3,855) bonds of the denomination of One Thousand Dollars each; one hundred and fifty (150) bonds of the denomination of Five Hundred Dollars each; and seven hundred (700) bonds of the denomination of One Hundred Dollars each; said bonds to the amount of Four Million Dollars to be numbered from A-1 to A-4705, both numbers inclusive, and to bear date March 1 st, 1917, the coupons for interest to be payable on the first days of March and September in each year, and they shall mature and become payable serially as follows: Maturities: Principal: Denomination: Numbers: March 1. 1925, $50,000 $1,000 A1-50 1926, 50,000 1,000 A51-100 1927, 50,000 1,000 A1 01 -1 5 0 1928, 60,000 1,000 A1 5 1 -21 0 1929, 60,000 1,000 A21 1-270 1930, 40,000 1,000 A2 71-310 1930, 20,000 100 A31 1-510 1931, 70,000 1,000 A51 1-580 1932, 80,000 1,000 A581-660 1933, 80,000 1,000 A661-740 1934, 80,000 1,000 A741-820 1935, 90,000 1,000 A82 1-910 1936, 65,000 1,000 A91 1-975 1936, 25,000 100 A976-1225 1937, 90,000 1,000 A1 226-1 31 5 1938, 100,000 1,000 A1 31 6-141 5 1939, 100,000 1,000 A141 6-1 5 1 5 1940, 85,000 1,000 A1 5 1 6-1600 1940, 25,000 100 A1 601-1850 1941, 1 10,000 1,000 A185 1 -1960 1942, 120,000 1,000 A1961 -2080 1943, 120,000 1,000 A2081 -2200 1944, 125,000 1,000 A2201 -2325 1945, 105,000 1,000 A2326-2430 1945, 25,000 500 A2431 -2480 1946, 135,000 1,000 A2481 -261 5 1947, 140,000 1,000 A261 6-2 755 1948, 150,000 1,000 A2756-2905 1949, 160,000 1,000 A2906-3065 1950, 1 70,000 1,000 A3066-3235 1951, 155,000 1,000 A3236-3390 1951, 25,000 500 A3391-3440 1952, 190,000 1,000 A3441-3630 1953, 175,000 1,000 A3631 -3805 1953, 25,000 500 A3806-3855 1954, 205,000 1,000 A3856-4060 1955, 210,000 1,000 A4061 -42 70 1956, 215,000 1,000 A4271-4485 1957, 220.000 1,000 A4486-4705 26 all of the said bonds to evidence in the hands of the holders thereof moneys borrowed by the Board of Commissioners of the Port of New Orleans for the purposes specified and provided in Act 133 of the General Assembly of 1910, ratified and adopted as an Amendment to the Constitution of Louisiana of 1898 at the General Election of November, 1910, Article 322 of the Con¬ stitution of Louisiana of 1913, Act No. 1 4 of the General Assembly of Louisi¬ ana of 1915 and otherwise, the moneys so borrowed being advanced and loaned and to be hereafter advanced and loaned by the said Trustee or by persons for whom the Trustee has agreed to act. The bonds presently issued bear interest at the rate of four and one-half per centum (4 J/2%) per annum, payable semi-annually on the first days of March and September 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 attached to said bonds have been engraved or lithographed the fac-simile signatures of said President and Sec¬ retary, and said fac-simile signatures of said President and Secretary, as afore¬ said, have been declared and adopted as a sufficient and authentic execution of said coupons. That the form of said bonds and the coupons attached thereto is as fol¬ lows: UNITED STATES OF AMERICA STATE OF LOUISIANA PORT COMMISSION HARBOR IMPROVEMENT GOLD BOND 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 promises to pay to bearer on the first day of 19 , the sum of Dollars, together with the interest thereon from the date hereof, until said principal sum is paid, at the rate of per annum, payable semi-annually on the first days of and in each year, on presentation and surrender of the respective coupons hereto attached as they severally become due. Both principal 27 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 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 issued for the purpose of acquiring lands and erecting and constructing public warehouses and other structures for the use of the commerce of the State of Louisiana and the said Port, and is issued under the authority of, and in strict compliance with, the Con¬ stitution and statutes of the State of Louisiana, including among others Act No. 1 33 of the General Assembly of 1910, ratified and adopted as an amendment of the Constitution of Louisiana of 1 898, 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, including an ordi¬ nance adopted the 5th day of March, 1917, 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 mortgage on the lands acquired and to be acquired and the public warehouses and other structures erected and to be erected with the proceeds of the issue of which this bond is a part, and of the real estate upon which said warehouses and other struc¬ tures are situated, and is also a charge against the revenues from the said warehouses and other structures and real estate after payment of oper¬ ating expenses, and any prior charges. 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 performed 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 wtih all other indebtedness does not exceed any limit pre¬ scribed by the Constitution or statutes of said State. This bond may be registered in the name of the owner, the registry to be certified hereon by the Treasurer of the State of Louisiana, and the name of the registered owner of this bond to be placed in the registration clause on the back hereof, together with the signature of said Treasurer, after which no transfer shall be valid, unless made by the registered owner in person or by attorney upon the books of said Treasurer, and 28 the name of the new registered owner similarly placed on the back of this bond. This bond may be discharged from registration by being trans¬ ferred to bearer, after which it shall be transferable by delivery, but it may be again registered as before. Said coupons may be separated from the bond and surrendered to the said Treasurer for cancellation, in which case interest shall be payable to the registered holder or order. This bond is exempt from all taxation, State, Parish and Municipal. All the provisions of said Act No. 1 33 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 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 attached has been signed with the engraved or lithographed fac-simile signatures of said President and Secretary, and this bond has been dated , 19 President, Board of Commissioners, Port of New Orleans. Countersigned: Secretary, Board of Commissioners, Port of New Orleans. (FORM OF COUPON.) $ On the first day of , I 9 the Board of Commis¬ sioners 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 the Port of New Orleans Harbor Improvement Gold Bond, dated 1 9 No President. 29 Secretary. (FORM OF TRUSTEE'S CERTIFICATE.) "The within bond is one of an issue made by the Board of Com¬ missioners of the Port of New Orleans, acting as an agency of the State of Louisiana, under and pursuant to Ordinances of said Board adopted the 5 th day of March, 1917. "New Orleans, , 19 "Trustee." (FORM OF REGISTRATION.) (Notice.—No writing on this bond except by the Treasurer of the State of Louisiana.) In accordance with a provision in this bond, this bond may be registered in the name of the owner, the registry to be certified hereon by the Treasurer of the State of Louisiana, after which no transfer shall be valid unless made 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 in the registration clause hereon, but this bond may be discharged from registration by being transferred to bearer, after which it shall be transferable by delivery, but it may be again registered as before. The registration of this bond shall not restrain the negotia¬ bility of the coupons by delivery merely, until the surrender and cancel¬ lation of the said coupons as provided in said bond. Date of Registration: In Whose Name Registered: State Treasurer: In accordance with a provision in this bond, the unmatured coupons issued herewith have been surrendered by the holder of the bond and cancelled by the Treasurer of the State of Louisiana. The semi-annual interest on the bond is hereafter to be paid to the registered holder or order upon proper acknowledgment of the receipt thereof. Dated, Baton Rouge, Louisiana, , 1 9 Treasurer of the State of Louisiana. 30 That pursuant to the provisions of Article 322 of the Constitution of Louisiana of 1913, and otherwise, additional bonds of the issue authorized by ordinances herein referred to, adopted March 5 th and 24th, 1917, shall be sold and delivered from time to time as the said Board shall hereafter determine, for the purpose of acquiring lands and erecting and constructing public warehouses and other structures necessary to the commerce of the port of New Orleans; that the total amount of bonds of the issue authorized by said ordinance or ordinances shall not exceed Twenty-five Million Dollars ($25,000,000) ; that such additional bonds shall be in substantially the form hereby provided, and shall be dated of the date of issue and delivery, and of such maturities and bearing such rate of interest not exceeding five per cent per annum as may be hereafter fixed and determined by said Board, subject to the limitations of said ordinances; provided, however, that additional bonds shall only be sold and delivered hereunder upon the terms and in the manner following, to-wit: (a) Said bonds shall only be sold and delivered in the event that the net income and revenues of said Board computed as hereinafter provided, for the twelve (12) months immediately preceding shall have been at least equal to the annual interest charge upon such additional bonds. Such net earnings shall be computed in the following manner: From the gross income and revenues of said Board for the twelve (12) months immediately preceding, excluding moneys borrowed and capital real¬ izations, if any, from sales or any other source, there shall be deducted the operation expenses and proper and sufficient maintenance during said period, also one year's interest on all bonds of said Board outstanding and unpaid and a sum equal to the amount of any bonds maturing and becoming payable within the period of twelve (12) months thereafter. In the event that it is proposed to acquire with the proceeds of bonds issued hereunder warehouses or other structures necessary to the commerce of the Port of New Orleans and the lands upon which the same may be erected, and such warehouses and other structures are already completed and in operation and producing an income or revenue, the net income and revenue of such warehouses and other structures for the twelve months immediately preceding the date of the sale and delivery of bonds hereunder computed by deducting from the gross income and revenues thereof the operating expenses and proper and sufficient maintenance during said period, shall be included in computing the net earn¬ ings of said Board. For the purpose of said provision before any additional bonds shall be sold and delivered hereunder, a detailed statement of the net income and revenues of said Board and of any completed warehouses and other structures necessary to the commerce of the Port which are in operation and producing an income or revenue computed in the manner herein directed and showing the sources of said net income and revenue and a statement of 31 the manner in which the same is computed, shall be prepared, signed, and certified by all the members of said Board and filed with the Trustee. Before any additional bonds shall be sold and delivered hereunder, the amount of the net income and revenues of said Board and of such completed warehouses and other structures, if any, and the sufficiency thereof to comply with the terms of this clause shall be ascertained by the said Trustee and for that pur¬ pose the said Trustee shall have the right to investigate and examine the books and papers of said Board and to make such inquiries as it may deem expe¬ dient at the expense of said Board and no additional bonds shall be sold and delivered hereunder, unless the Trustee shall certify to the amount of the net income, and revenues computed as herein directed and the sufficiency thereof to comply with the terms of this clause. (b) The proceeds of any additional bonds delivered hereunder shall be deposited in such bank or banks and on such terms and security and other conditions as said Board shall determine, subject always to the approval there¬ of by the Trustee, and shall be paid out and applied on check or warrant coun¬ tersigned by said Trustee only for acquiring lands and real property for sites for warehouses and other structures necessary to the commerce of the Port of New Orleans, and for erecting and constructing such warehouses and other structures under and pursuant to the provisions of Article 322 of the Consti¬ tution of Louisiana of 1913, Act No. 1 4 of 1 9 1 3, or otherwise. The proceeds of the bonds issued under said ordinances shall only be used in the acquisi¬ tion of lands free and clear of all liens and encumbrances, or in the erection of warehouses or other structures on lands then vested in the Board, or over which it shall have jurisdiction, control and power to mortgage, unencum¬ bered save by the lien of this mortgage and the mortgages of April 22, 1914, and June 4, 1915, and no part of the proceeds of any bonds authorized hereunder shall be expended in the erection of warehouses or other struc¬ tures on lands which are subject to any encumbrance, other than the lien of the mortgage hereby authorized, and said mortgages authorized by said ordinances of April 22, 1914, and June 4, 1915. (c) All bonds issued pursuant to said ordinances and coming under their provisions, shall be certified by the said Trustee by endorsement thereon in the following form, to-wit: "The within bond is one of an issue made by the Board of Com¬ missioners of the Port of New Orleans, acting as an agency of the State fo Louisiana, under and pursuant to Ordinance of said Board adopted the day of , 1 9 "New Orleans, , 19 32 "Trustee." (d) All bonds issued pursuant to and in conformity with said ordi¬ nances and certified by the Trustee as herein provided, are hereby declared to be a part of the single and entire issue authorized hereby, and shall be of equal rank with respect to the security of the said mortgage, and each of said bonds equally with every other of said bonds shall participate equally in such application to their payment of revenues of the Board of Commissioners of the Port of New Orleans authorized by Article 322 of the Constitution of Louisiana to be applied to such payment. (e) Said Board hereby reserves the right to close the issue of bonds under and pursuant to said ordinances at any time before the aggregate amount of bonds authorized thereby shall have been sold and delivered, by executing an instrument authorized by ordinance of said Board, which instrument shall be recorded in the same manner as the mortgage hereinafter provided. A certified copy of such ordinance and of said instrument shall forthwith be delivered to said Trustee. Said Board further stipulates and agrees with the holders of bonds issued under and pursuant to said ordinances that it will not issue any bonds pursuant to said Article 322 of the Constitution of Louisiana of 1913, or under any other constitutional or statutory authority authorizing a charge upon the revenues of said Board, except as herein provided for dock, wharf, warehouse or grain elevator purposes without first closing this issue of bonds in the manner herein provided. If any bonds other than those hereby authorized shall be issued by said Board for dock, wharf, warehouse or grain elevator purposes, such act shall ipso facto close this issue and any and all such bonds shall be a separate, distinct and subsequent issue to the bonds authorized by said ordinances; provided, however, that nothing herein contained shall prevent said Board from acquiring lands for the use and pur¬ poses of said Board, subject to vendor's lien or other encumbrance, or in any manner which does not include a preferential lien or charge upon the revenues of said Board inconsistent herewith. That pursuant to the authority conferred by Article 322 of the Consti¬ tution of Louisiana of 1913, and otherwise, to fix charges for storage on all goods or merchandise in the said warehouses and other structures, and for the purpose of providing means towards the payment of the interest on the said bonded indebtedness and towards providing 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 fix and determine upon a proper and sufficient schedule of charges for the stor¬ age of goods in the warehouses and other structures to be constructed pur¬ suant to said ordinances; which charges shall always be sufficient when taken in connection 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 33 and facilities rendered sufficient, with its other resources, not only to pay the operating expenses of said warehouses and other structures, but also to pay the interest upon the bonds authorized, and to make provisions for the sinking fund for the redemption of the same at maturity. That the bonds authorized to be issued by said ordinances and secured hereby shall be paid by preference out of the receipts of the warehouse or warehouses and other structures erected and to be erected wholly or in part with the proceeds thereof, after payment of operating expenses, and so far as such receipts may be insufficient out of the entire receipts and revenues of said Port after the payment of operating expenses and prior bonded obli¬ gations, said receipts being hereby appropriated, dedicated and pledged for that purpose, and whenever said Board shall have sold any of said bonds, and thereafter, so long as any of the said bonds may be outstanding, said Board shall place on deposit on or before the first day of March of every year with the Hibernia Bank & Trust Company, Trustee, to the credit of a special account styled, "PORT COMMISSION HARBOR IMPROVEMENT GOLD BONDS, INTEREST FUND, ISSUE OF 191 7," an amount equal to the annual interest on all boijds authorized hereby that may have been delivered, and for that purpose will always deposit on March 1 st of each succeeding year 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 (15) 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. Said Board will also during each and every year, from and after the first day of March, 1924, place on deposit with the said Hibernia Bank & Trust Company, Trustee, to the credit of a special fund or account to be known and Styled as "PORT COMMISSION HARBOR IMPROVEMENT GOLD BONDS, REDEMPTION FUND, ISSUE OF 1917," 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 (15) 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 maturities, when presented by any holder thereof. And the said Board of Commissioners of the Port of New Orleans does not only mortgage the premises hereinafter described in the manner herein¬ after written, but does also hereby further bind itself to mortgage in favor of the said Trustee and the holders of all bonds issued and to be issued under the said ordinances and to execute such further mortgage acts and other in- 34 struments as may be necessary to effectuate the lien of this mortgage upon any property it may hereafter acquire and any buildings which it may hereafter erect or build from the proceeds of said bonds and hereby gives to the said Trustee and to the holders of said bonds a first and preferential lien or charge upon the net revenues and receipts of all property acquired and to be acquired with the proceeds of the bonds issued and to be issued under said ordinances or this act of mortgage, as well as a lien or charge upon the net receipts of said Board from all other sources, which latter lien or charge is subordinate only to any bonds of this Board heretofore issued and outstanding at the date of the adoption of said ordinances, it being the intent of this Act that all bonds issued under and by virtue of the provisions of the said ordinances and delivered to the purchasers shall have equal lien, mortgage and privilege upon the property and revenues securing the same. In case of issuance of any bonds pursuant to said ordinances the Board of Commissioners of the Port of New Orleans hereby irrevocably binds itself not to sell, lease or in any manner dispose of the said warehouses and other structures, and the lands acquired and to be acquired or improved, with the proceeds of said bonds, until the bonds issued thereunder 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 money derived from the sale or other disposition thereof, all bonds, principal and interest, that shall then remain unpaid; and that in any event, it will not sell the said warehouses and other structures and lands for a sum less than sufficient to pay all outstanding bonds authorized hereby with interest thereon. That until the said warehouses and other structures have been com¬ pleted, 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 matu¬ rity, and thereafter, so far as the receipts from the said warehouses and other structures, after the payment 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 payable out of the entire receipts and revenues of the Port of New Orleans, after the payment of oper¬ ating expenses, and after providing for prior bonded obligations in accord¬ ance with the terms of the contracts under which they were issued. That in accordance with the said ordinances of the said Board of Com¬ missioners of the Port of New Orleans, annexed to and made a part of this Act as aforesaid, bonds of the issue hereby authorized have been sold and de¬ livered to the said Trustee for delivery to the purchasers thereof, and the said Trustee acknowledges the receipt of the same to the amount of Four Million Dollars ($4,000,000) ; said bonds are four thousand 35 seven hundred and five (4,705) in number, and consist of three thousand eight hundred and fifty-five (3,855) bonds of the denomination of One Thou¬ sand Dollars ($1,000) each; one hundred and fifty (150) bonds of the denomination of Five Hundred Dollars ($500) each; and seven hundred (700) bonds of the denomination of One Hundred Dollars ($100) each; said Four Million Dollars ($4,000,000) of bonds shall be numbered from A-l to A-4705, both numbers inclusive; shall bear date March first, 1917, the date of their issue; the coupons for interest shall be payable on the first days of March and September of each year; and they shall mature and be- come payable serially and as follows: Maturities: Principal: Denomination: Numbers: March 1, 1925, $50,000 $1,000 Al-50 1926, 50,000 1,000 A51-100 1927, 50,000 1,000 A1 01 -1 5 0 1928, 60,000 1,000 A1 5 1 -210 1929, 60,000 1,000 A211-270 1930, 40,000 1,000 A2 71-310 1930, 20,000 100 A31 1-510 1931, 70,000 1,000 A51 1-580 1932, 80,000 1,000 A581-660 1933, 80,000 1,000 A661-740 1934, 80,000 1,000 A741-820 1935, 90,000 1,000 A821-910 1936, 65,000 1,000 A91 1-975 1936, 25,000 100 A976-1225 1937, 90,000 1,000 A1 226-1 31 5 1938, 100,000 1,000 A1 316-141 5 1939, 100,000 1,000 A141 6-15 15 1940, 85,000 1,000 A1 51 6-1 600 1940, 25,000 100 A1 601-1850 1941, 1 10,000 1,000 A1 85 I -1960 1942, 120,000 1,000 A1961 -2080 1943, 120,000 1,000 A2081 -2200 1944, 125,000 1,000 A220I -2325 1945, 105,000 1,000 A2326-2430 1945, 25,000 500 A2431 -2480 1946, 135,000 1,000 A2481 -261 5 1947, 140,000 1,000 A261 6-2755 1948, 150,000 1,000 A2756-2905 1949, 160,000 1,000 A2906-3065 1950, 1 70,000 1,000 A3066-3235 1951, 155,000 1,000 A3236-3390 1951, 25,000 500 A3391 -3440 1952, 190,000 1,000 A3441 -3630 1953, 175,000 1,000 A3631 -3805 1953, 25,000 500 A3806-3855 1954, 205,000 1,000 A3856-4060 1955, 210,000 1,000 A4061-4270 1956, 215,000 1,000 A42 71-4485 1957, 220,000 1,000 A4486-4705 36 And the said appearer, HONORABLE WILLIAM B. THOMPSON, President of the Board of Commissioners of the Port of New Orleans, declared that pursuant to authority conferred upon said Board by Article 322 of the Constitution of Louisiana of 1913, Act No. 14 of 1915, and otherwise, to mortgage the real estate on which said warehouses and other structures shall be erected, and the buildings erected thereon, for the purpose of securing the bonds issued for the erection of said warehouses and other structures and acquisition of said lands, and in order to secure the payment of the principal and interest of all bonds at any time issued and outstanding, under and pur¬ suant to said ordinances of the Board of Commissioners of the Port of New Orleans enacted on March 5 th and 24th, 1917, and annexed hereto as afore¬ said, according to their tenor and effect, and the performance of all the cov¬ enants and conditions therein contained, 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 acceptance of such bonds by the holders thereof, does hereby mortgage, effect and specially hypothecate to an amount or principal sum not to exceed Twenty-five Million Dollars ($25,000,000) in favor of each successive holder of said bonds hereby issued and to be issued in accordance herewith and of the coupons thereto attached, and to the Hibernia Bank and Trust Company, of the City of New Orleans, La., 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: The lands and premises described in the said ordinance passed and adopted the 22nd day of April, 1914, upon which the erection and con¬ struction of said warehouses has already been begun, are situated and described as follows, to-wit: (said lands being hereinafter referred to as the lands described in the first place) : All that tract of land situated, lying and being in the Sixth Muni¬ cipal District of the City of New Orleans, Parish of Orleans, fronting on the Mississippi River and (excluding 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 Mississippi 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 thou¬ sand nine hundred and twenty (2,920) feet, more or less, to the west¬ erly river corner of Napoleon avenue and Leake avenue; thence along the westerly line of the projection of Napoleon 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 Missis¬ sippi River, easterly line of the projection 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. The lands and premises described in the said ordinance passed and adopted on the 4th day of June, 1915, and hereinafter referred to as described in the second place, are situated and are described as follows, to wit: All that tract of land situated, lying and being in the Sixth Muni¬ cipal District of the City of New Orleans, Parish of Orleans, and lying within and between the following boundaries, to wit: A certain tract of land facing the Mississippi River in the Sixth Municipal District of the City of New Orleans adjoining the property now owned by the Board of Commissioners of the Port of New Orleans, and occupied by them for cotton warehouse purposes:—Beginning at the shore line of the Mississippi River at a point on the projected line of the easterly side of Soniat Street, said point being designated by the letter "A" on a plan annexed to and made part of the ordinance adopted on the 4th day of June, 1915, for further reference, thence extending 835 feet to a point "B" on said plan 1 33 feet 4 inches from Leake avenue, thence extending in a westerly direction 50 feet 3 inches across Soniat Street to the point "C" at a distance of 1 33 feet 4 inches from Leake Avenue, thence continuing in a westerly direction 25 1 feet 6 inches to the lower line of Dufossat Street at point "D" 1 35 feet 6 inches from Leake Avenue, thence across Dufossat Street 50 feet 3 inches to the point "E" at a distance of 1 35 feet 6 inches from Leake Avenue, thence continuing westerly 300 feet 9 inches to a point "F," on the eastern side of Bellecastle Street, 125 feet 8 inches from Leake Avenue, thence 50 feet 2 inches across Bellecastle Street to the point "G" 1 24 feet 8 inches from Leake Avenue, thence in a westerly direction 362 feet 2 inches to the eastern side of Valmont Street, at the point "H" 126 feet 8 inches and three lines from Leake Avenue, thence 48 feet across Valmont Street to the point "I," thence north along the western line of Valmont Street 126 feet 8 inches to point "J" situated at the southwestern cor¬ ner of Valmont Street and Leake Avenue, thence 842 feet TO inches along the southern side of Leake Avenue to the point "K" the southeast¬ ern corner of Leake Avenue and Peters Avenue, thence along the eastern side of Peters Avenue 791 feet to the point "L" on the shore line of the river, thence along the Mississippi River line about 2,100 feet to the point "A," first mentioned in this description; the whole containing 37 acres of land. The above lands and premises hereinbefore referred to as described in the first and second places, are to be subjected to the mortgage hereinbefore referred to, to secure the issue of bonds hereby authorized. Certain other lands to be hereafter improved with the funds hereby pro¬ vided are to be likewise subjected to the mortgage hereinbefore referred to, by supplemental ordinances and acts of mortgage, and shall become and be 38 essential parts of this mortgage as fully as if the same were passed and exe¬ cuted now with the present ordinances and the mortgage therein provided for. Said lands described in the first and second places have been acquired with the proceeds of bonds heretofore authorized to be issued and upon which lands said Board heretofore determined to locate and erect warehouses and other structures necessary to the commerce of the Port of New Orleans, and said Board does hereby mortgage, effect and specially hypothecate (sub¬ ject to any prior mortgages and hypothecations) in an amount not to ex¬ ceed the said principal sum of Twenty-five Million Dollars in favor of the said holders of said bonds and to the said Trustee, the Grain Warehouse and Elevator, the Cotton Warehouse, and any and all warehouses and other structures erected or that may be erected upon the said lands, and also any and all lands which may be acquired with the proceeds of any bonds issued hereunder and any and all warehouses and other structures necessary to the commerce of the Port of New Orleans that may be erected upon any lands hereafter to be acquired with the proceeds of the said bonds, or that may be erected with the said proceeds on any lands owned by said port, or sub¬ ject to its power and control, 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 Commis¬ sioners 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 and other structures payable 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, rebuild and restore the same and to place the same in as good condition as before such loss or destruction. And the said Board of Commissioners of the Port of New Orleans does further declare that it does consent, agree and stipulate that in the event any of 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 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 (10) per cent of the amount of the outstanding bonds to cause, all and singular, the said here¬ inbefore 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 stipulate, covenant and agree, that, in the event that any of the said bonds shall not be punctually paid at maturity, or in the event of any default or delay for sixty (60) days in the payment of any interest on said bonds, the said Trustee 39 of its own motion may, or upon the written request of the holders of ten (1 0) 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 mort¬ gage 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 authorized 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 stip¬ ulated, 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 judicial sale thereof, shall have power to collect any and all fees and charges authorized by said ordinances, or by law, in respect of the said warehouses and other structures, and in respect of the storage and other facili¬ ties furnished therein, etiher 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 that any of 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 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 out¬ standing shall, by notice in writing delivered to said Board of Commissioners of the Port of New Orleans, declare the principal of all bonds then outstand¬ ing 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 said ordinances, to the contrary notwithstanding. And the said Board does further stipulate, covenant and agree, for the security of the said bondholders that it will not use, hypothecate, sell or dis¬ pose of any bonds hereby authorized in any manner other than in accordance with the provisions of said ordinances, and the agreements in that behalf herein contained, and in issuing, selling, hypothecating or otherwise disposing of said bonds from time to time it will well and truly apply, or cause to be applied, the same, or the proceeds 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 judi¬ cial proceedings, the whole of the principal sum of the bonds hereby secured if not previously declared due, shall at once become due and payable, any¬ thing in the said bonds or said ordinances or this instrument to the contrary notwithstanding. And the said Board of Commissioners of the Port of New Orleans does further stipulate, covenant and agree, that it will, from time to time, and at 40 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 be reasonably desired, advised and requested by said Trustee, or by said bondholders through the said Trustee; and that from time to time as lands may be acquired with the proceeds of bonds authorized to be issued here¬ under, it will without prejudice to the lien upon such lands created by the mortgage authorized to be executed hereby, execute and deliver such further deeds, mortgage and assignment as shall be necessary to effectuate the lien of the bonds hereby authorized upon such lands so to be acquired. And the said William B. Thompson, acting in his capacity aforesaid, hereby declared that the said property having been taken and acquired by purchase or by the right of eminent domain existing in said Board, or other¬ wise, that same has not been alienated or encumbered by the said Board of Commissioners of the Port of New Orleans, and is free from all liens, encum¬ brances and mortgages, except the liens, encumbrances and mortgages granted by ordinances passed April 22, 1914, and June 4, 1915, and the said Hibernia Bank and Trust Company, Trustee, declares itself satisfied with said declaration, holding me, the said Notary Public, harmless in the premises, and the said William B. Thompson, President, hereby binds the said Board of Commissioners of the Port of New Orleans to procure, as soon as same can be made out and certified to by the Register of Conveyances and Recorder 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, Parish of Orleans, and State of Louisiana, on the day, month and year herein first above written, in the presence of Rudolf S. Hecht and Tiley S. McChesney, competent witnesses, who hereunto sign their names with the said appearers, and me, Notary Public, after due reading of the whole. (Original Signed) W. B. THOMPSON, President. JNO. J. GANNON, P't. A. J. PETERS, Notary Public. Witnesses: R. S. HECHT, TILEY S. McCHESNEY. 41 RECORDED IN THE MORTGAGE OFFICE Book No. 1208, Folio No New Orleans, La., March 26, 1917. (Original Signed) EMILE J. LEONARD, D'y. R. (Seal) 42 UNITED STATES OF AMERICA STATE OF LOUISIANA PARISH OF ORLEANS CITY OF NEW ORLEANS. I, ARTHUR JOHN PETERS, a Notary Public, duly commissioned and qualified in and for the City of New Orleans, Parish of Orleans, and State of Louisiana; Do Hereby Certify, That the above and foregoing is a true and correct copy of the original act of mortgage of property and pledge of revenues by THE BOARD OF COMMISSIONERS OF THE PORT OF NEW ORLEANS To the HIBERNIA BANK AND TRUST COMPANY, TRUSTEE, as passed before me on March 26th, 1917, and of the ordinances and resolu¬ tions adopted by said Board authorizing the execution of said act of mortgage and pledge of revenues thereto attached. Also, of the certificate of the Recorder of Mortgages for the Parish of Orleans, State of Louisiana, of the recordation of said act of mortgage and pledge of revenues, and said ordinances and resolution, in Book 1208, Folio et seq., of his office, on March 26th, 1917. In Witness Whereof, I have hereunto set my hand and affixed the impress of my official seal at New Orleans, La., this day of March, 1917. Notary Public. 43 loarii of (Eommtssuntrrs of ilje Pert of New Orleans WILLIAM B. THOMPSON, President BERNARD B. HANS, Vice-President EDWARD S. KELLY, M. D., Secretary OSCAR P. GEREN THOMAS J. KELLY TILEY S. McCHESNEY, Treas. & Asst. Secty. ARTHUR McGUIRK, Special Counsel •Dfaui (Orleans, SumiBiatta Second Port U. S. A. Bkandao Printing Co., New Okljkans 0