New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-05-17
THE RALROAD.
THE BIGBEE RIVER.
The Subscription Ordinance.

the Finance Committee to the Council, and APP
proved by the City Attorney, Thos R. Wolfe
! We recommend those who feel interested in the
matter to read it carefully: ...
AN 0RpINANcE to authorize the Mayor of the city
New Orleans. in pursuance of the powers and subject
to the conditions therein mentioned of the of til.
Legislature of the State of Louisiana approved 15tt
March, 1854 to subscribe behalf of the city to the
Stock of the Poutcharsran Railroad Company to con
| struct railroad from Mobile New Orleans.
/ Be it ordained by the Common Council OF
the city of -Neso Orleans, That the Mayor Of
the city of New Orleans subscribe on behalf Of
the city of New Orleans, to the stock of the
EPontchartrain Railroad Company, in the sum
4 of ISL SOC, 0b0: Provsded, he depot shall not
be removed from its present location above Canal
street.
SEC, q Be 1T further ordained, etc, That
the subscription of the city to the stock Of said
company shall be payable in bonds of said CITY
for $l0dO each, having thirty years to run,
bearing interest at the rate of per cent per
annum. with interest coupons attached, payable
semi annually in New Orleans or New York,
transferable by the endorsement of the president
and secretary of the said company and said
i bonds may be converted into the stock of the
i said company at any time not exceeding FIVE
/ years from their date, under such regulations
as the president and directors NAV see fit to
adopt, the parties in interest agreeing thereto.
Sac. 3 BE az further ordained, etc, That q
tax on every species of property, occupation,
| trade or profession now taxable in said CITY,
4 shall be laid in January of each year, com
mencing in January, 1866, sufficient to pay the
annual interest on said bonds, specifying the
rate of said tax, which shall be collected at the
same time and in the same manner as the con-
sulidated loan tax of said city.
| Sec 4 Be it further ordained, etc, That
the bonds OF the city, issued for the stock of the
said company, shall be issued and received at
| their par value for said stock and to insure the
full and punctual discharge at maturity of said
bonds, the stock of the said company thus issued
TO the city of New Orleans shall be forever
| pledged for the redemption of said bonds in the
amount OF ten shares for each bond of one thou
sand dollars
SEC. 8 Be 1t further ordained, etc, That
] In pursuance of section third of the act of the
! Legislature above recited of March Is, 1854 all
| ordinances, resolutions or other acts passed by
| the Common Council after the first day of Jan
| uary Of each year, commencing OH LIST January.
| 1906, except an ordinance to impose said CON
| soldation loan tax, and an ordinance imposing
q tax specially for the payment of the annual
| interest on bonds issued by the city of New Or
leans as its subscription to the stock Of the other
railroad companies of the State, shall be null
and VOID unless resolution leVying a special
| tax for the payment of the interest on the bonds
thus issued to the Pontchartrain Railroad Com
| pany for its stock, shall have been previously
passed; it being understood agreeably to the
several provisions in said section contained, that
no levy OF or tax for the payment of interest on
| said bonds shall be made whenever a dividend
OF SIX per cent. per annum shall have been de-
clared for one year on the stock of said Pont-
chartrain Railroad Company held by the CITY
which dividends shall be applied by the oity to
the payment of the interest; and that when
ever the dividends of said railroad stocks owned
by the city shall amount to more than six per
cent. per anuum, the excess, after payment of
interest as aforesaid, shall be applied apreeably
to the third section of the law aforesaid to the
purchase OF the bonds issued under this orii-
nance, and that whenever a dividend of less
than SIX per cent per annum shall be declared
during any year on the stock of the city, a tax
for interest shall be levied for the difference
only between the amount Of said annual diyi-
dend and the amount of the annual interest
SEC. q, BE 1t further 0rdaiaed, etc, That
Immediately after the passage of the ordinance
authorizing the subscription to the stock afore
said, and its approval by the voters of the CITY
Of New Orleans, as hereinafter provided, the
Mayor shall cause bonds to be issued Ia the
Pontchartrain Railroad Company for the
amount of said subscription on receiving from
sand company certificates for fifteen thousand
shares OF its capital stock of 300 full paid in
the manner following, to wit: Bonds to the
amount OF $500 .0G0, at the time of subscription
the further sum of s500.e00 in bonds whenever
an additional amount Of private subscriptions
snail have been obtained to the amount of
$50oofo, on which $40 in cash upon each share
OF $lo0 shall have been paid uD at the time of
subscription, the balance subject to the call of
the Board OF Directors and the further sum of
$aUp,0u0 in bonds whenever the Mayor of the
city shall be satisfied that sixty mil.s of said
road between New Orleans and Mobile have been
constructed and are capable of TRANSFORMATION
thereon lind provided, That from the time of
the city subscription to the stock of the said
company, the old and new stock holders and the
city shall in all respects be upon an equal foot
Ing, in proportion to their respective number of
shares, as TO the earnings that may accrue on
the road IN existence, as we'll as that to be con-
stfueted to Mobile; and provided further, that
the rights and exclusive privileges now held by
the Pontchartran Railroad Company. and nv
which, under charters granted by the States Of
Alabama and Mississippi, the said Pontchar.
train Railroad Company has obtained the priyi-
lege of constructing and maintaining a railroad
from New Orleans to Mobile through those
States, shall, on the subscription Of the city, as
above set forth, become the joint asset of the
new as we'll MS old stockholderso of the said Point
chartraln Railroad Company, and of the city of
View Orleans, and thereupon the Mayor Of the
city is authorized and required to execute be-
lore the secretary OF said company pledge Of
the said stock, to secure the full and punctual
discharge at maturity of the bonds thus issued
in the amount of ten shares for each bond Of
$l0to, agreeable to Sec. Of the law above re.
cited.
SEC z Be it further ordained, etc, That
this ordinance shall not be valid or take effect
until tshall have been approved and ratified.
ut an election to be held for that purpose by or
der of the Common Council, by a vote of the
majority of the qualified voters of said CITY,
which election is hereby declared 10 take place
within fifteen days sitter the passage of this OF.
dihance. and shall be preceded by public no.
tice of ten days, to be published by the Mayor
in the newspaper chosen by the Common Geun-
ell, and shall in all respects be conducted, when
net herein otherwise provided in the same man
ner prescribed by law for the city elections, and
at said election the vote shall be taken in the
manner Those who approve of the
shall inscribe or have inscribed on
their tickets the following words: g In favor of
the tax to aid IN the construction of a railroad
to Mobile y and those who dsapproye of said
ordinance shall inscribe or have inscribed on |
their tickets. Against the tax TO aid in the
construction ola railroad to Mobile p Propided,
That the Board of Directors of said company
SHALL IN conformity with the sixth section of the
act above recited notify the Mayor in writing |
OF their consent to accept said ordinance before
the publication of the said notice of election
SEQ .. BE IL further ordained, etc, That
IN the month of January of each year, or at |
such time as the other stockholders Of said Point
enartrain Railroad Company shall elect their |