New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-06-22
A NEW SCHOOL ON GOOD OLD pRINCI-

MAYoRALTY OF NEW ORLEANS,
June 15, 1864
Common Council - City Of New Orleans.
.. mo 1577.]
AN ORDINANCE authorize the Mayor Of the CITY Of
New Orleans in pursuance of the powers and subject
to the conditions heren mentioned of act of the
Legislature of the State Of Louisiana approved 18th
March, 1854 10 subscribe behalf the city TO the
stock Of the Pontchartrain Railroad Company to con-
htruct a raroad from New Orleans Mobile
BE 1t ordained by The Common Cotcl Of the cttv of Neav
ores That the Mayor Of the city IF New Orleans sub
scribe on behalf of the city of New Orleans stock
the pontchartfain Railroad Company, the sum OF one
million five hundred thousand dollars.
SEC 2 Be ii further o,ned etc, That the subscription
f the city 60 the stock Of said company shall b payable
in bonds Of said city for $1,000 each hav ne thirty wears
TO run bearing interest the per cent per
aunum with interest coupons attached. payable semi
annually in New Orleans New York tran sferabe by
the endorsement Of the Pre- ident and Secretary the
said company and said bonds may be converted the
stock Of the SAID company at any tme not exceeding five
years from their date under such regulations as the
tIsdent and Directors may fit TO adopt the parties
in interest agreeing thereto
/ SEC 3 Be 1t further ordqined etc, That tax on every
species OF property occupation trade profession
taxable in said city shall be- levied January Of each
year commencing in January 1865 sufficient pay the
annual interest said bonds specifying rate Of said
tax which shall be collected The ame time and in the
sans manner as the consolidated loan of the
city
SC A. frter ordained ETC That the bonds of the
CITY, issued for the stock the said company shall be
issued and received at their par value for said stock
bonos tne STOCK OF said company thus issued to the
city OF New Orleans shall BE- forever pledged the
dempton of said bonds in the amount of ten shares for
each bond Of oae thousand dollars.
SEG g. BeH ftithe1 enacted, That in pursuance Of
section third of the act of the Legislature above recited
d March 10 1854 ali ordinances resolutions or other acts
passed by the Common Council after first day of Jan
uary of each year commencing the lst January 1853
except ordinance to impose said consolidation loan
TAX aud an ordinance imposing specially for the
f the annual interest bonds issued by the
CITY o. New Orleans its subscription stock of
no n Ilat RlTir
and void unless resolution levying special for
payment of the interest the thus issued TO the
PoEoharFsin ailread Company its stock shall have
been previously passed it beng agre4ably to
the several provisions iD said section contaned tnat no
levy Of tax for the payment Of interest said bonds
Snail be uae wherever dividend Of six per per
nnnn snail have bee declared for any year The stock
Of said Pontchartrain Railroad Company held by city
which dividends shall be Piled by the city 10 the nav
ment OF the interest and that whenever the dividends
OF a9 railroad stocks owned the city Shall arnount to
more man tX per centun per annnm the after
payment q interest aforesaid shall applied azreea
py to the ti section of the law aforesaid TO the mr.
chase Of the bonds issued under this or1inadce and that
whenever dividend ss than sA per centum ppr s,.-
NUN snail b. dhcaef during any year the stock Of the
city lax for interest shall he levied difference
my between the amhunt ot said annual dividend and
tue amount. Of the annual Interest.
SEC e. Be further o,Ipiaed. ETC. That immediately
aIiE the passage Of the ordinance au9toiz,ug tie sub
serpton t" tie stock aforesaid approval BY the
voters OF the city of New 0eans hereinafter provided
the Mayor shah bouds he issued 10 the Pr,
chsttrHp Ra1irgad Company for the arnouht Of s. sp
c'p4on on receving from company certificates for
fifteen Thousand shares Of lis capital stock OF one lunEe
collars iul! paid in the following to wit: Bonds
TO the amount of five hundred thousand dollars at the
time II FuhscrrtoD the further sum Of five hundred
thousand dollars in bonds @cneyer additional am, unit
OF private subscriptions shall have been obtauea to tie
amount OF fV- huhtFed thousand dollars which ten
dollars in cash npOn each shGr4 one hnrdled dollars
hail ave been paid up at the time subscription the
btance uJeetto the cad OF the Board Directors and
the further of Ave hundred thousand dollars in bonds
whenever the Mayor of the city shall be satisfied that
sixty miles OF said road between New Orleans and Mobile
nj f,tin
thereon: .IIh prOrfdsd That from the time OF the CITY
subscription to the stock of the said company the old and
new Stockholders and the city shall in ali respects be
upon equal footing proportion their respective
number Of shares to the earnings that may
the road III existence We'll that be to
Mobile and pori1e3 further that the rights and xcusye
privileges Dow held by the Poutchartrain Railroad
Company and by which under charters gyauted by the
states OF Alabama and Mississippi the said POnchartran
Railroad Company has obtained The privilege of cen
stctipg and maintaining railroad from New Orleans to
Noble through these States shall the subscription Of
the city above forth become the Joint of the
rev well old stockholders of the Phntchartran
Rsilroad Company and Of the city Of New Orleans and
thereupon the Aay0ro the city is authorized
TO execute before the secretary of said company pledge
Of ne sad STOCK to the full and puncuai discharge
at maturity OF the bonds thus issued the amount Of
tu shares for each bond Of ahosand dollars agree
ably to section fourth OF tue law above recited
SEC BE il further orRuined etc That this ordinance
shall not be valid take effect until shall have been
approved and ratified election be held for that
purpose by order OF the Common Council by of the
majority of the qualified voters of said city which eec-
ton is hereby directed to take place within fifteen days
after the passage of this dnance shall b. preceded
by public notice OF ten days, be published by the
Mayor in the newspaper chosen by the Common Council
and shall in all respects he conducted when herein
otherwise provided in the prescibFd by law
Tor the city elections; and at said election shall
he taken In the following Those who approve
the ordinance shall nseribe have inscribed their
tickets TIT following words In Of the tax to aid
in the construction of railroad Mobile;f aud those
who dsappove OF said ordinance shall inscrbe have
inscribed their tickets Against the tax in the
construction or railroad to Mobile - Propded That
The Board Of Directors of said company shall in con-
fnrmity with the sixth section of the reciied
notify the Mayor in writing Of their consent accept
sad ordinance before the publication of the said noce
election
SEC BE it further ordained. ETC That in the month OF
January Of each year al such time other stock
holders Of said Pontchartrai Railroad Company shall
elect their directors the Common Council shall elect
agreeaby to the provisions OF the seventh section OF the
act above recited by joint ballot three directors said
company. who shall be citizens OF New Orleans Th.y
shall serve for until their are
elected and shall not be members either Board of the
Common Council or officers of the Corporation
[Signeul w s CAMPBELL,
President Board of Assistant Aldermen.
[Sigued JAS. GaLUWELL
President Board of Aldermen.
Approyee June G, 1854.
tsigeedl JOHN L. LEWIS, Mayor.
A true copy. D. A. ST. CERAN,