New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-06-23
4 NEW SCRO0L ON GOOD OLD PRINCI.
ENSsTITDTE FOE YOUNG LADIES = As
". MAYoRALTY OF NEV ORLEANS.
June Is, 1864
Common Council = City of Nsw Orleans.
No. I577.l


Common Council = City Of Nsw Orleans.
No. 1877
AN ORDINANCE to authorize the Mayor If the CITY of
New oseans in pursuance Of the power and SUBJECT
to the conditions therein mentioned Of the act the
Legislature of the State Of Louisiana approved 18th
March. 1854 to subscribe behalf Of the city 10 the
stock Of the Pontchartran Railroad Company TO con-
struct Il railroad from New Orleans TO Mobile.
BE IL oTfqinet Jg Ht C6Hm6n Co,uc If tie city of Nelc
Orleans That the mayor Of the city Of New Orleans sab
scribe behalf Of the New Orleans 10 the stock Of
the Pontchartran Railroad Company in the sum of one
million five hundred thousand dollars.
sEc Be Il further ordained That the subscription
Of the city 70 the stock Of said company shall be payable
In bonds III said city for $1,000 each ny thirty years
to bearing interest the per cent per
aunun with interest coupons attached payable semi
annually in New Orleans ar NV YORK transferable H.
the endorsement Of the Pre- dent and Secretary the
said company aud said onds may be converted into the
stock Of The said company at any time not exceeding five
years from their date, under such regulations the
fLesden and Directors may tit to adopt the parties
in interest agreeing thereto
SIC Be ttntaer ordained eic. That tax on every
species Of property occupation or profession now
taxable in said city shall be levied in January Of each
year commencing in January 1859 sufficient to pay the
annual interest on said bonds specifying the rate Of said
tax which shah be collected the same time and in the
same manner the consolidated lean Of the said
city.
S, Be further 0rdd1td etc., That the bonds Of the
city sued for the stock of the said company shall be
issued and their par value for said stock and
to insure the full and punctua discharge maturity
su bonds the stock Of said company thus issued to the
city OF New Orleans shall BE- forever pledged for the
dmption of said bonds in the amount Of ten shares for
each bond Of one thousand dollars.
SEC 3. Be JtatT enacted ec. That in pursuance of
section third OF the act Of the Legislature above rfce
Of March 15 1854 all ordinances resolutions other acts
passed by the Common Council after the first day of Jan
uary Of each year commencing the Isl January 1856.
except ordinance impose said consolidation loan
tux aud an ordinance imposing tax specially for the
payment nt the annual interest on bonds issued by the
sty OF New Orleans its subscription the stock Of
the other Ralreal Companies in the State shall be Eull
and void unless resolution erying special tax for the
I'd II tha
Pontcharran Railroad Company for its stock shalt have
been previously passed it being understood areeaby
tile several provisions in said section c0ataiae1 that
Ivy Of tax for the payment Of interest on said bonds
shall be made whenever dividend of six per ctntum per
annum snail have been declared for any year on the stock
OF hld Pontcharran Railroad Company held by the city
which dividends shall be applied by the city the pay
ment OF the interest and that whenever the dividends
Of said railroad stocks owned by the city shall amount to
payment Of interest aforesaid all be applied agreea-
by o The third section of the law aforesaid the pur-
chase Of the bonds S5pe1 under this ordnadcp and that
whenever dividend Of Ss than six per cputum per
NUM- shall be declared during any year the stock Of the
city tax for interest shall be levied for the difference
uiy between the amount of said annual dividend and
the amount Of the annual interest
SIC 6 BE il ttbtAer oriatta stc, Thnt Immediately
after the passage Of the ordinance authorizing the sub
-ctpton to the stock aforesaid and its approval by the
voters Of the city Of New Orleans hereinafter provided
the Mayor shall bonds to be issued to the Pont-
cbatraIn Railroad Company for the amount of said sub
scpton receiving frou said company certificates for
fifteen thousand shares Of lis capital Of hundred
t. the amount Of five hundred thousand dollars at the
time Of subscription the further sum Of five hundred
thousand doia1s n bonds whenever additional amount
ot private subscriptions shal have been obtained the
amount Of Y4 hundred thousand dollars which ten
lgars in cash upon each share q hundred collars
shall haze been paid up the time ofsubserptia the
b4ance subject call ;ha Beard Of Directors and
the further Of five bundled thousand dollars u bonds
whenever the lay0r OF the city sh be satisfied that
& miles Of Sad read between New Orleans and Mobile
have bRen constructed and capable transportation
hereon itd Pfordfi That from the time Of the city
subscription he stoc: Of tie said company the old and
new stockholders and the city shall in all respects be
upGn equal foutug proportion to their respective
number Of shares the earnings tha may on
the road u existence, well that to be instructed to
Mobile and r0ritd tile that the rights and exclusive
privileges NV ueld by the Pentchartran EaIroad
Company and by which under charters Granted by the
States Of Alabama and Mississippi the said PontGharrn
Railroad Company bias obtained the privilege Of cGn-
structpg aud maintaining railroad from New OrIeans
Mobile Through those States. shall tie subscription q
The city as bove SCI 9Th become dhs joint asset Of the
a. well old stockholders If he ssd Pantchartran
Railroad Company and OF the city Of New 0tleanB; and
hereurQn the Mayor the city and required
execute htore the secretary cfsatd company pledge
pt the said stock to secure the full and punGt ua dicHr
maturity ct the bonds thus issued in the amount oi
ten shares for each bond ahausana dollars agree
ally to section fourth Of the law above recIted.
sFc Bef ftf4hfr of3aiaa esc That this ordinance
shalt not be valid take effect unl it sbait have been
approved and ratified at election to DC d for that
purpose by order The Common Council ty vote ii tie
majority of the qualified voters Of said city which
ton is hereby directed to take ptace within fe2n days
after the passage OF this ordinance aud shall preceded
by public notice oi ten days to be pubishyl by the
Mayor in the newspaper chosen by the Common 9uncf
shall all respects be conducted when not haren
otherwise provided The manner prrscbpd by Iw
for the city eectnns; and said election the shall
be taken i'll the following manner Those who approve
the ordinance sill insrrhf have inscribed on their
tickets the following words In favor o the tax 10 aid
in the construction Of railroad to Mebe:n and th0sa
who slpprbvr Of said ordnance shall inscrbe have
inscribed their k9ts, Against the al in the
construction OF railroad to Mobile:" Pgoriitd, That
the hoard Of Directors OF said company shall.
0rmity with the sixth section Of theac above rprtGd
H0tliy the Mayor III writing Of thrir Hcrent
said ordnance heore the publication the said notice Of
elec ion
Sic BE Il f9ttcf of2st,td ec That in the month OF
January c e8rh year. such the other stock.
holders Of snid Rontchartrn Railroad Gempaay Shall
eject their directors, the Common Council shall elect
agrch thr provisions ii the seventh section Of
above reeted by joint ballot three directors Of said
company. who shall be citi2n4 Of New Orleans They
2alt srrye for year until their SUCCESSORS ar
tfcrt and HTa not be members Of either oavd Of the
Common Council or officers of the Corporation.
Iz5gurdl " S GAMPBFLI
President Board et As,i.tauf Ailarmou
Signed JAS, Ii CALDWELL,
President Bu;tId Ui Aldermen
Appeovoe June g, 1S5t
fSignrd 1oEIN Il LEWIS NIayor.
true cePy. b. A. ST, GERAA,
NO Clerk