New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-06-20
MAyORALTY OF NEW ORLEANS,
juno 49, 1864.
Common Council City of New Orleans.

mo 1871
AN ORDINANCE to authorize the Mayor of the city of
New Orleans in pursuance of the powers, and subject
to the conditions therein mentioned of the act of the
Legislature of the State of Louisiana, approved 18th
March, 1854 to subscribe behalf OF the CITY to the
stock Of the Pontcharrain Railroad Company to con
struet railroad from New Orleans TO Mobile. -
Belt ordained By he Common Connect q ne c,ty q Ne
Orleans That the Mayor of the city Of New Orleans sub
scribe behalf of the city OF New oeaus to the stock OF
the Pontchartraiu Railroad Company inthe of one
million five hundred thousand dollars
SEE Be i further ordained etc That the subscription
of city the stock of said company shall be payable
In bonds Of said city for $1,000 each hay ng thirty years
to run bearing interest at the rate of per cent per
aunum, with interest coupons attached, payable semi
the Of the President and Secretary of the
said company and said bonds may be converted into the
stock of the said company at any time not exceeding five
years from their date under such regulations the
President and Direc ors may see tit to adopt the parties
in interest agreeing iereto-
SEC 3. Be il iiuH ordained etc, That tax every
species Of property, occupation trade profession
taxable in said city hall be levied in January Of each
year commencing January 1869 sufficient to pay the
annual interest ID bonds specifying the rate of said
tax, which shall be llected at the time and in the
IT,. consolidated loan tax of the said
city
Sc 4 Be it turtle ordained, etc. That the bouds of the
city issued for the stock OF the said company shalt be
issued and received at their par value for said stock and
to insure the full and punctua discharge maturity of
said bonds the stock of said company thus issued to the
city of New Orleans shall be forever pledged for the
dpmption of said bonds in the of shares for
each bond of one thousand dollars.
SIC s. Be furter enacted ETC.. That in pursuance of
section third OF the act OF the Legislature above rected
of March Is 1854 all ordinances resolutions other acts
passed by the Common Council after the first day of Jan
uary Of each year commencing the LIST January 1856
except an ordinance to impose said consolidation loan
tax and ordinance imposing specially for the
payment Of the annual interest bonds issued by the
city of New Orleans it's subscription the stock Of
the other Railroad Companies in the State shall be null
and void unless resolution levyng special tax for the
payment of the interest the bonds thus issued to the
Ponteharrain Railroad Company for its stock shall have
been previously passed being understood agreeaby to
the several provisions B said section contained that
levy the payment OF said bonds
shall be made whenever dividend Of six per centum per
annu shall have been declared for any wear on the stock
of said Poncharrain Railroad Company held by the city
which dividends shall be applied by the city to the
mept of the interest and that whenever the DIVIDENDS
of said railroad stocks owned by the city shall to
more than six per centum per annum the after
payment of interest aforesaid shall be applied
My to the third section of the law aforesaid to the pur
chase of the bonds issued under this orduadce and that
whenever dividend of less than six per per
shall be declared during any year the stock Of the
city tax for interest shall be layied for the difference
only between the amount OF said annual dividend and
the amount of the annual interest n
II SEC. D Be Il ftthef ordained, etc. That Immediately
after the passage of the ordinance authorizing the sub
erpton to the stock aforesaid aud its approval by the
voters of the city of New Orleans hereinafter provided
the Mayor shall cause bonds to be issued to the Pont
chattrain Railroad Company for the amount of said sub
scripton on receiving from said company certificates for
fifteen thousand shares Of its capital stock Of hundred
dollars full paid in the following to wit: Bonds
to the amount of five hundred thousand dollars at the
time Of subscription the further of five hundred
thousand dollars in bonds whenever additional amount
ofprvate subscriptions shall have been obtained to the
doars IL cash upon each share OF one hundred dollars
shall haye been paid up ut the time Of subscription the
balance subject the cali of the Board Directors and
the further sum of five hundred thousand dollars bonds
whenever the Mayor of the city shall be satisfied that
sixty miles of said road between New Orleans and Mobile
have been constructed and capable transportation
thereon lind poridd That from the time of the city
subscription to the stock Of the said company the old and
stockholders and the city shall in all respects be
upon equal footing proportion to their respective
number of shares to the earnings that may
the road in existence well that to constructed to
Mobla {lOl
privileges held by the Pontchartrain Railroad
Company and by which under charters granted by thu
states Of Alabama and Mississippi the said Pontchartrar
Railroad Company has obtained the privilege of cen
structng and maintaining railroad from New Orleans
Mobile through those States shall the subscription o
the city above forth become the joint asset of the
well old stockholders Of the said PoutchartraL
Railroad Company, aud Of the city Of New Orleans; and
hereupou the Mayorot the authorized and required
to execute before the secretary Of said company pledge
of the said stock to the full dpunctual discharge
at maturity OF tue bonds thus issued in the amount Of
ten shares for each bond Of ahousand dollars
ably to section fourth of the law above reoitcd
SEC Z. Bet further ordained etC That this ordinance
shalt not he valid take effect until it shall have beer
approved and ratified election to be held for that
purpose by order Common Council by of The
siority of the qualified of said city which eles
hereby directed take place within fifteen d.
after the massage of this and shall he prcca8s
by public notice OF days to he published by the
Mayor in the newspaper chosen by the Common Council
shall in all respects be conducted, when not herein
otherwise provided in the manner prescribed by law
for the city eectou aud Mt said election the vote shall
be taken in the following manner Those WIFE approre o
oftIuapCt hilnil lHScflbs nave 1LsGEru On
tickets the following words favor 81 the tax to aid
in the construction Of railroad to Mobeia and thast
who isr pprove Of slid ordinance shall ipscrba Or hayt
inscribed their t kets Against the tax to aid IN thu
construction OF railroad to Moblp:a Pyoridsd, Tba
the Beard Of Directors OF said company shall in CON
forfnty with the sixth section Of the above recitet
notify the Mayor in xriting of their to accept
said ordinance before the publication Of the said notice
elpcten
Sfe= Be Il jlrtbel ordained etc., That in the month .
January Of each year such time the other stock
holders Of said Ponteh4rtrai RaIroal Company shat
Their directors, the Common Council shalt elect
areesty the provisions of the seventh section Of tn
above reeited by joint ballot three directors of sale
company who shall be citizens Of New Orleans. Thu,
Shall for year uutil their successors AZ
elected and shall not b members Of either Board of tn
Common Council officers of the Corporation.
F5iguedl " S GAMPBFLLA
President Board of Assistant Aldermen,
fSiguedl JAS. II CALDWELL,
President Bourd Of Aldermen.
1 Approve june g. 1854
f5igeedl JOHN Il LEWIS, Mayor.
A true copy. D. A. ST, GE3AN
jp20 CLERK