New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-06-21
NEW SCHOOL ON GOOD OLD PRINCI.
MAYoRALTY OF NEW ORLEANS, L
June Is, 1864 E
Common Council = City Of New Orleans.
mo. 157T.1

No 1911.
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
Legislature of the State Of Louisiana. approved 18th
March, 1854 to subscribe behalf of the city The
stock Of the Pontchartrain Railroad Compeny
struct railroad from New Orleans to Mobile re g# @
BE- Il 0rnea %s y Me co@mo, on calet e te city ef Ns
scribe behalf Of the city of New Orleans to the stock
the Pontchartrain Railroad Company in the of
million five hundred thousand dollars
SEC 2 Be- further ordained That the subscription
Of the city the stock of said company shall be payable
bonds If said city for $1,000 each hay ng thirty years
to bearing interest at the rate of per per
aunum with interest coupons attached payable semi
annually in New Orleans New York, transferable by
the endorsement of the President and Secretary
said company and said bonds may be converted into the
stock Of the said company any time not exceeding five
years from their date, under such regulations the
President Directors may see h adopt the parties
in interest agreeing thereto ,@H
SEC Be 1t further orddined etc, That tax every
species of property, occupations profession
taxable in said city shall be levied in January of each
year. commencing January 1855. sufficient to pay the
annual interest said bonds specifying the Of said
tax which shall be collected at the time and in the
same manner as the consolidated loan tax of the said
city.
Sc Be il 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 tie full and punctua discharge maturity Of
said bonds the said company thus issued the
city OF New Orleans shall be forever pledged for the
denption Of said bonds in the of shares
each bond of one thousand dollars.
c..
section third of the act of the Legislature above rected
of March l5 1854 all ordinances resolutions other acts
passed by the Common Council after the first day of jan
ury of each year commencing the 1st January 1855
except 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 its subscription to 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 the
Ponchartran Railroad Company for its stock shall
been previously passed it being understood agreeably
the several provisions in said section contained that
levy OF tax for the payment of interest said bonds
shall be made whenever dividend of six per pei
shall have been declared for any year the
of said Pontchartrain Railroad Company held by the city
which dividends shall be applied by the city the
of the interest and that whenever the dividends
Of said railroad stocks owned by the city shall c
more than six per centum per annum the after
payment Of interest aforesaid shall be applied agreea
by to the third section of the law aforesaid the pur
chase of the bonds ssned under this ordnadce and that
whenever dividend Of less than six per centum per
shall be declared during any the stock Of the
city tax for interest shall be levied for the difference
only between the amount of said annual dividend and
the amount of the annual interest
sEc BE it firtel ordained etc, That immediately
after the passage of the ordinance authorizing the sub
crpton 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
chatran Railroad Company for the of said sub
scrpton receiving from said company certificates fo
fifteen thousand shares of it's capital stock hun
dollars full paid in the manuer following to wit: Bond
to the of five hundred thousand dollars at tn
time of subscription the further of five hundred
thousand dollars in bonds whenever additional
of private subscriptions shall have been obtained to h
amount of five hundred thousand dollars on which tel
dollars in cash upon each share of hundred dollar
shall have been paid up at the time Of subscription thu
balance the call OF the Board Of Directors
the further of five hundred thousand dollars bond
whenever the Mayor OF the city shall be satisfied tha
sixty miles of said road between New Orleans and Mob
have been constructed and are capable of transportation
thereon find prouded That from the time of the cit
subscription the stock of the said company the old
new stockholders and the city shall in all respects b
/
number of shares to the earnings that
the road existence as we'll as that to be
Mobile and pouded further that the rights and eXcusv
! privileges now held by the Pontchartrain Raroa
Company. and by which, under charters granted by tn
States of Alabama and Mississippi the said Ponchartra
Railroad Company has obtained the privilege Of con
structing and maintaining railroad from New Orleans
Mobile through those States shall the subscription
the city above setorth become the joint asset of tn
well old stockholders of the said Ponchartra
Railroad Company, and of the city of New Orleans;
thereupon the Mayor of the city require
before the secretary of said company pedg
of the said stock the full and puncual scharg
maturity of the bonds thus issued. in the amount
ten shares for each bond of one ahouand dollars
ably to section fourth of the law above recited
SEC. Be ii further ordained etc That this ordnauc
shall not be valid take effect until it shall have bee
approved and ratified at election to be held for tina
purpose by order ofhe Common Council by vote of tb
majority Of the qualified of said city which elec
is hereby directed take place within fifteen day
the passage this ordinance and shall be precede
by public notice of ten days. to be published by th
Mayor in the newspaper chosen by the Common Council
otherwise provided in the prescibed by la
for the city electons and at said election the sha
be taken in the following Those who approve
the ordinance shall nscribe have inscribed the
tickets the following words In favor of the tax TO al
in the construction of railroad to Mobile and thos
who disapproye of said ordinance shall nscrihe hav
inscribed their tickets against the tax to mid in th
construction OF railroad to Mohile:n Prorded, Tha
the Board Of Directors of said company shall in con
formity with the sixth section recite
notify the Mayor in writing of their consent acceE
said ordinance before the publication of the said notice
election.
SEc Be it further ordained ETC., That in the month
January of each year at such time the other stocf
holders of said Pontchsrtrai Railroad Company sha
elect their directors, the Common Council shall elec
agreeahy the provisions of the seventh seston of H
above rected by joint ballot three directors of sal
company, who shall be citizens oi New Orleans, The
shall for year. until their successors al
elected and shall be members of either Board of II
Common Council or officers of the Corporation.
TSignedl W. s CAMPBELL,
President Board of Assistant Aldermen
[Signedl JAS. CALDWELL,
President Board Of Aldermen
Approvee June g. 1854.
[Sgeedl JOHN L LEWIS, Mayor
true copy. D. A. ST. CERAN,