New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-06-26
MAYoRALTY OF NEW RLEANs. }
June l5 Is a.
Common Council City Of New Orleans.

AN ORDINANCE to NJ 30 orize the davor Of the cftv nj
NeW orleans IN pnrs nce Of the powers and subject
10 ahs eolat9ns 10 Tn gin mentioned Of the Of the
1fHltnre OF the Skate Of Louisiana. approved 18th
Nafch 1924 to sui fribe behalf of the city to the
stock OF tbt Pont lartrain Railroad Company to
struch Il railroad RON New orleass to Mobile
e y odaaFd bg the Coaon Gottctt Of the citv Of Mem
ofieahs That the Mayor te city Of New Orleans spb
scribe on behalf te nty Of New Orleans to the stok Of
De IN Railroad Company in the sum of one
milton i've :, hun dred Thousand dollars.
&c &c, 5f ia2hef ordained etc. That the subscription
" tte wy =" :he'sto5k Of said company shall payable
IN bonds Il id city for $1,000 each nav % thrty
10 fan oete @ hg nprest at the rate Of per per
auuhn1 wiz Interest coupons attached payable semi
tnutS ~ view Orleans or New York, transferable by
thh ndors nent OF the and Secretary Of the
sala and said bonds may be the
stosh o. l Fid company any time exceeding FIVE
ytat: from cher date uaaer snch regulations the
is'el ald Directors may see fit to adopt the parties
In interest agreeing thereto
SEC b il further oldatned ETC. That tax on every
sptciss property. occupation trade profession
lahb in said city shall be levied in January each
war cpmuenc1pg IN January, lS5A sufficient pay the
annual interest said bonds, specifying rate Of said
tI&, which shall be collected The time and in the
cry.
Sc T. BE further oaa-s, eic. That the bends of the
S,by s0.d tof te stock OF the said company shall be
issued AND received at their par value for said stock ana
to lns' the full aud punctna discharge at maturity OF
ssd oonds the stock ot said company thus to tine
city of New Orleans shall trlred for the re-
denpton Of said bonds in the amount of ten shares for
eac b pond Of one thousand dollars.
t5' o. BE Il further eaeted, That in pursuance Of
zion third of the Legislature above recited
March 10 s4 al ordinances resolutions or oher acts
Vassed by the Common CouEc utter the first day Of jan
Ery Of each year commencing the Isl January. 1856
except an ordnance 10 impose said consolidation loan
tax ana an ordinance imposing tag SPECIALLY for the
payment Of the annual J9nls issued by the
eg q sew Orleans as its subscription to the stock Of
The other Railroad Companies in tL4 State shall be null
ana VOID unless resolution ItsyinE spaoa the
payment OF the interest on The ponds thus the
P"nteharThin Railroad Company stock shall have
hetn previously passed il being understood agItetty 10
th several provisions s4id ,rcif0n contained thai no
u 0f hi 4rIsr said
shall be made whenever dividend Of six per centum per
annum shall have been declared for any year stock
o said PontchartTain Railroad held By the city
which dividends shall be applied By the city to the pay
ent OF the Interest and that whenever the dividends
OF said railroad stocks owned by city a amount to
more thah six er cenum PER annUm. the after
payment uf Interest aforesaid shah be applied arepa
Ly 10 the third section Of the law aforesaid the pur
Chase oi the bonds issned under this orIce and that
whenever dividend ot less than six per ceutum uer an
nun shall be declared during any year stock o the
cty tax Tor interest shall he Levied for the difference
only between the amount Of said annual dividend and
the amount Of the annual interest
SEC. &, BE il turii1, oraaiata etc That immediately
after he passage Of the ordinance authorizing sub
scrpon to the stock aforesaid aud its approval bv the
voters OF the city Of New Orleans hereinafter provided
Tue y0r shah cause bonds to be issued the part-
cna tram Railroad Company for the of said sub
scptcn on receiving from said company certificates for
hfp thousand shares of it's capital stock one hu ndred
uoi,F5 iuli pAld IN the manner following to wit Bonds
to thf amount of five hundred thousand dollars al tho
tine "l SUBSCRIPTIONS the further Of five hundred
thousand dollars in honls whenever additional amount
ot private subscriptions shall have been obtained to the
amount Of five hundred theusaud dollars on which ten
dollars in cash upon each share Of hundred dollars
shalt haze been paid up ut the time subscription the
balance inject TO the call cf the Board Directors and
the Grtt sum five hunirpi tin a,I9 dolIa-s in onIs
whenever the Mayor of the city shan be satisfied that
sixty mi aes of said road between New Orleans aud Mobile
nave bee constructed and capable of Transportation
thtreon: l'i zprded That from the time OF the city
subsc on to the stock Of the said company old ana
new stoi kholders and the city shall in ali respects be
upon a equal tootng IN proportion TO their respective
nrnher 9 shares as othe earnings that may on
the road in existence well az that be constructed to
Alobe and l1afidt further. that the rights and exclusive
privileges now held by the P0ntcb4rtrain Railroad
Company, and by which under charters granted by the
states OF Alabama and Mississippi the said Pontchartrain
Railroad Company has obtained the privilege Of cen
obe through those States, shall the subscription Of
he city, as above set forth become the joint Of the
new as 9el as old stockholders the Poutchartrain
taiiroa Company, and of the city of New Orleans and
hereu 2on the Mayor OF the city authorized and red
70 exec ute before the secretary Of said company pledge
' the ad stock to secure the full and puncua discharge
tt mat ury OF the bonds thus issued. in the of
@9 s ires Tor each bond Of one ahousand dollars agree
ably to section fourth Of the law above recited
sEc i BE II ftIiher o,d4jIsi That this ordinance
shall rot be valid take effect shall have been
4ppfo itd and ratified election to be held for that
1upo Sc by order the Common Council by vote of the
nalon fy Of the qualified of said city which eec
ION Is hereby directed 10 take place within tfteen davs
'G s passage oil this ordinance and shall BE- preceded
y 1htic n0iire Of ten days, be published by tiie
Mayer u the newspaper chosen by the Common Council
lnh shall i'll all respects be conducted when herein
,.s"ise pfGV,eu IN the same manner presced by law
or the city elections and said election vote Snail
e LINE III le Io0Wins manner Those who of
ne ordinance shall ihScrhe have inscribed on their
ckt' the following words In of the to aid
n ii1e construction OF railroad to Mobie;;7 and those
Nh9 dlsApprove OF said ordinance shall inScrbe have
inscribed en- their tickets Against the tax the
construction OF railroad to Moble:,, Praptde Tint
he Bos I'd Of Directors of said company shall in con-
ormty with the sixth section of the art above reced
1oy the Mayor in writing Of their consent to accept
aid before the publication OF the said
,ecton.
s&o BE il further ordaiaea c'c That III the month of
January OF each year or at such time le other
holders of said Poutehartrai Railroad Company shall
'eet their directors thr Common Council shall elect
greeah To the provisions the seventh section of t
ct above recited by joint ballet. directors of said
company, who shall be citizens OF New Orleans They
hail serve for year, until their successors are
ecF aa shall not be members of either Board of the
jomnon Council Or officers Of the Corporation.
[Sgned W s GAMpBFIIt
President Beard of Assistant Aldermen,
LSgned JAS. IL CALDWELL,
President Boarfl Of Aldermen
ApproVee June g. 1854.
lSgeedl JOHN E. LEWIS, Mayor
4 true copy. D, a. 81. GBRAN,
JEW Clerk