New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-06-27
MAYoRALTY OF NEW ORLEANS, I .
June IS 1864.
Common Council - City of New Orleans.

NO. 1917.
AN ORDINANCE to authorize the Mayor of the city of
New Orleans i'll pursuance Of the powers 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 the
stock Of the Pontchartran Railroad Company to con-
struct railroad from. New Orleans to Mobile.
BE Il ordained By the Common Couuct ef The city Of Nev
oleds That the Mayor of the city of New Orleans sub
scribe behalf of the city of New Orleans the
The Pontchartrain Railroad Company in the sum Of one
million five hundred thousand dollars.
SEC. BE IL fufther ordained That the subscrpton
Of the city to the stock of said company shall be payable
in bonds Of said city $1,000 each hay thirty
to bearing interest the rate of per cent per
aunum with interest coupons attached, payable semi
annually In New Orleans or N.w York transferahe Nv
the endorsement of the President and Secretary the
said company and sad bonds may be converted
stock Of the said company at any time not exceeding five
years from their date, under such regulations the
Piesident and Directors may tit to adopt the parties
in interest agreeing thereto
SIC. 3 Be il Jiahe orda,lei etc. That tax on every
species OF property, occupation trade profession
taxable in said city shall be levied in January each
year commencing in January 1880, sufficient pay the
annual interest said bonds specifying the rate Of said
tax which shall be collected at the same time and in the
same manner as the consolidated loan Of the said
city
SIC A. Be it 1slLe, ordained etc., That the bonds of the
CITY issued for the stock OF the said company shall
issued and received at their par said stock and
sau nohas the stock OF said company thus issued to the
city Of New Orleans shall be pledged for the
dempton Of said bonds in the Of shares for
each bond OF one thousand dollars
SIC .. Be i1the1 e1dced eic That in pursuance of
section third of the act of the Legislature rected
of March Is ls54 all ordinances resolutions ar oher
passed by the Common Council after the first day
uafy ct each year commencing the LIST January 1855
except an ordinance to impose said consolidation loan
tax and an ordinance imposing tax specially the
OF the annual interest on bonds issued by the
city OF New Orleans its subscription to the stock of
the other Railroad Companies in the State. shall be null
ana VOID unless resolution lcTyng special the
payment of the interest the bonds thus issued to the
Pontcharran Raroad Company for its shall have
been previously passed being understood arreeably
no
levy OF tax for the payment of interest said
shall be whenever dividend of six per centn ner
annum shall have been declared for any yeur stock
Of said Pontcharran Railroad Company held by the city
which dividends shall be applied by the city to the pay
nent OF the interest and that whenever the dividends
ol sad railroad stocks owned by the city shall amount to
more than six per per aunun the excess after
payment OF interest aforesaid shall be applied
bly, TO the third section Of the law to the pur
chase OF the bonds issned under this ordinadce and that
whenever dividend Of less than six per centum per
mum snail be declared during any year 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 il further ordained. etc, That Immediately
after the passage OF the ordinance authorizing the sub
scrpton to the stock aforesaid and its approval by the
voters Of the city of New Orleans hereinafter provided
the Mayor shall bonds be issued the Pont-
ehatrain Railroad Company for the said sub
scpton on receiving from said company certificates for
tc Thousand shares OF It's capital stock of hundred
dollars full paid i'll the following. to wit Bonds
to the amount OF five hundred thousand dollars at the
time ot subscription ths further of five hundred
thousand dollars in bonds whenever additional amount
of private subscriptions shall have been obtained to the
amount of five hundred thousand dollars which ten
dollars in cash upon each share hundred dollars
shall have been paid up at the time subscription the
balance subject to the call OF the Board Directors and
the further sum OF five hundred thousand dollars in bonds
whenever the Mayer of the city shall satisfied that
sixty miles OF said road between New Orleans and Mobile
have been constructed and capable transportation
thereon 4n1 pfopded That from the time OF the city
subscription the stock of the company the old and
new stockholders and the city shall in all respects be
upon equal footing proportion their respective
m
the road in existence well that constructed to
Mobile and giofiaed further that the rights and excusiye
privileges now held by the Pontchartrain Railroad
Company and by which, under charters granted by
States of Alabama and Mississippi the Pontchartrain
Railroad Company has obtained the privilege of cen
strucng and maintaining railroad from New Orleans to
Mobile through States shall on the subscription of
the city as above set forth become the joint of the
new as well as old stockholders Of the said Pontchartran
Railroad Company, and of the city of New Orleans and
hereupon tho Mayor of the city required
to execute before the secretary company pledge
Of the said stock the full and puncual discharge
at maturity OF the bonds thus issued in the amount Of
shares for each bond of one ahouand dollars
ably to section fourth of the law above recited
SEC T. BE il fiihG ordained etc, That this ordinance
shall not be valid take effect until shall have been
approved and ratified at election be held that
purpose by order of the Common Colnc by of the
majority of the qualified of said city which eec
ton is hereby directed to take place within fifteen days
after the passage of this ordinance and shall be preceded
by public notice of ten days. to be published by the
Mayor in the newspaper chosen by the Common Council
and shall in all respects conducted when not herein
otherwise provided, in the prescbpd by
for the city elections and at said election shall
be taken in the following manner Those who approve
the ordinance shall nscribe have inscribed their
tickets the following words In favor of the aid
in the construction of railroad to hobie;n and those
who disapproye of said ordinance shall inscrbe have
inscribed on their tickets Against the aid the
construction of railroad to Moble,' Pro,fcd That
the Board of Directors OF said company shall u
formy with the sixth section OF the above reeted
notify the Mayor in writing of their accept
said ordinance before the publication the said notice of
election.
SEC. s. BE further ordained eit, That in the month Of
January OF each year such time the other stock
holders Of said PontchartraiG Railroad Company shall
elect Their directors the Common Council shall elect
agreeaby to the provisions of the seventh section the
act above recited by joint ballot three directors
company who shall be citizens OF New Orleans. They
shall serve for one year, until their successors
elected and shall not be members either Board OF the
Common Council or officers of the Corporation
[Signedl w s. CAMPBELL,
President Board of Assistant Aldermen
[Signedl JAS II. CALDWELL,
President Board of Aldermen.
Approvee June ., 1854.
[Sigeedl JOHN L. LEWIS, Mayor
A true copy. D. A. ST. CERAN,
Je2O Clerk.