New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-06-28
MAYORALTY OF NEW ORLEANS. j
June Is, 1864
Common Council - City of New Orleans.
No. 1511.l.

!
June IS 1864
Common Council - City of New Orleans
...- mo 1577l
AN ORDINANCE to authorize the Mayor Of the city O
New Orleans in pursuance Of the powers and subjec
10 te conditions therein mentioned Of the act of tn
Legislature Of the State Of louisiana approved I5tI
March, 1854 to subscribe behalf of the city to tb
stock Of the Pontchartran Railroad Company to con
struct a railroad from New Orleans to Mobile
ne d ord&ined w he Common Coecd If the city Of &ea
Origins That the Mayor Of the city Of New Orleans sub
scribe on behalf Of the city Of New Orleans the stock
the Pontchartrain Railroad Company in the sum of on
million five hundred thousand dollars.
SEC z Be ftfdtf 0ydaied ETC., That the subscription
Of the city the stock of said company shall be ayab
10 noad5 of said city for $1,000 each having thirty YEAR,
to run bearing interest at the rate of per cent pei
aunum with interest coupons attached. payable semi
annually IN New Orleans New York transferable by
the endorsement of the President and Secretary Of tbs
sad company and said bonds may be converted into tn,
STOCK q the sad company at time not exceeding
years from lhelr date under such regulations the
President and Directors may see fit TO adopt the parties
IN interest agreeing thereto
SIC 8 BE further oraaine2. etc. That tax on every
species Of property occupation trade or profession
taxable in said city shall be levied January of each
year commencing in January 1856 sufficient to pay the
annual Interest said bonds specifying the rate of said
tax which shall be collected the same time and in tbp
same manner as the consolidated loan tax Of the said
city.
Sac A. ReH f1tter ordained etc., That tie bonds Of the
city issued for the stock OF the said company shall he
issued and received at their par value for said stock and
70 insure tue iuil and punttua discharge maturity
8d bonds tie stock Of said company thus issued to the
city OF New Orleans shall be pledged for the re-
demption Of said bonds in the amount of ten hare for
each bond OF one thousand dollars.
SEC s. Be fiati- enacted. ETC.. That in pursuance of
section third OF the act Of the Legislature above reced
OF March 10 le54 all ordinances resolutions or ether
passed by the Common Council after the first day Of Jan
1hry OF each year commencing 1s January 1856
Acept an ordnance to impose said consolidation loan
tdA, anu an ordnance imposing tax specially for the
payment OF the annual interest bonds issued hy the
cty o New Orleans its subscription 10 the stock of
the other Railroad Companies in the STATE Shall be null
payment of the interest the bonds thus issued 10 the
Ponchartrain Railroad Company for its stock shall have
oteh previously passed it being understood aerepaby to
the several provisions in said section contained that TO
levy OF tax for the payment of interest on said bonds
snail be made whenever dividend of six per centum per
ahu Sa nave been declared Tor any year the stock
OF said Ponchartran Railroad Company held by the city
winch dividends shall be applied by the city to the paw
ment OF the interest and that whenever the dividends
Of sad railroad stocks owned by the city shall amount to
more than six per Cenum Per aunun the excess after
payment Of interest as aforesaid shall he apnied eea
MY to the third section Of the aw aforesaid to the mr.
chase Of the bonds ssned under ordinadce ana that
whenever dividend of less than six per ceutum per an
mum shall be declared during any year on the stock of the
cry tag Tor interest shall be levied for the difference
ehiy between the amount of said annual dividend and
the amount Of the annual interest
SEC. 8. Be il firtteJ ordained ETC That ir,nedig+ay
after tie passage of the ordinance authorizing the sub
S"s 70 the stock aforesaid and its approval BY tile
voters Of the city Of New Orleans as hereinafter provided
the Mayor sbal bonds be issued to the pgnt
thatTain Railroad Company for the amount of said su
ScnPuon on receiving from said company certificates for
een thousend shares Of is capit stock of one hnudr4d
dollars full paid in the manner following to wit Bonds
20 the ampunt Of five hundred thousand dollars at the
time OF subscription; the further sum of five hundred
thousand dollars in bonds whenever additional amount
Of private subscriptions Shall have been obaipeI 10 the
amount oI five hundred thousand dollars on which ten
uphrs IL cash upon each share Of hundred dollars
shaii haT" been paid up at the time IF subscripon the
balance SUBJECT to the call Of the Beard Of Directors and
the further of five hundred thoand dollars in bonds
whenever the Mayor OF the city shall be satisfied that
sixty miles of said road between New Orleans ard Mobile
oetn constructed and are capable Of transportation
thereon; 4Hd lrGCdd That from the time of the city
70 the stock Of the said company the old and
new stockholders and the city shah in ali respects be
upon an equal teotng III proportion to their pectiye
OF shares to the earnings that may accrue on
the read in existence well that be constructed 10
Mobile anu proceeded tHrthe that The rights and exclusive
privileges now held by tie ponchartrain Railroad
Company and by which under charters granted hy The
States OF Alabama and Mississippi the said ponteharran
hMfoad Company has obtained the privilege of con-
stF4rtng and maintaining railroad from New Orleans to
the city above forth become the Joint asset of the
new as well as old stockholders OF the said poutchartain
hhFoau company aud q the city of New Orleans and
hereupon the Mayor the city authorized and
10 execute before the secretary Of said company pledge
Of the said stock the full and puncua discharge
At maturity OF the bonds thus Issued in the amonpt Of
Ten shares for each bond of ahousand dollars agree
ably to section fourth OF the law above recited
sfc ReH farther ordained etc That this ordinance
ai not be valid or take effect until it shall have been
approved and ratified at election to be- held for that
purpose by order OF The Common Council BY vote Of the
Majority OF the qualified voters of said city, which cleo
on Is hereby directed to take place within fifteen ay
ter the passage of this ordinance shall be preceded
oy public notice of ten days to be published by the
Mayer in the newspaper chosen by the Common Council
tnd snail IN all respects be conducted when not herein
otherwise provided in the prescbed by law
or the city elections and at said election the vote shall
&c taken in the following Those who approve of
he ordinance shall inscribe have inscribed on their
ickets the following words In favor Of the tax to aid
n the construction OF railroad Mobe;r and those
Sho dspproVe OF sad ordinance shall inscrbe or have
Inscribed on their ii kets Against the tax to aid in the
obstruction OF railroad to Mobile :" ProiitI That |
he Board of Directors of said company shall in con-
omity with the sixth section OF the act above rpctd
otty the Mayor in writing of their consent to accent
aid ordinance before the publication of the said notice of
lecGi0n
SEe s. BE II further ordained, de- That in the mouth of
anuary Of each year or at such time the other stock
olders OF said Pentchartrai Railroad Comrapy shall
leet Their directors, the Common Council shall elect
greeaby To the provisions of the seventh section of the
ct above rected by joint ballot three directors OF said
ompany. who shall be citizens of New Orleans Titv
hail serve for year until their successors are
eced and shall not be members of either Board of the
ommon Council or officers OF the Corporation
LSiguedJ W S, CAMPBELL,
President Board of Assistant Aldermen,
lslgned JAS II. CALDWELL,
President Board of Aldermen
Approvee June g, 1854
Lsigeedl JOHN L. LEWIS Mayor
true copy. D. ST. CERAN
JeZo Clerk.