New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-06-24
NEW SCHOOL, ON GO0D on pRINCI.
MAYORALTY OF NEW ORLEANS.
June Is, 1864.
Common Council - City of New Orleans
mo. l57T.l

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 the
stock Of the Poncartrain Railroad Company to con-
ttFuct railroad from New Orleans to Mobile
Be ordained BY Tie Common C0,ttca Of tie cisv of Nec
OTeaas That the Mayor Of city Of New Orleans sl-
scribe on behalf of the city Of New Orleans the stock
TIE Pontchartrain Railroad Company in the Of one
million five hundred thousand dollars.
SIC . Be frte, ordained ETC., That the subscription
OF the city to the stock Of said company shall be payable
in bonds CT said city for $1,000 each having thirty years
TO run bearing interest at the rate of per cent per
aunum with interest coupons attached. PAYABLE semi
annually New Orleans New York transferable hy
the endorsement of the President and Secretary
said company and =ad bonds may converted into the
stock of the said company al any time exceeding
years from their date, under such regulations the
President nd Directors may 1t to adopt the parties
in interest agreeing thereto
Sic g. BE ii trte1 orRnted 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 1862 sufficient to pay The
annual interest said bonds specifying the rate of said
tax which shall be collected the time and in the
same manner as the consolidated loan tax Of the said
city.
Sac a. Be lr ordained ETC., That the bonds of the
city Issued for the stock of the said company shall
issued and received at their par value for said
to insure the fun and punctna discharge at maturity Of
said bonds. the stock Of said company issued the
city OF New Orleans shall be forever pledged for the
drmptjon Of said bonds in the of shares for
each bond Of one thousand dollars.
SEC D. Be ftfhef enucted, That in pursuance of
section third of the the Legislature above recited
of March l5 1851 all ordinances resolutions or other acts
passed rs the common Council after the first day
uary Ct each year commencing the 1st January 1850
except an oIdlnauce to impose said consolidation loan
taZ and an ordinance imposing tax specially for the
payment OF the annual interest bonds issued by the
sity Of New Orleans as its subscription stock
the other Rdilroad Companies in the State shall be null
and void unless resolution leyyng special for the
payment Of the interest the bonds thus issued
Pontchaftrain railroad Company for its stock shall have
been previously passed it being understood agreeably
the several provisions in said section contained that no
levy of for the payment of interest on said bonds
1Viip md nf
shall have been declared for any year the stock
OF said Pontchartrain Railroad Company held by city
which dividends shall be applied by the city the pay
Iaent M the interest and that whenever the dividends
Of said railroad stocks by city shall amount to
more than sx per centum per annum the after
payment Of interest aforesaid shall applied agreea
by to the third section the law aforesaid to pur
chase of the bond6 ned under this ordinadce and that
whenever dividend Of less than six centum per a1-
nun shall be declared during year stock of the
city tax for Interest shall be levied for the difference
only between the amount of said annual dividend and
tht amount OF the annual interest.
Size. e. Be it further ordained. ETC. That Immediately
after the passage Of the ordinance authorizing the sub
scrption TO the stock aforesaid and its approval by
yosL Of tle city Of New Orleans as hereinafter provided
the Mayor shall bonds issued to the Pont-
chatran katrtad Company tor the amount of said sub
Ecrpo on receiving from SAID company certificates for
fifteen thousand shares capital stock of one hundred
dollars full paid in the following wit: Bonds
TO the amount of five hundred thousand dollars
time Of subscription the further of five hundred
thousand dollars in bonds whenever additional amount
of private subscriptions shall have been obtained 10 the
amount of five hundred thousand dollars on which ten
dollars in cash upon each share of hundred dollars
shall have been paid up the time of subscription the
balance subject to the call of the Board of Directors
the further of five hundred thousand dollars in bonds
whenever the Mayor Of the city shall be satisfied that
sixty miles of said road between New Orleans Mobile
have been constructed capable of TRANSFORMATION
thereon find prouded That from the time OF the city
subscription to the stock of the said company old and
stockholders and the city shall in all respects be
upon equal footing proportion their respective
number of shares to the earnings that may accrue on
the existence as well as that to be constructed to
INF Tgf-|dcY hat prIT
privileges now held by the Pontchartrain Railroad
Company and by which, under charters granted by the
States of Alabama and Mississippi the said Pontchartran
ltaroad Company has obtained the privilege of
struetng and maintaining railroad from New Orleans TO
Mobile through those States shall the subscription of
the city as above set forth become the joint asset of the
well old stockholders of the said Ponchartran
Railroad Company and of the city of New Orleans
hereupou the Mayor the city is and
of the said stock full punctual discharge
at maturity of the bonds thus issued iu the OF
ten shares for each bond of ahousand dollars agree
ably to section fourth OF the law above recited.
SEE Z BE II further ordained etc, That this ordinance
shall not be valid or take effect until it shalt have
approved and ratified at au election to be held for that
purpose by order of the Common Council by the
majority of the qualified voters Of said city which cleo
ton is hereby directed 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 the newspaper chosen by the Common Council
and shall in all respects be conducted when herein
otherwise provided in the prescbed by law
for the city elections and said election the shall
the ordinance shall inscribe have inscribed on their
tickets the following words In favor of the tax to aid
in the construction of railroad to Mohe; and those
who dsapprove CT said ordinance shall iDscrbe have
inscribed their tickets Against the tax to aid in the
construction OF railroad Mobile:n P,ordea That
the Board Of Directors of said company shall in
tnrmty with the sixth section of the act above rected
notify the Mayor in writing of their consent to accept
said ordinance before the publication of the sad notice of
election
SEC S, Be jtthel ordained etc. That in the month Of
january of each year, at such time the other stock
holders of said Pontcharrai Railroad Company shall
eject their directors, the Common Council shall elect
greeahy the provisions of the section Of the
act above reeed by joint ballot three directors of said
company, who shall be citizens Of New Orleans. They
shall for year until their
elected and shall not be members of either Board the
Common Council or officers of the Corporation
[Signed] w s. GAMPBFLL.
President Board of Assistant Aldermen.
[Siguedl JAS. IL CALDWELL,
President Board Of Aldermen.
Approve June e, 1851
LSigeed JOHN L. LEWIS. Mayor
true copy. D. a ST. GERAN,
jt20 Clerk.