New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1854-06-29
MAf0RALTY OF NEW ORLEANS 4
June ID 1864
Common Council = City of New Orleans

LNO l0ii.
AN ORDINANCE to authorize the Mayor of the citv of
NeyyorIeans in pursuance Of the powers aud subject
To the conditions therein mentioned act of the
Legislature Of the State Of Louisiana approved 18th
March 1854 to subscribe behalf of the city to the
stock Of the Pontchartran Railroad Company to con
struct railroad from New Orleans Mobile
BE II ordained dy he Common Co,ttcitqf lie cy of Nttc
Orleans That the Mayor OF the city Of New Orleans sub
scribe on behalf Of the of New Orleans stock of
the Ponchartran Railroad Company in the sum Of one
million five hundred thousand dollars
FEC he It ttel ordained etc That the subscription
o. the c to me stock q said company shall BE- payable
IN bonds Of said city for $1,000 each hlv ny thirty years
to run bearing interest at the per cent per
auuum with interest coupons attached, payable semi
annually in New Orleans or New York transfer ble ty
the endorsement of the Pre- dent Secretary Of the
said company aud said bonds may be into the
stock OF the said company at any time exceeding five
years from their date under such regulations the
in interest agreeing thereto
SIC 8 Bea tvibe ordaned etc. That a tax on every
species Of property occupation, trade or profession
taxable in said city shall be levied January Of each
year commencing in January Sj5 sufficient pay the
annual interest on said bonds specifying the Of
tax which shall be collected The in the
sane manner the consolidated tax of the said
city.
Sc 4 BE frl,er or}qiq.d etc., That the bonds of the
city, issued for the OF the said company shall be
issued and received at their par value for said and
TO insure the fnl and punctua discharge at maturity Of
said bonds the stock of said company issued to the
city Of New Orleans shall be forever pledged for the
dempton of said bonds the AMOUNT of ten shares for
each bond of Que thousand dollars
SIC D. Bel ftH1ter eaQcd eic, That in pursuance of
section third OF the act Of the Legislature above recited
OF March 10 1884 all ordinances resolutions other
passed by the Common Council after the first day of Jan
uary OF each year commencing The lst january 1856
except ordinance to mpse said consolidation loan
tax and ordinance imposing tax specially for the
payment of the annual interest bonds issued by the
city Of New Orleans as its subscription the stock Of
the other Railroad Companies in the shall be null
and void unless resolution Ievyng special tax for the
payment OF the interest the thus issued to the
Pontcbartraia Railroad Company stock shall have
been previously passed it being understood agreeaby to
the several provisions in said contained that no
levy OF tax for the payment Of interest said bonds
al be made whenever dividend of six per per
hnnnm shall have been declared any year on the stock
Of said Pontchartran Railroad Company held by TIE CITY
which dividends shall be applied by the city to the nay
nent OF the interest and that whenever the dividends
Of said RAILROAD stocks by city shall amount to
more than six per centum per the after
payment Of interest aforesaid shall applied axreea
hy to the third section Of the law aforesaid to the pur
chase Of the bonds sned under this orduadce and that
whenever dividend OF less than per cenu per an
mum snail be declared during any year 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. g. BE Il Jfther ordaiaed That immediately
after the passage Of the ordinance authorizing the sub
scrpton the aforesaid and its approval by the
voters OF the city of New Orleans hereinafter provided
the Mayor shall bonds to be issued to the punt
Railroad Company for the amount of said sub
scrpion receiving from said company certificates for
ttrth thousand shares Of w capital one hundred
dollars full paid in the manner following wit Bonds
to the amount Of five hundred thousand dollars at the
tne o Subscrlption the further sum of five hundred
thousand dollars in bonds whenever additional amount
ul private subscriptions shall
amount OF five hundred thousand dollars on which ten
dollars in cash upon each share hundred dollars
sha have been paid up at the time Of subscription the
balance subject to the call of the Board OF Directors and
the further of five hundred thousand dollars in bonds
whenever the Mayor OF the city shall be satisfied that
sixty miles of said between New Orleans and Mobile
have been constructed and capable
thereon; And ltOudea That from the time of the city
subscription to the stock Of the said the old
new stockholders and the city shall all respects
upon an equal ooting In proportion to their respective
number OF shares the earnings may accrue on
tne road 10 existence well that to be
Mobile and Tforided f1ba that the rights and exclusive
privileges now held by the P0ntchartrain Railroad
Company and by which, under charters granted by the
states OF Alabama and Mississippi the said Ponchartran
Railroad Company has obtained the privilege of cen
structng and maintaining railroad Orleans to
Mobile through those States shall on the Subscription of
the city above forth the joint asset Of the
new as well as old stockholders Of the said P6ncharran
iiaroad Company. and of the city of New Orleans
thereupon the Mayor OF the city required
70 execute before the secretary Of said company pledge
of the said stock the full punctua discharge
at maturity Of the bonds thus issued the amount of
ten shares for each bond of ahousand dollars agree
ably to section fourth of the law above rected.
SIC BE 1t farther ordained etc That this ordinance
shall not be valid until it shall bave been
approved and ratified election be held that
purpose by order OF the Common Council by Of the
majority of the qualified voters of said city which cleo
on is hereby directed to tuke 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
ana snail IN all respects be conducted when not herein
otherwise provided in the precibed by law
TOT the city elections; and at said election the shall
be taken in the following Those who approve
the ordinance shall inscribe or have inscribed their
tickets the following words In favor of the aid
in the construction OF railroad to Moble and those
who disapproye of said ordinance shall nscrbe have
inscribed their ii kpts, Against the aid in the
OF railroad to Mobie Prorded, That
the Board of Directors of said company shall in
ormy with the sixth section of the above recited
notify the Mayor in writing of their accept
said ordinance before the publication of the said
elec lOn,
SIC Be il further ordained etc, That in the month of
January of each year at such time the other
holders of said Pontchartrai Railroad Company shall
elect Their directors, the Common Council shall elect
agreeaby to the provisions the seventh
act above rected by joint ballot three directors said
company. who shall be citizens OF New Orleans, They
shall serve for one year until their
elected and shall not be members of Board of the
Common Council or officers of the Corporation
Sgnedl w. S, CAMPBfLL.
President Board Of Assistant Aldermen.
Signedl JAS. IL CALDWELL,
President Board of Aldermen.
Approvee June &C. 1854
E5gred JOHN Il LEWIS, Mayor
A true copy, D. A ST. CERAN,
je2O Clerk.
I u ~