The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-11-25
MAYoRALTY OF NEW ORLEANS, !
City Hall, Nov. 10, 1868. (
FN> IIoa NJ CT

AN ORDINANCE PROVIDING FOR THE REDEMP ZION AND
ABSORPTION OF THE VARIOUS ISSUES OF CITY
TREASURY NOTES AND THE RELIEF OF THE
rrSANcKs OF THE CITY OF NEW ORLEANS, TO Be
SUBMITTED TO THE APPROVAL OR DIsAPPRovAL
OF THE QUALIFIED voTEKs OF THE OF
NEW ORLEANS. .
WHEREAS, The Common Council of the city of
New Orleaus has exhausted every means within
their direct control for the relief of the finances
wHEKEAs, They have applied, without success,
for assistance from the Legislature of the State
of louisiana therefore W..
SECTION l. Bet ordained by the Common Coun-
ciI of The city of Neto Orleans, That the mayor,
controller, treasurer and chairmen Of the finance
committees of the Common Council be and they
are hereby authorized to issue bonds of the
city of New Orleans in and for the sun of
as 600, 0O0) three million dollars, dated December
in the legal currency Of the United States. and
bearing interest at the rate of seven and three
tenths OF one per centum per annum. in seminar
nual coupons.
SEC. 2. BE a. further ordained. etc., That these
bonds shall be used exclusively for the purpose of
absorbing the various issues of city treasury
notes, and shall be offered for sale in city notes
and under no conditions shall be sold for less than
par. --
dition to the present taxation tax Of (4) one
fourth of one per cent. be levied annu-
ally On the assessed value of all real and per-
sonal property and on the amount of each
and every license paid into the city treas
ury by the party following the profession
licensed, within the corporate limits of the city of
New Orleans mot exempted by law from taxation),
and that the same be and is hereby set aside and
pledged to be used solely and exclusively for the
payment of the interest and the re.
demption Of the bonds to be issued by virtue of
this ordinance. and that this annual tax shall be
deposited daily. when collected, in such bank in
the city of New Orleans as may be designated by
the Common Council.
SEC. A. Be ii further ordained, etc., That the
bonds to be issued under the provisions of this or
dinance be and the same are hereby exempted
from taxation by the city.
SEC. 8. Be IL further ordained etc., That all
city notes received in exchange for in purchase
of the bonds to be issued under this ordinance,
shall be cancelled and defaced daily as they
are received into the treasury, and whenever they
shall amount to the sum of one hundred thousand
dollars shall be publicly destroyed in the manner
prescribed by existing ordinances. l
SEC. 6. Be IL further ordained, etc., That all
ordinances or resolutions conflicting with this Or
dinance be and the same are hereby repealed,
and thatahis ordinance shall take effect from
and after its approval by majority Of the quail
fed voters of the city Of New Orleans voting at
special election to be held under the provisions of
this ordinance. --a.s.....
SEC. Z. Be IL further ordained, etc.. That after
ten days proclamation by the mayor in the official
journal of the city of New Orleans, the quail
fled voters of the city Of New Orleans be called
upon to approve or disspprove this ordinance.
Those voting affirmatvely to have printed or
written on their ballots, " For issue Of bonds;"
those voting negatively, against issue Of bondsn
The polls to be opened and the election con-
Quoted in accordance with existing laws and ordi.
nances, and returns to be made to the mayor.
All persons registered under the late registration
law of the State to be considered qualified voters.
(Signed) THOMAS MARKRY,
President Board Aldermen.
(Signed) JoHS BREEN,
President pro. tenn. Board Assistant Aldermen.
Approved Nov. 10, 1868.
(SigDed) JOHN r. CONWAY, Mayor.
JOHN W. OVERALL Secretary.