The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-11-22
MAYoRALTY OF NEW ORLEANS,
City. Hall, Nov. 10, 1868.
mo. ll30-N. ST.

mo. ll30-N.S.1
AN ORDINANCE PROVIDING FOR THE REDEMPTION AM
ABSORPTION OF THE VARIOUS ISSUES OF CIT,
TREASURY NOTES AND THE RELIEF OF TIL
| FINANCES OF THE CITY OF NEW ORLEANS To Ri
SUBMITTED TO THE APPROVAL OR DIsAPPRovAI
| OF THE QUALIFIED VOTERS OF THE CITY oil
| NEW ORLEANS.
WHEREAS, The Common Council of the CITY Of
| New Oreaus has exhausted every means within
their direct control for the relief of the finances
| OF the city and
| WHEREAS, They have applied, without success
for assistance from the Legislature of the State
| OF Louisiana; therefore
SECTION l. Be ordained blythe Common Co,tn.
GU Of we Guy OF Neao 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
ls3OO OOO) three million dollars, dated December
l, 1865, and payable twenty five years after date
IN the legal currency of the United States, and
bearing interest at the rate of seven aud three.
Tennis OF one per centum per annum, in semi. an.
nual coupons.
SEC. 2. Be it, 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.
SEC. 3. Be IL further ordained. ETC.. That in ad.
dition to the present taxation a tax of "a 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 came 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. 4. Be Il 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. 5. BE ii further ordained ETC., That all
city notes received il exchange for or 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
collars, SHAH be publicly destroyed in the manner
prescribed by existing ordinances.
SEC. 6. Be IL further ordained, etc., That all
ordinances or resolutions conflicting with this or
dlnance be and the same are hereby repealed
and that this ordinance shall take effect from
snd after lis approval by majority of the quail
fed voters Of the city of New Orleans voting at a
special election to be held under the provisions of
this ordinance.
Sec. Z. Be itftrther ordained, ETC.. That after
ten days proclamation by the mayor in the official
Journal OF the city of New Orleans, the quail
fed voters of the city of New Orleans be called
upon to spprove or disapprOve this ordinance.
Those voting affrmstively to have printed or
written on their ballots, " For issue of bonds;r |
those voting negatively, Against issue of bonds.n
The polls TO be opened and the election con-
1ucted in accordance with existing laws and ordi.
nances, and returns TO be made to the mayor. |
All persons registered under the late registration
aw of the State to be considered qualified voters.
(Signed) THOMAS MARKEY,
President Board Aldermen.
(Signed) JOHN BREES.
President pro. TEN. Board Assistant Aldermen.
Approved Nov. 10, 1868.
(Signed) JOHN R. CONWAY, Mayor.
true copy:
JOHN W. OVERALL, Secretary.