New Orleans Republican., 1868-09-18

| Ao'tRS bCSA WhlVeus
Yeas: Messrs. Boguille, Brady, Kaiser
Pessou, Poynot and Shields-6.
Nays: None.
Apetition was received from NJ. Condran,
proposing to furnish the city with oyster
shells at twenty five cents per barrel in any
! quantity. Referred to Committee on Streets
and Landings.
MIR. 0'Brien offered an ordinance provid.
| ing for the formation of the New Orleans
City Issue Redemption Company, which, on
motion, was amended to provide that secu-
rity to be furnished by said company should
be based on real estate, and given in the
form of a notarial act, with mortgage bear
ing on said real estate, SO as to read as fol-
lows; ~ ..1
An Ordinance authorizing the Mayor to
enter into a Contract with George L.
Pitcher, John F. Caldwell and their asso-
ciates, under the style of the New Orleans
CITY Issue Redemption Company, for the
Redemption and Cancellation of Three
Million OF Dollars of Treasury Notes of the
CITY of New Orleans, upon certain terms
and conditions.
SECTION l. Be it ordained by the Common
Council of the city of New Orleans, That the
I1uJOl DC tLiA ID utTtUy duLlOTlZDQ
enter into a contract with George E. Pitcher,
John F. Caldwell and their associates,
| under the style of the New Orleans City
Issue Redemption Company, for the redemp-
tion and cancellation of three million of
| dollars of the treasury notes of the city of
| New Orleans, upon the terms and condi-
| tions following, viz:
| First-The said New Orleans City Issue
| Redemption Company agree to issue one
| hundred and fifty thousand certificates of
| Indebtedness, of twenty dollars each, bear
ing six per cent per annum interest from
date of issue, and payable in legal tender
currency, which they are to exchange for
city treasury notes at their par value as
called upoE by the holders thereof
Second-The said certificates of indebted.
| ness are to be divided into series of fifteen
hundred certificates each, and the said com :
pany binds itself to pay one series of 1900
certificates (say $50, ,000) ON the first of each
and every successive month, commencing
on the first of the month following the
completlon of the contract-the series to be
paid each month to be determined by the
| public drawing of one number from the
| Whole OF the numbers representing the
different series of certificates.
Third-The said New Orleans City Issue
Redemption Company is to deliver into the
hands OF the City Treasurer on stated day
OF each week. the whole amount of city
treasury notes received by it in exchange
| for cerlihcates-the same to be held by the
| said City Treasurer as collateral security
for the faithful redemption of said certif
Gates in favor of the holders thereof-and
In order that the City Treasurer may know
/ at all times what amount of city treasury
notes has been received by said company in
exchange for its certificates, it is required
| that each certificate issued shall be re-
| qu1red to BE- presented to and be stamped by
the said City Treasurer.
Fourth-As rapidly as the certificates of
| Indebtedness issued by said New Orleans
City Issue Redemption Company shall be
redeemed BY it, viz; In installments of
| S3O,0O0 each month, the city Treasurer shall
be authorized to take from the amount in
his hands, an amount of City Treasury
| notes equal to the amount of certificates re-
deemed, and cause the same to be des-
troyed In manner and form as prescribed by
! law.
Ffth-The ''city of New Orleans" agrees
to pay to said New Orleans City Redemp-
ton Company the sum OF five hundred and
fifty thousand dollars (S550 OOO), in legal
tender currency, per annum for eight years,
viz: 1859, 1870, 1871, 1872, 1873, 1874, 1865
and 1876; aud specially pledges the re-.
| venues to be derived by the said CITY from
the taxes and licenses OIL professions. call
| lngs and other business, and on carriaaes
hacks, drays and oJher vehicles :" durfur
each aud every of said years for the pument
OF the same, authorizing and directing the
city Treasurer to pay over to said company.
rs last as collected, the whole of the re-
VENUE arising in each year from said sources. Z
| until the amount due to it for said yeaf
| (Yiz: 5000 0O0) shall be wholly paid; and fn
| case the revenue arising from said sourves
| IN any one year shall not amount to the
sum OF $3.50 900 in legal tender currepcy,
then ana IN that case the said ty of New
| orleans binds Itself to pay the differeDcelt
SiXth-The said New Orleans CITY Iss1e
Redemption Company prior to the comnle-
tlon OF this contract, is to furnish a b0nd
| with good and sufficient securities, oWnintt
real estate to the amount of said bond, to ID
| approved By the Mayor and Chairmen oil
tne finance Committees Of the Common
! Council, in the sum of f----- hundred
thousand dollars, conditioned for the faith.
iul performance of all its obligations under
the contract, so long as the city # New Or
leans shall also comply with its obligations
under the same. Said bonds to be made
with the solemnity of notarial act, giving
q mortgage upon the real estate aforesaid
! duly described, and said act duly recorded
by the Recorder of Mortgages.
SEC, 2. Be 1t further ordained, ETC., That
| all ordinances and resolutions conflicting
with this foregoing be and the same are
hereby repealed.
SEQ. 4. Be it further ordained, etc., That
this ordinance shall take effect from and
e-A"~A 40 phoso6Os
This was adopted on first reading and the
rules were waived for second reading by
the following vote:
Yeas: Messrs. Boguille, Brady, O'Brien,
Pessou, Poynot and Shields-G.
Nay: Mr.. Kaiser-l.
1t was adopted on second reading by the
following vote:
Yeas: Messrs. Boguille, Brady, Kaiser,
o'Brien, Pessou, Poynot and Shields.
Nays: None.
MIR. Kaiser gave notice that he would at
the next meeting move to reconsider the
vote.
On motion the Board adjourned to meet
the other Board in joint session, as provided
for.
IFor jointsession see proceedings of lower
Board.
Mr. Kaiser offered the following resolu.
tion:
Resolred That whenever any resolution
or ordinance vetoed by the Mayor shall
nave been passed by the necessary two
thirds vote OF both branches OF the Com
mon Council over said veto, it shall be and
Is hereby made the impera i've duty of the
Secretaries Of the Boards of Aldermen and
Assistant Aldermen to append TO such
ordinance or resolution certificate setting
forth that such ordinance or resolution was
passed over the Mayors veto by msiority
OF twothirds of both branches of tbeCom-
mon Council, as required BY section ~ of
the city charter, and cOlspoupntlv hannn,ac