The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-11-20
MAYoRALTY OF New ORLEANS,
City Hall, Nov. 10, 1865.
~ rran ~ q

mo. ll30-N. 81
AN ORDINANCE PROVIDING FOR THE REDEMP ZION AND
ABSORPTION OF THE VARIOUS ISSUES OF CITY
TREASURY NOTES AND THE RELIEF OF TIE
FINANCES OF THE CITY OF NEW ORLEANS, TO BIZ
SUBMITTED TO THE APPROVAL OR DIsAPPRovAL
OF THE QUALIFIED VOTERS OF THE CITY OF
NEW ORLEANS.
WHEREAS, The Common Council of the city of
New 0rleaus 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. Bet ordained blythe Common COun-
cI of the city Of NelC 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
(S3 GOO 000) three million dollars dated December
/, ls6S, and payable twenty five years after date
in the legal currency of ths United States. and
bearing interest at the rate of seven aud three
teDihs of one per centum per annum, In semi an
nUsl coupons.
SEC. 2. BE ii 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 10 city notes
and under no conditions shall be sold for less than
par.
diiion TO the present taxation tax of ID one
fourth of one per cent be levied annu-
ally on the assessed value of all real aud per-
sobal property and on the amount Of each
and every, license paid into the city treas.
ury by the party foswing 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. 4. BE IL further ordained, ETC., That the
bonds to be issued under the provisions of this
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 ia 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
dollars, shall be publicly destroyed in the manner
prescribed by existing ordinances.
SIC. s.. Be IL further ordained, etc.. That all
ordinances or resolutions conflicting with this Or
dinance be and the same are hereby repealed,
and that this ordinance shall take effect from
and after its 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. I. BE itfirtber 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 approve or disspprove this ordinance.
Those voting sffirmstively TO have printed or
written on their ballots, " For issue Of bonds;r
those voting negatively, against issue of bonds"
The polls TO be opened and the election con-
Quoted in accordance with existing laws and ord
nauces, 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 MARKEY,
President Board Aldermen.
(Signed) JOHN BREEN,
President pro. TEN. Board Assistant Aldermen.
Approved Nov. 10. 1868.
(Signed) JOHN r. CONWAY, Mayor.
A true copy:
john W. OVERALL. Secretary.