The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-11-11
The accompanying ordinance :

Inc accompanying orunance.
AN ORDINANCE PROVIDING FOR THE REDEMP rIos AND
ABSORPTION OF THE VARIOUS ISSUES OF CITY
TREASURY NOTES AND THE RELIEF OF THE
FiSASCEs OF THE CITY OF NEW ORLEANS, TO BIZ
SUBMITTED TO THE APPROVAL OR DIsAPPRovAL
OF THE QUALIFIED VOTERS OF THE CITY OF
NEW ORLEANS. - y 4.-T - rcd
WHEREAS, The Common Council of the city of
New Orlesus 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 |. Bed ordained by The Common C0tua-
ca Of the city Of Neac 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
$4,000 OOO) three million dollars, dated December
i, 1865, and payable twenty five years after date
in the legal currency of the United States and
bearing interest at the rate of seven and three.
tenths of ohe per centum per annum, in seminar
nual coupons. Wan@ u gwur
SEC. 2. he 1t further ordained etc., That these
bonds shall be used exclusively for the purpose of
absorbing the various issnes of city treasury
notes, and fhall be offered for sale In city notes
and under 10 conditions shall be sold for less than
IG.
SEC .. lie ii further ordained. etc., That in sd.
dition 10 the present taxation tax of Cd 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.
nry by thu party following the profession
licensed, within the corporate limits of the city Of
New Orleans mot exempted by law from taxstiop),
and that the same be and is hereby set aside aud
pledged to,be used solely and exclusively for the
payment ,of the interest and the re-
dempton Of the bonds to be issued by virtue Of
this ordipaTlce, and that this annual tax shall be
deposited GAily. when collected, in such bank 10
the city Of New Orleans as may be designated by
the CommCa Council.
SEC. 4. BE IL further ordained etc.. That a tax
of five (5)sB cent. be levied annually on all CRY
treasury notes outstanding after the LIST Of jan
usry, 1859. and that no city notes shall be re.
ceived intothe treasury after the lst day of Janu
airy, 1869, uht said tax shall have been deducted.
SEC. s. lie u further ordained, etc., That the
bonds to b issued under the provisions of this
dinance behind the same are hereby exempted
from taxation by the city.
SEC. 8. re IL further ordained, etc., That all
city notes Received liz exchange for in purchase
CT the bonds to be issued under this ordinance.
thall be cancelled and defaced daily as they
are receives into the treasury, and whenever they
shan anoutt to the sum Of one hundred thousand
-oohar. sngu De puoiiciy destroyed in the manner
SEC. Z. BE IL further ordained. ETC.. That all
ordinsnceIor resolutions conflicting with this or.
dinance be- and the same are hereby repealed
and that iais ordnance shall take effect from
and after lis approval by majority of the quail.
ned voters Of the city Of New Orleans voting at
special election to be held under the provisions of
this ordinance.
SEC. s. l,e IL further ordained ETC., That after
ten days Proclamation by the mayor In the official
Journal Of the city Of New Orleans, the quail.
neo voters OF the city Of New Orleans be called
upon 10 spprove or dsapprove this ordinance.
1nose Young anrmatively to have printed or