Le Louisianais. [volume] (Convent, La.) 1865-1883, 1869-11-13
40 |
AN ACT

To enable the City Of New Orleans to Fnnd
It's Floating Debt, and TO .Liqnida,e its
Indebtedness.
SECTION / BE IL enachd hy The s. nafe ana
linus" Of Representatives of the State OF Loni-
s'ana in General Assembly convened, Tha,
I'll" rity Of New Orleans be and is hereby an.
,hor,zrd and empowered 10 issbe bonds 10 Me
Amount Of three million, Of dollars, in sums Of
tt y, on" hundred, five hnnhred and one rhon
sand dollars payable in twenty five year, from
date, bearing interest at The rale of seven per
cenlnm per annnm, payable semi,annuaIly, in
b city of New Oiieans or New York, a, the
option Of the holders thereof, Tor which @in'cres,
coupons shall be annexed 10 The bonds, which
bonds " hen issued Shall be deposited with the
fiscal agent Of said city, and shall be given
I keAas+Yel y in exchanges at par for wha, is
known as Getty notes." that is 10 say, those
notes for small amounts which have been issued
by said city, and were used as a currency for
several years, a full aud particular Statement,
OF the several issues Of which 'city notes.
shall he prepared, as far as practicable, by The
CONTROLLER and Treasurer OF said city, verified
ty the Mayor and the members Of the Finance
Commiliee-.o oil the Beads of Aldermen and
Assistant Aldermen, and said statement, OF said
notes verified and a,'.strl as aforesaid shall be
furnished 10 til" fiscal agent OF sail city, and
sand bonds are no, TO he used for any other
purpose; and 10 IDENTITY said bonds thus given
in exchange for city notes, The fiscal agen,
shall indorse on the back Of said bonds that
they have bee" given in exchange as aforesaid
aud no bond shall bs of any validity in The
hands Of any holder wi,hou, said Endorsement.
Sec. 2. Be il further enacted, ETC., Tha,
The Fiscal Agent shall publish every month a
sworn statement, Of The number and amount Of
bonds which have been thus exchanged as we'll
As Tia, remaining on hand, which statement
shall be verified and a,tc-,ed by- The Mayor,
Controller and Treasurer Of me said city; and
it shall be the duly Of the fiscal agent, after
having published the statement aforesaid every
month, to destroy by fire, in The presence Of The
Mayor, Controller, Treasurer and such other
citizens as may think proper TO attend, all the
city notes which have been received in
ex change for said bonds. and to make a record
of said burning, signed Iy The fiscal agent, the
Mayor, Controller AID Treasurer of said city,
SEC. 3. Be it further enacted, etc, That
TO enable the city of New Orleans 10 fund and
l'quida'e The baIa"ce of its floating deb, now
existing, such as judgements, Outstanding
warrants, e,c said CRY is hereby authorized
aud empowered 10 issue bonds to the amount
of Nv" millions Of dollars in sums Of fifty, one
hundred, five hundred and one thousand dollars.
payable twenty five years from dale, bearing
interest at the rate Of seven per ceutum per
annnm, payable semi-annnaIly in the city of
New Orleans or New York. at the option of
the holders thereof, for which i%n,eres, coupons
shall be annexed to the bonds; which bonds,
when issued, shall be deposited with the fiscal
agent Of said city, and shall be given by said