New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-05-01

On between the two companies, the Council
ough. to do nothing in the matter.
The report of the Administrator of I'm
provenieuts was received, and the subjoined
resolution, which accompanied it, was read
by title and laid over.
Resolution Withdrawing permission granted
to Pontchartrain Railroad Company to
occupy banquettes on Elysian Fields
street.
Resolued, l. That the permission which
the Mayor of the city of New Orleans was
authorized to confer upon the POntchartrain
Railroad Company, to use the street, road
and avenue, which lines the space of ground
reserved by Mr.. B. Marigny, and known I'M
der the appellation of the Marigny Canal at
the period when he tablished the old and
new suburb, under an ordinance OF the city
Council, approved March Is, 1880. if made
by him as authorized, be and the same is
hereby revoked, and that the said ordinance
be and is hereby repealed; the public con-
venience requiring the use of the space de-
scrlbed in the said ordinance, and the fur
Their appropriation of the said spaces in the
manner specified being announcement to the
public.
Tho Floating Debt and Fiscal Agency.
Mr.. Shaw having entered the hail and
taken his seat, the Council entered upon the
business for which it had been specially
convened.
The Mayor reported the efforts made by
the committee so to arrange for the admin
istratior of the floating debt as best to serve
the interests of the city. He stated that
they had held an interview with Mr.. c.
Cayaroc, president Of the Bank of New Or
leans, who had submitted a proposition
which the committee regarded as accept.
able. He proposed that the three millions
of seven per cent bonds should be placed in
the hands Of the president Of the Bank of
New Orleans for negotiation, the rate Of
discount or sale to be under the direction
and control of the municipal authorities.
This was substantially the point which the
Council desired.
Mr. Shaw said he had an ordinance to
offer, amendatory of the ordinance offered
by him a week ago. 1t was as follows:
An ordinance to amend an ordinance enti-
tied IAN ordinance to provide for the eX-
tinction of the floating debt of the city of
New Orleans, and the issue of bonds for
the payment thereof"
SECTION l. Be it ordained by the Council of
the city of New Orleans, That the Mayor
and Administrator of Finance shall as soon
as practicable, cause to be designed and en-
graved bonds of the denomination of fifty,
one hundred, five hundred and one thousand
dollars, sufficient to provide for the issue of
three millions of dollars under and in pur-
susnce of section fOrty-one of an act entitled
IAN act to extend the limits of the parish OF
Orleans" etc., approved March Is. 1870. and
said bonds shall be signed by the Mayor and
of Finance.
Sec. 2. Be it further ordained, ETC., That
for the negotiation of bonds and the ex.
change, payment or sale thereof and for
performing all other duties, the Admins.
traitor of the Floating Debt shall receive in
full compensation thereof, one per cent of
the face OF the bonds so negotiated and ex-
changed, paid out or sold, and no more.
Sec 3. Be it further ordained, etc., That all
ordinances and parts of ordinances, conflict
ing with this ordinance, be and the same are
hereby repealed.
the question of its adoption being put the
Council voted unanimously in its favor.
Under the provisions of the charter, how
ever, the ordinance lays over to be read a
second and third time at the two succeeding
regular meetings of the Council.
proceed to elect an Administrator of the
boating debt, under section thir:y.nine of
The charter.
Agreed.
Mr. Shaw nominated the Bank of New
Orleans.
Mr. Finley seconded the motion.
Nominations closed.
The Mayor, in putting the question, stated
that the Bank of New Orleans proposed to
meet all the coupons maturing at maturity
and to give the Council credit of a hun
ired thousand dollars month until August
next on securities agreed upon, at eight per
cent interest.
The roll being called on the question that
he Bank CT New Orleans be now declared
Administrator of the Floating Debt OF the
,ity of New Orleans, the following members
voted:
Yeas: West, Shaw. Delassize, Finley,
Pierce and Bonzano.
Administrator Walton said in view of the |
oIg experience of the Citizens Bank and |
he increase in remuneration which had |
been agreed upon, he should prefer to cast |
lis vote for the Citizens Bank.
The Bank of New Orleans was declared |
elected Administrator of the Floating Debt. |
The Mayor said the next business was to |
ect a chartered bank of New Orleans,
which should be the depositary of the city |
unds. In section thirty of the charter this |
vas called the Fiscal Agency.
Mr. Walton moved that the Council do |
low 60 into an election OF depository of |
he city funds, called in section thirty of The |
ew charter the Fiscal Agent.
Agreed.
MIR. Shaw nominated the Bank of New
orleans.
Mr.. Emley seconded the motion.
Nominations closed.
The rol! was called, and on the question
hat the Bank of New Orleans be now elect
d Depository of the City Funds, called in
ection thirty OF the charter Fiscal Agent,
he following members voted:
Yeas: West, Shaw, Delassize, Emley,
fierce, Walton and Bonzano.
Nays: None.
The Bank OF New Orleans was declared |
lected, unanimously, fiscal agent under the |
ew charter.
The Council then went into an election for
seal agent under the ordinance approved |
lay 5, 1856.
Mr.. Emley nominated the Bank of New
orleans.
Mr.. Pierce seconded the motion.
The nominations were closed, the ayes
nd NAYS were called, and the Bank CT New