New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-24
the limits of the parish of Orleans" ETC.,
approved March l6, 1870.


SEC. 2. Be it further ordained, etc, Tha
the Council shall proceed to the election OF
a chartered bank to be Administrator of the
Floating Debt, which said bank, prior &c
said election, shall enter into contract with
the city OF New Orleans, represented by the
Mayor, by notarial act, whereby it shall
agree to accept said trust under the provi-
slons OF this ordinance, and to negotiate nc
bonds except to the highest bidder or of.
ferer, and to subject all bids or offers to the
Council of the city of New Orleans, and OBJ.
tain its approval before accepting, ratifving
or acting upon the same. And the said
| bank shall further contract and agree to be
bound to observe and act according TO such
further regulations as the Council NAV
acopt Tor the exchange, sale or negotiation
| OF shld ponds, the payment of the Floating
DEBT, and the protection Of the interests OF
the city and the taxpayers theeeof
| Adopted.
| SEC. 3. Be it further ordained, ETC.. That
| upon the completion Of the said contract
and the election CT said bank as Admins
traitor of the Floating Debt, it shall be the
| duty OF the Administrator OF Public Ac-
| counts, as soon as practicable, to furnish
said bank with the sworn statement Of the
floating debt required by law, together with
all liquidated obligations placed in his
| hands and found to be in accordance with
"a ekho IhO vi the L IOhU-
| ing Debt shall advertise and give suffi
| Gent time for proposals from all holders or
owners OF the Floating Debt to receive
bonds therefor at par And or the bank tx.
hIblting said proposals it shall be the duty
or the Mayor TO issue to said bank or Ad.
mlnlstrat0r Of the Floating Debt bonds
signed by the Mayor and Administrator of
finance, the denominations demanded by
the the proposals TO be used in the ex-
| change or payment therefor; provided, that
IN al cases where the holder or owner shall
be entitled to a balance under fifty dollars,
for which no bond Is provided; he shall be
entitled 10 certificate, and such certificates
OF adequate amount may be used together
to make the necessary amount TO receive
BOND, and this provision is extended to
other sales Of bonds hereinafter provided
fer.
Adopted.
SEC. 4. Be it further ordained, etc., That
after due time for the taking W of bonds ut
par, the Administrator Of the Floating Debt
shall, with the approval of the Mayor, and
in such manner aud form as may be by him
approved, advertise or negotiate for the
highest bids or proposals for bonds at
price not lower than twenty-five per cent
less than the face thereof and upon the sub
mission Of said bids or proposals by the Adj
mlnistrater OF the Floating Debt to the Coun-
the Mayor may issue such further amount of
bonds AS may be necessary for the Admins
traitor of the Floating Debt to exchange or
dispose of in accordance with said approved
proposals. And negotiations or calls for
proposals shall, if necessary, be from tine
TO time renewed, under the direction of the
Mayor, by the Administrator of the Floating
Debt. in place of unsatisfactory bids and
proposals, and 10 continue and complete
the negotiation OF the entire three millions
of bonds.
Adopted.
Sec. 5. Be il further ordained. ETC., That
no bonds to be issued by the city of New
Orleans IN pursuance and under authorize |
ton OF section forty-one of the act of the |
aforesaid, shall be issued except |
upon approved proposals or bids, made to |
aud submitted by the Administrator of the |
Floating Debt, and approved and accepted |
by the Council.
Adopted.
SEC. 6. Be il further ordained, ETC., That |
for the negotiation of bonds and the ex-
change, payment or sale thereof. and for |
all other duties, the Admins.
traitor OF the Floating Debt shall receive
n full compensation of services as well as for
al expenses thereof, one-half of one per
cent OF the face OF the bonds so negotiated,
and exchanged, paid cut or sold, and no !
more.
Adopted.
SEC. 7. Be it further ordained, ETC.. That
his ordinance shall be incorporated in and
De made part Of the contract, to be entered
INTO notarially with the bank to be chosen
Is Administrator Of the Floating Debt AMI
he same shall bind itself to the city to act
ully in accordance Herewith, and not
otherwise and it is further ordained that
10 issue Of bonds, as authorized under sec.
ion fOrty-one of act of March sixteen.
foresaid, shall be made or held valid, un.
ess done in full compliance with the pro.
lslOns OF this ordinance, and with such
urther rules, provisions, and regulations
S may be hereafter made supplementary
hereto by the Council.
Adopted.
Administrator West called for the reading
t the title, and moved its adoption as fol-
)ws:
An ordinance to provide for the extinction |
the floating debt of the City of New Or
cans. and the issue of bonds for the pay
lent thereof.
Adopted.
Administrator Shaw moved the adoption :
the ordinance as a whole.
On yea and nay vote the ordinance was !
unanimously adopted.
Administrator Shaw handed in the follow. :
lg resolution, which was laid over under &
he rules: FC
ReSOlUed, That the sum of five thousand
ollars, or so much thereof as may be nee.
'sary, IS hereby appropriated to defray the .
Expense OF engraving the three millions Of =
onds authorized by the act of the Legisla. =
Ire entitled "An act to extend the limits I
rpr of |
arch l6, 1870, payable on bills or drafts L
1proved by the Mayor and Administrator =
Finance. I
The following resolution, laid over from
lie last meeting under the rules, was called s
?. and, on motion Of Administrator Shaw, I
as adopted:
RESOLVED, That in order to facilitate the O
ldltlng OF the floating debt, in case the &
quIslte information be not filed in the a
ice OF the Administrator of Public Ac- a
UNITS, he is hereby authorized to refer any b
'ucher or bill which appears to be imper- "
CT to she Administrator OF the department Il
present in charge Of the work on which O
e expenditure was made, who shall there %
BON notify to the Administrator of Accounts "
g approval, amendment or rejection of the e
aim, but shall not in any manner alter or Il
sface the original document. Il
General Business. b
Administrator Shaw offered this resolu- u
on: g
ReSotoed, That agreeably to the provi- h
on Is OF section two of an act of the Legis-
ture OF this State, entitled IAN act 10 Or ir
inlZe central Office of nOtarial records" m
c., approved March rs, 1867, the sum Of 9,
" dollars per month, commencing from 81
I'd after the first of March, 1870, be and is r. =,
sreby appropriated Tor the payment of the a
oh.p'y ithu VI an oiucc lof SAID notarlal f.