New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-21


debtneas to exchange or dispose OF in &C.
cordance with said approved proposals..
And negotiations or calls tor proposals snail,
if necessary, be from time to time renewed
under the direction of the Mayor by the
Administrator of the Floating Indebtedness
in place OF unsatisfactory bids and pro-
posals. and to continue and complete the
negotiation of the entire three millions OF
bonds.
SEC. 6. Be it further ordained, ETC.. That
no bonds issued by the city OF New orleans
in pursuance and under AUTHORIZATION OF
section forty.one of the act OF the Leglsla-
ture aforesaid shall be issued except upon
approved proposals or bids. made to ana
submitted by the administrator OF the FLOAT
ing Debt, and approved and accepted Dy
Council.
SEC. 6. Be it further enacted, etc., That
in case of the application of funds resulting
from the sale of bonds, as herein proVloed
for. to an insufficient amount TO defray the
items Of Indebtedness certified to the Ao-
ninistrator of the Floating Debt, the follow
ing order shall be observed in payment: l..
Pay-rolls of laborers. g. Pay-rolls of
teachers. 3. Warrants. 4. Registered bills.
5. City notes.
SEC. Z. Be it further ordained, ETC., That
for the negotiation of bonds and the eX-
change, payment or sale thereof the AID.
ministrstor of the Floating Indebtedness
shall receive in full compensation of services
as well as for all expenses thereof, except
furnishing and engraving the bonds, one
half OF one per cent OF the face of the bonds
SO negotiated, exchanged, paid out or sold,
and no more.
Sec s. Be it further enacted, ETC., That
the several provisions of this ordinance shall
be incorporated as items Of the contract, to
be entered into nOtarially with the bank to
be chosen as Administrator of the Floating
Debt, and the same shall bind itself to the
city to act fully in accordance Herewith,
and not otherwise; and it is further ordained,
that no issue Of bonds, as authorized under
section forty.one of act of March sixteen,
aforesaid. shall be made or held valid, unless
done in full compliance with the provisions
of this ordinance, and with such further
rules, provisions and regulations as may
be hereafter made supplementary thereto
by the Common Council.
The foregoing ordinance, Mr.. Shaw
stated, had been in measure redrafted by
the Mayor Some of the changes made he
admitted to be improvements; others he
should contest He would offer the Mayors
substitute, az well as his original ordinance
in order that both might be spread upon
the minutes. The substitute was as follows:
An ordinance to regulate and control the
issue aud sale Of the three million bonds
provided for the payment Of the floating
debt of the city Of New Orleans.
SECTION l Be it ordained by the Coun-
Gil of the city of New Orleans That
the Mayor and Administrator OF Finance
shall, as soon as practicable, cause TO be de-
signed and engraved bonds of the denomi-
nations of fifty, one hundred, five hundred
and one thousand dollars, sufficient to pro
vide for the issue of three millions of dol
lars under and in pursuance Of section forty.
one Of an act entitled IAN act to extend
the limits of the parish of Orleans" ETC.,
approved March Is, 1870.
SEC. 2. Be it further ordained, ETC., That
on the - day of - the City Council
shall proceed TO the election of chartered
bank of the city of New Orleans to be Adj
minis;rstor of the Floating Debt, such ad-
ministration to DE entered upon by said
bank, subject to the conditions hereinafter
provided.
Sec 3. Be it further ordained, etc, That
upon the election Of 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 and also the Mayor
of the city with the sworn state
ment Of the floating debt required by
law, together with al liquidated obligations
placed 10 his hands and found to be in &C.
cordance with law, whereupon the said adj
mini5trstor of the floating indebtedness
shall advertise for proposals from all hold
ers or owners of the floating indebtedness to
receive bonds therefor at par, giving sufi-
Gent time for such proposals to be handed
in. And on the bank exhibiting said
proposals il shall be the duty of the
Mayor to issue 20 said bank or admins
traitor OF the floating indebtedness, bonds
duly signed and attes,ed Of the denomina-
tons demanded by TIE proposals to De used
in the exchange or payment therefor; pro
vided, that in all cases where the holder or
owner shall be entitled to a sum under
fifty dollars, for which no bond is provided,
he shall be entitled to certificate, and
such certificates of adequate amount may
be used together to make I'D the necessary
amount to receive bond, and this provision
is extended 10 other sales of bonds herein
after provided for.
SEC. 4. Be it further ordained, etc. That
after due time has been allowed for the
taking up of bonds at par by the holders of
the evidences of Indebtedness, the Admins
traitor of the Floating Indebtedness shall,
with the approval OF the Mayor, and in
such manner and form as he may direct, ad.
vertise or negotiate for bids or proposals
for the purchase OF the remaining bonds at
8 minimum rate of twenty-five per cent less
their face value. These bids or proposals
to be laid before the City Council, at
their next regular meeting after the time
fixed for The receipt OF said bids
for their approval and acceptance.
Upon such sanction or approval being
given, the Mayor may issue such
urther amount Of bonds IS may be necessary
For the Administrator Of the Floating In
lebtedness TO exchange or dispose of in &C
cordance with said approved proposals.
And negotiations or calls for proposals, shall
i necessary, be from time to time renewed
lnder the direction Of the Mayor by the Ad-
Illustrator of the Floating Indebtedness
Until the negotiation ofthe entire three mil
ions of bonds is completed.
SEC. 5. Be it further ordained, etc. That
10 bonds issued by the city of New Orleans
n pursuance and under authorization of
section forty-one OF the act Of the Legis-
ature aforesaid shall be issued except upon
approved proposals or bids, made to and
submitted by the Administrator of the
Floating Indebtedness, and approved and
accepted by the City Council.
SEC. .. Be it further ordained, ETC., That
4 case the application OF the funds resulting
rom the sale OF bonds, as herein provided
or should prove insufficient to defray the
TENS of Indebtedness certified to the Adj
of the Floating Debt, the follow
ng order shall be observed in payment: l.
Pay-rols of laborers. g.. Pay-rols of
eachers. 3. Warrants. 4. Registered bills
). City notes.
SEC 7. Be it further ordained, etc.. That
or the negotiation of bonds and the ex-
;hange. payment or sale thereof, the Adj
Illustrator of the Floating Indebtedness
hall receive in full compensation, as well as
OF. all expense thereof, except furnishing
md engraving the bonds, one half of one
oer cent OF the face of the bonds SO nego-
lated, exchanged, paid out or sold, and no
more.
Sec 8. Be it further ordained, etc., that
he several provisions of this ordinance shall