New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-10-07
THE WEEKLY REPUBLICAN
Terms Of Subscription.
0ne year, IS; six months, 81 50.
CITY COUNCIL-OFFICIAL
SPECIAL MEETING.

CRY HALL, NRw ORLRAEa, [
October 6, 1870. }
Aspecial meeting of the Council was held
to-day at P. NJ, Mayor Flanders presiding
and the following Administrators being
present: J. R. West (Improvements), L. T
Delassize Public Buildings), j. S. Walton
tFinance), and Z. w. Pierce tPolice).
Mr.. West stated that, in order to meet the
requirements of the contractors for the re
pair Of the wharves, it was necessary to pass
the ordinance introduced by him and read
> second time September q. He now
offered that ordinance in revised form, as
drafted by the City Attorney:
An ordinance for the issue of bonds for i'm
prOvements to wharves and landings.
Be it ordained by the Council of the city
Of New Orleans, That for the payment OF
the work now being done under the con
tracts for the improvement and reconstruc
ton Of wharves and landings, bonds shall
be issued by the city OF New Orleans; and
the Mayor and Administrator of Finance are
hereby authorized and required to sign the
same, to the extent of three hundred and
fifty thousand 1880, O0O) dollars, limiting the
issue to the amount that may become neces-
sary for the aforesaid payments.
Be it further ordained, ETC., That said
bonds shall be dated December ], 1870, and
be issued in sums Of five hundred ($50O) and
one thousand ($lOO0) dollars each, payable
in ten (I0) years after date, bearing interest
at seven and three-tenths Il 3-lO) per cent
per annum, payable semi-annually, on the
e first days of June and December.
Be it further ordained, etc., That to meet
the interest OF said bonds and the principal
thereof at maturity, the receipts OF wharf
age and levee dues are hereby specially
pledged, and the Administrator of Finance
Is required to reserve semi-annually, on the
first days of June and December in each
and every year, until the principal and in
terest are paid, sum sufficient to meet the
interest due at the date of reservation, and
ten per centum of the whole debt in addi-
ton, to be regarded as sinking fund to be
applied to the extiAguishment of the princi-
pal of said bonds at the maturity thereof.
Be it further ordained, ETC., That in order
to further secure the payments provided in
Tia foregoing section. it is hereby specially
made the duty of the Administrator of
served to the extinction Of the interest
and to the purchase or payment of said
bonds, and to no other purpose whatever:
provided, that purchases Of the said
bonds shall be made by sealed proposals
invited by ten tl0) days notice in the official
journal.
NJ. Walton suggestedithat December, be-
ing . very bad month for the city, the
months of July and January in each year
SHOULD be designated instead of the first OF
june and December for the ten per cent res
ervation.
Mr.. West accepted the amendment.
The roll was called, and the ordinance as
amended was unanimously adopted.
Mr.. Delassizc informed the Council that
it was absolutely necessary before the re-
distributed district courts could open in No
vember, to provide twenty armoirs with
pigeon-holes for papers.
The Administrator Of Public Buildings
was authorized to advertise for proposals,
to be opened on Monday next, and laid be-
fore the Council on Tuesday
The Council then adjourned.
Ii. CONQUEST CLARKE,
Secretary.