New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-23
CcNCERT sALOON MUSIC ALLOWED
PASSAGE GE NEW ORDINANCES

it re. assembled and all the members an |
swered to their names.
On molten of Mr.. West, the reading of the
minutes Of he last meeting was dispensed
with.
Mr.. Walton, presented the certificate OF
appointment OF Hubert Bon1ano, as Ad- |
nipistrator OF Assessment, vice McCarty.
resigned.
The certificate was referred to commit
tee consisting of Administrators Emley and
o -lsssize, and having been reported rs be-
ing in due form, the name OF Hubert Bon
gano was ordered to be entered on the roll.
Mr.. Walton stated that if in order, he
wouid remark in reference to his report at
previous meeting respecting deficiency
of $500 coo in the city treasury, that the de.
fciency could be st cnce made up by the
Council ratifying the sale OF the jackson
Railroad bonds.
President Flanders said that if perni ted,
he had a few remarks to make. The re-
tusal to ratify this sale might result in the
entire loss of that property 10 the city. 1t
had become time for the Administrators 10
deliberate upon the suffice. and come to
final decision. The election for officers was
to have taken place on Monday last, but was
stopped by injunction, and will take place
on Monday next unless stopped by the
courts. The election, if it takes place, will
| he ]eca! under It's charter, no matter how
| few shares are represented and voted.
| suit has been commenced in the United
! States District Court to have the road de-
| clared bankrupt, and, if this is successful,
the shares owned by New Orleans will be
| worthless. Il is also known that there is
| great digsatisfaction existing in Mississippi
| respecting the road, owing to the non full
| filment of its contract to continue
! the road to Aberdeen in that State. The
| speaker bad it from the Governor of the
State Of Mississippi himself, that the dis
| satisfaction with the present administration
| of the road is so grest, that IN the event OF
| the present management beiug continued
next year, ne will recommend to the Legi5-
latr1re that steps be taken to forfeit the char
| ter granted By Mississippi to the road. IL
Governor Acorn recommended the for
fei-ure of the charter, there could be no
doubt but that the forfeiture would take
place. and in that event, the stock owned
nv New Orleans would also be worthless.
| CATION and otherwise, that 1t became the
Administrators to consider whether they
| would accept or not the sale, however If
regular il had been. in order to prevent the
city from losing 100000 by the stock be
coming utterly worth ess.
The Mayor, in closing, remarked that he
recommended nothing, and would only say
that as practical men, they should consider
| the matter maturely with the best lights be-
fore them. Should the money be accepted
| or should the city stand out and run the
| rlsh OF total loss.
| Mr. Emley moved that IN view OF the hlgh
. importance of the subject, it should be re-
| ferred to a committee composed of his
Honor the Mayor, and the Administrator OF
| Finance.
MIR, Shaw moved the addition of the Ad.
| miuistrator Of Commerce to the committee,
as the charter assigned railroads to his
department.
| On motion of Mr.. West the committee
; was directed to report at special meeting
Saturday night.
On the adoption of motion suspending
the regular order of business, Mr.. Shaw
called up the following amended ordinance,
which was adopted as read, section by
section:
An ordinance to provide for the extinction
| of the floating Indebtedness Of the city OF
| the payment thereof.
SECTION l. Be it ordained by the Council
| of tne city of New Orleans, That the Mayor
| and Administrator of Finance shall, as soon
| as practicable cause 10 be designed and
| engraved bonds of the denominations OF fifty,
| one hundred, five hundred and one thousand
| dollars, sufficient to provide Tor the issue OF
three millions of dollars under and IN pursu-
ance Of section forty-one OF an act entitled
, Ian act to extend the limits of the parish oi
Orleans,p etc., approved March Is, 1870.
SEC 2. Be it further ordained, etc, That
the Council shall proceed to the election OF
a chartered bank to be Administrator OF the
Floating Debt, which said bank, prior to
, said election, shall enter into contract
with the city OF New Orleans, repre-
i sented by the Mayor, by notarial act, where
! by il shall agree to accept said trust under
, the provisiOns of this ordinance, and to ne.
| gotiate no bonds except to the highest bid
, der or oterer, and to subject all bids or
offers to the Council OF the city OF New or-
leans, and obtain its approval before
/ acceptiDg, ra,i6yiDg or acting upon the
| same, And the said bank shall further con.
tract and agree to be bound to observe and
:. act according to such further regulations
as the Council may adopt for the exchange
j sale or negotiation OF said bonds, the pay
ment of the Floating Debt, and the protec-
| ton of the interests of the city and the tax
| pdyeTS tueIeOI.
q SEC g. Be it further ordained, ETC., Thai
a | upon the completion OF the said contract
9 and the election Of said bank as Admlnistra
: tor of the Floating Debt. it shall pc the duty
| Of the Administrator OF Public Accounts, al
:; soon as practicable, TO furnish said Dant
. with the sworn statement Of the floating
g debt REQUIRED by law, together with ell llQul
dated obligations placed in his hands ant
found to be in accordance with law
9 | and the said Administrator OF the floating
. Debt shall advertise and give suth
cient time for proposals from all holders OF
owners of the Floating Debt to re-
ceiye bonds therefor at par. Aud on the
bank exhibiting said proposals it shall DC
the duty Of the Mayor to issue TO said bank
or Administrator. of the Floating Debt
T bonds signed by the Mayor and Admin
. istrst OF Finance, the denomination
3 demanded by the proposals to b.
5 used in the exchange or payment therefor
q provided, that in all csse5 " here the holder
IA or owner shall be entitled to balance undel
fifty dollars, for which 10 bond is provided
he shall be entitled to q certificate, and sucf
. certificates OF adequate amount may be useC
! together to make up the necessary amount
g to receive a bond, and this provision is ex
! tended to other saes of bonds hereinafte
!. provided for.
SIC 4. Be it further ordained, etc., That af
ter due time for the taking up of bonds q
!, par, the Administrator of the Floating
, Debt shall, with the approval OF the Mayor
aud in such manner and form az may be b.,
him approved, advertise, or pego hate tol
: the highest bids. or proposals. for bond
at q price not low er than twenty five per cen
less than the face thereof, and upon the sub
mission of said bids or proposals by the Ad
, ministrator of the Floating Debt to tn.
1onucil auA ia NpnrOval and aCHant