New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-05-01
MAYoRALTY OF NEW ORLEANS,
City Hal. April y. l.I0.
ADMINISTRATION Series. !


City Hail. April 22 ls70. !
| mo. 27-Adminis.ration Series.l
An ordinance TO provide for the extinction
of the floating debt OF the City of New Or
leans, and the issue OF bonds for the pay
mens thereof.
SECTION /. 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
| the Council shall proceed to the election of
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, represented by the
Mayor, by notarial act, whereby it shall
| agree to accept said trust under the prov-
slOns Of this ordinance, and to negotiate no
bonds except 10 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, ratifying
or acting upon the same. And the said
bound to observe and act according TO such
further regulations as the Council may
adopt for the exchange, sale or negotiation
of said bonds, the payment of the Floating
Debt, and the protection of the interests of
the city and the Taxpayers thereof.
SEC. 3. Be 1t further ordained. ETC., That
upon the completion Of the said contract
aud the election of said bank as Admins
traitor Of the Floating Debt, 1t 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
law, and the said Administrator of the ioat-
ing Debt shall advertise and give sufi.
Gent time for proposals from all holders or
owners of the Floating Debt to receive
bonds therefor al par. and or the bank eX.
hiblting said proposals it shall be the duty
of the Mayor to issue to said bank or AID.
ministrator of the Floating Debt, bonds
signed by the Mayor and Administrator of
Finance of the denominations demanded
by the proposals to be used in the eI.
change or payment therefor; provided, that
in all cases where the holder or owner shall
be entitled to a balance under fifty dollars
for which no bond is provided; ne shall be
entitled 10 a certificate, and such certificates
of adequate amount may be used together
to make the necessary amount 10 receive
bond, and this provision is extended to
other sales OF bonds hereinafter provided
for.
SEC 4. Be it further ordained, etc, That
after due time for the taking ~ OF bonds at
par, the Administrator of the Floating Debt
shall, with the approval OF the Mayor, and
in such manner and form as may be by him
approved, advertise or negotiate for the.
highest bids or proposals for bonds at a
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
mlnistrator of the Floating D abt to the Coun-
Gil, and its approval and acceptance thereof,
the Mayor may issue such further amount OF
bonds as may be necessary for the ACninis-
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 time
to time renewed, u 2der the direction of the
Mayor, by the Administrator of the Floating
Debt, in place of unsatisfactory bids and
proposals, and TO continue and complete
the negotiation of the entire three millions
of bonds.
SEC 5. Be i. 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
Legislature Aforesaid shall be Issued except
upon approved proposals or bids, made to
and submitted by the Administrator of the
Floating Debt, and approved and accepted
by the Council.
SEC. 6. Be it further ordained, ETC., That
for the negotiation of bonds and the ex-
change, payment Or sale thereof. and for
performing ali other duties, the Admins
traitor of the Floating Debt shall receive
in full compensation OF services as well as for
all expenses thereof, one-half Of one per
cent OF the face of the bonds so negotiated,
and exchanged, paid out or sod, and 10
more.
SEC :. Be it further ordained, ETC.. That
this ordinance shall be Incorporated i'll and
be made part of the contract, to be entered |
into notarially with the bank to he chosen |
as Administrator of the Floating Debt, and |
the same shall bind itself to the city 10 act |
fully IN accordance Herewith, and not |
otherwise and it is further ordained that |
no issue Of bonds, as authorized under sec
ton fOrty-one Of act of March sixteen.
aforesaid, shall be made or held valid, I'M
less done i'll full compliance with the pro.
visions OF this ordinance, anu with such
further rules, provisions, and regulations
IS may be hereafter made supplementary
hereto by the Council.
Adopted by the Council OF the city Of New