New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-03-26

| uCoCTlDCu III tu0 lOICSoiA6 oOSeA0AoS SA'A.o
by exchange or by sale OF the said bonds
and the application of the proceeds thereo
to said payment or certificates and evi-
dences Of floating debt; Provided, that salt
administrator shall never exchange or pa.
out or sell said bonds at q lower rate thai
twenty-five per cent less than the fact
thereof
SEC. ~. Be it further enacted, etc, Tha
the Administrator of the Floating Deb
ment of the number and amount of bond!
which have been sold or exchanged by him
and of the payments Of certificates or evil
dences of floating debt, and of the amount
of said bonds still remaining OF hand
which statements shall be verified and at
tested by the Mayor, Administrators Of
Finance and Public Accounts of said city.
Sec. 49, Be it further enacted, ETC., That
to secure the substantial payment OF the in.
terest and capital of all the bonds to be is
sued under this act, it shall be the duty oil
| the Common Council of said city, within one
month after the passage Of this act, to ap-
propriate sufficient sum out OF the reve-
nues of the current year to pay the monthly
| sum of seventeen thousand and five hundred
dollars Gard thirty three and one-third
cents) [erased in enrolled bill as stipula-
ted hereinafter, and annually in the month
| Of January thereafter, until the bords Of
said city, know as the consolidated bonds
| will have been paid. The said Common
| Council shall appropriate sum sufficient to
| pay the annual interest on the bonds author.
lied to be issued by this act, and it is here
| by made the duty of the Administrator OF
| Finance to deposit with the Administrator
Of Floating Debt, on the first Monday OF
| every month, during a period OF thirteen
| years, the sum of seventeen thousand five
| hundred dollars, which sum, thus to be de
posted with the Fiscal Agent, shall be applied
exclusively to the semi-annual payment OF
the interest coupons of said bonds, and II
said Administrator Of Finance shall neglect
to make and deposit punctual.y, he shall
not be permitted thereafter to do or
perform any official act, and it shall
be the duty of the Administrator OF Floating
Debt at once 10 publish said default in one
of the newspapers published in the city of
New Orleans.
Sec. "A. Be it further enacted, etc, That
at the expiration of the said period Of thir.
teen years, or when the consolidated bonds
issued by said city as per act of the Legisla
ture of Louisiana, approved February twen-
ty-third, one thousand eight hundred and
fifty.two, will have been entirely paid, the
payment of the interest aud capital OF the
bonds to be issued under this act shall be
secured by the laws now in force. to provide
for and secure the payment of said con.
solidated bonds, which laws shall be APP.
piicable to the bonds to be issued under this
act; and the payment of the interest and
capital thereof shall be provided for and
made in the same manner and by similar
special tax, as is now levied for the payment
of the interest and capital of the cOnsOli-
dated bond, and the laws on that subject
shall continue in force and be made ap-
plicable to the bonds to be issued under this
act until their entire payment.
Sec. As. Be it further enacted, etc, That
the bonds 70 be issued under this act, as
we'll as the money, to be deposited with
the Administrator of Floating Debt, to pro-
vide for the payment OF the interest and
capital thereof shall be exempt from any
seizure at the suit of the creditors OF said
city.
SEC. 46. Be it further enacted, ETC., That the
eighth section of the act Of twenty-seventh OF
February. eighteen hundred and slzty-nlne,
entitled San act to enable the city of New
Orleans to fund its floating debt and to
liquidate its Indebtedness" which section IS
as follows: THAT the city OF New Orleans
shall not DE authorized to issue any other
bonds, notes. or other evidences OF indebt-
edness, except warrants for the payment
of money actually in the treasury OF the
city, until the whole debt which is now due
shall have been paid; and any bond, note of
evidence of debt, issued by said city IN vio-
lation of this section shall be absolutely
null and void, and the officer or officers IS
suing the same shall be subject to fine of
FIVE thousand dollars TO be recovered for the
benefit of the Charity Hospital by a civil
action in any court of competent jurisdic-
tion," be and is hereby repealed.
SEC. Al. Be it further enacted, ETC.. That
until such time as the debt Of the present
city of New Orleans shall be reduced to the
sum of seven millions OF dollars 1t shall not
be lawful for the Council of the city of New
Orleans, as constituted by this act, to incur
any debt or obligation for any greater sum
than one hundred thousand dollars, unless |
they shall at the same time provide by
ordinance or resolution for the payment of
both interest and capital within the period |
IF ten years from the date OF the contraction |
Of said debt.
SEC. 48. Be it further enacted, ETC., That |
lpOn the organization ofthe Council created |
by this act, it shall be the duty CT the |
Mayor and Common Council, Treasurer
and Controller, and all other officers OF the |
present cities of New Orleans and Jefferson,
and the Police Jury OF the parish OF Orleans.
light bank, to forthwith turn over and de-
liver to the Mayor and Council as created |
md constituted by this act, all books,
papers, records, documents, moneys, bonds, |
notes, obligations, evidence OF indebted
less, and every description OF movable
property whatsoever, belonging to the said
Police Jury OF the parish Of Orleans, right
,ank, and in the use of, or under the con-
rol of any of their respective departments;
nd that if any person holding office under
ther the city OF New Orleans. or Jefferson, or
he Police Jury OF the parish of Orleans, right
,ank, as constituted previous to the passage
# this act, having possession or control OF
my property or effects of any kind whatso-
yer belonging to the said cities OF Jefferson
nria ha n I
,arish OF Orleans, right bank, and shall re-
use or neglect to forthwith deliver up the
anne to the Mayor and Council created by
his act, he shall be deemed guilty OF mis-
Iemeanor, and punished by a fine not eX-
eediDg one thousand dollars, and lmprison-
lent not exceeding six months.
SEC. 40. Be it further enacted, etc, That
t any person holding Office under the cities
# New Orleans or Jefferson; and the Po!.ce
ury of the parish Of Orleans, right bank, IS
Constituted before the passage OF this act. |
hall, after the organization OF the Council
reated by this act, presume to do any act
s an officer, or exercise any authority
whatsoever, as an officer OF either OF said
titles, he shall be deemed guilty of misde-
neanor, and be punished by fine not ez-
eeding one thousand dollars, and imprison-
UGH act shall be null and void.
SEC. so. Be it further enacted, ETC., That
t shall not be lawful for the Mayor, the
,ouncil, or any other officer or employe Of
be city, to divert, or attempt to divert any
moneys or credits Of any particular or spe-
ial fund to any other purpose than that for
which the fund was originally intended.
my infringement of this provision shall be
FINISHED by fine of not less than one
thousand nor more than five thousand dol
ars, or by imprisonment OF not less than
ne nor more than five years, and dismissed
rom Office.
SEC. 81. Be it further enacted, etc, That
n act entitled IAN act to consolidate the
itY of New Orleans. and provide for the