New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-30
MAYoRALTY OF NEW ORLEANS, !
City Hall. ADril % Ia7O-

City Hall. April %, 1870.
| No. 27-Administration Series.l
| An ordinance to provide for the extraction
of the floating debt of the City of New Or.
leans, and the issue of bonds for the pay.
ment thereof.
SECTION 1. 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 San sct to extend
the Enlts of the parish of Orleans" etc.,
approved March l6, 1870.
SEC. 2. Be it further ordained, etc, That
the Council shall proceed to the election of
q 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 notsrial act, whereby it shall
agree to accept said trust under the provi-
sions 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 10 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 it further ordained, etc., That
upon the comm elton Of the said contract
aud the electOh of said bank as Adminis
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 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 Float
ing Debt shall advertise and give suffi.
Gent time for proposals from all holders or
owners of the Floating Debt to receive
bonds therefor at par. and on the bank ex.
hiblting said proposals it shall be the duty
OF the Mayor to issue to eaid bank or Ad.
ministretor 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 ex.
change or payment therefor; provided, that
in all cases where the holder or owner shall
be entitled to balance under fifty dollars,
for which no bond is provided: he shall be
entitled to a certificate, and such certificates
Va
to make the necessary amount to receive
bond, ana 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 NJ 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 SUBJ
mission of said bids or proposals by the Ad- |
of the Floating Debt 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 Admins |
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, under the direction of the |
Mayor, by the Administrator of the Floating |
Debt, IN place of unsatisfactory bids and |
and to continue and complete |
the NEGOTIATION Of the en.ire three millions !
of bonds.
SEC. 5. BE it further ordained, ETC., That |
no bonds to be issued by the CITY of New
Orleans in pursuance and under authoriza-
ton of section forty-one of the act OF the |
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
or the negotiation of bonds and the ex-
change, payment or sale thereof, and for
all other duties, the Admins
rator of the Floating Debt shall receive
n full compensation of services as well as for
Ill expenses thereof, one-half of one per
ent Of the face of the bonds so negotiated. |
nd exchanged, paid out or sold, and no
lore.
SEC. Z. Be it further ordained, etc.. That
his ordinance shall be incorporated in and
e made part of the contract, to be entered
lto notarially with the bank to be chosen
8 Administrator of the Floating Debt, and
&c same shall bind itself to the city TO act
lily in accordance Herewith, and not |
therwise f.; and it is further ordained that
o issue of bonds, as authorized under Sec j
on forty-one of act of March sixteen,
foresaid, snail be made or held valid, I'm. s
IS done in full compliance with the pro.
sions OF this ordinance, and with such '
rther rules, provisions, and regulations i
may be hereafter made supplementary G
eret0 by the Council. G
Adopted by the Council of the city Of New c