New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-04-29
MAyoRALTY OF NEW ORLEANS,
E;tv Hall Anvil ~ i.-p
OteJ h0esIIt J
mo. 27-Administratio Series.

l
| aD22 lCteod Superintendent of bureau.
| MAYoRALTY OF NEW ORLEANS ,
| City Hall, April %, 1870
mo. administration Series
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.
| meut thereof.
SECTION l Be il ordained by the Conn
! ell of the city OF New Orleans That
| tie Mayor aud 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 COL
lars under and in pursuance Of section forty
one Of an act entitled san act to extend
the limits Of the parish of Orleans etc..
approved March l6, 1870.
SEC. 2. Be it further ordained, etc. That
the Council snail 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 represented by the
Mayor, by notarial act, whereby 10 shall
agree TO accept said trust under the provi-
| sIOns of this ordinance, and to negotiate no
bonds except TO 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
bank shall further contract and agree to be
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 it further ordained, ETC., That
upon the completion of the said contract
and the election of said bank as Admins
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 iquidated 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 stuff.
Gent time for proposals from all holders or
owners of the floating Debt to receive
bonds therefor at par And or the bank eX.
hlbiting said proposals it shall be the duty
of the Mayor to issue to said bank or Ad-
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 ex-
change or payment therefor; provided, that
II 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 certificate, and such certificates
OF adequate amount may be used together
to make the necessary amount to receive a
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 W 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 Tor bonds at
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-
cll, and It's approval and acceptance thereof,
the Mayor may issue such further amount of
bonds as may be necessary Tor 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 directions of the
Mayor, py the Administrator of the Floating
Debt, IN place of unsatisfactory bids and
proposals, and to continue and complete
tne negotiation OF the entire 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 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 aud 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 all other duties, the Admins
trator 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 sold, and no
more.
Sec. Z. Be it further ordained, etc.. That
this ordinance shall be Incorporated in and |
be made part of the contract, to be entered |
into notarially with the bank to be chosen |
as Administrator of the Floating Debt, and |
the same shall bind itself to the city to 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,
shall be made or held valid, un.
less done in full compliance with the pro.
visions OF this ordinance, and with such |
further rules, provisions, and regulations
as may be hereafter made supplementary !
thereto by the Council.
Adopted by the Council of the city of New