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

| "SAOoS ~ tAC WY VI OOnCAoOA do INV ga
listing in and to all lands, tenements, her
editaments, bridges, ferries, streets, roads
wharves, markets, stalls, levees and land
ing places, buildings and other property Of
whatsoever description and wherever stu
ated, and of and with all goods, chattels
money, effects, debts, dues, demands, bonds
obligations, judgments and judgment liens,
actions and rights OF action, books, &C
counts and vouchers, be and they are here
by vested in the city of New Orleans as in
corporated by this act; and that all the right.
title and interest of the police jury of the
parish of Orleans. right bank, as now exist
ing in and to all lands, tenements, heredita'
ments, bridges, ferries, streets, roads,
wharves, markets, stalls, levees and landing
places, buildings aud other property OF
whatsoever description and wherever stu
ated, and of and with all goods. chatteis,
money, effects, debts, dues, demands. bonds,
obligations, judgments and Judgment liens,
actions and rights of action, books, &C
counts and vouchers, be and they are here
by vested in the city OF New Orleans as
incorporated by this act, to take effect on
the first organization of the Common Coun.
Gil as herein provided; Provided, that ali the
estates, income, funds or property OF any
description now held in trust by said city OF
New Orleans, or which shall have been
specially pledged or affected by the payment
of any debt, shall. be held by the city OF
New Orleans under this act, upon and for
the same uses, trusts, limits, limitations,
charities and conditions as the
same are now held; and the debt
generally known as the conson'
dated city debt, and the bonds issued in
favor of the New Orleans, OpelOusas and
Great Western Railroad Company, the New
Orleans, Jackson and Great Northern ball
road Company, and the POntchartraln Kali
N I'D or
liabilities of the city of New Orleans, whether
in the form of bonds. notes. interest cou-
pons, cash warrants, or any other species
of obligation whatever, shall be assumed
and paid by the city OF New Orleans as con-
stituted and Incorporated by this act, and
said city is declared liable therefor: Pro
vided further, That all the estates, income
funds or property of any description now
held in trust by said city of Jefferson, or the
Police Jury of the parish OF Orleans right
bank, or which shall have been specially
pledged or affected by the payment of any
debt, shall be held by the city of New Or
leans under this act upon and for the same
uses, trusts. limitations, charities and con-
ditions as the same are now held; and the
debt and all other Indebtedness or liabili.
ties of the city of Jefferson, and the Police
Jury of the parish of Orleans right bank,
whether in the form of bonds, notes, inter-
est coupons, cash warrants, or any other
species of obligation whatever, shall be
assumed and paid by the city of New Or
leans, as constituted and incorporated by
this act, and said City is declared liable
and upohthe organization of the
Council of the city of New Orleans, as pro-
vided for ID this act, all the powers, rights,
privileges and immunities possessed and
enjoyed by the Mayor and Common Council
Of the city of New Orleans, rs at present
shall cease, and terminate and
De vested in the city of New Orleans, as
established by this act; and all the rights,
powers, privileges and immunities pos
'essed and enjoyed by the Mayor and Com
non Council Of the city of Jefferson, and
he Police Jury OF the parish of Orleans,
light bank, as at present consti-
uted, shall cease and terminate, and |
'e vested in the city of New Orleans, as es- |
ablished by this act; provided that all of.
icers of said city OF New Orleans and Jetfer' |
on, and the Police Jury OF the parish of |
orleans, right bank, as at present constitu- |
ed, shall continue to discharge their re-
pective offices until superseded by the ac
ion of the Council created by this act; and |
hat all the ordinances of the city of New
orleans. and Jefferson, and Of the Police
ury of the parish of Orleans, right bank, |
ow in force, shall remain in force until
lodifed or repealed by the Council created
y this act provided further, that the vested
lights of individuals or companies Of the
tiles of New Orleans and Jefferson, or the
olice jury of the right bank, that have been
cquired from the said corporation, shall
OF be interfered with, or impaired by the
ouncil of the city of tNeWl Orleans, as
onstituted by this act.
Sec. Sc. Be it further enacted, ETC., That
8 soon as the Council created by this act
nall have been organized, 1t shall be their
uty to proceed Immediately to ascertain
re total Indebtedness of the city of New
rleans and of the city of Jefferson, and OF
le police jury of the parish OF Orleans,
ght bank, at the time Of the passage of this
ct, and to prepare detailed statement,
moving the Indebtedness of each corpora
on; and the said Council shall, within
lirty days after their first session, provide
Y ordinance for the payment of the interest
the said Indebtedness, as hereinafter
ore fully provided.
SEC. 81. Be it further enacted, etc., That
le Southern Bank, late Fiscal Agent of the
ty of New Orleans, or such other bank or
epository as may receive from the Southern
ank, any portion OF the five millions of
bounds" [bondsl authorized to be issued
Y the act approved twenty-seventh Febru-
y, 1869, entitled IAN act to enable the
ty of New Orleans to fund it's floating debt
Id to liGuidate its Indebtedness" be and
ereby is directed and authorized to cancel
I'd destroy all of said bonds. which remain ,
the Southern Bank or other depository,
i'd have not been delivered to parties en-
tied to the same, on the day Of the passage
this act. That such cancellation and de- I
ructiOn of said bonds, shall be done in the {
essence of the Mayor, Administrators
Finance and Public Accounts Of the city
New Orleans.
SEC. SO. Be 1t further enacted, etc, That {
is hereby declared to be the intent and {
Gaming OF section fifth of the act of {
February, 1869, entitled San ]
It to enable the city OF New Orleans to
nd it's floating debt and to liquidate its in. {
that no larger sum shall be
,propriated by the Common Council or {
posited by the Administrator of Finance {
payment of principal and interest of !
,nds than for the bonds actually issued,
ID that all amounts paid into the South
n Bank or Fiscal Agent in excess of the
terest due on bonds actually issued, shall l..
restored to the Administrator of Finance. {
SEC. 80. Be it further enacted, etc, That s
e Common Council of the city of New Or {
ans shall, as soon as practicable after the 1
ssage of this act, elect UiUa voce one of
e chartered banks of New Orleans, to be {
ministrator OF the floating debt OF the ]
ty of New Orleans, which bank so selected {
all continue to hold said Office or trust I
It'll the whole of the present floating debt
the city of New Orleans, as consolidated
this act, shall be liQuldated and eztin- j
lished
SEC. 40. Be it further enacted ETC., That J
g Administrator of the Floating Debt of the
ty of New Orleans and the corporations !
by this act, shall be furnished
it'll full and correct statement of all the
atured obligations of the city, at the date !
the passage of this act, to-wit: of all final ,.
dgments, warrants, registered certificates =
d unredeemed city notes. used as cur. :
ncy, which have been issued by said
lies and Police Jury, as consolidated by G
is act, that said statement shall be pre- .
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