New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-11
No. 100.
AN ACT

To provide for the unsettled floating debt
and estimated deficiencies of the revenue
of the city of New Orleans for the wear:
1870 and 1871, and to authorize the is
suing OF bonds for the said purpose.
WHEREAS, 1t appears by the adopted
budget and accompanying reports of the
Council of the city of New Orleans that
there is an unsettled floating debt amount
ing to $500, 900, and that owing to payment
of arrearages of interest and debts out OF
current revenues there is an apparent de-
ticiency of 81, l64, S48 to be provided for. and
Whereas. There are further pending
claims which it may be equitable and expe-
dent for the city to adjust and lquidate-
SECTION L. Be it enacted by the Senate
and House of Representatives, of the State
OF Louisiana in general assembly convened,
That the city of New Orleans, through its
Council, be empowered to issue bonds to an
amount not exceeding two million dollars,
| for the purposes mentioned in the preamble
| of this act.
SEC. 2. Be it further enacted. ETC., That
said bonds shall bear the date of April .
1871, and shall be payable in ten years
thereafter, with interest at the rate of ten
per cent per annum. payable semi-annually,
on the first of April and first of October
| They shall be of such denominations as the
| Council may order.
! SEC. 3. Be it further enacted, etc, That
| should the city desire at any time to retire
| the said bonsls, or any portion thereof. it
may do so by advertisement for proposals,
giving a delay OF thirty days, when. the
Council may accept those which NAV be to
the best advantage of the city; provided,
that no proposals shall be accepted at a
price greater than par, with the accrued in
terest. Should the city fail to obtain sui.
tcient proposals, it may by lot retire at par
such amount as may be required The form
OF determining the same may be prescribed
by ordinance, and on public advertisement
OF the numbers and designations of the
bonds SO retired, the city shall pay, on pre-
seutation. said bonds, with accrued inter
est, and in default of presentation interest
thereon shall cease in thirty days from the
first publication of the advertisement afore-
said.
SEC. 4. Be it further enacted, etc., That
IN making its annual estimates and levy OF
taxes for city purposes, the City Council
shall provide for raising sufficient sum to
pay the annual interest of the outstanding
bonds issued under this act, and one tenth
OF the principal of the total issue; and shall
nix ana set apart in its ordinance levying
the annual taxation such proportion as will
amount to the sum required; and it will be
the duty of the Administrator of Finance
to deposit daily the said proportion of all
sums received for city taxes in the fiscal
per cent bond fund, for the payment of
interest and the retirement of the bonds
herein provided for. And the Fiscal Agent
OF the city shall semi-annually pay all in
terest due, and, at such time as NAV be
ordered by the Council, redeem bonds upon
proposals accepted by the Council or re-
tired, according to the law and its ordi-
nances.
SEC. ). Belt further enacted, ETC.. That the
said bends shall be signed by the Mayor
and Administrator of Finance in such de- |
nominations and amounts as NAV be ordered |
from time to time by the Council. The |
Mayor and Administrator of Finance shall |
report TO the Council all bonds so signed. |
and they shall he deposited with the Ad- |
minlstrator of Finance for sale or exchange. |
according to the provisions of this act and |
the orders of the Council
SEC. 8. Be it further enacted. etc. That |
the Administrator of Finance shall exchange |
such bonds at par, adding accrued interest |
10 uate OF exchange for all certificates |
known as the seyen-thirty issue, under |
ordinance No. l97, and ordinances supple- |
and amendatory thereto, and for |
al hoatlng debt certificates of the Bank of |
view orleans not otherwise redeemed. They |
shall also be exchangeable at par. with |
accrued interest, as aforesaid. for other
debts, claims and accounts, recognized. an /
proved and ordered to be so settled nv tha |
Council, with the consent of the claimants |
or creditors; but no such exchange shall he
enforceable against the city by any court
for any Judgment debt or claim whatever.
nor snail a greater quantity be signed and |
kept in the treasury of the civ than MOI,
be required for current exchanges. nor can
such bonds be seized or attached as assets
Of the city by any creditor or owner of q
Judgment. 0"0' VI d
SEC 4 Be it further enacted, etc. That
e ene oon .i so issued shall refer upon their
lace 10 tins act, and be subject in ali re-
speets to its provisions; when redeemed or
retired they shall be Cancelled in such man.
aer as may be required by ordinance, and
aue minute and record made thereof and
entered upon the proceedings of the
:, oEC. 9. lie it further enacted, ETC., That
The Council may order the sale for cash of
saId bonds, or portion thereof, by adiudi-
catlon or proposals. or in such form as NAV