The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1871-06-24
No. 100.
a ~ -ACT

AN ACT
To provide for the unsettled floating debt
! aud estimated deficiencies of the revenue
of the city of New Orleans for the years
1870 and 1871, ard 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 5000, 600 and that owing to payment
of arrearages Of interest and debts out OF
current revenues there is an apparent def
cheney of 81, ,164, S46 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 liquldate-
SECTION l. Be ii 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 |,
1877, and shall be payable in ten years
thereafter, with interest at the rate OF ten
per cent per annum, payable sen1i,annually
on the first of April and first OF October.
They shall be Of such denominations rs the
Council may order.
SEC 3. Be it further enacted, etc, That
should the city desire at any time to retire
the said bonds, or any portion thereof, ii
may do so by advertisement for proposals,
giving a delay of thirty days, when the
Council may accept those which may be to
the bes, advantage Of the city provided,
that no proposals shall be accepted at
price greater than par, with tn accrued in
terest. Should the city fail to obtain suf-
fcient proposals, it may by lot retire at E'a'
such amount as may be required. The form
of determining the same may be prescribed
by ordinance, and on public advertisement
of the numbers ant designations of the
bonds so retired, the city shall pay, on pre-
sentation, said bonds, with accrued inter-
est, and in default of presentation interest
thereon shall cease in thirty days from the
frat publication of the advertisement atore-
said
SEC. 4. Be it further enacted, etc, That
in making its annual estimates and levy oi
taxes for city purposes, the City Council
shall provide for raising sufficient sum TO
pay the annual interest of the outstanding
bunds issued under this act, and one-tenth
of the principal Of the total issue; and shall
fix and set apart in its ordinance levylng
the annual taxation such proportion as will
amount to t;ie 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
agency of the city to the credit of the ten
per cent bond fund, for the payment OF IN
terest and the retirement OF the bonds
herein provided for And the Fiscal Agent
of the city shall sem, annually pay all inter-
est due, and, at such time as may be order
ed by the Council, redeem bonds upon pro-
posals accepted by the Council or retired,
according to the law and its ordinances.
Sec. 5. Be it further enacted, ETC., That
the said bonds shall be signed by the Mayor
and Administrator of Finance in such de-
nominations and amounts as may be order
ed 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 be deposited with the Ad-
ministrator of Finance for sale OF exchange,
according to the provisions of this act apo
the orders of the Council.
| Sec. 6. Be it further enacted, etc, That
the Administrator of Finance shall exchange
such bonds at par, adding accrued interest
to date of exchange for all certificates
known as the seven thirty issue, under Or
dinance No. 1877, and ordinances supple
mentary and amendatory thereto, and fol
all floating debt certificates of the Bank O
| New Orleans not otherwise redeemed
They shall also be exchangeable at par
with accrued interest, as aforesaid, fol
other debts claims and accounts, recog'
] nizpd, approved and ordered to be so SET
tied by the Council, with the consent o.
the claimants or creditors; but no such ex-
change shall be enforceable against the city
by any court for any judgment, debt OF
claim whatever, nor shall a greater quantity
be signed and kept in the treasury OF the
city than may be required for current ex:
changes, nor can suct. bonds be seized o.
attached as assets of the city by any credi:
tor or owner of a Judgment.
! SEC. T. Be it further enacted, ETC., Tha
the bonds SO issued shall refer upon theil
face to this act, and be subject in all re:
spects to its provisions when redeemed OF
retired they shall be cancelled in such man,
ner as may be required by ordinance, ane
due minute and record made thereof ane
entered upon the proceedings of the Coun
Gil. -.
Il SEC. 8. Be it further enacted, ETC., Tha
the Gonncn may order the sale for cash o
said bonds, or portion thereof, by adjudi:
cation or proposals, or in such form as may
, best conduce to the interest of the city
!. and with The proceeds pay the claims, deb!'
and liabilities herain provided fori provl
! ded, no such sales shall be made for les'
f than par, adding accrued interest upon th'
, current coupons. The Administrator of Fl
, nance shall cnt off eand cancel all coupons
maturing in his hands upon bonds not is
| sued in snch manner so certified as may b.
J provided by ordnance Of the Council.
u Sec. o. BE 1t further enacted, ETY., Tha
: on account Of the high rate Of iuteres
f herein provided tor, it shall be competen
0 for the Council, within the ten years fo
n which this series of bonds shall run, when
e ever it shall be able TO negotiate loan 0
t effect at par sale of bonds at less rat
r than ten per cent per annutn interest, t
d effect such loan or issue such bonds to a
Y amount not exceeding the amount of bono
+ outstanding under this act, and with th
Q proceeds redeem by payment, BY accepts