Semi-weekly Louisianian. [volume] (New Orleans, La.) 1871-1872, 1871-07-27

one-tenth Of the principal Of the to
tai issue; aud shall fix and set apar
in its ordinance levying the annua
taxation such proportion as will b
the duty of the Administrator o
Finance to deposit daily the said
proposition of all sums received 70,
city taxes in the fiscal agency O.
the city to the credit of the ten pc,
cent bond fund, for the payment O
interest and the retirement of in
terest and the retirement of bonds
therein provided for. And the
Fiscal Agent of the city shall semi.
annually pay oil interest due, and,
at such time as may be ordered by
the Council, redeem bonds upon
proposals accepted by the Counci
or retired according to the law and
it's ordinances.
Sec. 5. Be it further enacted, etc.,
That the said bonds shall be signed
by the Mayor and Administrator Of
Finance in such denominations and
amounts as may be ordered from
time to time by the Council. The
Mayor and Administrator of Fl
nance shall report to the Council
all bonds signed and they shall be
deposited with the Administrator OF
Finance for sale or exchange, ac-
cording to the provisions of this act
and the orders of the Council.
Sec. 3. 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
ordinance No. 1877, and amendatory
thereto, and for all floating debt
certificates of the Bank Of New Or
leans not otherwise redeemed.
They shall also be exchangeable at
par, with accrued interest, rs afore-
said, for other debts. claims, and ac-
counts, recognized, approved and
ordered to be so settled by the
Council, with the consent Of the
claimants or creditors; but. no such
exchange shall be enforceable
against the city by any court for
any Judgment, debt or claim what
ever hor shall a greater quantity be
signed and kept in the treasury of
the city than may be required for
current exchanges, nor can such
bonds be seized or attached as as
serts Of the city by any creditor or
owner Of a judgment.
Sec. z. Be it further enacted, etc.,
That the bonds so issued shall refer
upon their face to this act, and be
subject in all respects to it's provi.
sions; when redeemed or retired
they shall be cancelled in such man
ner as may be required by ordinance
and due minute and record made
thereof and entered upon the pro.
ceedings Of the Council. c.
Sec. 8. Be it further enacted, etc.,
That the Council may order the sale
for cash of said bonds, or o portion
thereof, by adjudication or propo-
sails. or in such form as may best
conduce Of the interests of the city,
and with the proceeds pay the claims
debts and liabilities herein provided
for; provided. no such sales shall be
made for less than par, adding ac-
crued interest upon the current
coupons maturing in his hands up
on bonds not issued in such manner
SO certified as may be provided by
ordinance of the Council.
Sec. 8. Be it further enacted, ETC.,
That on account of the high rate of
interest herein provided for, it shall
be competent for the Council, with
in the ten years for which this series
OF bonds shall run, whenever it shall
be able to negotiate q loan to effect
at par a sale of bonds at a less rate
than ten per cent. per annum inter-
est, to effect such loan or issue
such bonds to an amount not ex-
ceeding the amount of bonds out
standing under this act and with
the proceeds redeem by payments,
accepted proposals. or by lot, after
notice by advertisement, in the same
manner as herein provided for sink
ing and retiring the said debt out Of
surplus taxes received. And the
said bond shall be subject to such
call and retirement at any time dur
ing the said ten years, with stop
page of interest, upon due notice, il