New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-08-03
MAYoRALTY OF NEw ORLEANS, |
City Hall, August 2, 1871. !

MAYoRALTY OF NEw ORLEANS,
City Hall, August D. 1871.
mo. l007-Administration Seres.l
An ordinance to provide tor the purchase of land
and erection thereon of suitable buildings for
the use of the Insane Asylum.
SECTION l. Be it ordained by the Council of the
chasing the necessary land for the location of an
insane asylum, and for the erection of suitable
buildings thereon, there be issued by the city of
New Orleans her bonds to amount not exceed
ing 5 100 900, said bonds to be of such denomina
ton the Council may hereafter direct; be signed
by the Mayor. cOuntersigned by the Administrator
of Finance, sealed with the seal of the Mayoralty
and be made payable to Alfred Shaw or bearer in
ten years after the date thereof The said bonds
annum, covered by coupons of interest annexed to
said bonds signed by the Administrator of Finance
and made payable at New Orleans ON the first days
of August and February OF each year.
SEC. Be it further ordained, ETC., That in order
to secure the payment of the aforesaid bonds, and
the coupons thereunto annexed the receipts of the
various recorders courts, much thereof as
may be necessary, be- and they are hereby declared
be set apart, and to be held and pledged for the
payment of the principal and interest 10 become
due upon any aud all bonds signed and issued in
conformity with this ordinance, and the Admins
traitor of Finance is hereby directed and required
soon an, bond shall be issued under this Or
dnance to deposit with the fiscal agent of the city
of New Orleans, on the first Monday in the month
Onetwefth of the annual interest," to the credit of
interest on Insane Asylum bonds" and LILO of
the principal to the credit of redemption of In
sane Asylum bonds" the amounts thus deposited
than to pay and discharge the interest and prIn
cipal of the aforesaid bonds as the same may re-
spectively become due.
SEC. 3. Be it further ordained, etc, That when
ever the city desires to retire the said bonds, or
any portion thereof. the Administrator of Finance
shall advertise three times during thirty days for
sealed proposals for sale to the city of the bonds
issued under this ordinance and no proposals
shall be accepted at greater price than at par
with the accrued interest. should the city fail to
obtain sufficient proposals, it may by lot retire at
par such amount may be required, the form of
determining the same being prescribed by ord
nance and public advertisement of the num-
bers and designations of the bonds so retired, the
city shall pay presentation of said bonds, with
accrued interest and in default of presentation, in
terest thereon shall cease in thirty days from
the first publication of the advertisement afore.
said. ..- .......
SEC. A. BE it further ordained. ETC., That for the
purpose of showing the terms and conditions I'M.
der which the bonds authorized by this ordnance
are to be issued, the Mayor and Administrator of
Finance are hereby authorized to cause the gem
eral terms and provisions of this ordinance TO be
printed on the back of said bonds.
SIC. 5. Be it further ordained etc, That this
ordinance shall take effect from and after its
passage.
Adopted by the Council of the city of New Or
leans, August l, 1871.
Yeas: COckrem, Shaw, Delassize, Remck, Lewis,
Walton, Bonzano.
BENZ. F. FLANDERS, Mayor.
A true copy:
H. CONQUEST CLARKE, Secretary. aul 1t