New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-07-03

/ coupons each Sl7 30 or &3 los, and So IS or
FL l5s; and it shall be distinctly expressed
thereon that the dty of New Orleans has
the option Of paying such bonds or coupons
in sterling wherever presented for pay
ment. Said bOnd shall be signed in such
manner and in iuch amounts as NAV be
hereafter directed by the Council, and
shall be conveyed and delivered to the
London agency IL such manner as may be
| agreed upon, andapproved By the Mayor,
Administrator o. Finance and the Fiscal
Agent.
SEC. 4. Be it further ordained. etc., That
as an additional guarantee of good faith to
the bondholders he said Fiscal Agent shall
keep on deposit With its agent in London,
50 long as any o. the said loan is held in
| England a continuous balance, equal in
amount to One-haf Of the quarterly inter
est to be paid IL London, which amOunt
shall be cOnsideed a loan by said Fiscal
Agent to the city
SEC. 5. That . long as gold shall con-
tinue at premium, the said Louisiana Saw
ings Bank and STE Deposit Company, as
| Fiscal Agent of tie city, shall purchase the
| gold or exchangene to meet the in
/ terest or principa of the new consolidated
bonds, at the current market rate, the pre-
MUM or exchang to be charged to the city,
/ but the Council nay at any time compel the
/
| exchange by public advertisement. The
bids to be opene, in public and purchases
| made from the lowest bidder.
SEC. 6. Be it futher ordained, ETC., That
| in order to enabltthe Fiscal Agent to effect
/ the exchange of new consolidated bonds
authorized by tie funding act for other
bonds and debit of the city, said Fiscal
Agent may empwer the London agency
| to negotiate the liking of the new consOli-
| dated loan at a nte or rates to be author
lied by the commissioners of the CONSOLE
dated debt, but ut less than the limit of
ninety per cent Prescribed in said funding
law. And the feal agency, with the pro-
ceeds of said lOanOr in anticipation thereof,
may purchase sch bonds, certificates or
debt as are exc angeable by said act, at
such rates not exceeding those authorized
therein as may btOf advantage to the city,
the terms to be asO fixed or authorized BIZ
the commissioner of the consolidated debt.
Sec. Z. Be it tuther ordained, etc., That
the fiscal agency hall make semi-mOnthly
statements to tie Department of Public
Accounts upon firms to be prescribed by
said Department of all proceedings and
transactions according to and under this
ordinance relativ to said loan.
SEC. 8. Be it further ordained, etc. That
should the fiscal gency, within six months
from the passag'Of this ordinance, effect
the negotiation o One-eighth of the total of
the loan herein contemplated, which is
fixed not to exceed 100000, it shall be
entitled to the cutrol of the remainder of
the negotiation far as it may be author
lied by the Cornell, and shall not be |
Invested thereof in favor of any other !
party, except fC malfeasance in Office. or |
nOn-success in he negotiating any part |
of the loan after TX months authorization. |
SEC. 9. Be it futher ordained, ETC., That |
for the faithful performance of the duties |
herein laid down, The fiscal agency shall be |
entitled to receivtin coin one per cent of /
the face of the binds actually negotiated
and taken up an for each additional one
per cent over ninty cents on the dollar on
the price ObtaineCfOr the bonds, it shall be
One-qurter of one per cent of
the amount additionally realized, and in
case of success, nd not otherwise, it shall
receive for exposes, stationery, printing,
telegaphing and all incidental
charges, upon bis found correct, and APP
proved by the Cdncil, not exceeding fifty
dollars pom the whole loan, or in
proportion for a,y part thereof actually
and effected.
SEC. 10. Be it further ordained, etc, That
the PRONUNCIATION If this ordinance. and the |
receipt of a written letter of acceptance en-
tered upon the minutes of the Council,
shall be considered the full ratification of
contract between the city and the fiscal
agency according to the terms Of this Ordi-
nance.
SEC. H. Be it further ordained, etc, This
ordinance shall B in force and have effect
from and after itspassage.
administrators Bonzano and Lewis left
.he Council Chanber.l
The ordinance was read section by sec
ion.
Mr.. Remick desired that the absent mem
,ers should be set for before any action
vas taken.
The sergeant-atarms was dispatched for
he absent members.
The Mayor ASKED if the new Fiscal Agent
lad fulfilled all it obligations thus far.
Mr.. Shaw repliel that he Thought it had.
The Mayor askel if it had paid the $780,
100 loaned from The New Orleans National
Bank.
Mr.. Shaw and Mr.. Walton explained
hat receipts had Ieen exchanged, the city
mortgage notes returned and whatever de-
ay there might have been was not the
ault of the banI, if, indeed, it was the
ault of any one.
The Mayor called Mr.. Remick to the
hair and took tn, floor and said: The mes
enger informs N, that the absent members
re not in their dfices. suppose it is in
ended to pass this ordinance to-day. do
lot wish to be ont of order in discussing
matters, nor to say anything which would
'e regarded as improper about any member
f the Council, bit observe that whenever
Il enormous thing is coming before the
Jounci, we see preliminary pufs in the
newspapers, inserted either as quasi editori-
Is or advertisements indicating the great
dvantages which are going to accrue to the
ity. Some few days ago 1 saw some pufs
n regard to the great advantages which
he Mississippi and Mexican Gulf Canal
company had conferred upon the city, and
Immediately knew something was COM
ng. l expected something enormous, and,
1 was not disappointed when 1
Ound this revetment scheme brought up. |
saw in the paper this morning a glowing |
.ccount Of the glorious financial prospects
which were opening up for the city, and 1 |
meet this bond negotiating ordinance. |
Though 1 am called the jeremiah of the |
IOuncl, can not refrain from crying out
he lamentatim which 1 feel when |
see a thing of this kind gotten |
Up in hurry ald put through the Council |
Without chance of elaboration. Ten mil |
ions of dollars to be negotiated by bank |
which has not yet performed the functions |
which it agreed to carry out when it was
hOsen Fiscal Agent 1 think it is exceed
ngly wrong to put through so enormous a !