New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-06-26

/ draw any SuCl C6fGlUCab6 up 10 Lu6 ma
! payment by cash warrant, interest shall b
| allowed at the rate of eight per cent pei
! annum. Such interest shall be allowed
| from the PRONUNCIATION of this ordinance
upon appropriations hereafter made and re
/ naming undrawn, and upon appropriations
heretofore made shall aerue from the pro
mitigation Of the ordinance authorizing
| them.
SEC. 2. Be it further ordained, ETC., That
any holder of such uncertifed apprOpria-
ton, desiring to obtain therefor a warrant
receivable for licenses and on account OF
taxes, shall be entitled to such warrant
with interest as aforesaid to the date of its
issue. And any holder of an appropriation
certificate desiring to draw interest as
aforesaid, shall be entitled to do so from its
return for cancellation; provided, that no
part of this ordinance shall be construed as
allowing any interest upon an outstanding
certificate, nor to accrue upon. any apprO-
priatiOn till paid by cash or tax warrant as
aforesaid.
Adopted.
Miscellaneous Business.
By Mr.. Cockrem;
An ordinance authorizing the Fiscal Agent
of the city to carry out the funding pro-
vision of act No. 70, Legislature Of 1872.
approved April 26. 1872, arranging the
details thereof, and fixing the cOmpensa-
ton therefor.
Be it ordained by the Council of the city
of New Orleans, That in order to carry out
the provisions Of act No. 70 of the Legis-
lature of Louisiana of 1872, approved April
26, 1872, the Fiscal Agent of the city is hereby
directed to assume control of the funding
of the floating and other debts of the city,
and to faithfully carry out the provisions of
said act in relation thereto.
2. That the Louisiana Savings Bank
and Safe Deposit Company, as Fiscal Agent
of the city, shall cause to be prepared bonds
Of the new consolidated loan of the denOmi-
nation of five hundred dollars or one hun
bred pounds, and one thousand dollars or
two hundred pounds, bearing date July l.
1872, having fifty years to run, principal and
interest payable in gold in New York, New
Orleans or London, with quarterly coupons
attached, payable in dollars or sterling, and
otherwise in accordance with the provisions
of the aforementioned act No. -. Said bonds
shall be signed by such persons or officers
as the Council may hereafter designate.
That said Fiscal Agent is hereby author
lied to negotiate said loan in London or
elsewhere, at rate not below ninety cents
on the dollar, and to an amount not exceed
ing two millions of pounds sterling; and no
bonds shall be issued except through the
as it shall be in funds from the sale of the
bonds of the new consolidated loan, and
until the same shall be exhausted, shall adj
vertise for the sale to the city of such of its
securities as are fundable under the
aforementioned act No. 70 of the
Legislature of 1872; all bids to be
opened in public, and purchases made from
the lowest bidder.
3. That it shall be the duty of the
T,O11isioDa Cav-inpc Rau1- opd Gafo noDOsi+
Company, as Fiscal Agent of the city, 20
select some bank or banker in the city of
London as its agent, which selection shall
be subject to the approval of the Council
land for the faithful performance of duty,
by which the city Fiscal Agent shall be re-
sponsible) for the payment Of the interest and
principal of the new consolidated loan; and
as an additional guarantee of good faith to
the bondhGlders. the said Fiscal Agent shall
keep on deposit with its agent in London,
so long as any of said loan is held in Eng
land, a continuous balance, equal in amount
to One-haf of the quarterly interest to be
paid in London, which amount shall be con-
sidered a loan by said Fiscal Agent to the
city.
4. That so long as gold shall continue
at premium, the said Louisiana Savings
Bank and Safe Deposit Company as
Fiscal Agent of the city, shall purchase
the interest or principal of the new
bonds, at the current
market rate, the premium or exchange
to be charged to the city; but the Council
may at any time compel the said Fiscal
Agent to purchase said gold or exchange
by public advertisement, the bids to be
opened in public and purchases made from
the lowest bidder.
s. That should the Louisiana Savings
Go 70 l.,
cessful in negotiating the bonds of the
new consolidated loan at ninety cents
on the dollar, as provided by this Or
dinance, it shall be allowed for its COM
mission and expenses, which latter shall
mean travelling expenses, telegraphing, ex-
press charges and stationery, one per cent
of the amount negotiated, and for each adj
ditional one per cent over ninety cents on
the dollar on the price obtained for the
bonds, the commission shall be increased
one quarter of one per cent.
6. The Mayor is hereby directed to enter
into nOtarial contract with the Louisiana
Savings Bank, the Fiscal Agent of the city,
in accordance with the terms of this Ordi-
nance.
7. All ordinances and parts of ordinances
with this are hereby repealed.
Laid over to be printed.
Mr.. Shaw presented the following ordi-
nance, accompanied by petition, which, as
far as the lighting by gas was concerned,
was referred to the Administrator of Police:
An ordinance to provide for the purchase
and erection of an eight-day clock, strik
ing the quarters, halves and hours of the
day, and lighted by gas at night.
WHEREAS, The Rev. jeremiah MOynihan
is about completing one of the most splendid
and costly edifces erected and dedicated
to religious worship in this city-the Church
Of st. John the Baptist-on Dryades, be-
tween Thalia and EratO streets, and con-
as it does, grand architectural
ornament, calculated greatly to stimulate
improvements Of permanent character in
that pOpulOus portion Of the First District;
and
Whereas, The service of reliable clock,
sounding the quarter, half and hours, and
lighted by night, is of great public utility.
and very much required by the population
of our city; therefore,
SECTION l. Be it ordained BY the CITY
Council of New Orleans, That the sum of
$4,000 be and is hereby appropriated for the |
purchase and erection OF a suitable clock, |
to be placed in the tower of the Church of |
St. John the Baptist, for the use and accom- |
mediation of the public; provided, the Rev. |
jeremiah MoYnihan, pastor of said church, |
will give his consent in writing thereto.
SEC. =. Be it further ordained That the |
said clock shall be erected subject to the di- |
rectiOn and regulation Of the Departmental |
Improvements, and its repairs, if any re-
luired, to remain at the expense of the city |
IF New Orleans.
By Mr. COckrem
Resolred, That the City Attorney petition. !
IN behalf Of the city, for the appropriation /
IF public road or open place on the upper
tide of the New Orleans Park. embracing
III the private property between st. Charles
md Walnut arraa+a +La