New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-03-09
CoHxIrTHR ON ENROLMENT,

CoMXIrTER ON ENROLMENT, I
February %, 1877. }
To the Honorable President and Members of thu
Senate:
Your Committee on Enrolment and En-
grossment beg leave to report as duly en-
crossed
Senate bill No. 36l, entitled an act to in
corporate the town of Waterloo, in the par.
ish of Pointe Coupee.
COMMITTEE on ENROLMENT. /
February 20, 1872. }
To the Honorable President and Members Of the
Your Committee on Enrolment and En-
grossment beg leave to report as duly en-
rolled:
Senate bill No. 346, an act establishing an
additional term of the district court in the
THOMAS H. holland,
Chairman.
CoxxITTgR ON ENROLMENT, I
February %, 1872. 5
To the Honorable President and Members of tie
Senate:
Your Committee or Enrolment and En-
grOssment beg Leave 10 report as duly en-.
rolled
Senate.bil No. $50. an act for the relief OF
William ?. Harper.
THOMAS H. holland,
Chairman.
RESOLUTIONS.
By Mr.. NcMillen:
ResOlred, That no Senator shall be al
lowed 70 speak more than two minutes, aud
no more than once upon any subject under
discussion.
Adopted.
By Mr.. Galllp:
Resolced, That the Committees on En-
rollment and EngrOssment and Contingent
Expenses be and they are hereby author
lied to sit ten days after adjournment. in
order to complete tie business before their
committees.
Adopted.
Mr.. Butler, from the Committee on
Claims, reported an original bill, to be en-
titled an act for the relief of Albin Soulie.
Also, reported favorably on Senate bill
No. 1897, to be entitled an act for the relief
of the heirs of John Laidlaw Il Co, etc. ,
The latter bill was taken up, and. on mo-
ton of Mr.. Todd, ordered to lie on the table.
House bill No. AS. the city funding bill
was taken up and read a second tine, and
the following amendments made by the
Senate.
The following was adopted as a substitute
for section thirteen:
SEC. l3. Be it further enacted, etc, That
for unbOnded debts existing December 81,
1871, and unpaid at the time of the passage
of this act. or caused by receipts of certiti-
Gates Of 1871 for revenues proper of 1872.
and for excavations and levees, drainage
machinery and r~evetments authorized by
law, or required for the protection OF the
cIrC from overflow or Ip1n62fInp the crv
may issue from time to time as they may be
required, bonds OF the denomination OF 500
and $1,000, having fifty years to run. and
bearing seven per cent interest, principal
and interest payable in gold in New York
or New Orleans, and at any other points that
he Council may designate, with quarter
ly coupons: and that the bonds thus issued
shah be called the new consolidated debt
of New Orleans. No bond shall be issued
but by authority OF the Council, nor for a
lower rate than ninety cents on the dollar: all
issued for excavations and levees, authorized
by act No. 80 of 1871. or by drainage laws
previously enacted, shall be marked "drail-
age series = and all taxes collected for
drainage and not required for the payment
of drainage warrants shall be devoted 20
the purchase. from the lowest bidder, of
bonds issued for drainage: no bid TO be
accepted above par. and the right reserved
to the Council 70 reject all unsatisfactory
bids.
And for other bonds of the city, not
matured. bearing interest at not less than
seven per cent, the city may exchange
bonds of the new consolidated debt AT such
prices not less than par for the new CONSOLE
dated debt bonds as may be found to the
advantage of the city; but no exchange
shall be effected except by consent and
order of the Council. publicly given, or
ordinance fully authorizing the same.
For all bonds fully matured and payable so
soon as the term they were issued tor shall
have expired, and which the city shall
not ave available funds to pay in cash,
the city may exchange new %consoli-
dated bonds at a rate of not less than
ninety cents on the dollar on emanG
of the holders of the bonds so matured.
And it is furthermore enacted, that at no
time shall the face of the bonded debt out |
standing and unredeemed, added TO the
certified debt Of every form, exceed twenty
three millions of dollars: and all issue OF
bonds, or evidence of Indebtedness what
ever, in excess of said amount, shall be I'M
lawful, and shall not import or convey any
obligations: and if any person. under color
of office or otherwise, shall issue any bond
or warrant in violation of this section. he
shall be prosecuted criIninally, by lndict-
ment or information, and. Upon conviction,
shall be condemned TO imprisonment for W
years; and any person negotiating or at
tempting to negotiate such bond or warrant
shall be considered an accessory to the fact.
and subject TO the SAINT punishment as the
said offender.
The following. was adopted as az addi-
tional section:
SEC. II. That as soon as practicable after
the passage Of this act, the Council shall
proceed to the election of a chartered State
or a national bank as fiscal agent of the city
of New Orleans: and upon its election. ac-
and entering into due notarial
all present fiscal agencies shall
cease, and their assets. duties and functions
shall be transferred to the fiscal agency
herein created. That the Administrator Of
shall deposit with the said fiscal
agency. daily. all moneys collected by him
from whatever source; that the fiscal agent
shall set apart. and keep in separate funds.
the sums OF money deposited on account OF
the consolidated LOAF tax. and for the pay
OF interest and principal of the vari-
bonds issued by the city Of New Or
and such funds shall not be subject
to the draft OF any city oincial. but shall
be a vested right OF the bondhOlders. That
the direction of the commissioners of
the consolidated debt, or of the Council.
under existing laws, said fiscal agent shall
from time TO time. before ma
turity, such bonds Of the city as there may
be funds i'll It's hands to pay for, and shall
cancel the same. Ia the event of interest
coupons falling due previously to the col
lection and deposit OF the taxes imposed
for the payment CT said coupons, it shall he,
nevertheless, obligatory on the fiscal agency
created 20 pay said coupons on pre-
sentatioh: and any amount thus advanced
shall be reimbursed to said agency out of
he first taxes collected. 1t shall have an
agency in the city Of New York for the
n nm q n q &C d,,tr L.. ulich Il Shnn L.