New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-04-27
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oFflciAl JOURNAL OF THE UNITED STATES
OFFICIAL JOURNAL Of NEW. ORLEANS
CITY CoUNcu-oFFIcIAD
SPECIAL MEETING.

neN s+fl-Fi ss9etis
$50 SPECIAL MEETING.
,s CIrY HAIL. NEW ORLEANS, I
Friday, April rs, 1872.
The Council met in special session at
one O'Clock.
Present-Mayor Benz. F. Flanders in the
chair, and Administrators H. Bonzano AS
sessments), John s. Walton (Finance),
James Lewis (Police), F. C. Remick Com
merce), L. T. Delassize (Waterworks and
Public Buildings), Alfred Shaw tAccountsl,
and John Cockrem umprovements).
: The Mayor said he had called the meet
ing at the request of two or three Admin
istrators, who would state its object.
Election Of Fiscal Agent.
Mr.. Cockrem-I move that the Council
D do. now proceed to the election of fiscal
agent, in accordance with section seventeen
of an act entitled IAN act to authorize the
Council of the city of New Orleans to levy
. police tax to regulate levies of taxes
the proceedings of tax suits and the jurisdic
ton of the district courts for the parish OF
Orleans in reference thereto; to define and
punish forgery in certain cases to authorize
the funding of the floating debt; to con
solidate, limit and provide for the debt Of
the city of New Orleans, principal and in
terest to authorize tax for the support Of
the city government, and to establish tis
cal agency, defining its duties, and for the
better enforcement of the collection of all
taxes" approved April &c, 1872.
Mr.. B0nzanO moved that the funding bill
be read.
Section seventeen was read as follows:
Sec. IL. That as soon as practicable after
the passage of this act, the Council shall pro-
coed to the election Of a chartered State or
national bank, as Fiscal Agent of the city
of New Orleans; and upon it's election, ac-
ceptance and entering into due notarial
cease, and their assets. duties and functions
shall be transferred to the fiscal agency
herein created. That the Administrators Of
Finance shall deposit with 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 &C
count of the consolidated loan tax, and for
the payment Of the interest and principal
of the various bonds issued and to be is
sued by the city Of New Orleans, and such
funds shall not be subject to the draft of
any city official, but shall be vested right of
the bondholders. That under the direction
of the commissioners Of the consolidated
debt, or of the Council, under existing
laws, said Fiscal Agent shall purchase from
time to time, before maturity, such bonds
of the city as there may be funds in it's
hands to pay for, and shall cancel the same
In the event of interest coupons falling due
previously to the collection and deposit of
the taxes imposed for the payment Of said
coupons, it shall be nevertheless obligatory
on the fiscal agency hereby created to pay
amount thus advanced shall be reimbursed
to said agency out of the first taxes col
lected.
It shall have an agency in the city of
New York {for the performance of duty by
which it shall be responsibility, for the pay
ment of coupons or redemption of bonds
provided to be paid there. The fiscal
agency hereby created may be changed
and taken away by the Council by vote Of
three-fOurths Of the members thereof, for
cause, provided the same can not be re-
moved, or the assets transferred without.
its consent, go long as the city is indebted |
to any fund or account, and until the fiscal !
agency is fully reimbursed, or so long as
there shall remain any contract unexpired |
DctW6cu IL anu Inc Guy.
fMr. Bonzano in the chair.l
The Mayor took the floor and said: As |
no one seems disposed to discuss the mo- |
ton, wish to say, with the permission of |
the Council, that think it mex pedient and |
improper at this time. First, the law I'M |
der which the Council assumes to act has |
not been promulgated, and this will look |
like very hasty step. I wish, further |
more, to say that, as understand the OBJ
ject and intention Of the motion, it is to elect
. particular bank the fiscal agent, and as l
have no vote upon question Of election,
simply wish TO put on record my opinion
that no bank should be elected fiscal agent
Of the city until it has been ascertained that
i has sufficient strength to undertake the
office, and until it has given us sufficient
guarantees for the safety of the funds COM
mitted to its hands. I think inquiry
should be made on these points
before any bank is selected. / do not in
tend to discuss the matter. simply rise
10 put in my objection, first, to this being
done at all at the present time; and, Sec
1ndly, to any bank being chosen without
ts first being proved to be in sound finan-
cial condition, and competent to perform
The duties required Of it. II
Mr.. Cockrem-The only object have in
bringing this matter up to-day is that sew
eral members Of the Council will leave for
Cincin4ati tomorrow, and may be gone
week, or possibly three weeks, and it is
pretty well understood by the Council that
'ne bank is to be elected Fiscal Agent. As
10 the sOlvency of that institution probably |
he Administrator Of Finance mr. Walton)
IAN give us some information.
The Chair-DO understand this to be a
Meeting of the Council, or merely meet
ng in committee to discuss the questions
The Mayor-It is meeting of the Coun-
il to act upon this matter, for the reasons
tated by the Administrator who has just
aiken his seat.
Mr.. Lewis-I am favorable to the transfer
f the fiscal agency to this bank according
o law, but the question raised by the
favor, that the bill has mot been promul-
ated, and is not yet law, rather takes
ne aback. l don't know whether this bill
as been signed yet by the Governor, or
whether it ever will be.
Mr.. Cockrem-I will state, for the in
ormation of the Administrator, that it was
igned this morning, at half-past ten
'clock, in my presence.
Mr.. Lewis-This is rather hasty step,
'hese gentlemen will be back from Cincin-
in ON fWo 1uo a. l I