New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-04-30

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tons and levees, authorized by act No. 8
of 1871, or by drainage laws previously
enacted, shall be marked Drainage Series,
and all taxes collected for drainage, anG
not required for the payment of drainage
warrants, shall be devoted to the purchase
from the lowest bidder Of bonds issued fol
drainage; no bid to be accepted above par
and the right reserved to the Council to
reject all unsatisfactory bids
And for other bonds of the city not ma
tured, bearing interest at not less than
seven per cent, the city may exchange
bonds Of the new consolidated debt, atsuch
| prices, not less than par, for the new con-
sOlidated 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 Or
dinance 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 have available funds to pay in cash,
the city may exchange new consolidated
bonds, at the rate Of not less than ninety
cents on the dollar on demand OF the hold
ers of the bonds so matured.
And it is furthermore enacted that at no
time shall the face of the bonded debt opt
standing and unredeemed added to the certl-
fed debt ofevery form exceed twenty-five
millions of dollars and all issue Of bonds or
evidences of Indebtedness whatever in
excess of said amount shall be unlawful,
and shall not import or convey any obliga-
ton. And if any person under color OF
Office, or otherwise, shall issue any bond'0r
warrant in violation of this section, he shall
be prosecuted criminally by Indictment or
information, and upon conviction, shall be
condemned to imprisonment for two years;
and any person negotiating or attempting
to negotiate such bona or warrant shall be
considered an accessory. to the fact, and
offender.
SEC. IA. Be it further enacted, etc, That
within the months of November and De-
cember, 1872. and annually thereafter, the
Council shall adopt estimates OF receipts
and expenditures 1.-THE latter including po-
lice and excluding schools) for the ensuing
year. The estimate of expenditures shall
not be finally adopted until one week shall
have elapsed after final adoption of the
estimate of revenues, and it shall not ex-
coed the same.
SEC. Is. Be it further enacted, etc, That
the Council, after the adoption of the esti-
mate, shall proceed to levy the annual
taxes required, to wit:
First-The city debt tax, which shall be
based upon the detailed estimate of the
sinking funds and interest falling due.
For all bonds for which no other retiring
provision exists by law; an esti-
mate shall be included of not
less than two nor more than ten per
cent of the face of the bonds outstanding of
any of the several issues, which shall be
applied to the retiring of bonds offered at
the most advantageous rates, no bid to be
accepted higher than par, and the right re-
served to reject all bids. No limit other
than herein laid down shall apply to this
tax, which is hereby declared vested
right of the bondholders interested.
SecOnd-A tax for current city expenses,
including police. and exclusive of interest
and schools. This tax shall in no year ex-
coed one and quarter per cent upon the
assessed value Of real, personal and mixed
property.
These taxes shall bear the name of the
year in which they shall be collectible. and
the assessment upon which they shall be
made shall be termed the assessments for
the said year.
SEC Is. Be it further enacted, ETC., That
no provision in any general law of the
State limiting the power Of taxation by the
several cities, towns, parishes and other
shall be held to apply to any
of the taxes of the city of New Orleans,
herein or otherwise specially authorized to
be levied.
Sec. II. Be it further enacted. etc, That
as soon as practicable after the passage
of this act, the Council shall proceed to the
election of chartered State or national
bank. as Fiscal Agent of the city of New
Orleans; and upon its election, acceptance
and entering into due notar;al contract. all
present fiscal agencies shall cease. and their
assets, duties and functions shall be trans
terred to the fiscal agency herein created.
That the Administrator of Finance shall
deposit with said fiscal agency, daily, all
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 con-
loan tax, and for the payment of |
the interest and principal of the various
bonds issued and to be issued by the city of |
New Orleans, and such funds shall not be |
subject to the draft of any city official. but |
shall be a vested right of the bondholders. |
That under the direction of the commission |
ers of the consolidated debt or of the Coun- |
cil dnder existing laws. said Fiscal Agent |
shall purchase from time to time, before
such bonds Of the city as there
may be funds in its hands to pay for, and
shall cancel the same. In the event of in
crest coupons falling due previously to the
and deposit of the taxes imposed
or the payment of said coupons, it shall be
nevertheless obligatory on the fiscal agency
hereby created to pay said coupons on
presentation, and any amount thus adj
RANGED shall be reimbursed to said agency
)ut of the first taxes collected.
1t shall have an agency in the city of
New York flor the performance of duty by |
which it shall be responsibility. for the pay
nent of coupons, or redemption of bonds
provided to be paid there. The fiscal
gency hereby created may be changed and
AIKEN away by the Council by vote of
hree-fourths of the members thereof, for
ause. provided the same can not be re-
moved, or the assets transferred without its
Onsent, SO long as the city is indebted to
ny fund or account, and until the fiscal
gency is fully reimbursed, or SO long as
here shall remain any contract unexpired
etween it and the city.
SEC. Is. Be it further enacted, etc.. That
II laws or parts of laws in conflict with
his act be and the same are hereby re-
ealed, SO far as they are in conflict, and
his act shall have force and effect from it's
assage.
(Signed) o. H. BREWSTER.
peaker of the House of Representatives.
(Signed) p. B. S. PINCHBACK,
lieutenant Governor and President of the
Senate.
Approved April 26, 1872.
(Signed) H. C. WARMOTH,
Governor of the State of Louisiana.
A true copy:
+. j. HERON,
Secretary of State.
No. 13.