New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-04-07
TIE CITY FUNDING BILL.

! TIE CITY FUNDING BILL.
A pro:et has been shown Us, and viii be
submitted to the City Council a. az early
day, for carrying into effect the city fund
ing bill passed at the last session q tie
Legislature. This bill awaits the sigma
ture Of tie Governor to become law and
be promulgated as such. When this is
done tie pyojet, which is in the form Of an
ordinance to provide for the issue Of bonds
of the new consolidated debt; will be pre-
scented to tie Council for It's sanction. It
authorizes the Mayor and Administrator
of Finance to have engraved and prepared
for signature ard issue tie necessary
bonds. They are to be issued for five
| hundred and one thousand dollars each,
and are to be paid in fifty years from
date, with interest thereon al the rate Of
seven per cent per ann7inl, payable Guar
terly upon delivery Of the coupons
| attached to tie bonds, IN New York or
New Orleans, as the holders nay desire;
principal and interest to be paid il gold.
The ordinance states that according 10
the fifteenth section Of said Legislative act
one annual levy is required to be made
upon all taxable property in the city Of
New Orleans sufficient for the payment Of
the interest, and fer creating q sinking
fund of not less than two nor more than
ten per cent of the face Of all bonds for
which no other retiring provision exists
by law for the purchase and extinguisE-
ment thereof The legislative act declares
this provision a vested right Of tie bond
holders interested, and the tax is 20 lie
levied, collected and set apart tor the rur-
poses named.
The second section Of the projet or
ordinance to carry into effect the city
funding bill provides that bonds issued
for excavations and levees required by
act No. 80 Of 1871, Or By drainage laws
previously enacted, shall be CT the de-
nomination of one thousand dollars, and
in addition to their number CT the Gen
eral Series" lave an additional number
inscribed thus: Drainage Series Ne. -
and all funds received from drain
age assessments, and not required for
the payment Of drainage warrants,
are to be devoted to the purchase
of bonds of the drainage series according
to law 1t is further provided that until
said bonds be received and ready Tor de-
livery, certificates shall be issued 20 those
entitled to them, exchangeable IN said new
consolidated bonds, and to bear interest in
currency till June l, 1872, and thereafter
in gold, and shall be exchangeGLle for bonds
with coupons attached in Ike SUBS; and
that attached to each bond shall be two
hundred coupons for the payment OF inter-
est as required By said act Of the Legs
laty,re aud that III all deliveries Of bonds
where the current coupon IS attached, such
part OF the same as may have elapsed
shall be settled for by tie recel7er. II cur
rency, at the current ,ate q gold: that
the bonds shall be signed by the Mayor
and Administrator Of Finance, and de-
livered by the latter upon tie warrant Of
the Administrator Of Public Accounts,
which shall specify the amount Ct draw
back for interest. This rrCJd Or Crdi-
nance makes it the duty Of the Admins
traitor of Finance 70 daily notify
the Administrator Of Public Accounts
Of the bonds issued, and to whom, giving
the number Of each bond, and what
coupons are attached. And it IS further
made his duty to furnish quarterly to the
Administrator Of Public Accounts a state
ment of the number or series Of numbers
Of coupons in his hand not paid, TO be de-
stroved upon the order OF the Council, in
the presence Of at least two members there
Of and of two citizens not members Anditis
still further made the duty Of the Admins
traitor of Finance to furnish the Admins
traitor Of Public Accounts with the ori-
ginals, duly Cancelled, Of all coupons paid,
to be attached for preservation in books
Of registry, which are to be kept 10y the
Department of Public Accounts showing
upon the report Of the Administrator Of
Finance all bonds issued, to whom, and
and for what, with their numbers, and the
coupons as presented and paid
An ordinance has also been prepared to
provide for the issue Of street assessment
bonds. These bonds are to be issued in
accordance with section ten OF act No. 4S
of 1871, approved March 10, 1871,
section twenty-five Of act
No. Z, extra session Of 1870, approved
March Is, 1870, for paving, grading and
the streets Of New Orleans.