New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1872-07-10

other by the said grantees, and in the
| event Of disag reement an umpire shall be
/ selected By said two appraisers whose
| decision shall be final.
ARTICLE VII.
The said road to be completed and in
running order by the first of June, 1874,
/ and the term of thirty years to run, from
the date of completion. In case the road
| is not completed within the time limited,
| the right herein granted shall be forfeited.
ARTICLE VII.
That the said grantees shall accept and
agree to all the provisions of this ordinance
1 by filing a certificate of acceptance with
| the Mayor within thirty days after the
passage Of this ordinance, and failing there
in, this ordinance shall be null and void.
Ordered printed.
Reconsideration
On motion of Mr.. Cockrem the ordinance
donating the iron building to the Park Com
missiOners was reconsidered and laid over
for one week.
Mr.. Shaw, for purpose Of amendment,
moved a reconsideration of the fiscal agency
ordinance adopted last week.
Reconsideration ordered, Mr.. Bonzano
voting no.
Mr.. Shaw offered the ordinance, on final
passage amended as follows to meet the
views of the Mayor:
An ordinance to carry into effect the pro
visions of the city funding bill, act No.
70, approved April &c, 1877.
SECTION l. Be it ordained by the Council
| of the city of New Orleans, That the Fiscal
! Agent of the city of New Orleans be en-
powered to- appoint, in the city of London,
| a Loan Agency, to consist of a bank or bank
| ing frn of said city, which said appoint
| ment shall be confirmed and approved by
| the Council before acting in such capacity,
SEC. 9. Be it further ordained, ETC., That
/ the Fiscal Agent shall have the control, sub
| iect to directions of the Council and the
provisions of this ordinance, of the negOtia-
! lions, exchanges and disbursements author
| lied by the city funding act No. 70 Of the
| Legislature of Louisiana, of the year 1917,
| Sec 3. Be it further ordained, etc, That
| the @lscal Agent shall cause to De engraved,
| printed and delivered to the Department
| of Finance of the city Of New Orleans,
! bonds payable in gold in fifty years from
date, bearing date July l, 1879, and re-
| deemable ii New Orleans, New York or
| London, bearing quarterly coupOns.of in
| terest, at the rate of seven per cent per
| annum, also in gold. Said bonds shall be
of the denomination of $1,000 or G2OO ster-
| ling, and $500 OF 9l00 sterling, and the
coupons each $l7, SO or &3 los, and So IS or
81 l5s: and it shall be distinctly expressed
thereon that the city of New Orleans has
the option of paying such bonds or coupons
in sterling wherever presented for pay
ment Said bonds shall be signed in such
manner and in such amounts as may be
hereafter directed by the Council, and
shall be conveyed and delivered to the
London agency in such manner as may be
agreed upon, and approved by the Mayor.
Administrator Of Finance and the Fiscal
Agent.
SEC. 4. BE it further ordained, etc, That
as an additional guarantee of good faith to
the bondhOlders the Fiscal Agent of
the city of New Orleans shall
keep on deposit with its agent in London,
so long as any OF the said loan is held IN
England. q continuous balance, equal in
amount to one-haf Of the quarterly inter-
est to be paid in London, which amoCnt
shall be considered a loan by the Fiscal
Agent to the city.
SEC. 5. That so long as gold shall con-
tinue at premium, the Fiscal Agent
of the city, shall purchase the gold or
exchange necessary to meet the inter
est or principal of the new consolidated
bonds at the current market rate, the pre-
MUM or exchange to be charged to thecity;
but the Council may at any time compel the
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.
SEC. 6. Be it further ordained, etc, That
in order to enable the Fiscal Agent to effect
the exchange of new consolidated bonds
authorized by the funding act for other
bonds and debts of the city, said Fiscal
Agent may empower the London agency
to negotiate the taking of the new CONSOLE
dated loan at a rate or rates to be author
lied by the commissioners of the cOnsoli-
dated debt, but not less than the limit of
ninety per cent prescribed in said funding
law. And the fiscal agency, with the pro
ceeds of said loan, or in anticipation thereof,
may purchase such bonds, certificates or
debt as are exchangeable by said act, at
such rates not exceeding those authorized
therein as may be of advantage to the city,
the terms to be also fixed or authorized by
the commissioners OF the consolidated debt;
provided, no part OF this ordinance shall be
construed to authorize the purchase or re-
purchase of any bonds or floating debt by
the Fiscal Agent, independently of the
lawful authority of the Council, nor in any
case without the authorization or ratifca-
ton of the Council, or the commissioners OF
the consolidated debt, according to the
terms of this ordinance. Nor shall any
thing herein contained be construed as i'll
any manner limiting the right of the City
Council or the commissioners of the cOnsOl-
idated debt, from purchasing OF redeeming
bonds of the city at their option, in any
manner authorized by law.
SEC. z. Be it further ordained, etc., That
the fiscal agency shall make semi-mOnthly
statements to the Department of Public
Accounts upon forms to be prescribed by
said Department of all proceedings and
transactions according to and under this
ordinance relative to said loan.
SEC. g. Be it further ordained, ETC., That
should the present fiscal agency, within six
months from the passage of this Ordi-
nance, effect the negotiate of One-eighth
of the total of the loan rein cOntem-
plated, which is fixed not to exceed e.,
100000 it shall be entitled to the control
of the remainder of the negotiation as far
as such negotiation may be authorized
by the Council, and shall not be di-
vested thereof, in favor of any other
party, except for malfeasance in Office, or
nOn-success in the negotiating any part
of the loan after six months authorization;
provided, this contract shall expire at the
end of = years, unless renewed.
SEC. 9. Be it further ordained, etc, That
for the faithful performance of the duties
herein laid down, the fiscal agency shall be
entitled to receive in coin one per cent of
the face of the bonds actually negotiated
and taken up and fOReach additional one
per cent over ninety cents on the dollar on
the price obtained for the bonds, it shall be
increased One-quarter of one per cent from
the amount additionally realized, and IN
case of success, and not otherwise, it shall
receive for expenses, stationery, printing,
advertising, telegraphing and all incidental
charges, upon bills found correct, and APP
proved by the Council, not exceeding fifty
thousand dollars upon the whole loan, or in
proportion for any part thereof actually