New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-05-28
MAYoRALTY oy NEW ORLEANS,
Ci,y uaI Nav '2-l

City Hal, May p. 1874. }
mo- 2617-Administration Series.
An ordinance authorizing the Mayor OF
the city of New Orleans to borrow
money for the purpose of paying the
Judgment in favor OF Myra Clark Gaines
against the city, and to secure the re-
payment thereof by mortgage, pledge
and otherwise.
SECTION l. Be it ordained by the City
Council. That for the purpose of paying
the Judgment in favor of Myra Clark
Gaines against the city of New Orleans,
rendered in certain suit of the aforesaid
Myra Clark Gaines VS.. the city of New Or
leans, known on the docket of the Circuit
Court of the United States as No. $3.50,
with interest and all costs, charges and
expenses connected with, OF arising from
said ind gment, and an attempt on the part
of the said Myra Clark Gaines to enforce
the collection thereof, the Mayor of the
city of New Orleans is hereby fully au-
thOrized and empowered to borrow from
any person or persons. or corporation or
corporations, individually, collectively or
otherwise, such an amount Of money as
may be needed or requisite for that pur-
pose: the said money, when so borrowed
and received by the said Mayor, to be ap-
propriated and applied to the payment and
extinguishment of the judgment aforesaid,
with interest and costs, in whole or IN
part so far as the money borrowed will
go, and to no other object or purpose what
soever.
SEC. ?. Be it further ordained, That the
money thus borrowed shall be made return
able or repayable to the party or parties
from whom the same may DO borrowed, on
or before the fifteenth day of December,
1874; shall bear eight per cent, per annum,
interest or discount, from date of borrow
ing until repaid; and shall be included and
embraced by one or more prOmissory notes,
as may lie desired and fixed upon between
the said Mayor and the party or parties
from whom the money may be had and
obtained as aforesaid.
SEC. 3. Be it further ordained. That in
order to secure the payment OF the note or
notes to be given by the said Mayor, tor the
money to be borrowed as aforesaid, he is
hereby authorized and empowered to hypO-
thecate and pledge in favor of the person
or persons loaning the money aforesaid,
and any holder or holders OF the note or
notes to be given as aforesaid, all the bonds
pledge to w. S. Pike and p. Irwin, under
and BY virtue of ordinance No. 255l, Admit
nistration series; and, for that purpose,
also to mortgage and hypothecate to the
party or parties Aforesaid, each and every
piece, and all of the property and real
estate, set forth and described in the ad-
vertisement of sale, made by the United
States Marshal, in the suit aforesaid, under
and by virtue of the judgment herein
sought to be settled and paid with the
moneys contemplated to be borrowed and
obtained under the pledge and mortgage
herein authorized and provided for.
Sec. 4. Be it further ordained, That
the Mayor be and is hereby authorized and
empowered to make such arrangements as
may be deemed advisable, in relation to a
party to be appointed by and to act for and
in behalf Of the person or persons, corpora
ton or corporations, who may loan the
| money herein contemplated, or any part
thereof; in relation furthermore to the way
| and manner in which the pledged and mort
gagged property and effects are to be used
sold and disposed of for the purpose OF pay
| ing the note and notes to be given by the
Mayor, under and III conformity with this
ordinance: in relation to the rate of interest
or discount to be paid by the city on OBJ
tanning the loan aforesaid; and finally in re-
lation to each and every matter not specl
| tcally covered and embraced by this ordl
nance.
SEC. 5. Be it further ordained, That il
shall be the duty Of the Mayor to make anC
execute before the city notary, any and al
| acts that may be necessary to accomplish
the purposes OF this ordinance.
SEC. g. Be it further ordained, That thi!
ordinance shall take effect from and aftel
| its passage.
Adopted by the Council Of the city o.
| New Orleans, May 26, 1874.
Yeas-Bcewster, Calhoun, Fitzenreiter
| Lewis, Schneider. Sturcken, Turnbtll.
LOUIS A. WILT, Mayor.
A true copy:
| DANIEL ScULLY, Secretary.