New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-05-07
MAYORALrY OF NRw ORLEANS,
CITY Hall, May s, 1874.

CITY Hall. May s, 1874. s
mo. Observation-Disclosures Series.l
An ordinance relative to the exchange and
renewal of bonds.
WHEREAS, Act No. l28 of the acts of the
General Assembly of Louisiana, approved
April -, 1874, provides that "tor all bonds
fully matured and payable SO soon as the
term they were issued for shall have ex-
available funds to pay in cash, the city
may exchange consolidated gold bonds at
par, on demand Of the holders of the bonds
so matured, or the city may renew any
matured bonds for a period of twenty
years by agreement with the holder thereof,
said holder to retain the original bond, with
the period of renewal stamped across the
face thereof, and the city to attach thereto
coupons payable in the same manner as the
coupons on the original bond, and for the
same amount"
Be it ordained by the Council of the city
of New Orleans, That in order to carry into
ferred to, the following regulations be and
are hereby adopted:
For renewal of matured bonds-The
words renewed for twenty years from
here insert the date OF the maturity Of
the bond renewed)" shall be stamped or
printed across the face of the bond re-
newed, and be signed by the Mayor and
Administrator of Finance. The renewal
shall be entered in the books of the COM
missioners of the consolidated debt. New
interest coupons, bearing the same rate of
interest as those on the original bonds,
having the same letter and number az the
bonds for which they are issued aud signed
by the Administrator of Finance, shall be
attached to the original bond, and with
said bond delivered to the holder thereof,
who shall give q receipt for the coupons
and acknowledge therein that the renewa
or extension is made with his concurrence.
Be it further ordained, That all ex-
changes. er renewals effected under this
ordinance shall be reported monthly to the
Council by the Administrators of Finance
and Public Accounts.
For exchange Of bonds-The exchange
shall be made by the Administrator OF
Finance on the written order of the Mayor
and Administrator of Public Accounts only.
The consolidated gold bonds issued in ex-
change for q matured bond shall have the
words, ISSUED in exchange for bond there
insert the letter and number of the bond
taken MP and other particulars necessary
to identify it, together with the date Of ex-
change. and q reference to this ordinance
and to the act of the Legislature authoriz-
signed by the Mayor and Administrator Of
Finance. The retired bond shall be can.
celed at once and deposited in the Office of
the commissioners Of the consolidate debt.
In all cases where the first interest coupon
on the consolidated gold bond begins to
run from date anterior to that Upon which
the last coupon was due on the surrendered
bond. the difference shall be provided for
by writing across the face Of the first cou-
pom on the consolidated gold bond, in fig
ures, the reduced amount that will be due
on it at it's maturity. Parties receiving
consolidated gold bonds in exchange for
other bonds shall DO required to sign q re-
ceipt for the bonds issued to them.
Be it further ordained. That the option
OF exchange or renewal of matured bonds
shall be accorded to the holder.
Adopted by the Council of the city of
New Orleans, May 5, 1874.
Yeas-Brewster, Calhoun, Schneider,
Lewis, Sturcken, Turnbull
LOUIS A. WILT, Mayor.
A true copy:
DANIEL SCULLY. Secretary.