New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-01-22
sEWELL,s CITY FUNDING BILL.

SEWELL'S CITY FUNDING BILE
At the special request Of Hon. L. Sewell,
OF Orleans. we publish in extenso his pro-
jec. OF law authorizing the scaling of the
city debt. D1e notice Of it's introduction
IN the House has been given by the author,
and it will probably come before that body
tomorrow.
There are many provisions in :tis bill
which we can not approve OF and hope
never to sec embodied in law. but we
give the whole 20 the public as an act OF
grace to political and personal friend:
An act TO reduce the taxes. and reduce and
consolidate the deb: of the city OF New
Orleans; 70 abolish the present city debt
tax; to provide for .he issue Of new city
debt bonds: TO levy an Interest tax and y
city debt tax tor repurchasing and sink.
ing: to abolish wharf and levee dues,
drainage taxes, and city licenses; 10 bet
Ger provide tor the support OF MetrOpOli.
tan Police; TO require revision OF the
city budget OF expenses for the year 1874,
and TO restore to tho control of the city
government the work being performed by
the Mississippi and Mexican Cult Ship
Canal Company.
SECTION J. Be it enacted by the Senate
and House Of Representatives OF the State
of Louisiana in General Assembly convened,
Tha. ordinance No. 24I5, Administration
series of the Council OF the city OF New
Orleans, be and the same is hereby vOided
and aEnuled; that the city debt tax and
all parts thereof. and provisions OF law pro
vitling for the levies of taxes TO pay .he
debt of said city, be and the same are
hereby repealed and abolished and super.
seeded bv the provisions OF this act.
Sec 3 Be it further enacted. etc. That
for the purpose of consolidating and re-
| duciug the debt Of the city of New Or
leans, tue Mayor and Administrator Of
Finance OF the said city are hereby author.
lied to issue not exceeding ten millions of
dollars of bonds, payable to bearer. and
registered by the Administrator of Public
Accounts, payment to be made in fifty
wears from date, in New Orleans or New
York. Coupons of interest shall be at
tached thereto providing for semi annual
payments. at the rate OF six per cent per
annum.
SEC. 8 Be il further enacted, etc. Tha.
from and after the passage OF this act no
coupons of interest not due at the time of
its passage shall be paid at or by the De
partlnent of Finance, or the fiscal agent OF
the city of New Orleans, except coupons OF
interest upon the new funded debt herein
provided for.
SEC. 4. Be it further enacted, etc. That
the city debt bonds herein provided for
shall bear date January l, 1874 and shall in
no case be issued at less than par and
accrued interest upon the current coupon N
exchange for any city debt.
SEC. D. Be It further enacted. etc. That
bids be opened by the city authorities and
received from the holders OF the presen,
city debt for the exchange of their respec.
tive classes OF debts for the city debt bonds
herein authorized TO be issued, and such
bids shall be accepted as NAV be 20 'he
best advantage OF the city. for the purpose
of deciding which. the following relative
estimate Of value. based npon cost or re-
cent market prices. shall be deemed 'he
criterion as between the several classes Oi
city debt:
Consolidated loan. having been Issued 20
redeem old city obligations worth from forty
30 Six.v-1ive cents on the dollar, the latter
being also their :e:en: Malke: price. sixty.
five cents.
Railroad loan. recen: market price fifty.
six cents.
Pon.charerain railroad, :ecen: market
price ftty-siX cents.
Waterworks Joan. recen: inayke: price
Fifty cents.
Seven per cent loan. 1869. recen: market
price forty-elght cents.
Seven per cent loan, 1870. :ecen: !narae:
| DI1CG lUEtS six CtutSs
Jefferson City loan. recen: na'ke: price
fifty five cents.
Street Improvement: loan. recen: market
price fOrty-tive cents.
Wharf loan. veceu: marke. price seventy
five cents.
Ten per cent loan. recent market price
seventyOne cents.
New consolidated loan, drainage series.
recent market price fifty cents.
oonSnfiIo OF loan oahpral sArIQl
cent market price tiftytwo cents.
Certificates Of appropriation. recent mar.
ket price fifty i've cents.
City time. 1873 and 1874. TO rate relative.
ly at par. one dollar.
All other classes Of city det!. fifty cents.
SEC. 6. Be it further enacted. etc. That
for the purpose Of paying the interest OF the
new city debt bonds herein provided for,
the.e shall be levied annually. as sOon as
practicable after the first of January IN
each year. and payable on or after the first
% March III each gear, a tax, on ali real and
personal property in tho city oI New Or
leaus, of tive mills ca the dollar. The sur
plus. if any. after providing tor ali coupons
of city debt bonds, shall be devoted 10 re-
purchase from the lowest ofereT ot city debt
bonds aud their cancellation.
SEC. Z. Be If further enacted. ETC. That.
in addition TO the aforesaid interest tax.
there .hal! be levied annually. IN like man
uer, two and d half mills Oh the dollar.
called the city debt tax, for the sinking and
repurchase of she city debt: the same shall
be applied. as fast as collected, IN sufficient
SUMS, to the repurchase from the lowest OF.
terers OF all manner Gt debt now existing,
and which NAV be fully matured and pay.
able a. -he -ilne OF bidding and offering;
such bids or offers TO be bv way OF per cent
on the face of the debt; after this tax shall
have absorbed or adequately provided Tor
all other forms of city debt outstanding, 1t
shall be continued and devoted TO the re-
purchase Of city deb: bonds issued auder
This act.
SEC. 8. BE i. ;urthe. enacted. etc. That
all the wharf and levee dues required by
commerce. except for InoorIng and occupy.
ing the wharves. after q reasonable time TO
be allowed by ordinance of the Council, for
unloading and relosdlng. be and the same
are hereby abolished and repealed, except
such as may be due at the time cI this act
becoming law.
SEC. 9. Be it further enacted. etc. That
all licenses, except State licenses. be and
the same are hereby abolished, and all here.
tofore paid 60 the city of New Orleans fOs
the year 1874, be refunded or acknowledged
as a par. Of the present city debt. to be re-
deemed OF repurchase6 under the provisions
of this act. rating the same in relation 60
The former enumerated Glasses o. city debs
a: seventy cents on the dollar. estimated
value Ht presen. city time.
Sec. 10. Be il fIrthe. enacted etc, Tha.
Che Council of the city os New Orleans be
required. as eoon as practicable after the
passage et this act. 20 revise the dget II
city expenses for the year 1874. and to pro.
vide therein fully for She Metropolitan Po
lice estimate 70 October /. 1874, as well as
for supplemental estimate for che year
1874, which the Board OF Metropolitan Po-
lice Commissioners shall forthwith furnish
for the months Of October. Noysmbes and
December, 1874.
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