The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-11-19
THR NEW ORLEANS BULLETIN THURSDAY NOVEMBER 49, 1874

money and rights, etc, Of the three boards o
draining commissioners, established by oct o
18th March, 1858, and Of 18th March. 1869
and repeats all laws, or parts Of laws creating
draining districts in certain portions of thu
parishes of Orleans and Jefferson, and
especially the act of March 2, 1869, known y
the Ship Island Canal bill.
By this act the Mexican Gulf Ship Canal Co
were authorized to draw warrants on the Ad
ministrator of Finance for work done, at thu
rate Of fifty cents per cubic yard for exc avs
ton and for the protection levee. Payment
were to be made out Of the moneys, etc., il
the hands of the Draining Commissioners, and
by q levy Of two mills per superficial foot.
Next in order comes the act No. 100, oi
1871, to provide for the unsettled debt and
estimated Deficiencies for 1870 and 1871, and
to authorize the issue of bonds. The pre-.
amble states that there is an unsettled floating
debt, amou nting to 1902, 900, and that there
is an apparent deficiency of s1,164, s4S.
The act then authorizes the issue of 3d.
900, 900 Of ten per cent bonds, dated April /,
1871, and payable in ten years. 1t further pro-
vides that in the annual estimates and levy Of
taxes sufficient sum shall be raised and set
apart to pay tie interest and one-tenth of the
principal.
The Administrator of Finance was also
authorized to exchange these bonds at par,
adding accrued interest, for all certificates
known as the seven-thirty issue, under ordi.
name No. 1877 and supplementary ordinances,
and for all floating debt certificates of the
Bank of New Orleans.
The bonds SO issued shall, upon their face,
refer to this act The last section of this act
declares that all property, real and personal,
shall be assessed equally. Next comes article
70 of 1872 1t is another funding act. II
provides for the unbonded debts existing Dec.
81, 1871, and unpaid, and caused by receipts
Of certificates Of 1871 for the revenue proper
Of 1872, and for excavations and levees, etc..
and authorizes the issue of bonds of $500 and
$1,000, having fifty years to run, with seven
per cent interest, payable in gold in New York
Of New Orleans, or other points, as the ooun-
ill may designate. with quarterly coupons.
This issue is denominated the "New Con-
'olidated Debt of New Orleans" All bonds
or excavations and levees authorized by act
30 Of 1871. or by drainage laws, shall be
marked drainage Series"
This act limits the bonded debt of the citv
o SAL, 100000 The act also creates fiscal
gent. repeating all previous laws appoin tins
Iscal agents.
The act merges all funds levied and collect
d on account Of the consolidated loan tax, |
which shall be kept in separate funds, and
which fund shall be applied to the payment of
be interest and principal of the various
onds issued and to be issued.
The fiscal agent is to pay all interest cou-
ons falling due previously to the collection of
'xes, upon presentation; the agency to be re-
nbursed out Of the first taxes collected. Act
of 1871 provides for two sets or series
bonds. First-Ten years bonds bearing
$40 per annum. These bonds are known
J "street assessment bonds" The second
70 known as "street improvement bonds"
nd bear 7 $40 per cent interest, and are pay
Die in forty years from date.
The last are the Water Works bonds.
nder the original charter Incorporating the
Bank, passed April l, 1888, the
ty, by section AZ, at the expiration of IS
ears had the right to buy the Water Works
pom giving bonds, for the value of the works.
five per cent semi-annual interest, redeem {
lie in not less than 10 nor more than IS
.ars. ,
We have no time now to extend remarks {
ION the bonded debt Of the city, but we 9
ate, from q careful examination of all the J
VS. creating and authorizing this debt, that
the bonds issued under the acts referred to
our articles are valid