The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-04-22
THE CITY RELIEF BILL.

The CITY RELlEf BILL.
The principal bill before the General Al
sembly is that entitled, "an act for the relic
Of the city Of New Orleans, and to authoriz
the Common Council of said city to sell, leas
or hypothecate its property, real or personal
or its revenues; to provide for the payment
adjustment, reduction, extension and fund
ing of the bonded and floating debt Of sal
city; to consolidate, limit and provide for sal
debt, principal and interest; to authoriz
necessary and appropriate taxation therefor
and for the enforcement and collection Of tn
same, and to limit the rate Of taxation; t
abrogate certain penalties; to exempt certain
bonds from taxation: to prohibit the levyinI
Of certain taxes, and to repeal conflicting
laws"
The bill being honestly drawn up the com
prehensive title is intended to EXPRESS ant
does express, every object comprised in tn
bill.
!. The City Council is empowered to sell
lease or hypothecate all city property no
necessary to the public use, and the revenues
arising from the same except proceeds o
taxes), upon such terms rs they may deem
proper, the proceeds to be applied to the pay
ment of existing city debts, the same to b.
transferred and turned over to board o.
liquidators consisting of the Mayor and Ad
ministrators Of Finance and Accounts) to be
applied by them according to the provisions
of the act.
2. The City Council is authorized to sell
or lease the City Water Works for fifty years
to any person or corporation, payable in any
of the recognized legal obligations Of the
city.
3. The bonds and obligations of the city
are to be received by the city at par in pay
ment of the sales and leases under this act,
whether such bonds are matured or I'M
matured.
4. The city is authorized to arrange, adjust,
compromise, liquidate or extend her matured
and unmatured floating and funded obliga-
tions, and to arrange with her creditors re-
specting such obligations and the interest
upon them.
S. A Board Of Liquidators Of the New Con-
solidated Fund Debt of New Orleans is ere.
ated by the fifth section, charged with the
duty Of carrying out the purposes Of the act.
s. The Board Of Liquidators are author
lied to issue bonds Of the city, payable July
l, 1925, which shall bear interest at two per
cent for the first year, three per cent for the
second. four per cent for the third year and
Eve per cent thereafter, till paid. These new
bonds to be exchanged at par for any matured
or unmatured obligations of the city. The
board is empowered to arrange with such
holders Of city bonds as may prefer to retain
their original bonds SO as to bring them
under the same rate of interest as is provided
for the new consolidated bonds. This is to be
done by the surrender of unmatured coupons,
and attaching to each bond in place thereof
new coupons according to the rates fixed for
The said new consolidated bonds, by which
The cid bonds will be placed, in all respects,
on'a par with the new.
7. The seventh section defines the debts
md obligations which are contemplated by
his act to be all for which the city is liable,
md all assumed by and imposed upon her,
md especially those Of Jefferson and Carroll
ON. The floating debt is declared to embrace
III unbonded obligations of the city which
re demandable and overdue as well as over
lue coupons Of interest on the bonds of the
'ity, Of Jefferson Or Carrollton, and all unpaid
coupons which shall mature before July 1,
875.
8. Over due interest coupons of the new
'onds, Or Of the bonds consolidated there
With, are made receivable for taxes or other
lebts due to the city, except licenses, wharf
ues and market rents.
8. In December of each year the Council
hall levy special tax sufficient to pay the
interest on the New Consolidated Fund Debt,
nd in December, 1884, and in the same
,onth of each year thereafter, raise by ordi-
ance two and half per cent of the principal
said debt, to be employed in buying bonds
rom the lowest bidders.
10. Failure by any proper officer or officers
} comply with the provisions of this act will |
abject them to compulsory suit at law or in
guilty, mandamus, injunction and prohibi-
on, and the failure to levy the interest tax
provided, will vacate the offices of those
no fail The provisions of this act, the tax
rovided for the payment Of the interest on
10 New Consolidated Debt, and the legal
,medies established in favor of bondholders
70 recognized as constituting contract
etween the city and the bondho1ders, and
,all not be repealed by either State or mu-
icipal legislation until said bonds shall have
een fully paid in principal and interest"
II. 1t is made part OF the contract that
e city shall not increase her debt beyond q
tai Of ten million dollars, so long as any Of
70 new bonds remain unpaid, and that no
arrant or other evidence of indebtedness
TALL be issued by any officer of the city,
Icept against cash actually in the treasury
n 9TH or rise annrnnriatnd