New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-09-01

mo. 3233-Administration Series
An ordinance providing for the exchange of
bonds for premium bonds, and to regu-
late and carry out the funding plan
adopted by the Council.
Be is ordained, That the Administrator
of Finance be and is hereby directed to ex-
change all recognized bonds OF the CITY of
New Orleans, also of the late cities of Car.
rollton and Jefferson for premium bonds, in
accordance with the plan adopted by the
Council and approved by the Mayor on the
twenty fifth day of May, 1875. The said
premium bonds shall be dated on the first
of September, 1875, and bear interest at the
rate of five per cent per annum from the
fifteenth day of July, 1875; they shall be
signed by the commissioners of the CONSOLE
dated debt, and be oountersigned when is.
sued by such parties as the Council may
hereafter select for that purpose.
Be it further ordained, That on all bonds
funded or hereafter to be funded under this
ordinance the interest adjustment shall
date from the first day of July, 1875, alter
which period the interest thereon shall.
cease. =
Be it further ordained, That a perm auent
committee of six shall be appointed TO re.
present the bondh0lders in all matters
touching their interests under and in this
ordinance. They and their successors shall
at all times have free access to the records
of the consolidated debt, and may exercise
such control and supervision over the allot-
ments, cancellation and registry of bonds as
they may deem necessary. They shall fill
all vacancies among themselves, and may,
in their discretion, appoint suitable person
to act for them in all matters rel ating thereto.
The committee shall at present be CON-
posed of John g. Gaines, president of the
Citizens Bank; Thomas A. Adams presi-
dent OF the Crescent Mutual Insurance Com
AaD nAhn e A.
chanics and Traders Bank; George Jonas,
president of the Genial Bank; j. II. Oglesby,
president Of the Louisiana National Bank;
Samuel II. Kennedy, president Of the State
National Bank.
Be it further ordsinod, That the bonds
funded undar this ordinance, except those
which shall have been redeemed, shall not
be cancelled or destroyed before the month
Of April, 1876. They shall. be registered by
number, marked, labeled and deposited in
safe manner until the period named
Be, it further ordained, That the first
allotment of series shall take place On the
fifteenth day OF SsDteiaber next, or as soon
thereafter as possible, and the. first sllot.
ment Of premiums on the fifteenth day of
january 1876. fixed. All subssquent ailot.
ments Of series shall take pIacS on the fif-
teenth of April and the fifteenth of October;
and, of premiums on the fifteenth Of January
and fifteenth Of July.
Be it further ordained, That until all
the bonds herein provided for are funded, it
shall be tina duty Of the Administrator of
Finance, immediately after the allotment of
series, 70 invite by Sealed proposals the ex-
change Of old honda for the drawn pre-.
MUM bonds remaining. Such proposals
shall state the lowest prlce Ct. which the old
bonds are offered, payable In tho drawn
premium bonds, ct face Value and interest.
The right 70 reject any or all bids to be re-
served by the Council.
Be 1t further ordained, That ali drawn
series or numbers Of premium bonds shall