New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1876-03-07

sioners of consolidated debt and the said
supervising committee, immediately after
the allotment of series. to invite by sealed
proposals for the exchange of old bonds for
drawn premium bonds remaining in the
possession of the city; such proposals shall
state the lowest price at which the old
bonds are offered, payable in the drawn
premium bonds valued upon their face,
capital and interest, the said bids, If any,
to be opened BY the commissioners of the
consolidated debt and at least one of the
said supervising committee, the right to re-
iect any or all bids being reserved to the
City Council; provided, that whe n bids are
rejected, further offers shall be invited.
either before or after distribution Of pre-
MUM for exchange of all other bonds, or
for cash as the case may be.
Sec. 6. Be it further enacted, ETC., That
it shall be the duty of the City Council. in
the month of December Of each year, or in
the annual budget annually adopted for the
ensuing year, to include an amount sutfi.
interest of the premium bonds, together
with premium included, in the several allot-
ments of series and premiums fixed for such
year by the aforesaid ordinances and this
act. 1t shall be the duty of the Council
annually to levy an equal and uniform tax
on all theOssseesed property within the cor
porate limits of the city, at rate sufficient
to provide the amount included in the
budget as aforesaid, and eaid tax so levied
shall constitute q special fund to be used
for NO other purpose than the payment of
said bonds and interest on the said pre-
miums comprised in said allotments, and
the funds 90 raised shall be placed to the
credit Of an account to be called the pre-
MUM bond account, and no money from
said fund shall be paid out except on the
joint authority Of the commissioners of the
consolidated debt. The said tax to be
raised shall be den0minated the premium
bond tax, and shali be separately mentioned
in the tax rolls and receipts; provided, that
the taxable power of the corporation of the
city of New Orleans tor all purposes
including general administration, school, po-
lice, lighting, salary of officers, court ex-.
penses and every other purpose of govern
ment including the sum to be raised to pay
the premium bonds. as above stated, shall
never, until the full. complete and final
payment of the said premium bonds, ex-
coed the rate of one and and one-half per
centum on the dollar of all the assessed
value of property subject to taxation with
in the limits of the said city of New Or
leans. The above limitation on the taxa
BILE power Of the corporation is hereby de-
clared to be q contract, not only with the
holder Of the said premium bOnda, but also
with all residents and Taxpayers OF the said
premium bonds, resident or taxpayer. to
legally object to any rate of taxation in ex-
cess of the rate herein limited. 1t being
also part of the consideration of this con-
tract that the city of New Orleans shall be
incompetent to incur any debt or obliga.
ton, as now provided by the constitution of
this State, until the final payment and OK.
tlnction of the premium bonds aforesaid.
SEC. I. Be it further enacted, etc., That
no tax for the pay ment of bonds or interest
on bonds other than that authorized by the
preceding sections, shall be levied either
for the year 1876, or any year or years
thereafter by the city of New Orleans, and
that all existing laws requiring or authoriz.
ing the City Council to levy any tax what
soever for bonds or interest ON bonds, other
than said premium bonds, be and the same
are hereby repealed; and it shall be here.
after incompetent for any court to man.
damus the officers of said city to levy and
collect any interest tax other than that
provided in this act or in case of such
mandamus, by a receiver or otherwise, to
direct the levy and collection on any such
tax.
Sec. 8 Be it further enacted, ETC., That
all bonds issued in exchange for others;
all allotments made. and all things done by
the City Council or the Mayor and Admin
istrat0rs, previous to the passage of this
act. under and by virtue of said premium
bond plan and the ordinances Nos. 3l3O
and 1888, be and are hereby approved and
ratified, and are continued in force, and
are recognized as having been lawfully
done pursuant to powers vested IN the
Council by the constitution an laws.
SEC. g. Be it further enacted, etc., That
it shall be the duty of the City Council to
at once prepare statement in detail of the
outstanding bonds of the city of New Or
leans, to be funded as aforesaid, and when
ever any OF said bonds are funded for pre-
MUM bonds, or offered to the city for drawn
premium bonds or drawn premiums, the
said bonded debt 90 exchanged shall be i'm
mediately cancelled by the commissioners
Of the consolidated debt, and said super
vising committee or a member thereof shall
prepare statement of the bonds so can
celed, to be made public.
Sec. 10. Be it further enacted. ETC., That
10 city property of any kind shall hereafter
be sold or conveyed in any manner except
the proceeds be applied to the reduction of
the bonded or floating debt.
Sec. IL. Be it further enacted etc., That
in addition to the obligation of the said
city to provide annually the sum required
for the execution of the premium bond
plan, at least q tax of One-half Of one per
cent annually, to be used in the execution
of the provisions of this act; and it the
product of said half of one per cent be more
than adequate for the payment of the drawn
premium bonds, and the premiums as above
provided then the surplus to be used in re-
firing the outstanding bonds; provided said
half Of one per cent taxation Do CONSIDERED
as part of the one and half per cent taxa
ton to which the taxing power of the city
is limited in this act; the intention of this
section being to limit the city taxation to
one and one half per cent annually until the
entire extinction of the bonded debt; to
authorize the Council to levy annually out
of the one and Cne-half per cent taxation
sum adequate to the annual execution of
said premium bond plan, and after the year
1881 to levy at least one-half of one per cent
for the carrying out of said plan, and to
distribute the surplus realized therefrom,
if any, in retiring the outstanding bonded
debt
SEC. u. BE it further enacted, etc., That
whenever under the operations of this act
the bonded debt of the city Of New Or
leans shall be reduced below eight millions
of dollars, the creditors holding the same
shall be entitled to convert the same into
bonds bearing six per cent interest per an
mum, payable in twenty years from their
date to be dated after the reduction afOre-
said, the interest to be paid semi-annually. A
sinking fund of at least two hundred thou
sand dollars to be provided for al )ng with
the interest by adequate annual taxation; all
the limitations hereinabOve provided on
taxation and debt to be applicable after the
issue of said bonds until payment thereof.
SEC Is. Be it further enacted, ETC., That
all costs, interest and charges due on ar
reared city taxes, UP to the year 1875, in
elusive, be and the same are hereby remit
ted: that it shall be the duty of the city
government, Immediately after the passage
Of this act, to prepare list of the valid
outstanding floating debt of said city; that
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