The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-04-03


same, shall be held, ut which election there shall
be elected four directors by al the stockholder re-
other than the city OF New Orleans and the
Mayor OF the city, the Administrator OF Water
works and Public Buildings and the Adminlstra-
tor OF Finance of said city, shall be ez ofcio
directors Of said company the said city, through
its Mayor and Administrators, shall have the
right to vote at the election OF directors,
and al oil meetings of said stockholders, In
The same manner 10 any other stockholders.
That at al elections and oil meetings ofstockhold-
ers each share OF stock shall be entitled to one
vote. The directors elected shall serve for one
year and shall hold their Offices until their sue
cessors are appointed; aud no failure to elect
directors at the time designated shall prevent
the board of directors from fixing another day
for holding the election; aud In case of vacancy
in the board OF directors occssioned by death,
resignation or absence from the State or other
cause, the board Of directors may fill such va
csncy for the remainder of the year.
SEQ. Z. Be 1t further enacted, etc, That the
stock owned by said city of New Orleans in said
Waterworks Company shall not DO liable to seiz-
IRE for the debts OF said city.
SEC. 8. Be il further enacted, etc., That the
stock OF said Watsrworks Company may be in-
creased to two millions Of dollsrs, for the ptir
pose Of enabling said company to improve, en-
large and extend It's works; iropided, that the
new or increased stock shall be paid for in cash,
or in work done for the company; and In case OF
non-payment Of installments on stock subscribed
company.
SEo. o. Be 1t further enacted, etc., That the
board Of directors Of said company shall have
power in addition to the authority to increase ts
capital stock, to borrow money for the purpose OF
improving and enlarging its works, and incress-
ing the supply Of pure water; and to accomplish
this purpose the said board OF directors are here.
by authorized to issue the bonds OF the company
TO an amount not exceeding two millions OF dol
lars, in such sums, on such terms and bearing
IL L.. ~ la - -xs1 IT
mine, and the payment of said bonds, in principal
and interest, may be secured by . mortgage
OF all the property and franchises OF said COM
pany, including It's franchise to be corporation,
and said mortgage may include the property
and franchises Of said company, acquired or to be
acquired, and the registration Of said morte age
In the office Of the Recorder Of Mortgages for the
parish OF Orleans shall operate on the property
and franchises OF said company, wheresoeyer
situated, and shall be and continue valid and
subsisting mortgage until the payment OF the
debt secured by it, without transcription;
propided hosoeUer. that no bond shall be issued,
or mortgages given, without the consent Of the
Council OF the city of New Orleans, and said bond
shall not be sold or disposed OF except on such
terms rs shall be approved by said Council of
said city.
SEC. 10. BE II further enacted, eto i, That said
company shall not declare or pay any dividends
except in cash. and then only out of the net semi
annual or annual receipts, after payment Of OK
penses OF operation, and the interest on it's bond
ed debt, nor shall any dividends be declared until
the contemplated works are completed and in
use.
SEC. IL. Be IL further enacted, etc., That the
city of New Orleans shall be allowed touse water
from the pipes and plugs OF said company now
laid. or hereafter to be laid, free OF any charge,
for the extinguishment OF fres cleansing OF the
streets, and for the use of oil public buildings,
public markets and charitable institutions, and
that the said company shall place, free of any
charge Whatever, two hydrsnts of the most ap.
proved construction in front Of each
saS'rs a. where suitable @sn P asan. shall o es
each other, from which q sufficient quantity OF
water may be conveniently drawn for the extin-
guishment of fires. for watering the streets and
cleansing the cutters, and for any other public
purpose; that on the squares which do not froat
on tie river the hydrants shall be placed on OPP
posite sides OF the streets, at an eqnal distance
from each other and the corners II shall be the
duty of the said company, whenever mainpipes
shall be laid to supply water for all the purposes
ance of this charter and in consideration thereof
the franchises and property of said New Orleans
Waterworks Company, usei in accordance with
this act, shall be exempt from taxation-State,
municipal and parochial.
SEQ. IL. Be u further enacted, etc., That the
in the city Of New Orleans and its suburbs and
adjoining lands TO use the stl Gets and pub
lie places for the purpose OF laying pipes and by
drants to run water; provided, that said streets
shall not be obBtrncted longer than necessary for
such purpose, or for making repairs, and that
said streets shall be restored to the same coadi-
ton they were in as soon as practicable, by the
said COMPANY, under the supervision OF the City
Surveyor. In case the said Waterworks Com
pany shall require any lot Of ground in the
or quantity OF land situated in any parish
of this State for the purpose Of constructing re-
servoirs or other works, or for the purpose OF
laying pipes to conduct water to the city OF New
Oileans, and shall not be able TO agree with the
proprietor or propr etors Of said lot OF ground or
land, the said company shall have power to cause
the same to be appropriated In pursuance OF the
general laws on the subject Of appropriation for
works of public utility now in force, or which
may hereafter be enacted, and il the object Of
said company be merely to lay pipes through q
piece Of land or lot Of ground, the appropriation
shall be confined merely to the servitude 1t may
require, and not to the tight of absolute owner
ship
SEQ. 10. BE IL further enacted, etc., That the
said Waterworks Company, Immediately after it's
organization, shall proceed TO the erection OF new
works and pipes sufficient in capacity to furnish
full and adequate supply OF water, to be drawn
from the Mississippi river or elsewhere, as may be
judged most expedient; that said new works and
pipes shall be commenced within twelve months
from the passage Of this act, and shall be year
from the date OF this act, they shall be COM
pleted 80 as to give an adequate supply OF water
to the people Of the city OF New Orleans, exclu-
sve Of the Fifth District. Ii said work be not
done as above prescribed, said corporation
shall forfeit all exclusive privileges granted
herein, and the city shall have right to contract
with any one else for supply OF water as above
provided, and to appropriate the property OF the
corporation hereby created. After the completion
of the new works and pipes, the said company
shall, from time to time, as the wants of the
population may require, and when the estimated
revenue On the cost Of such extension shall equal
ten per centum extend their works throughout
the entire limits Of the city and suburbs, and any
said Waterworks Company to comply with this
provision shall work forfeiture of this charter.
SEQ. IA. Be ii further enacted, ETC., That
the city Of New Orleans, though its council, shall
have authority to apply the stock subscribed for
by said city, as herein provided to the reduction
Of the bonded or floating debt OF the said city, on
such terms Of adjustment as may be agreed upon