The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-04-03
OFFICIAL.
LAWS OF THE STATE OF LOUISIANA
PUBLISHED BY AUTHORITY.
EXTRA SESSION OF 1877.
AN ACT
No. as.l

No. 93.1 AN ACT
TO enable the city OF New Orleans TO promote
the public health and to Afford greater SO.
curity against fire, by the establishment OF
corporation to be called the "New Orleans
Waterworks Company" to authorize the said
extending aud improving the said works, and
10 furnish the inhabitants OF New Orleans an
adequate supply Of Pure and wholesome
water; to permit the holders OF Waterworks
bonds to convert them into stock, and to pro-
vide for the liquidation OF the bonded and
foating debt Of the city Of New Orleans.
SEoT1oN /. Be IL enacted by the Senate and
House Of Representatives Of The tate Of Louisiana
IN General Assembly c0nDened, That Gorpora-
ton be, and the same Is hereby created. to be
STYLED 'The New Orleans Waterworks Company"
the capital stock whereof 81 all consist of two mil
lions OF dollars, which shall be divided into twenty
thousand shares OF one hundred dollars each.
SEC. q. Be It further enacted etc.. That imme
diately after the org anizatiun OF the said Water
works Company, 10 hereinafter provided, 1t shall
be required to Issue TO the city OF New Orleans,
stock TO the amount OF six hundred and six thou
sand six hundred dollars. as full paid, and not
subject to assessment; and in addition thereto,
ono similar share for every one hundred dollars
Of Waterworks bonds which said city may have
taken up heretofore and extinguished by pay
ment, exchsnge or otherwise; and that the resi-
duo Of said capital stock shall be reserved for the
benefit OF al holders OF Waterworks bonds, to the
extent OF the amount now outstanding, who may
act; and the said Waterworks Company shall issue
10 the said city OF New Orleans, to be exchanged
with the holders Of said bonds, one share Of full
paid stock not subject 10 assessment. for each
and every one hundred dollars of said Water
works bonds; and the said bonds, as fast as sur
rendered and exchanged for stock as aforesaid.
be canceed that for the purpose OF effecting said
exchange of outstanding Waterworks bonds
Of New Orleans shall be- entitled to all the cert-
S6cates for the shares Of said stock OF said New
N5)rleans Waterworks Company, and shall, by
advertisement for six months in two newspapers
. Ia the city Of New Orleans and two newspapers in
Che city or New York, give notice that II will ex-
change said stock ut par for said Waterworks
bonds at par, exclusive OF the overdue coupons
attached to said bonds, which shall constitute
separate demand against said city; and in case
any Of the said bondholders shall fail or refuse to
avail themselves Of this act within one year from
the formation OF said company, the said city OF
New Orleans shall not thereafter be required to
make said exchange, but may retain the unused
shares of stock for its own account and benefit,
unless II shall prefer to continue TO take up any
Oh said outstanding bonds by exchange as afore-
said.
SEQ 3. Be IL further enacted etc., That the said
Waterworks Company shall be organized by the
Mayor OF the city giving thirty days notice that
he will receive subscriptions OF bondholders who
may agree TO exchange their bonds for stock rs
aforesaid; and the said city shall at once sub
scribe for stock to the amount Of six hundred
and six thousand six hundred dollars, and such
further amount rs shall equal the par value OF
any OF said Waterworks bonds, which shall have
been extinguished by said city; and as soon as,
in addition to the subscription Of said city, there
shall be subscribers for an exchange Of said
bonds for stock to the extent OF five hundred
thousand dollars, and the said amount of bonds
shall have been actually surrendered to
and cancelled by the Administrator of
together, on a day to be named by the Mayor,
and shall elect board OF directors to consist of
seven persons, four OF whom shall be designated
by the mayor, and the remaining three shall be
elected by said subscribers, other than said CITY,
from amongst themselves; aud the persons thus
designated and elected shall constitute the first
board of directors, and shall continue in office
until the first of July, eighteen hundred and
seventydeight, and the said board shall elect one
Of their number a. president.
SEC. 4. BE ii further enacted etc., That as
soon after the election OF said board OF directors
~ The City Council may determine, the Mayor Of
she city shall transfer. by notarial act. 70 said
works and all the pr perry appurtenent thereto.
SEC 5. Be IL further enacted, etc., That the
said Waterworks Company shall own and possess
the privileges acquired BY the city of New Or
leans from The Commercial Bank; that it shall!
have for fifty years from the passag &c of this act
the exclusive privilege Of supplying the city OF
New Orleans and its inhabitants with water from
the Mississippi river, or any other stream or
river, by means of pipes and conduits, and for
erecting and constructing any necessary works,
or engines, or machines Tor that purpose; that ii
may contract for. purchase or lease any land or
lots Of ground, or the right to pass over and en-
ter the same from time to time as occasion NAV
require, through which 1t may be necessary to
convey the water into said CITY, or to distribute
the same to the Inhabitants OF said city; and
to construct, dig, or cause to be opened,
any canals or trenches whatsoever, for
the conduc ing Of the water of the
rivers from any place or places it may deem fit,
and to raise and construct such dykes, mounds,
reservoirs, as may be required for securing and
carrying q full supply Of pure water TO said city
and it's inhabitants; 10 enter upon and survey
such lands as 1t may think proper, in order to as
certain the best mode Of furnishing a supply OF
water; to lay and place any number of conduis,
or pines, or aqueduets, and to cleanse and repair
the same, through or over any of the lands or
streets OF the city of New Orleans; provided, the
same ehsll not be an obstruction to commerce or
free circulation; and also 10 have and use q COM
6tmon seal and alter the same at pleasure: to or
dain and establish bylaws for It's government
and that OF its officers and employees. not repug-
nant III this act and the constitution OF the State
ap4 Of the United States, or the ordinances OF
lie city OF New Orleans.
SEC. 6. be further enacted, etc, That on the
drst Monday OF July, eighteen hundred and
&eyenty-eight. and annually thereafter, an eiec-