The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-04-01
No. ss.l AN ACT

corporation to be called the NEW Orleans
Waterworks Company" TO authorize the said
company to issue bonds for the purpose Of
extending and improving the said works, and
TO furnish the inhabitants Of New Orleans an
adequate supply OF pure and wholesome
water: TO pc init the holders Of Waterworks
bonds to convert them into stock. and to pro-
vide for the liquidation OF the bonded and
floating debt Ut the city of New Orleans.
EEuTIor /. Be IL enacted BY the Senate and
House of Representatives Of The State Of Louisiana
An General Assembly eonrened, That corpora
ton be, and the same is hereby created, TO be
styled 1.-THE New Orleans Waterworks Company,
The capital stock whereof shall consist OF two mill
lions OF dollars which shall be divided into twenty
thousand shares OF one hundred dollars each.
gEu. q. BE II further enacted, etc.. That imme-
diately after The org anizaton OF the said Water
works Company, as 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
one similar share for every one hundred dollars
OF Waterworks bonds which said city may have
taken up heretofore and extinguished by pay
ment, exchange or otherwise; and that the resi-
due 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
elect TO avail themselves OF the provisions OF this
act; and the said Waterworks Company shall issue
to The said city OF New Orleans, TO be exchanged
with the holders of said bonds. one share of full
paid stock not subject to assessment. for each
works bonds; and the said bonds as fast as sur
rendered and exchanged for stock as aforesaid,
be cancelled; that for the purpose OF effeotng said
exchange of outstanding Waterworhs bonds
q New s Orleans shall be ensd to al III The oe s
ncaies for the shares Of said stock of said New
Orleans Wsterworks Company, and shall, by
advertisement for six months in two newspapers
In the city OF New Orleans and two newspapers in
the city Of New York, give notice that Il will ex-
change said stock at 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 bondbolders shall fail or refuse to
avail themselves Of this act within one year from
Che 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 is own account and benefit,
unless Ii shall prefer to continue to take up any
OF said outstanding bonds by exchange as afore
said.
SEQ q, Be IL further enacted. etc., That the said
Waterworks Company shall be organized by tie
Mayor Of the city giving thirty days notice that
he will receive subscriptions OF bondhoders 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 as shall equal the par value of
any OF said Waierworks bonds which shall have
been extinguished by said city; and as soon as
sn addition I'd the subscription OF said city, then
shall be subscribers for an exchange OF said
bonds for stock TO The extent OF Ave hundred
thousand dollars, and the said amount of bonds
shall have been actually surrendered to
and cancelled by the Administrator OF
Finance, the said subscribers shall assemble
together, ON q day to be named by tho 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 and the persons thus
designated and elected shall constitute the frat
board of directors. and shall continue in Office
until the first Of July, eighteen hundred and
eeventy-eght, and the said board shall elect one
Of their number "a president.
sEo. 4. De IL further enacted, ETC., That "a
soon after the election Of said board Of directors
- the City Council may determine. the Mayor Of
the city ehall transfer. by uotarial act. to said
New Orleans Waterworks Company the Water
works and MI the pr perry appurtenent thereto.
sne: 3. Be further enacted, etc.. That the
the privileges scquired by. the city of New Or
sans from he Commercial Bank that it shall
FIR fifty years from the passage of this aot
yaalusive privilege OF supplying the city OF
sihusns and it's inhabitants with water from
puce hippi river, or any Other stream or
POI means Of pipes and conduts, and for
sag and constructing any necessary works,
o. AGNES, or machines tor that purpose; that 1t
4 may contract for. purchase or lease any land or
i lots Of ground, or the right to pass and en-
Ter the same from time to time as occasion may
require,. through which it 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,
Sny canals or trenches Whatsoever, for
AZ conducting. OF the water of the
rivers from any place or places 1t may deem fit,
aud TO raise and construct such dykes. mounds,
reservoirs, as may be required for securing and
carrying full supply of pure water TO said city
land lite inhabitants to enter upon and survey
such lands as i may think proper, in order TO as
certain the best mode Of furnishing a supply OF
water; to lay and place any number Of conduits.
or pipes, or aqueducts, and to cleanse and repair
the same, through or over any OF the lands or
streets Of the city OF New Orleans prouided, the
same shall not be an obstruction to commerce. or
free circulation: and also to have and use a com
mon seal and alter the came at pleasure: tn or
dain and establish bylaws for its government
and that OF its officers and employees. not repug-
nant TO this act and the constitution Of the State
and OF the United States, or the ordinances of
the city Of New Orleans.
EEo. 6 BE il further enacted, etc., That on the
1rst Monday of July, eighteen hundred and
seventy- eight and annually thereafter. an cleo
lion for directors OF said company, after ten
Hays notice OF the same and place of holding the
same, shall be held, at which election there shall
be elected four directors by all the stockholders
other than the city of New Orleans and the
Mayor of the city, the Administrator of Water
works and Pubic Buildings and the Administra-
or OF Finance. of said city, shall be ca Q6fcio
directors of said company the said city, through
10 Mayor and Administrators, shall have the
md ali all meetings of said stockholders, in
he same manner as any other stockholders
llbt at alb elections and sill meetings ofstockhold
III each share of stock shall be entitled to one
Tote, Tho directors elected shall serve for one
ear and shall hold their offices until their sue
eesors are appointed; and no failure TO elect
irsctors at the time designated shall prevent
be board Of directors from fixing another day
b holding the election; and in case OF vacancy
the board of directors accustomed By death,
seignAtion or absence from the State or other