The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-04-01

gEo. 3. Be IL further enacted, ETC., That the
stock of said Watsrworks Company may be iu-
creased to two millions of dollars, for the pur
pose OF enabling said company to improve, en-
large and extend lite works; pr0rided 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 nstHllmsnts on stock subscribed
for, the same may be forfeited to the use of said
company
sEo. 8. Be il further enacted, etc, That the
board OF directors of said company shall have
power, in addition to the authority to increase its
capital stock, to borrow money for the purpose OF
improving and enlarging IL works, aud ncreas-
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 this company
to ID am nunt not exceeding two millions OF dol
lars. In such Gums, on such terms and bearing
such rate OF interest, as said board may deter.
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 q corporation,
and said mortgage may include the property
and franchises Of said company, acquired or to be
acquired, and the registration of said mortgage
In the office OF the Recorder OF Mortgages Tor the
parish Of Orleans shall operate on the property
and franchises Of said company, wheresoever
situated, and shall be and continue q valid and
subsisting mortgage until the payment OF the
debt secured by IL, without transcription;
provided, hotrerer. 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 as shall be approved by said Council OF
said city.
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 e1-
penses OF operation. and the interest on it's bond
ed debt, nor shall any dividends be declared until
use.
SEQ. Ii. Be ii further enacted, etc.. That the
city of New Orleans shall be allowed touse water
from the pipes and pluga of said company now
laid. or hereafter TO be laid. free Of any charge,
for the extinguishment Of fires. cleansing OF the
streets, and for the use of all public buildings.
public markets and charitable institutions ana
that the said company shall place, free Of any
charge whatever, two hydrants of the most APP
proved construction in front OF each
square, where a main pipe shall be
laid at suitable distance from
each other. from wbi h a 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 the river the hydrants shall be placed on OPP
posite sides of the streets. st an tqral distance
from each ether and the corners. l. shall be the
duty Of the said company, whenever manppes
shall be laid to supply water for all the purposes
herein mentioned at all times during The oontiDu.
ance of this charter; and in consideration thereof
the franchises and property OF said New Orleans
WAbefwOfks company, use In AceoT0huce WIN
this act, shall be exempt from taxaton-state,
municipal and paroehisl.
SEo II. Be u further enacted, etc. That the
said Waterworhs Company shall have the right
in the city of New Orleans and it's suburbs and
adjoining lands, to use the stl Gets and pub
lilo places for the purpose OF laying pipes aud by
drants to run water: provided, that said streets
shall not be obstruoted longer than necessary for
such purpose, or for making repairH. aud that
said streets shall be restored to the came cond-
ton they were in as coon as practicable, by the
said company, under the supervision OF the City
Surveyor In case the said Wsterworks Com
pany shall require any lot OF ground in the
city Of New Orleans. or any LOT OF ground
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 10 conduct water to the city OF New
Oteans and shall not be able TO agree with the
proprietor proprietors 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 .
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.
HEo 49, Be IL further enacted etc., That the
said Waterworks Company, Immediately after it's
organization, shall proceed to the erection OF new
work, and pipes sufficient in capacity to furnish
full and adequate supply of water to be drawn
from the Mississippi river, or elsewhere, ne may be
Judged most expetlient that said new works and
pipes shall bs commenced within twelve months
from the passage Of this act, and shall be year
by year completed so that, within five years
from the date of this act. they shall be COM
pleted go az to give an adequate supply of water
to the people of the city OF New Orleans, exclu-
sive Of the Fifth District. II said work be not
done es above prescribed, said corporation
all all v,l,t rit1an tad
herein, and The city shall have right to contract
with any one else for a supply Of water ~ 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
future extension of said city; and any failure by
said Waterworks Company to comply with this
provision shall work forfeiture OF this charter.
SEQ a. Be further enacted, etc, That
the city of New Orleans, though its council, shall
have authority to apply the stock subscribed for
of the bonded or floating debt OF the said city, on
such terms of adjustment as may be agreed upon
between the City Council and the holders Of such
BONDED or floating debt; provided, said stock
shall not be sold at less than par, and that when
sold for obligations of the city, it shall only be
under sealed proposals. after not less than fifteen
days advertisement in two daily papers, to the
bidder who shall offer said obligations at the
most advantageous rate, the Council reserving
the right to reject any and oil bids.
SEa Is. BE further enacted etc., That the
said Waterworks Company shall have the right
to fix the rates Of charges for water; propided
that the net profits of the company shall not ex-
coed ten per cent per annum, and shall publish
sworn annual statements Of its business and CON
dtion; and that the City Council shall have the
power to appoint committee, OF not less than
i've, who shall have access to the books Of the
eaid company, and make such extracts from the
same as they may deem necessary, and in case
the said profits shall exceed ten per cent the
City Council shall have the right to require said
company to reduce the price Of water in such
manner and in such proportion, that the profits
shall never eyceed the above named rates; and
prouided further, that the rates charged shall
case said company shall refuse compliance, the
damand Of aaid city may be enforoad by q writ Of