The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-02-20

| exceed ten dollars.
The bill was read twice and referred
| to the Gem mittee on Judiciary.
House bill No. "a was taken up again,
but, there being no quorum OF the
House, a motion to adjourn prevailed.
THE W&TERWORKs BILL.
introduced In the House of Representative ives
ON Saturday.
The following Is synopsis of the bill
creating the New Orleans Waterworks
Saturday by Mr.. Leeds, of Orleans:
| An act to promote the public health
and to afford greater security against
| fire by the establishment of a corpora
ton to be called the New Orleans Water
works Company: to authorize said COM
pany 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 permit
| the holders Of waterworks bonds to con-
vert them into stock, and to provide for
| the liquidation Of the bonded and float
| ing debt Of the city OF New Orleans.
Section provides for the creation OF
a corporation with perpetual existence,
to be called the New Orleans Water
| works Company. The capital stock is
| fixed at 81 900, 600, divided into &c, 900
shares OF one hundred dollars each.
Section 2. Immediately after the or
ganization of said company 1t shall
issue to the city OF New Orleans stock
to the amount Of $c06,eOO, as full paid
stock and not subject to assessment,
and In addition thereto one similar
1 rf far svarv pna hI1n1rnH datt a NJ
waterworks bonds which said city may
have taken up heretofore and ex-
tinguished by payment, exchange
or otherwise, and that the
residue OF said capital stock
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
said city of New Orleans, to be ex-
one share OF full paid stock, not sub
ject to assessment, for each and every
one hundred dollars Of said Water
works bonds: and said bends, as fast as
surrendered and exchanged for stock,
be Cancelled; that for the purpose Of
effecting said exchange of out
standing Waterworks bonds for
stock as aforesaid, the city Of
| New Orleans shall be entitled to
all the certificates for the shares Of
said stock of said New Orleans Water
works Company, and shall, by adver
| tisements for six months in two news
papers in New Orleans and two in New
| York city, give notice that it will eI-
change said stock at par for said water
works bonds, exclusive OF the overdue
coupons attached to said bonds, which
shall constitute q separate demand
against the city, and In case any of
said bondholders fail to avail them
selves of this act on or before the LIST of
January, 1879, the said city OF New Or
leans shall not thereafter be required
to make said exchange, but may retain
the unused shares OF stock for its own
account. unless it shall prefer
to take up any OF said outstand-
ing bonds by exchange as aforesaid.
Sec. 3. The company shall be organ
lied by the Mayor giving thirty days
notice that he will receive subscrip-
tions OF bondholders who may agree to
exchange their bonds for stock as atore-
said, and the said city shall st once
subscribe for stock to the amount of
$500, 900, and such further sum as shall
equal the par value OF any of the
said Waterworks bonds, which shall
have been extinguished by said
city, and as soon as, In addition to
shall be subscribers for an exchange
Of said bonds fer stock, to the extent OF
$500, 900, the said Subscribers shall as
semble, on day to be named by the
Mayor, and elect q board Of directors,
to consist Of seven persons, four OF
whom to be designated by the Mayor
and the remaining three shall be cleo
ted by the subscribers, other than the
city, from among themselves. They
shall continue in Office until the LIST OF
July, 1878. They shall elect their presi-
dent. "a 81.
Sec. 4. AS soon after the election as
the City Council may determine, the
city shall transfer to said company the
/ Waterworks and all the property ap-
pertaining thereto.
Sec. S. The said Waterworks COM
pany shall own all the rights OF the
city acquired from the Commercial
Bank, and it shall have forever the ex-
elusive privilege Of supplying the city
OF New Orleons with water from any
stream by means OF pipes. etc. 1t shall
have the right to make purchases, con-
tracts, leases, ETC.; the right to pass
over lands, ETC., and do other things
necessary to furnish full supply OF
water; to use common seal and alter
the same at pleasure; to establish by
laws for the government Of its officers,
i etc.
Sec. 6. Provides for an election OF d.
rectors on the first Monday in July,
1878, and annually thereafter. Five ai-
lractors shall be elected by the stock
holders, and the Mayor and Admins.
TRAITOR Of Finance OF the city OF New
/ Orleans shall b. ex-officio directors 81
laid com nan Y III 10n9 Al the citv0f N q