The New Orleans daily Democrat., 1878-11-24
THE CONSOLIDATED BONDS.
Proposed Bill to Authorize Am Egulta bile
EatflamPnf.


tions of such contract: to au,,horize the city
of New Orleans to Issue bonds bearing in
terest in exchange Of unpaid coupons and Of
certain coupons to mature. on fuiiment OF
certain formalities, and to levy q special tax
for the payment Of other coupons subse-
uuently maturing: to postpone the payment
Of original bonds and OF those issued under
this act; to issue coupons for the term Of
extension Of payment and to continue said
section 81, as amended, in force until pay
ment Of ali the bonds and coupons thereof:
to provide for the mode Of enforcing the
levy, collection and, application OF the spe-
by summary. proceedings; to secure the
punetual and final payment Of oil such
nd % bv 3f The inc
in case of failure on the part Of the city or
it, officers to compy Tlth tn the mandamns to
favor of said bondholders, and for the COM
pensaton Of said commissioners.
,Whereas, to reieyye the taxpayers OF the city
which, though for while actually suspended,
may soon be imposed upon them : i1 4. favor TO- ol
he hg T sacon 81 81 ac No OF s
as amended by section of act No. 70 Of the same
year. it becomes necessary Tor The enhancement
and reasonable understanding with said bond
holders which, while fully securing them. will
accomplish the object in view, which Is re-
BEcTIoN ]. BE i enacted By the Senate and
House Of Representati9es Of the S,otg re Of Lonis,,
fifteen days after the pas ago of this pct it shall
be the duty Of the Commissioners OF tho Con
solldated Dent. viz: the Mayor and the Admin.
strators Of Finance and Accounts Of the city Of
New Orleans to ascertain, as exactly as practl-
cable, the amount Of matured and unpaid cou--
pons Of the bonds aforesaid whether liquidated
BY judgment or not as we'll as Of the coupons
thereof matur ing III the course OF the year
1873 and within the month following. to issue
IN G the city Of ond M9T r oe@ps f fK e
debt evidenced by them. negotiable bonds for q
similar amount. Of the denominaton Of i've
may best suit public convenienc,, in the ludg-
ment If said officials: Said bonds snail be
dated the day Of thrir issuanee, and shall ma
Of which they shall represent. SHAH mature
They shall bear per cent interest per annnm.
for which coupons shal be attached theretq2,
falling due semi iannually, at tho time at which
the coupons ofthe bonds just mentioned shall
mature. The said bonds TO be issued shall be
identified by proper recitHls therein, with said
section 81. as amended, and with this act. me
payment Of said bonds and coupons thereof. to
be issued. shall be- secpred In The same me- man M
| coupons. and shall stand Herewith on toQt1ng
of perfect equality provided that no su'h bond
shall be issued in exchange Of and to repres ent
| said coupops, unless tho bond from which de-
tached be countermarked. to identify the sam 9
| with this act: such cOuntermRrk to establish
cOnclusiveiy IN acceptance Of the terms and
| conditions Of this act, binding on actual and
future holders thereof the city and the State. us
| g. legal contract.
FEC q be il f,uthe" ennctpd, ETC., That during
| the course of fourteen years. which will expire
| in 1892 no special tax shall be levied under the
terms OF section 81 aforesaid as amended: for
| said city shall annually. in the month OF Jhnu-
airy. bnginni ing in January, 1879 and every yeaI @
sufficient to meet oil the coupons Of said bonds
| maturing in said year; provided that tho city
Of New Orleans shall, previous to said anuary'
1879. have on hand. In readiness, the sum re-
uured to retire the coupons of said bonds dne
! January, 1879. iucIudlng those Of the bonds
| to be issued under this act: when tho same shall
| bn al nd nttfv U Maid
SEC. q. BE il fIrtte1 enacted. etc That from
and after the first Of January 1879, the pr91ylns-
faithfully executed BY the city Of New Orleans
except as t? the tax for sinking fund purposes. e.
and that the term for the pnymSnt Of all the
those issued under authority of this act. shall
by virtue Of this act, BIS extended Tor suen tim5
| eXtinguishmcnt Of the same, under said section
81. rs amended. during which time. eventually
the provisions Of said section 81 as amended,
and those Of this net for the enforcement there
have been fully extineuishef.
SEQ. 4. Be il further enacted, ETC., That the
| taxes raised under the PROVISIONS Of section 81
as amended, and under the provisions OF this
act. shall be- deposited In bank, as o separate
end df1 a @ G t ss 9 nd q ba 2 Be old eleu sy
siyely applied to said debt by the commission
ers Of Consolidated debt-the Mayor r end 4 Ad Nd
aganst shall BE- drawn by at least two Of said
officers, and all payments and exchange Of
bonds shall be made by the Administrator OF
Finance
SEC. s: Be ii further enacted etc.. That the
bonds the eoupOns whereof shall be presented
/ for exchange. ana shall be represented by the
bonds to be issued under the provisions OF this.
| lhe CnnsoIidated Debt as follows: Ne uarietur
Subject 10 fhe terms anil conditions Of act No. =
1873. eohich is a conlract betUeen the hoAer o.
lis bond he ciiy Of Ne,0 Orleans ondUe State.
nnmmissoners cor miss, ,ffiealy, vhoge signature shall
be authentic; provided, that when the bonds I'd!
couDons detached from such bonds shall be on
titled to be- exchanged for bonds to be ISSUED
under tho provisions Of this act, only on pro
| duction OF The certificate of the United Stltes
Consul or legal Representative at the plac.
| Where the bonds may be. to tho effect that ht
has countermarked and signed them. dascrib
ing them infinitely by lotter, date and amount
IN int The ygoria rsci al, prori0ed Tint such coun
tarmark and signature shall in that case b. con
Of tho coupons for The bonds aforesaid.
SEC. 8. BE il further enncted ETC.. That tn
pay1nent OF ali said bonds shall be postpone
for the term Of fifteen years from and after th
first Of January, 1892. during which time tn
Xxx bnr5, rhnlJ bonr ~ cont int no