Louisiana capitolian., 1880-02-07
CITY ORDINANCE.

fairs, was passed tO It's second readlng
and ordered published:
An ordinance to provide for tho sub.
scription Of thirty-tive Thousand dol
lars by the city ot Baton Rouge, to hid
in repairing the State Capital Mt said
city, and to provide for issning certih-
Gates Of indebtedness to cover said sub
scription, and to secure tho payment
Of said indebtedness principal and in
terest.
SECTION !. Be II Ordained BY the
Mayor and City Council Of Baton
Rouge, Louisiana, That the sum Of
thirty Ave thonsnnd dollars is hereby
subscribed by the city Of Baton Rouge,
to aid in repairing the Capitol in this
city and that the said amount be paid
into the State treasury in accordance
will, article $50 Of the State Consti-
tuition.
SEC. 2. That for the purpose Of rails
ing the said amount, the Mayor Of the
city of Baton Rouge shall issue in the
name of the city of Baton Rouge,
three hundred and fifty bonds of one
hundred dollars eacl, with interest
coupons attached payable semi-annu-
ally on the lst day of April and lst of
October of each year, said bonds to
bear interest at eight per cent. per
annum and to be payable twenty
years after date, and redecmable ut
the option Of the city Of Baton Rouge,
five years after date, the said redcmp-
ton to be made by drawing by lot rs
to what bonds shall be redeemed.
Sec. ). That in addition to the gen
eral obligation Of the city of Baton
Rouge to pay said bonds and interest
out Of all it's resources, all revenues
to be derived from the markets and
all wharfage revenues derived from
the steamboat and flatbOat landings
of said city, or 50 much thereof us may
be necessary to conform with the stip-
ulatiOns Of this ordinance are hereby
set apart and specially pledged for the
payment of the bonds and interest
herein provided for, and the said rev.
cnues shall DC used exclusively for
that purpose and shall never be d.
verted therefrom, and this ordinance
shall be irrcpealable until the whole
of the said bonds, principal and inter-
est shall be paid in full.
SEC. 4. The City Council shall have
no power to reduce the fees and
charges of markets and landings so
that the total receipts shall fall below
the sum necessary to comply with the
provisions Of this ordinance.
SEC. 5. That the Mayor, Admins
traitor of Finance and Finance Com
mittee shall proceed to sell said bonds,
provided no sale thereof shall he made
below par of the face value thereof.
Sec. 6. After the expiration of one
year, after which said bonds shall
have been issued, the City Council
shall redeem by purchase from the
lowest bidder, at least one twentieth
of the principal and continue to do so
for the first five years, after which
time they shall continue the rcdemp-
tion of the principal by drawing in
the manner provided for in Section 2,
and in no case shall they redeem less
than one-twentieth Of the principal
each year.
Sec. 7. The City Council shall from
time to time select q suitable solvent
bank, whose the interest on said bonds
shall be semi-annually paid on the
first day of April and first day of Oc-
tober Of each year.
SEC. 8. The said bonds when issued
shall be made payable to bearer and
signed by the Mayor and countersign-
ed by the Auditor and Administrator
of Finance Of the city of Baton Rouge.
Sec. 81 That in event of the failure
at any time of the City Council to
comply with tho provisions of this
ordinance q majority in amount of
the holders of the bonds issued under
this ordinance, shall have the power
to select an agent to take possession
Of the markets and landings whose
resources arc set apart by this ordi-
nance, and said agent shall collect
said revenues and apply the Same as
provided for in this ordinance, until
all arrearagcs of interest are paid up,
and the proportion Of bonds required
by the stipnlations of this ordinance
shall be redeemed.
Provided, That as soon as the said
agent shall have collected Il sufficient
amount to pay said interest and re-
deem the proportion of bonds as re-
quired by this ordinance, the City
Council shall resume control of said
markets and landings.
Sec. 10. That all ordinances or
parts of ordinances in conflict with the
provisions of this ordinance be and are
hereby repealed.
C0WARDLY ASSASSINATION,