The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1880-04-08
AN ACT
No. TAI l

To authorize the city Of New Orleans to fund
Its floating debt; to provide for the issu-
ance of bonds therefor; to make such
bonds receivable for certain back taxes
and for the purchase price OF property
sold for certain back taxes or otherwise;
to provide for the interest on sueh bonds
and for their ultimate payment.
Whereas, 1t is provided In article 254 OF con-
stitution that the General Assembly, at it's
next session after the adoption of this consti-
proper to liquidate the indebtedness of the city
Of New Orleans, and apply it's assets to the
satisfaction thereof; and
Whereas, the creditors of the said city
whose claims are unbonded, although audited
and acknowledged, are without any transfer
able certificates OF such indebtedness, and are
thereby placed at an unfair advantage; and
Whereas, the recent constitutional Conven-
ton authorized the funding OF the floating In
debtedness of the State into per cent bonds,
receivable for back taxes and licenses, thus
indicating wise and equitable plan for the
liquidation Of such indebtedness;
SECTION /. Be 10 enacted By the General As.
sembty of the State of Louisiana, That the
municipal government OF the city Of New
Orleans be and is hereby authorized and en-
powered to issue from time to time, as they
may be required. bonds OF the denomination
of five dollars (S5, having ten years to run
from the first day Of July, 1880, bearing In
est at the rate Of three ~ per cent per an
mum, payable at the City Hall In New Or
leans, and with semi-annual coupons at
tached.
SEC. 2. Be it further enacted ETC., That the
said series Of bonds shall not be Issued In
excess of the amount of the valid floating in
debtedness OF the city, including school time,
certificates or orders outstanding January 1.
1880, and shall only. be Issued, used or ex-
changed as provided In this act.
SEQ. 8. Be ii further enacted ETC., That the
said bonds may be issued to take up the un-
bonded valid Indebtedness OF the said city OF
New Orleans and the unpaid salaries OF
| school teachers and expenses OF maintaining
| the public schools created since 1872 and
| prior to January /, 1880; provided, that no
past due interest coupons or Judgment debts
against said city OF New Orleans shall be
| funded into said bonds; and prootded further,
| that Metropolitan Police warrants or GER
tificates Issued in excess Of the quota of said
city Of New Orleans shall not be convertible
into said bonds.
SEQ. 4. Be 1t further enacted, ETC., That the
municipal government of the city. OF New Or
leans shall provide, by municipal ordinance,
| for the exchange of the said bonds for such
floating Indebtedness as mentioned In this
act.
SEC. S. Be it further enacted, etc. That all
moneys received into the treasury Of said
due the said city prior to the first day OF JAN
uary, 1879 shall be and are hereby set aside
and shall constitute special fund Tor the
payment of the interest on said bonds au-
/
fund to redeem the same at maturity. All
money received by the said city for unpaid
| taxes and licenses for the year 1879 shall &c
to the said fund for the payment Of the in-
terest on said bonds, and to provide sinking
fund fer their redemption: and the proceeds
of such taxes and licenses for the year 1878
shall not be used or expended for any other
purpose than as herein specified; prouided
that II there shall be any unpaid floating In
debtedness for the year 1879, such floating In
debtedness may be paid out of the money de,
rived from the taxes and licenses OF that year
SEQ. 6. Be IL fur her enacted, etc., That the
bonds herein and hereby authorized TO De
issued, together with the interest coupons to
said bonds attached, shall also be receivable
for all taxes and licenses due said city priol
to the first day of January, 1879. The said
bonds and interest coupons shall also be re-
ceivable In payment for the purchased price
of any property which may be sold by the
city for taxes or licenses due prior to Jan
uary /, 1879. or which may be otherwise sold
except for taxes and licenses exlgibie subse
quent to January /, 1879
SEC. 7. Be it further enacted, ETC., That thu
sinking fund provided herein for the redemp
ton of any balance OF said bonds which may
be outstanding at maturity shall be estab
lished and regulated In detail by ordinance
of the city government OF the city OF New
Orleans; the said city may further provide
should the collections Of the unpaid taxes an.
licenses for the year 1879 be insufficient tx
meet the interest on said bonds. the said city
shall otherwise make up the deficit; prouaded
that nothing In this act shall be construed tx
authorize any interference with the premium
bond scheme as heretofore authorized ant
ratified by the General Assembly.
SEC 8. Be 1t falrthe, enacted, etc., That al
laws or parts Of laws In conflict with this &C
be and the same are hereby repealed.
r. n. OGDEN,
Speaker OF the House OF Representatives.
} 8. d. MCENERY,
Lieutenant Governor and President OF tn
Senate
Approved April 7, 1880:
LOUIS A. WILT,
Governor Of the State Of Louisiana.
trua conv.