The New Orleans daily Democrat., 1880-04-14
Of liquidation, and prescribe their dU Hess
and to provide for q fiscal agent and for
the levying OF sufficient tax to pay said

bty Of the State Of Louisiana, That for the ptIr@
pose OF 1quldating, reducing and console
hereinafter specified, permanent syndicate
OF six citizens OF the said city is hereby
created. The said syndicate shall be chosen
as follows: two by the Governor Of the State
nor, and two by the Speaker OF the House OF
Representatives, and the Mayor OF the city of
New Orleans. the Treasurer and the Control
ler thereof, as hereinafter provided, shall be
er oficio members OF said syndicate; pro
uided. that la Case no change Is made La sha
present city government, the present COM
missiopers OF the consolidated debt shall act
as eD o6icio members OF said syndicate, and
the members Of the syndicate, so named
shall fill all vacancies In their number from
death, resignation or otherwise.
SEQ. Q. Be II further enacted. etc., That tue
com mlssioners OF the consolidated debt, or
the city officers provided and named IN seq
tion l OF this act, and the syndicate heyetn
created, shall constitute bosId of liquidation
of the city debt. and the said board email have
exclusive control and direction OF all matters
relating to the bonded debt of the city Of
New Orleans. The board of liquidation shall
cause to be prepared bonds of the city of New
Orleans which bonds shall be used only for
the purpose OF negotiation or of exchange, as
hereafter provided. The said bonds shall be
signed by the Mayor and oountersiged by the
Administrators OF Accounts and OF Finance.
or such officer or officers as may be hereafter
created to fill their respective functions. They
shall be made payable In fifty years from the
day OF the approval OF this act, and bear tn
from the date OF said bonds, payable semi
annually. on the first day OF April and Octo-
Der OF each year, said Interest represented By
one hundred coupons annexed to each bO1d~
The said bonds and interest coupons annexed
may be issued for such sums as may Dc
deemed most convenient by the board OF
liquidation, and be made payable at such
place or places as may be designated In the
bond: but the said bonds shall be made pay
able, interest and principal, In lawful money
OF the United States, and the said board OF
liquidation shall be and 1t is hereby EN-
powered and authorized to establish In New
York, London, Parls and Amsterdam such
agencies as they mev SEQ fit and desirable,
SEQ. 3. BE u further enacted. etc., That eha
board of liquidation OF the city debt be and
1t is hereby authorized and empowered to re-
tire and cancel the entire valid debt OF the city
of New Orleans, except the floating debt Gre
whether represented by bonds OF various
classes or by judgments, either by the sale OF
the new bonds created under this act and ap-
pliance Of proceeds to the purchase OF such
bonds against said old obligations. on such
terms as may be- agreed upon between the
holders OF the said old obligations and the
board Of liquidation; prouided, the new bonds
shall not be sold for less sum than eighty
cents. In cash, on the dollar, and that no eg-
change shall be made at q greater rate than
fifty cents In new bonds per one dollar OF this
faoe value Of the old obligation with interest
accrued thereon; and pTousded further, that
the entire issue Of new bonds sold or ex-
changed, as above provided, shall not exceed
In all ten millions OF doliars.
SHo 4. BE n farther snacsed. etc.. That
should any obligation OF the city Of New Or
leans be deemed fraudulent or invalid, by
same shall not be purchased, exchanged or
retired until the holder OF the came shall have
applied to the proper court for relief, wheur
II final judgment be in hls favor, IT shall be-
and should any member :of the. board OF
liquidation knowingly audit, fund, purchase
or retire. Tor value, any Illegal obligation OF
the city OF New Orleans, or shall use any Of
the bonds herein authorized. or the proceeds
thereof, or any Of the city assets or property
In the hands OF the board, by virtue OK this
act, for purposes ether than those con.
templated In this act, no shall, on convictt on
thereof, be punished BY fine of not Less than
one thousand dollars and Imprisonment at
hard labor for not less than one year.
SEQ 5. Be 1s further enacted. etc. That it
shall be the duty OF tho city authorities. 20
soon as possible after the. organization OF ths
over and transfer to the said board all ths
property Of the city Of New Orleans, both
real and personal, not dedicated to public uss,
and the board OF liquidation shall be and fs
hereby empowered and authorized TO disposs
~
tions as may be deemed favorable; the pro-
ceeds OF such sale or sales to be deposited with
the fiscal asgent OF the board at credit Of CITY
SEC. 6. Be it farther enacted etc.. That moth
Ing In this act shall be construed as affecting
or In any manner impairing the act 3l OF 1876
commonly known as the Premium Bond
Act" but 1t will be the duty OF the city au-
board OF liquidation Of the city debt GIL
moneys collected on account OF the tax levied
In accordance with the provisions OF the pre-
MUM bond act; and 1t shall no the duty OF
the board OF liquidation 70 apportlon the pro-
and In the proportion which each form OF
bonded debt shall bear to the entire amount
of the city's debt; and such portions OF the
said proceeds OF tax as shall not properly be-
long to the outstanding amount OF premium
bonds shall be- applied 70 the payment OF in
terest on tho bonds created under this set
SEQ z. BE Il further enacted. etc., That 1t ts
hereby made felony, punishable, on cOnHe-
9 9s y s ns q rs s5or s
ceeding ten years, for the fiscal agent or any
member Of the board OF liquidation Of tha
city debt to divert or misappropriate any
portion of the debt or interest fand herein
created from Ito legitimate channel, as pro
vlded. '-|"
SEQ. Q. BE It further enacted, ETC., That the
surplus arising from the collection OF ths
debt and interest tax, or from the sale OF as
sets In the hands OF the board OF lfquida-
tion OF tho city debt, after paying the interest
ooupons OF the bonds Issued under this act.
shall be used for the purchase and retire
ment Of any valid bonds Of the city OF New
Orleans heretofore created at the rate nos
exceeding flfty cents per dollar, or, at the dis
cretlon Of the board, for the retirement OF the
bonds created under this act at price not
exceeding par; and the bonds or ooligatlona
purchased, exchanged or retired shall be can
oelled and destroyed by the said board OF
liquidation. after public notice Of the same
shall have been given In the official journal
OF the city OF New Orleans, and In thepras-
enoe Of such witnesses as may desire to st-
tend. process oerbal Of the same, giving
the amounts, mum bers, dates and other par
ticuars, for Identification OF the obligations
destroyed, shall be made out and sworn to
by msjority OF the board OF liquidation,
and published within ten days Of such de-
struction 10 the official Journal Of the city OF
New Orleans.
SEQ. 9 Be 1t further enacted. ETC., That che
board OF liquidation is required and en-
" knay nd tafQ a QnAFfHt