Premium Bonds. a. TO LIQUIDATE THE BONDED INDEBTEDNESS OF THE CITY OF NEW ORLEANS IN 50 YEARS. Life Members. Boafd of Liquidation Gity Bonded Debt. JOS. H. OGLESBY, President ED. A. PALFREY, JNO. PHELPS, S. H. KENNEDY, H. GARDES, JOS. A. SHAKESPEARE. EX-OFFICIO MEMBERS HON. J. Y. GUILLOTTE Mayor HON. I. W. PATTON Treasurer HON. J. N. HARDY Comptroller Premium Bond Commissioners, Per Section 4, Act 31 of 1876. J. H. OGLESBY, S H. KENNEDY, J. C. MORRIS, W. R. LYMAN, CARL. KOHN. ( Vacant ) T. WOLFE, JR., Secretary B. C. SHIELDS, Assistant C. H. SHIELDS, Clerk 3 5 0 ., | tv hi i ^ BALANCE SHEET, SHOWING $13,627,791 66 SAYING CITIZENS OF NEW ORLEANS BY PREMIUM BOND PL\N. Old Bonds Exchanged .... 10J yrs. Interest @ 7 per cent saved Old Bonds Bought . . . 10| yrs. Interest @ 7 per cent. . . . Premium Bonds Bought Premium Bonds Paid in Drawings Cash on Band Dec. 1885. . Premium Bonds Unpaid 10 J Yrs. Interest due @ 5 per cent. Tax Collected, 1876 to 1885 Cash forom R. R. Franchises . ... Saving to Taxpayers Dr. Cr. $13,263,300 00’ 9,748,525 50 568,386 53. 417,764 10 3,567,360 00 1.916,640 00 470,234 56 $7,779,360 00 4,084.164 00 3.549.895 03 911,000 00 13,627,791 66 $29,952,210 69 $29,952,210 69 to Premium Bond Holders. \ Bonds. Interest. Prem- Total. Bonds held by iums. Owners. 1876 January 15. . 24,00( 600 00 12,110 36,710 00 3,313,980 J uly 30, _ 00 1,500 00 20,110| 51.610 00 7,210,520 1877 January 15. . 64,000 4,800 00 24,240 93,040 On 9,523,840 July.... 78,000 7,800 (0 29,530 115,330 f 0 10,993,920 1878 January 15.. 96,000 12,000 00 25,650 133,690 00 11,843 560 ■ 1 July 83,96'.' 13,344 00 23,300 130,604 00 11,960,220 1879 January 15.. 130,720 22,876 00 32,310 185,906 00 11,345,820 July. . . . 132,820 26.564 00 27,790 187,174 00 11,399,440 1830 January 15.. 97,780 22, 000 50 25,820 145,600 50 9,263,700 July. . .. 105.900 27,475 00 25,050 162,425 00 9,261,320 1831 January 15.. 116 240 31,966 00 29,940 178,146 00 9,171,000 July.. .'. 107 600 32,280 00 '28,320 168,200 00 8,490.960 1882 January 15.. 1 16,560 37,882 00 30,800 185,242 00 8,474,960 July..:. 101,600 35,560 0" 26,870 164,030 00 8,401,040 1881 January 15.. 96,240 36,090 00 24,470 156,800 00 8.305,500 July ... 101,340 40,536 00 20,690 162.566 00 8,244,240 OO (Li 4- January 15.. 109,240 46,427 00 22,130 177,797 oo 8,141,160 July 97,020 43,659 00 28,360 169,039 00 8,095,000 1885 January 15. . 105,720 50,217 00 22,190 178,127 Ou 7,997,980 July.... | 112,900 56,450 00 28,210 197,560 00 7,892,860 1 1,916,640 550,026 50 512,930 2,979,596 50 < 75C303 Statement Showing Numbers in Series Wheel up to January i, 189^. Series in tliewlie^l, Dec. 31/85. .$8, 10( Deduct drawing January 31/86. . 6( Balance 8,04( Deduct drawing April 15/86., 45 Balance 7,99* Deduct drawing, July 31,1886.. 60 Balance 7,935 Deduct drawing, Oct. 15, 1886.. 45 Balance 7,89< Deduct drawing, Jan. 31 1887.. 60 Balance 7,83* Deduct drawing, Ax>ri] 15/87.. 45 Balance 7,7^5 Deduct drawing, July 31, 1887. . 6U Balance 7,721 Deduct drawing, Oct. 15, 1887.. 45 Balance 7,155. Deduct Drawing, July 31, 1890. . 60 Balance 7,6*0 Deduct drawing, Jau. 31, 1888 60 Balance 7,6*20 Deduct drawing, April 15, 1888. . 45 Balance 7,575 Deduct drawing, July 31, 1888. . 6 Balance 7,515 Deduct drawing* Oct. 15, 1888. . 45 Balance 7,470 Deduct drawing, Jany. 31, 1889 60 Balance 7,410 Deduct drawing, April 15, 1889. . 45 Balance 7,365 Deduce drawing, July 31, 1889. . 6' Balance 7,305 Deduct drawing, Oct. 15, 1889.. 45 Deduct drawing, Jany. 31, 1890. . 60 Balance.: : 7,200 Deduct drawing, April 15, 1890. . 45 Balance 7,155 Balance 7,095 Deduct drawing, Oct. 15, 1890.. 45 Balance 7,050 Deduct drawing, Jany. 31, 1891 . . 60 Balance 6,990 Deduct drawing, April 15, 1891. . 45 Balance 6,945 Deduct drawing, July 31, 1891.. 60 Balance 6,885 Deduct drawing, Oct. 15, 1891.. 45 Balance 6,840 Deduct drawing, Jany. 31, 1892. . 60 Balance 6,780 Deduct drawing, April 15, 1892 45 Balance 6,735 Deduct drawing, July 31, 1892. . 60 Balance 6,675 Deduct drawing, Oct. 15, 1892.. 45 Balance 6,630 Deduct drawing, Jany. 31, 1893. . 60 Balance 6,570 Deduct drawing, April 15, 1893. . 45 Balance 6,525 Deduct drawing, July 31, 1893. . 60 Balance 6,465 Deduct drawing, Oct. 15, 1893.. 45 Balance 6,420 Deduct drawing, Jany. 31, 1894. . 60 Balance 6,360 Deduct drawing, April 15, 1894 45 Balance 6,315 Deduct drawing, July 31, 1894.. 60 Balance 6,255 Deduct drawing, Oct, 15, 1894 45 Balance, 6,210 Moyemebt of the Peemium -Bond Plab, The whole debt of the city is converted into bonds of the denomi- nation of twenty dollars, payable to bearer, and bearing interest at the rate of five per cent per annum from the fifteenth of July, 1875. Each of these bonds increase in value to the extent of fifty cents (or 2||per cent) semi-annually, until the fiftieth year, when they represent/in principal and interest, seventy dollars each. One million of bonds, of twenty dollars each, are divided into ten thousand series of one hundred bonds each. Series number one embraces bonds number 1 to 100; series number two, bonds 101 to 200, and so on. The 10,000 series, number from 1 to 10,000 are placed in a wheel, and in April and October of each year as many series are drawn as have to be redeemed according to the schedule The bonds composing the series thus drawn are entered for pay- ment three months thereafter, principal and interest, and are receiva- ble for all taxes, licenses and other obligations of the city. At the expiration of the three months, say in January and July, the bond numbers of the drawn series are placed in a wheel, and 1176 prizes, amounting to $50,000, are distributed. The first series drawing ( took place in October last, and the distri- bution of the premiums on the fifteenth of January, with the follow- ing result: Amount of redemption, as per plan $100,000 and premiums $50,000 of which there has been distributed to the holders of bonds 24,000 and 12,110 $76,000 $37,890 These two amounts, say $113,890, represent the portion appertain- ing to bonds not yet funded, and which is now applicable to the pur- chase of bonds under sealed proposals, and at present market value should sink about $380,000 of bonds, which added to the $24,000 redeemed in full, would effect a reduction on the bounded debt of over $400,000 for the half-yearly operation of the plan. Objections are raised to this scheme that it will not answer as investments for moneyed institutions, minors or other persons, who rely upon regular interest payments at stated intervals. These [ 6 ] objections might have some little force where the city in a condition to pay regular interest, but it will be here demonstrated that this plan will yield more semi-annual interest than can be obtained in any other way. , An institution or association of individuals controlling 10,000 bonds, of $20 each, involving an investment at present rates of $60,000, can obtain one bound out of each of the 10,000 series, and consequently would have to draw as many bonds as there are series to be allotted during the year. The result of such a combination which is entirely feasible, would be as follows: For the next four years — FIRST YEAR. 100 bonds redeemed at $20 $2000 00 Interest at 5 per cent 75 00 Average value of premiums 1000 00 Or an interest of 1 53-75 per cent on face of bonds $3075 00 Or 5 125-1000 per cent on capital invested. SECOND YEAR. 150 bonds redeemed at $20 $3000 00 Interest at 5 per cent 262 50 Average value of premiums .... 1000 00 Or an interest of 2 13-100 per cent on face of bonds $4262 50 Or 7 10-100 per cent on capital invested. THIRD YEAR. 180 bonds redeemed at $20 $3600 00 Interest at 5 per cent . . • • • 495 00 Average value of premiums 1000 00 Oran interest of 2 54-100 per cent on face of bonds $5095 00 And on capital of 8 49-100 per cent. FOURTH YEAR. 210 bonds redeemed at $20 . • $4200 00 Interest at 5 per cent 787 50 Average value of premiums 1000 00 Or an interest on face of bonds of 2 99-100 per cent $5987 50 And on the capital invested 9 98-100. Now, it will be shown how this institution or association of indi- viduals will stand after the receipt of these semi-annual payments. [H FIRST YEAR. Amount of bonds $200,000 Redeemed 2,000 Remaining • • $198,000 With 5 per cent accrued interest 9,900 $207,900 SECOND YEAR. Amount of bonds $198,000 Redeemed 3,000 $195,000 With 10 per cent accrued interest 19,500 214,500 THIRD YEAR. Amount of bonds $195,000 Redeemed - 3,600 $191,400 With 15 per cent accrued interest 28,710 220,110 FOURTH YEAR. Amount of bonds 191,400 Redeemed 4,200 $187,200 With 20 per cent accrued interest 37,440 224,640 No. 22. JOINT RESOLUTION. -Submitting an amendment to the Constitution of the State to limit the debt of New Orleans, and the issue of warrants by the officers; and prescribing certain penalties. Section 1. Be it resolved by the Senate and House of Represen- tatives of the State of Louisiana in General Assembly convened, two- thirds of the members elected to each house agreeing thereto. That at the general election for members of the General Assembly, which will take place in November, 1874, an amendment to the constitution of the State shall be submitted to the qualified electors of the State for their ratificalion or rejection, in the words following: Article — . The city of New Orleans shall not hereafter increase her debt in any manner or form or under any pretext. After the first day of January, 1875 no evidence of indebtedness or warrants for payment of money shall be issued by any officer of said city, ex- [ 8 ] cept against cash actually in the treasury; but this shall not be so construed as to prevent a renewal of matured bonds at par , or the issue of new bonds in exchange for other bonds; provided , the city debt be not thereby increased, nor to prevent the issue of drainage warrants to the transferee of contract under Act No. 30 of 1871, payable only from drainage taxes, and not otherwise. Any person violating the provisions of this article shall, on conviction, be punished by impris- onment for not less than two, nor more than ten years, and by fine of not less than three thousand dollars, nor more than ten thousand dollars. Sec. 2. Be it further resolved, etc., That at said next general election the wishes of the electors in the premises shall be expressed by printed or written ballots, as follows: “For the amendment limiting the debt of New Orleans;” or “Against the amendment limiting the debt of New Orleans,” and the said ballotts shall be counted and returns made and the result de- clared as in the case of election of State officers. (Signed) CHARLES W. LOWELL, Speaker of the House of Representatives. (Signed) C. C. ANTOJNE, Lieutenant Governor and President of the Senate. Approved February 24, 1874. (Signed) WILLIAM P. KELLOGG, Governor of the State of Louisiana. A true copy: P. G. Deslonde, Secretary of State. Adopted at the State election November 2, 1874, and promulgated by the Returning Board December 29, 1874. Mayrolty of New Orleans, \ City Hall, May 26, 1885. > [No. 3130— Administration Series.] Resolved , That the Council cordially approved and adopted the plan submitted by the Administrator of Finance, entitled the “prem- ium bonded fund of the city of New Orleans,” and the commissioners of the consolidated debt are hereby charged with the duty (by and with the advice and consent of the Council) to adopt the measures necessary to carry the same into execution. Adopted by the Council of the city of New Orleans May 25, 1875. Yeas— Bertoli, Brown, Bouny, Burke, Landrv, McCarthy, Pilsbury. CHARLES ‘J. LEEDS, Mayor. A true copy: J. H. Hardy, Secretary. [ 9 ] Mayoralty op New Orleans, ) City Hall, June 2, 1875. ) [No. 3140 — Administration Series.] An ordinance to fund the bonded debt of the city of New Orleans, and to provide for the redemption of the principal and interest thereof. Be it ordained, That the commissioners of the consolidated debt be and are hereby authorized to invite, by publication, the presentation of bonds to be funded in twenty-dollars premium bonds in accor- dance with the plan submitted by the Administrator of Finance and adopted by the Council at its regular meeting of the twenty-fifth of May last, and approved by the Mayor. Be it further ordained , That in order to participate in the first re- demption, ail bonds must be presented on or before the first day of September next, from which time further exchanges will cease until the first allotment shall have been made. The holders of bonds thus funded will receive in cash at that date a pro rata of all interest funds to the credit of the respective series, and all coupons due and to become due shall be thereupon surrendered with the bond itself. Be it further ordained, That the commissioners of the consolidated debt be and are hereby authorized to contract for proposals or other- wise for the printing and engraving of the premium bonds. Adopted by the Council of the city of New Orleans June 1, 1875. CHARLES J. LEEDS, Mayor. A true copy: J. H. Hardy, Secretary. Mayoralty op New Orleans, ) City Hall, August 31, 1875. j [No. 3233 — Administration Series.] An ordinance providing for the exchange of bonds for premium bonds, and to regulate and carry out the funding plan adopted by the Council. Be it ordained, That the Administrator of Finance be and is here- by directed to exchange all recognized bonds of the city of New Orleans, also of the late cities of Carrollton and Jefferson, for pre- mium bonds, in accordance with the plan adopted by the Council, and approved by the Mayor on the twenty-fifth day of May, 1875. The said premium bonds shall be dated on the first of September, 1875, and bear interest at the rate of five per cent per annum from the fifteenth day of July, 1875; they shall be signed by the commis- sioners of the consolidated debt and be countersigned when issued [ 10 ] by such parties as the Council may hereafter select for that purpose. Be it further ordained , That on all bonds funded or hereafter to be funded under this ordinance the interest adjustment shall date from the first day of July, 1875, after which period the interest thereon shall cease. Be it further ordained , That a permanent committee of six shall be appointed to represent the bond holders in all matters touching their interests under and in this ordinance. They and their successors shall at all times have free access to the records of the consolidated debt, and may exercise such control and supervision over the allot- ments, cancellation and registry of bonds as they may deem neces- sary. They shall fill all vacancies among themselves, and may, in their discretion, appoint a suitable person to act for them in all mat- ters relating thereto. The committee shall at present be composed of John G. Gaines* president of the Citizens’ Bank; Thomas A. Adams, president of the Crescent Mutual Insurance Company; Aug. Bohn, president of the Mechanics and Traders’ Bank; George Jonas, president of the Canal Bank; J. H. Oglesby, president of the Louisiana National Bank; Samel H. Kennedy, president of the State National Bank. Be it further ordained , That the bonds funded under this ordinance, except those which shall have been redeemed, shall not be canceled or destroyed before the month of April, 1876. They shall be regis- tered by number, marked, labeled and deposited in a safe manner until the prior named. Be it further ordained , That the first allotment of series shall take place on the fifteenth day of September, or as soon thereafter as possible, and the first allotment of premiums on the fifteenth day of January, 1876, fixed. All subsequent allotments of series shall take place on the fifteenth of April and fifteenth of October: and of pre- miums on the fifteenth of January and fifteenth of July. Be it further ordained , That until all the bonds herein provided for are funded, it shall be the duty of the Administrator of Finance immediately after the allotment of series, to invite by sealed pro- posals the exchange of old bonds for the drawn premium bonds* remaining. Such proposals shall state the lowest price at which the the old bonds are offered, payable in the drawn premium bonds, at facevalue and interest. The right to reject any and all bids to be reserved by the Council. Be it further ordained , That all drawn series or numbers of pre- mium bonds shall be received by the city for all dues, licenses, taxes or debts of any description at their face value and interests. Be it further ordained , That all ordinances or parts of ordinances in conflict herewith be and are hereby repealed. Adopted by the Council of the city of New Orleans, August 31, 1875 Yeas— Bertoli, Brown, Bouny, Burke, Landry, McCarthy, Pilsbury i CHARLES J. LEEDS, Mayor. A true copy: J. H. Hardy, Secretary. [ 11 ] Mayoralty of New Orleans, ) City Hall, October 6, 1875. J [No. 3266— Administration Series.] Be it ordained , That J. Villarubia, Ulger Lauve and N. B. Phelps be and are hereby authorized to countersign premium bonds. Adopted by the Council of the city of New Orleans October 5, 1875. A true copy: J. H. Hardy, Secretary. CHARLES J. LEEDS, Mayor. Mayoralty of New Orleans, ) City Hall, January 19, 1876. j [No. 3364 — Administration Series.] Be it ordained, That in all cases where proposals for the exchange of bonds have been received and rejected, bids shall again be in- vited, either before or after ttye distribution of premiums, for ex- change of bonds or for cash, as the case may be, and all such subse- quent offers may include the undrawn premium bonds on the same footing as any other bond. Be it further ordained, That the commissioners of the consolidated debt be and are herby instructed to advertise for sealed proposals for the sale to the city of $350,000 of old and premium bonds. Adopted by the Council of the city of New Orleans, January 18,. 1876. A true copy : J. H. Hardy, Secretary. CHARLES J. LEEDS, Mayor. Mayoralty of New Orleans, } City Hall, April 19, 1876. ) [No. 3471 — Administration Series,] Be it ordained, That hereafter the allotments of series of premium bonds shall take place quarterly, to-wit: On the thirty-first of Janu- ary, fifteenth of April, thirty-first of July, and fifteenth of October *of each year provided, however, that in all cases where these respec- tive dates shall fall upon a dies non they shall be postponed until the next legal day thereafter. Adopted by the Council of the city of New Orleans, April 18, 1876. CHARLES J. LEEDS, Mayor. A true copy: J. H. Hardy, Secretary. [ 12 ] Mayoralty of New Orleans, ) City Hall, July 26, 1881. j [No. 7242 — Administration Series.] Be it ordained, That T. Wolfe, Jr., and Bernard C. Shields be and are hereby authorized to countersign Premium Bonds. (Approved) A. J. GOMILLA, Acting President Board of Liquidation City Debt. Adopted by the Council of the city of New Orleans, July 26, 1881. Yeas — Delamore, Fagan, Fitzpatrick, Huger, Mealey, Walsh, absent, Guillotte. JOS. A. SHAKSPEARE, Mayor. A true copy: M. McNamara, Secretary. Resolutions Unanimously Adopted by the Property Holders’ Union at a Special Meeting Held on the Second October, 1875 with a full Attendance. Whereas, the premium bond plan, proposed by Administrator Pilsbury, so far as it promises to effect a reduction of taxation, is to be warmly approved: Resoloed , That the Central Committee of the Property Holders’ Union do not deem it incumbent on them to advocate or oppose either plan of managing the city debt as an ultimatum. Resolved , That the present city administration is warmly com- mended in so far as it has reduced the expenses of the city govern- ment and its efforts to relieve the people in some measure of the in- tolerable burdens resting on them. Resolved, That we will warmly support the Mayor and Administra- tors in all efforts to reduce taxation. Proceedings of Meeting of October 19, 1875. A committee of three was appointed to present to the city Adminis- trators the resolutions of Mr. Forman approving the Premium Bond plan as previously passed, viz: Messrs. Hughes, Hill and Higby. No. 31. AN ACT. To adjust, regulate and provide for the bonded debt of the city of New Orleans; to authorize the exchange of bonds of the ci|y of New Orleans for other bonds to be issued on the plan known as the Premium Bond plan; to adopt and give legislative sanction to the said plan, as set out in ordinances Nos. 3130 and 3233, Adminis- tration Series of the city of New Orleans, approved on May 25 and August 31, 1875; to provide a fund to meet the semi-annual payments of the said bonds, known as premium bonds; to create a commission in the interest of creditors, and to give said com- mission the direction, control and management of the semi- annual allotment under said Premium Bond plan; to limit by contract the contracting of debt by the city of New Orleans; to limit taxation for all purposes therein, and to give relief to arrear taxpayers; to provide for the exchange of said premium bonds for other bonds in a certain contingency. Whereas, the total debt, bonded and floating, of the city of New Orleans, has accumulated to an amount exceeding twenty-three mil- lions of dollars, resulting from the occurrence of the civil war, and from reckless expenditures of public moneys. Whereas, under the depressing influence of the consequences of the late war, and the disasters produced by the overflows in this State, and other causes, the taxable property of the city of New Orleans has become so reduced in value as to require taxation at the rate of at least five per cent per annum to liquidate the debt as estab- lished by the acts authorizing the various issues of the same; and Whereas, the levying of a tax at so exorbitant a rate renders the collection impossible; Whereas, the continuation of the levying of a tax beyond the ability of the property to pay leads to a further destruction of the assessa- ble property of the city”, and the consequent shrinkage of the com- mon pledge of the creditors, tending to a continuation of the present embarrassment of the city affairs, and ultimate practical bankruptcy; Whereas, the City Council of the city of New Orleans have adopted a plan for the liquidation of the city indebtedness, looking to the payment of the creditors in full, obtaining thereby the indulgence necessary for the public well-being and the maintenance of the pub- lic honor; therefore. Section 1. Be it enacted by the Senate and House of Representa- tives of the State of Louisiana, in General Assembly convened, that [ 14 ] the Mayor and Administrators of the city of New Orleans, or such other officers, aldermen or administrators as may hereafter be or- dained or established, be, and they are hereby authorized and directed to exchange all recognized and valid bonds of the city of New Orleans and the late cities of Jefferson and Carrollton for bonds known as the premium £>onds of the city of New Orleans, in accordance with the plan adopted by the City Council and approved by the Mayor, on the twenty-fifth of May, and thirty-first of August, 1875. The said premium bonds shall be dated the first of September, 1875, and bear interest at the rate of five per cent per annum, from the fifteenth of July. 1875; they shall be signed by the Mayor, the Administrator of Finance and the Administrator of Public Accounts, as commissioners of the consolidated debt, and countersigned, when issued, by such parties as the Council have designated heretofore, or may hereafter designate, with the authorization of the supervising committee here- after named. Sec. 2. Be it further enacted, etc., That all outstanding bonds bearing interest shall have the iuterest computed up to the first day of July, 1875, and thereafter the bonds, when exchanged, shall bear interest as provided in the ordinance above ratified, which provides for the premium bonds. Sec. 3. Be it further enacted, etc., That the allotment of series and premiums which have been made by virtue of ordinance No. 3233, Administration Series, adopted August 31, 1875, by the City Council, are hereby ratified and approved, and that further allot- ments shall take place on the fifteenth day of April and fifteenth day of October of each year, and of premiums on the fifteenth day of January and the fifteentn day of July of each year, or on such other date as the Council may prescribe; provided that payments be not made later than the fifteenth day of March and the fifteenth day of September of each year. Sec. 4. Be it further enacted, etc., That a permanent committee of six citizens is hereby created to represent and supervise all mat- ters and interest under the operation of this act; they and their suc- cessors shall at all times have free access to the records of the con- solidated debt, and may exercise, control and supervision over the allotments and premiums, the registry and cancillation of bonds as they may deem necessary, when not in conflict with the provisions of this act; they shall fill all vacancies in their number by death, re- signation or otherwise; the said committee shall at present be com- posed as follows: John G. Gaines, Thomas A. Adams, August Bohn, J. H. Oglesby, Samuel H. Kennedy and George Jonas. [ 15 ] Sec. 5. Be it further enacted, etc., That until all the bonds are funded as herein provided, it shall be the duty of the commissioners of consolidated debt and the said supervising committee, immedi- ately after the allotment of series, to invite by sealed proposals for the exchange of old bonds for drawn premium bonds remaining in the possession of the city; such proposals shall state the lowest price at which the old bonds are offered, payable in the drawn premium, bonds valued upon their face, capital and interst; the said bids, if any, to be opened by the^commissioners of the'consolidated debt and at least one of the said supervising committee, the right to reject any or all bids being reserved to the City Council; provided, that when bids are rejected, further offers shall be invited, either before or after distribution of premiums for exchange of all other bonds, or for cash as the case may be. Sec. 6. Be it further enacted, etc., That it shall be the duty of the City Council, in the month of December of each year, or in the annual budget annually adopted for the ensuing year, to include an amount sufficient to meet and pay the principal and interest of the premium bonds, together with the premium included, in the several allotments of series and premiums fixed for such year by the afore- said ordinance and this act. It shall be the duty of the Council annually to levy an equal and uniform tax on all the assessed prop- erty within the corporate limits of the city, at a rate sufficient to provide the amount included in the budget as aforesaid, and said tax so levied shall constitute a psecial fund to be used for no other purpose than the payment of said bonds and interest on the said premiums comprised in said allotment, and the fund so raised shall be placed to the credit of an account to be called the premium bond apcount, and no money from said fund shall be paid out except on the joint authority of the commissioners of the consolidated debt. The said tax to be raised shall be denominated the premium bond tax, and shall be separately mentioned in the tax rolls and receipts;, provided, that the taxable power of the corporation of the city of New Orleans for all purposes including general administration, school, police, lighting, salary of offices, court expenses and every o.ther purpose of government, including the sum to be raised to pay the premium bonds, as above stated, shall never, until the full com- plete and final payment of said premium bonds, exceed the rate of one and one-half per centum on the dollar of all the assessed value of property subject to taxation within the limits of the said city of New Orleans. The above limitation on the taxable power of the [ 16 ] •corporation is hereby declared to be a contract, not only with the holder of the said premium bonds, but also with all residents and taxpayers of the said city, so as to authorize any holder of said premium bonds, resident or taxpayer to legally object to any rate of taxation in excess of the rate herein limited. It being also a part of the consideration of this contract that the city of New Orleans shall be incompetent to incur any debt or obligation, as now provided by the constitution of this State, until the final paymentand extinction of the premium bonds aforesaid. Sec. 7. Be it further enacted, etc., That no tax for the payment of bonds or interest on bonds other than that authorized by the pre- ceding sections, shall be levied either for the year 1876. or any year or years thereafter by the city of New Orleans, and that all existing laws requiring or authorizing the City Council to levy any tax what- soever for bonds or interest on bonds, other than said premium bonds, be and the same are hereby repealed; and it shall be hereafter incompetent for fany court to madamus the officers of said city to levy and collect any interest tax other than that provided in this act or in case of such mandamus, by a receiver or otherwise, to direct the levy and collection of any such tax. Sec. 8. Be it further enacted, etc., That all bonds issued in ex- change for others, all allotments made, and all things done by the City Council or the Mayor and Administrators, previous to the pas- sage of this act, under and by virtue of said Premium Bond plan and the ordinances Nos. 3130 and 3233, be and are hereby approved and ratified, and are continued in force, and are recognized as having been lawfully done pursuant to powers vested in the Council by the constitution and laws. Sec. 9. Be it further enacted, etc., That it shall be the duty of the City Council to at once prepare a statement in detail of the out- standing bonds of the city of New Orleans, to be funded as afore- said, and whenever any of said bonds are funded for premium bonds, or offered to the city for drawn premium bonds, or drawn premiums, the said bonded debt so exchanged shall be immediately canceled by the commissioners of the consolidated debt, and said supervising committee or a member thereof shall prepare a statement of the bonds so canseled, to be made public. Sec. 10. Be it further enacted, etc., That no city property of any land shall hereafter be sold or conveyed in any manner except the proceeds be applied to the reduction of the bonded or floating debt. [ 17 ] Sec. 11. Be it further enacted, etc., That in addition to the obli- gation of the said city to provide annually the sum required for the execution of the Premium Bond plan, at least a tax of one-half of one per cent annually, to be used in the execution of the provisions of this act; and if [the] product of said half of one per cent be more than adequate for the payment of the drawn premium bonds, and the premiums as above provided, then the surplus to be used in retiring the outstanding bonds; provided, said half of one per cent taxation be considered as part of the one and a half per cent taxa- tion to which the taxing power of the city is limited by this act; the intention of this section being to limit the city taxation to one and one-half per cent annually until the entire extinction of the bonded debt; to authorize the Council to levy annually out of the one and one-half per cent taxation a sum adequate to the annual execution of said Premium Bond plan, and after the year 1881 to levy at least one-half of one per cent for the carrying out of said plan, and to distribute the surplus realized therefrom, if any, in retiring the out- standing bonded debt. Sec. 12. Be it further enacted, etc., That whenever under the operations of this act the bonded debt of the city of New Orleans shall be reduced below eight millons of dollars, the creditors hold- ing the same shall be entitled to convert the same into bonds bearing six per cent’interest per annum, payable in twenty years from their date, to be dated after the reduction aforesaid, the interest to be paid semi-annually. A sinking fund of at least two hundred thousand dollars to be provided for along with the interest by adequate annual taxation; all the limitations hereinabove provided on taxation and debt to be applicable after the issue of said bonds until payment thereof. Sec. 1.3. Be it further enacted, etc., That all costs, interest and charges due on arreared city taxes, up to the year 1875, inclusive, be and the same are hereby remitted; that it shall be the duty of the city government, immediately after the passage of this act, to pre- pare a list of the valid outstanding floating debt of the city; that after the preparation of the list of the floating debt provided in this act any of said debt shall be receivable in payment of said taxes, as follows: For all taxes due previous to the year 1865, inclusive, the said outstanding floating debt shall be received by the said city at the rate of one hundred dollars of floating debt for two hundred dollars of taxes; for all taxes due from 1866 to 1873, inclusive, the [ 18 ] said outstanding debt shall be received at par; provided said taxes shall be paid within the year 1876. Sec. 14. Be it further enacted, etc., That all drawn premium bonds shall be receivable by the city for all dues, licenses, taxes and debts of any description at their face value and interest. Sec. 15. Be it further enacted, etc., That this act in all its pro- visions and limitations, be held a contract between the city of New Orleans, the holders of said premium bonds and the taxpayers or residents of said city, so as to authorize any of the contracting parties to resist any and all contracting of debt by the said city, or increase of taxation above the rate limited in the previous provisions of this act. Sec. 16. Be it further enacted, etc., That this act take effect from and after its passage; that all laws or parts of laws inconsistent here- with be and the same are hereby repealed, and that all ordinances of the city of New Orleans conflicting with this act be and are hereby repealed. (Signed) E. D. ESTILETTE, Speaker of the House of Representatives. (Signed) C. C. ANTOINE, Lieutenant Governor and President of the Senate. Approved March 6, 1876. (Signed) WM. P. KELLOGG, A true copy: Governor of the State of Louisiana. P. G. Deslonde, Secretary of State. ) Calculation Table of the Intrinsic Value of Premium Bonds of the City of New Orleans, Every Year, with Compound Interest from 3 TO 10 PER CENT PER ANNUM. ALSO, OF DRAWN SERIES OF 5 BONDS OF ONE HUNDRED DOLLARS. Date of I rawrrg. THREE Per Cent rous Fer Cent. JS.FIVE Per Cent. SIX Per Cent- SEVEN Per Cent. EIGHT Per Cent /.NINE Per Cent. TEN Per Cent. Value of SlOODrawn beries. Part of the Drawing. 1876 $116 90 $94 20 $77 50 $64 85 $55 30 $47 80 $41 85 $37 15 $153. 75 1-100 1877 120 05 97 35 80P55 67 80 58 15 50 45 "44 40 39 60 142 10 1-66 1878 123 30 100 55 83: 60 70 65 60 851 ?>3 00 46 80 41 85 141 55 1-54 1879 126 65 103 80 86 65 73 50 63 50 55 50 49 10 44 00 142 55 1-45* 1880 130 10 107 05 89 70 76 30 66 05 57 85 51 30 46; 00 147 55 1-44* 1881 133 60 110 40 92 : „85 79 25 68 70 60 30 53 55 48*0 "152 55 1-43* 188.2 137 15 113 80 96 05 8i 20 71 45 62 85 55 90 50 25 157 55 1~42* 1883 140 75 117 30 99 35 85 25 74 30 H5 50 58 30 52 50 162 55 1-41* 1884 144 45 120 85 102 70 88 4< 77 20 68 20 60 80 54 85 167 55 1-40* 1885 148 20 124 50 106 15 91 65 80 20 71 oc 63 40 57 25 172 55 1-39* 1886 152 05 128 25 109 70 95 00 83 30 73 90 66 10 59 75 177 55 1-38* 1887 155 95 132 05 113 35 98 40 86 50 76 90 68 90 62 35 *182 55 1-37* 1888 159 90 135 95 117 10 101 95 89 80 80 00 71 80 65 05 187 55 1-36* 1889 163 90 139 95 120 90 105 60 93 20 83 20 74 80 67 90 192 55 1-35* 1890 168 00 144 00 124 80 109 35 96 75 86 50 77 90 70 80 197 55 1-34* 1891 172 20 148 15 128 80 113 20 100 40 89 95 81 15 73 85 202 55 1-33* 1892 176 45 152 40 132 95 117 15 104 15 93 50 84 50 77|00 207 55 1 32* 1893 180 75 156 70 137 20 121 25 108 05 97 20 88 00 80 30 212 55 1-31* 1894 185 15 161 15 141 55 125 45 112 05 101 00 91 60 83 70 217 55 1-30* 1895 189 65 165 65 146 00 129 75 116 20 104 95 95 35 *87 25 222 55 i-29* 1896 194 20 170 25 150 55 134 20 120 50 109 05 99 25 90 90 228 75; 1-30 1897 198 75 175S05 155 35 138 90 125 P 113 45 103 50 94 95 233 75 1-29 1898 203 50 179 95 160 30 143 75 129 85 118 05 107 90 99 20 238 75 1-28 1899 208 30 184 95 165 40 148 75 134 80 122 85 112 5 1 103 65 243 75 1-27 1900 213 20 190 10 170 60 153 95 139 95 127 85 117 35 108 30 248 75 1-26 1901 218 20 195 35 176 00 159 30 145 25 133 05 122 40 113 20 253 75 1-25 1902 223 30 200 75 18 L 50 164 85 150 75 138 45 127 70 118 35 258 75 1-24 1903 228 50 206 30 187 20 170 60 156 50 144 10 133 25 123|75 263 75 1-23 1904 233 75 211 95 193 05 176 55 162 4? 150 00 139 05 129 40 268 75 1-22 1905 239 10 217 75 199 10 182 70 168 65 156 20 145 15 135 40 273 75 1-21 1906 244 60 223 70 205 35 189 10 175 10 162 65 151 55 141 70 278 75 1-20 1907 250 20 229 80 211 75 195 70 181 80 169 40 158 25 148 35 283 75 1-19 1908 255 90 236 05 218 35 202 50 188 80 176 45 165 30 155 35 288 75 1-18 1909 261 70 242 45 225 15 209 60 196 10 183 80 172 70 162 75 293 75 1-17 1910 267 60 249 00 232 20 217 20 203 70 191 50 180 5C 170 55 298 75 1-16 1911 273 65 255 70 239 45 224 85 211 60 199 60 188 70 178 80 303 75 1-15 1912 279 80 262160 246 95 232 75 219 85 208 05 197 30 187 50 308 75 1-14 1913 286 05 269:65 254 65 240 95 228 45 216 95 206 40 196 75 313 75 1-13 1914 292 45 276 90 262 60 249 50 237 40 226 25 216 00 206 50 318 75 1-12 1915 298 95 284 35 270 80 258 35 246 80 236 05 226 10 216 85 323 75 i-ii 1916 305 60 292 00 279 30 267 55 256 60 246 35 236 75 227 85 328 75 1-10 1917 312 40 299 85 288 10 277 10 266 80 257 15 248 05 239 55 333 75 1-9 1918 319 30 307 95 297 20 287 05 277 50 268 50 260 00 252 00 338 75 1-8 1919 326 40 316 25 306 60 297 40 288 75 280 50 272 65 265 25 343 75 1-7 1920 333 65 324 80 316 35 308 25 300 55 293 20 286 15 279^45 348 75 1-6 1921 341 05 333- 65 326 50 319 00 313 00 306 65 300 55 294 70 353 75 1-5 1922 348 70 342 80 337 10 331 50 326 20 321 00 316 00 311 15 358 75 1-4 1923 356 60 352 35 348£25 344 20 340 30 336 50 332 80 329 20 363 75 1-3 1924 364 85 362 50 360 20 358 00 355 80 353 65 351 50 349 45 368 75 1-2 1925 F 373 75 373 75 373 75 373; ■75 373 75 373*75 373 75 373 75 373 75 (See explanation on next page.) Calculated by D. H. ADLER. * [ 20 ] EXPLANATION OF THE TABLE. The first colum, right hand, shows which part of the 10,000 series are- drawn every year. The first drawing of 100 series constitutes the hundredth- parth, leaving 9900 series, of which 150 were drawn the following year, representing the 66th part, leaving 9,750 series, of which 180 are drawn in 1877, making the 54th part, and so on. The second column, right hand,, shows the annual value of $100 face value, of 5 single Bonds of the drawn series. The first drawing of $200,000 was paid with $307,500, including interest and premiums, consequently at the rate of $153 75 per $100. The second drawing of $300,000 was paid with $426,250, equal to $142 10 per $100, and so on. The other columns show the intrinsic value of the Premium Bonds at compound interest from 3 to 10 per cent, to the end of the drawings. EXPLANATION OF THE CALCULATION. Take, for example, the value of Premium Bonds of 1878 at 3 per cent. .$123 30 Take the difference of this from the value of $100 drawn series 141 55 $ 18 25 Divide it wi th the chance of the drawing, it is equal to 34 cents per $100. Deduct these 34 cents from the $123 30, there remains $122 96 Add interest at 3 per cent for the next year 3 69 Exactly what the table shows for 1879 $126 65 Going on in the same way 126 65 Take the difference of these to the value of $100 drawn series in 1880. 142 55 $ 15 90 Divide it with 1 — 45-^, or it gives 35 cents per $100; deduct such from $126 65, there remains $126 30 Add 3 per cent interest for one year 3 80 Makes what the table shows as the value for 1880 $130 10 By following up in this way to the end, the amount must come in accordance with the last payment in the year 1925, namely, $373 75 per $100. Let us take one example more : At 10 per cent interest for the drawing of 1878 the table shows $41 85, take the difference between $141 55, the value of $100 drawn series the same year, it shows $99 70, divide it with 54, which constitutes the part of the drawn series, it is $1 85 per $100, deducting this from $41 85 remains $ 40 00 Add 10 per cent interest for the next year 4 00 In agreement what the table shows as the the value of $100 Premium Bonds in 1879 at 10 per cent compound interest. . .$ 44 00- D. H. ADLER, f o Ob o s, ■Si. a SS Cb Cb < ■P'S Ob O 9 § cb ■si. o Co <^K . O $£ a ta Cb o $ S g, 55, Cb P'S . 55 55 Cb 55, Ob Cb Ob 51 CJ^ Cb to CD 00 —1 ■s>. £ 55 Ob Ob o 2, 55 S Ob cb Ob 55, § Cb sO 4 55 ^5 Ob Ob to o 8* S Ob c; o Cb Ob 55, Ox OO —I Ox 55 Cb Cb Cb Ob Ob § o> a, Cb 5S S3 o o o o -3 1902 Janu’y 100 46* 10000 465000 5000(1 1035000 |Zi wiooin a July ' 100 47 10000 470000 50000 ««J ^ ^ f 1903 Janu’y 100 47* 10000 475000 50000 1055000 July ' 100 48. 10000 480000 50000 s $ 1904 Janu’y 100 48* 10000 485000 . 50000 1075000 w July ' 100 49 10000 490000 50000 gg g 1905 Janu’y 100 49* 10000 495000 50000 1095000 . « • • ^ July ' 100 50 10000 500000 50000 3 1906 Janu’y 100 50* 10000 505000 50000 1115000 p July 100 51 10000 510000 50000 Ph 1907 Janu’y 100 51* 10000 5 L 5000 50000 1135000 July ' 100 52 10000 520000 50000 9 1908 Janu’y July ' 100 100 52* 53 10000 10000 525000 530000 50000 50000 1155000 . . , « S 1909 Janu’y July ' 100 100 53* 54 10000 10000 535000 540000 50000 50000 1 175000 m 1910 Janu’y 100 54* 10000 545000 50000 1195000 w July 100 55 10000 550000 50000 1911 Janu’y 100 55* 10000 555000 50000 1215000 | H July ’ 100 56 10000 560000 50000 1912 Jauu’y 100 56* 10000 565000 50000 1235000 July " 100 • 57 10000 570000 50000 1913 Janu’y 100 57* 10000 575000 50000 1255000 o o o o July ' Janu’y 100 58 10000 580000 50000 © © lO r-i 1914 100 58* 10000 585000 50000 1275000 July ' 100 59 10000 590000 50000 'o 1915 Janu’y 100 59* 10000 595000 50000 1295000 a July J auu’y 100 60 10000 600000 50000 • p ^ 1916 100 60* 10000 605000 50000 1315000 a- - - J uly 100 61 10000 610000 50000 8 1917 J anu’ y 100 • 61* 10000- 615000 50000 1335' 00 m July 100 62 10000 620000 50000 HWOO 1918 Janu’y July 100 100 62* 63 10000 10000 , 625000 ' 630000 50000 50000' 1355000 d O 1919 Janu’y 100 63* 10000 635000 50600 1375000 9 July 100 64 10000 640000 50000 1920 Jan u’y 100 64* 10000 645000 50000 1395000 July ' 100 65 10000 650000 5i000 1921 Janu’y 100 65* 10000 655000 50000 1415000 July ' 100 66 10000 660000 50000 1922 Janu’y 100 66* 10000 665000 50000 1435000 July ' 100 67“ 10000 670000 50000 1923 Janu’y 100 ' 67* 10000 675000 50000 1455000 July 100 ' 68 10000 680000 50000 1924 J anu’y 100 68* 10000 685000 50000 14750C0 July 100 69 10000 690000 .50000 1925 Janu’y 100 69* 10000 695000 500 n 0 1495000 July 100 70 10000 700000 50000 Series. 10000 1000000 45428000 5000000 50428000