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Louisiana's Notary Public and Notarial Acts: 1884

1884

page 130

No. 103.] AN ACT. To authorize the City of New Orleans to renew and extend payment of her indebtedness for the unpaid balance of notes now past due and originally given to represent part of the price of the City Park, and to issue certificates of indebtedness to the amount of said balance with costs, fees and interest, the same to bear interest at the same rate as that now carried by said balance of price; to provide that such extension shall interrupt and suspend prescription and shall in no manner weaken, alter or impair the original obligations of the said city relative to said indebtedness or the rights and remedies of the holders of said obligations and indebtedness, so far as concerns said city and said City Park; to preserve the rights and remedies of the holders of said indebtedness; to provide that in case of non-payment or default, in principal or interest by said city, the holders of said indebtedness shall be restored to their original rights and remedies, and be entitled to enforce their claim with costs, fees and interest, in the same manner as if no extension had been made, reserving intact the interruption and suspension of prescription; to provide for the preservation of the evidences of said indebtedness for the benefit of the holders of such indebtedness, in case of suit or proceedings to enforce payment; to authorize said city to levy a tax for and appropriate the same to the payment of the debt and interest to be represented by said certificates, to provide for the redemption of said indebtedness, and to authorize said city and the Board of Liquidation or other authority to do whatever may be necessary and proper to carry out the provisions of this act.

Approved 10th July, 1888.