First Municipality of New Orleans v. Orleans Theatre Co.

It appears that in the month of November, 1836, the Council of Municipality, No. 1, adopted a resolution, by a vote of more than two-thirds, whereby the Mayor, notwithstanding his veto, was authorized and required to subscribe $200,000, to the capital of the New Orleans Theatre Company, in shares of one hundred dollars each. To pay this subscription, the Mayor was directed to give to the directors of the Company, four hundred bonds of the Municipality for $600 each, payable thirty years after date, bearing interest at the rate of six per cent per annum, payable semi-annually, it being well…