Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-02-09

the special tax for paying off said debt
called the sinking fund, and In the even
the present due debt Is funded, payabI,
In one, two, three, four and five years, s
special tax for that purpose, which shall
be faithfully applied to the purpose in
tended and none other; and they shall
assess and levy q tax to meet and pay
said general appropriation.
Sec. 6. The Msyorand Aldermen shall
not hereafter have power TO issue scrip,
or any note or paper intended to circu.
late as money, or draw q warrant on the
treasury for money not in the treasury,
and any scrip, or circulating medium, or
paper intended TO circulate as money,
hereafter issued shall be null and void,
and the Mayor and Aldermen or other
officer Issuing or aiding and abetting in
issuing the same shall be guilty Of a mis-
~demesnor, be liable to be fined not ex-
ceedlng i've thousand dollars, and i'm
prisoned by any eo1rthaviDg jurisdic ion
no exceeding three months.
Sec. Z. The Mayer and Aldermen Of
the city shall, for each veal, cause the
real estate Of the city TO be valued at its
cash value, and upon such cash valua.
ton they shall assess and levy a tax
which shall not exceed one and q half
per cent on the value thereof, and II the
taxes proposed shall exceed that amount,
the same shall be reduced.
Sec. s. For extraordinary purposes, the
rate OK taxes on real estate within the
city may be increased over and above
one and q half per cent on the cash vaIu-
alton, but before that can be done the
purposes and objects for which such ex-
traordinEry taxes are demanded shall be
distinctly set forth, which shall be pub
lisbed for twenty days In at least two of
the city papers, the same shall be passed
unanimously by the Board of Mayor and
Aldermen at three regular meetings of
the Board, at least ten days apart, aud if
the amount asked for exceeds one hun
dred thousand dollars, the same shall be
approved Of by a majority of the quail
fed voters, after thirty days notice.
Sec. 8. In addition to the oath pre-
seribed by the charter OF the city Of
Memphis, the Mayor and Aldermen, at
their first annual meeting, shall take an
oath that they will not violate the in
functions and restrictions which are
hereinbefore and hereafter set forth, but
that they, and each of them, will scru-
pulously adhere to the same, which oath
shall be In writing, signed by The Mayor
and Aldermen-And after being duly
certified, shall be deposited with the
Mayor, who shall be responsible for its
safe keeping.
Sec. 10. All laws or amendments Of
the city charter, coming in conflict with
the provisions herein contained, be, and
same are hereby repealed.
Sec. II. That the acts of the Board of
Mayor and Aldermen may be made
known, the Mayor of the city for the
being, and before retiring, shall file
with his successor on oath, q fdil and
exact statement Of the finances and
financial condition Of the city, which
shall be published in one
Or more newspapers Of the city.
Sec. IL This oct shall take effect and
be in force from and after its passage.
Mr.. Bingham favored the adoption of
the report.
Col. Robertson Topp urged the adoption
Of the report and discussed the financial
position Of the city. he was under the
impression that the city authorities had
bonds recklessly, and had not
made proper provisions for the payment
IF either interest or principal. The fig
Tres given in the report were obtained
rom Acting Mayor McDavitt.
A somewhat lengthy discussion took
place in which Messrs. r. J. Morgan
City Attorney, Col. J. B. Bingham, Col.
Topp, Col. A. H. Douglass and Jno.
Robinson participated.
The report was adopted.
ca moticr- . eQqpmittee OF three, c5n-
listing. 81. ~. RAoore, W 3. 6fesn-
aw and 1. NJ. HI, Was appointed to pre-
ent he.repsEss to the Bs&Ea of-Mayor
md Aldermen, and to theIAhTe Legisla-
ure.
On motion, the meeting adj5erned.