Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-08-10
RAILROADS.
MEMPHIS AND LOUISVILLE
RAILROAD. S4 n {
Summer schedule-JunegIs.
ORDINANCE.
DE 1T ORDAINED BY THE GENERAL

DE 1T ORDAINED BY, THE GENERAL
ID Council of the city of Memphis a.
sEorIoS 1. That there Shall be submitted to
the qualified voters of the city Of Memphis the
proposition TO subscribe two hundred thou
sand dollars in the bonds of the city of Mem,
phis to the capital stock of the Mississippi
River Railway Company on the following
terms and conditions. viz: ENz mH
/. When the said Railway Company has
completed its road from Memphis to ,Ooving-
ton, Tennessee, and has opened II TO business
iand cars are running regularly thereon, and
the Mayor is satisfed.of those facts. he shall
issue to said railway company coupon bonds
of the city of Memphis TO tho amount OF one
hundred thousand dollars. having from one
to ten years TO run to maturity, bearing six
per cent. interest per annum from date of is
suance. and the interest payable semi-annq;
ally. The principal of the bonds shall be paid
in equal annual installments of ten th0nsand
dollars each, the first iustallment falling due
one year after date Of issuance, and the othel
consecutively thereafter. for the ensuing ter
years.. ~
shall have completed their entire road from
Memphis to Troy Station, in 0bion county, OF
to Union City, Tennessee. and the roaa-ha'
been opened for business and the cars running
regularly thereon, and the Mayor is satisfied
of those facts, he -shallissue 10 said railway
company a second series of coupon bonds oi
the city of Memphis, similar 70 the first. as
above provided for, to the amount of ono hun
interest per annum from date Of issuance. and
theinterest payab lie escmi-annually. The prin-
cipal of the bonds shall be paid in equal in
stallments of ten thousand dollars each. the
first installment falling due one year after
date of issuance, and the others consecutiyeiy
thereafter for the ensuing ten years.s Tho
bonds shall be denominatcd Memphis Mis-
sissippi River Railway Bonds, and shall be
issued in sums of two hundred dollars each.
and shall be receivable for the specific tax
which shall be levied annually TO pay them.
SEC. 2. The coupons OF said bonds shall be
paid by another specific tax, levied annually
TO pay them, and shall be receivable for said
SEo. 9. The Tax Collector shall give each
taxpayer separate receipts for the specific tax
collected of him, or her. for the payment Of
tho principal and coupons of the bonds which
receipts shall entitle the holder to receive
from the said railway company acertifcate OF
stock in said company equal to the amount OF
the receipts when presented TO the secretary
of said company, or at the Office of said com
pany in the city of Memphis. In sums of
twenty-five dollars. or its multiple. and for
any excess over twenty-five dollars ortiz null
tiple in the amount of its receipts presented,
the secretary of said railway. company shall
give to the holder n receipt which shall like
wise be convertible into the stocksof said rail-
way company when presented BY the holder IN
sums Of TWENTY-FIVE dollars or its multiple. -
The city of Memphis shall not be the owner
in any sense OI the stock herein subscribed,
but the same shall always be and remain the
property of the respective indiyiduals who pay
the tax or tneir assigns' anu & sh,. ~ never pe
debt of the ciy nor shall the city of Mem
phis be liable beyond the amount of the spe-
ciiie tax collected for the payment Of the said
bonds and coupons ana , tne me saru pohus n anu
and the holder Of them shall be entitled to
receive payment only out of the said special
tax when collected. Neyertheless. until the
explratio1 years irpn1 % fle @ issuanco rc Ol
tne seeI,u W NJ sbaII snoh uoor
cl OF INC Guy ol meinPnls shaii eaSh year W
point three gi.iaehs ", niS s
10 vote lhe sald tWo u1Ii1Is r.
OF stoch, en- lhasso, III ~ eIvGtiohs nelv y, "
a S be nd oe the stock be yoed
by the inqIEldua, rS owners ,ho sa;d ro;,,rov
company OF any portion 9i the D9nds herein
authotized 70 m s Uind Sie a.;
tuiy 20 an the terns aiu " " w w y y
su9scrlptloh a. 'seS ior'h "a tne sectioneV " Wis
ordlnhEeec. ~, -. IN LII
SEo. .. Inc suDsccrlptloh snail Deooliie pihu- M
ing ghy " TfSn tSn yotas Of tSe Isgaiiy opei6ed
voters OF tne cry nlu, W sest .neir sensn i VI
thus question, tne MAYOR snali nlake puoIlca
non n two aaity Gasy ppeEs u "
tice, as required IN the CITY charter. and shan
make pupHcbtion ol this oIuihahcG M IL
ton With shid eiecl,on e9i1Ge, loc,i dhUSe ShI
pisce on their ballots the words . for sub.
scription; !" and those who Oppose shall place
sEc. 7. The said Mississippi River Hallway
Company binds Itself to complete said road to
Coyington by July 1, 1873, and 10 Troy Station
by january /, 1875; or, in the event the road
Is mot completed TO Covington or Troy Station
in the time prescribed. then this subscription.
so far as bonds have not been issued. shall be
null and void: but so far as the bonds have
been issued shall be in full force and effect.
SEQ. 5. It is distinctly understood and
agreed by and between the blississippi River
hallIpau aiu % ,Srass soni;1in =,
auu VIZ siniS 70 70 hL, ~ :. - nr;oJ TT IL :
tne ,;I,aa
mississippt nrei ;;,, ~ t H.
never new ipaA1 me,nnhis dr 10 inbabitants in The
Transportation u iroish' ''nu passenFsH w
IRON lae d.S ~, ;s > ,ro,;dc1 that no
okS. y. ~, pue ~ !; 'ii 70 -, =; ;l,aN
bonus sIeia s nroisiops Of This ordinSnee until
the sald company shaib nays pIss Ale ~ aes,l
note inheS eies - ,se "a ~ haraahants dne I'm
ton ior slo9,5oo 10 oT
~ AZ aid I,ote as sbaii for
a,ar nreoimde tIe holder thereof from leyying
on me sllu I'ii ~ ~ ;bat fsot beforo
mayor thiit ~ a'isSi0u W t'H"' inv ''iO''
issuing tne oonus; oa;,,od ord r.rorrod bv Council
10 ordinance Vommltsee, .'l.,ii.-,..it Z
ft REPORT. tfa =
Your Ordinance Committee report favorably
Ps,ne uPnn 'as as amended mdd'A
Wbsn On motion. the ordinance, as
amended. passed q first reading by Council,