Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-02-27

for integrity, who shall have. nc. connection
with said Railroad, 10 go on the line OF shlu
Railroad and mako an accurate measure,
ment Of all the work done, an account 81 all
tho locomotives, cars. machinery, buildings
and material delivered for the Road, and
make a detailed, itemized report of the same,
and the value thereof in detail, estimated AZ
fair and reasonable prices for each item.
neers. under oath to the Court at tho next
term following thor Appointments; and the
President and Chief Engineer OF said Com
pany shallbe bound to afford said Engineers
notes of the work, and every facility for ar
irving at a correct measurement and value oil
70 8. The President of the said Company shall
iile statement under oath WITH me O,ork OF
ously with the report of the said Engineers,
which. statement shall show fully the ex-
penditures Of all money received from the
SUBSCRIPTION OF shelby county, Of from from sne
thorized 20 be issued, showing when and to
whom paid, and on what account.
Z. If II appear to the satisfaction Of the
court from the report Of the said engineers,
that the money received from said county sub
scription. or the certificates of indebtedness
hereinafter authorized to be issued, have been
faithfully and economically applied for the
purposes expressed in article Of the decree,
then no further tax shall be assessed or levied
for thatpurpose, and no more certificates OF
Indebtedness shall be issued and the subscrip-
ton as to the balance Of the installments shall
be void. s
s. In collecting the tax, tho Tax Collector
shall give each taxpayer n separate receipt
for the amount of tax paid by him or her on
account of this subscription, which receipt
shall entitle the holder thereof to receive from
the Railroad Company certificates of stock in
said company to tho amount of the receipts
when presented to the Secretary of said com
pany, in sums of twenty-five dollars, or GER
tificates of twenty-five dollars, and for any
excess over twenty-five dollars, or multiples
of twenty-five dollars, in the amount of the
receipts presented, the Secretary of the Rail
road Company shall give to the holder re-
ceipt which shall likewise be convertible into
the stock Of the said company, when pre-
sented by the holder, in sums of twenty-five
dollars or its multiple.
q, The acceptance by the said Railroad
Company of any portion of the money col
lected under this subscription. or of the GER
lied to be issued, shall bind the Company
| fully to all the terms and conditions of this
subscription as set forth in the foregoing and
| following articles.
only when ratified by the constitutional ma
jority of the legal voters of the county, and
to test their sense of this question it is hereby
ordered, that the Sheriff of the county make
publication in two daily newspapers, published
in Memphis, of an election. to be held for that
county, on Saturday, the 18th Of March, 1871,
and that a copy Of this decree, and state
ment of the financial condition of the county,
be published in connection with such election
notice for thirty days preceding the election,
in two daily papers published in Memphis.
II, Those who favor the subscription shall
at said election write or print on their ballots
the words, T" For Subscription" and those
who oppose the subscription shall write or
print on their ballots the words, No Sub
scription," and the Sheriff. shall Immediately
after the election make due returns to the
Clerk of the County Court, of the number of
the votes polled for and of the number OF
votes polled against subscriptions.
H. 1t being the object Of the Court to en-
able the Railroad Company to commence the
work as speedily as p,ossiblet,
pear from said election returns that the sub
scription has been ratified by the required con-
stitutional vote, the Chairman of the County
Court shall immediately. upon the filing of
the map, profile and specifications required
by article 3, issue to the said Railroad Com
pany certificates of Indebtedness of Shelby
county TO the amount Of one hundred thousand
dollars, Said certificates shall be issued in
such sums az the PRESIDENT may direct, ana
express on their face that they are for SUBJ
scription Of stock to the Selma. Marion and
Memphis Railroad Company, and that they
are receivable in payment Of said speclhc
ak. And likewise each succeeding year, if it
shall appear to the satisfaction of the Court,
from the report of the Engineers appointed as
provided in article five of this decree, that
the money arising from the tax Of the preced-
ing year, or the certificates of indebtedness
issued the preceding year, have been. faith
fully and economically applied as required by
article 2, then the Chairman of the County
Court shall issue to the railroad company one
hundred thousand dollars of certificates in the
same manner and form as hereinbefore pro,
yided, till the full amount of five hundred
thousand dollars has been issued.
The certificates of Indebtedness for each
year shall be numbered from one upward,
consecutiyely. in the order Of their issuance.
and shall be signed by the Chairman Of the
County Court and have the seal of the county
attached; and the said Clerk shall keep an
exact register of each certified issue, showing
when and to whom issued, and the Chairman
of the Court shall take the receipt of the
Treasurer of the said railroad company for
all certificates issued, which receipt shall be
preserved in the Office of the Clerk of the
County Court; and the said Clerk shall, at
each meeting Of the Court next following the
issue Of certificate. report to, the Court the
full amount issued to date of that meeting:
The Court shall, in each case, provide
proper compensation for the engineers author
lied to be appointed under article 5 of this
decree. The money or certificates shall only
he paid out by said company for work actually
done, or material actually delivered. of the
kind and class specified in article of this
decree. ,
Collector in payment of this specific tax, or
when redeemed by the County Treasurer, shall
be Immediately Cancelled by those officers re-
spectively, and each shall make a report
quarterly to the Court of the amount received
or redeemnd and cancelled. That upon re-
ceiving any installment OFT the certificates
hereinbef0re provided for, said railroad COM
pany shall give bond in the sum of one hun
dred thousand dollars, with such sureties, as
shall be satisfactory TO the Chairman of this
Court, conditioned that said certificates shall
be in good faith applied to the objects and
purposes specified in article Of this decree
and that said certificates shall not be used or
NEGOTIATED by said company at less than
eighty-fve cents in the dollar, and that said
railroad company shall renew said bond at
any time that it may be required to do SO by
order of this Court. -
Ayes-Esqurs. Lyon, Duncan, Giles, Win
tiers, Moncrief, Sneed. Pulliam, Caldwell,
Crews Holman. Brown, Burke, Elliott,
Moore, Miller, Misson-l6.
Noes squrs. Witherington, Allen, Walker,
Jones, Brooks, Massey, IL. c., and Stone-7.
A trua cnnv-A ttast.