Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-08-01
CRY ORDINANCES.
CITY ORDINANCE.
Be q eyaaasea By Ne Genera, oouueaa DE ee

Be ordataed 81 Ne General Council ths atv
OF Menlphts,
Suction l. That there shall be submitted
TO she qualified voters OF the city Of Mem
PHI the proposition to subscribe two hun
dred thousand dollars ia the bonds Of the
city OF Menphis. 20 the capital stock II the
Mississippi River Railway Company on the
following terms n conditions, viz
l. When the said Railway Company has
completed its road from Memphis to CCVlng
ton, Tennessee and has opened IL to BUSH
ness and ears are running regularly thereon,
and the Mayor Is satisfied OF those facts, he
shall Issue to said railway company, c0upOn
bonds of the city Of Memphis, % the amount
Of one hundred thousand dollars, having
from one 20 ten years 20 run 70 maturity,
bearing six per cent interest per annUIa
from date Of Issuance, and the Interest," ray
able s~emi-auuually The principal OF the
bonds shall be paid in equal annual INSTALL
ments Of ten thousand dollars each, the first
installment falling due one year ate: date
OF issuance, aud The other cO~nsecutiYely
thereafter, for the ensuing ten years.
2. And when the said Railway Company
shall have completed then entire road. from
Memphis to Troy Station, IN Obion county,
or to Union City Tennessee and the road
has been opened for business and cats are
running regularly thereon, and the lEayCr
is satisfied OF those facts, ne shall issue to
said railway company q second series Of
coupon bonds Of the city OF Memphis, sim
liar 10 the nrst, as above provided fOr, 10 the
amount OF one hundred thousand dollars,
bearing SIX per cent. interest per aunum
from cate OF Issuance, and the interest pay
able s"emi.annualiy. The principal OF tine
bonds shall be paid in equal annual install
ments Of ten thousand dollars each, the hrst
instalmeut falling due % year after date OF
issuance, and the Others c~OnGecutively there.
alter for the ensuing ten years. Tit bonds
shall be denOmtnated memphis Mississippi
River Railway Bonds" and shall De issued
in sums OF two hundred dollars eaca, and
shau be receivable for the spgCi nc tax which
h be levied annually to pay them.
Sec. 2 The coupons or said bonds shall be
paid by another specific tax, levied annually
specific AK.
See. 3. The tax collector shall give each
taxpayer separate receipts for the specific
Tax collected Of him or her, FOR the payment
OF the principal anu coupons OF the bonds,
which receipts shall euLitl6 The holder 70 re-
eelve from The said railway cOmpanya GER
tlncaJe OF stock IN said gompany equal to
the amount OF the receipts when presented
10 the secretary Of said company, or at the
ONCE OF said company in the city OF Mem
PMS IN sums OF twenty-five dollars, or its
muIt1ple, and for any excess over twenty
I'VE dollars, CT its multiple in the amount OF
us receipts presented, the Secretary Of said
railway company shall give to the holder q
receipt which shall HkeWise be convertible
into the stock Ofsatd railway Dpa when
presented by the holder In sums OF twenty
i've dollars or its multiple.
The city Of Memphis shall not be the owner
IN any sense Of the Stock herein subscribed.
but the same shall always be and remain
the property Of the respective individuals
who pay the tax, or their assigns. and shall
never be subject 10 execution or sale for the
~ HOA aLE AELAN VI the Guy e LOT aLAAN LIE civ
OF Memphis be liable beyond the amolnt Of
the specific tax collected for the M Of
the SAID nonds and coupons aEG the said
bonds and coupons shan express that fact
on their face, and the holder OF them shall
be entitled TO receive payment only out OF
the said specific tax when collected. Never
theIess, Until the expiration OF ten years
from the Issuance or the second series of
bOnCs, the General Council OF the CITY OF
Memphis shall each year appoint three tax
pay erss citizens Of Memphis, 10 vote the said
bWD hundred thousand dollars OF stock. en-
masse, in all elections held by SAID railroad
company, Alter the expiration OF the said
daVidu8l owners.
Sec, D.. ii acceptance by the said railway
company Of 2 portion Of the bonds herein
authorized to be Issued, shall bind tile COM
pany fully to ri the terms and conditions OF
This subscription, as set forth in the sections
of this ordinance.
Sec. g.. This subscription shall become
binding only when ratified by a majority Of
thr5e-tOur-hs OF the votes OF the LEGALLY quail
med voters OF the city and, to test lheir
sense OF TINS question, tine Mayor b a make
publication IN two daily city papers OF an
election, TO be held Tor That purpose. with
thirty days notice, IS required in the city
Charter ana shall make publication OF this
ordinance in connection with said election
notice. Those who favor the subscription at
said election shall place on their ballots the
WORDS I0f SuGelrlpbluni and those who OPP
pose snail place On their ballots h words
no subscription"
Sec. Z. The said Mississippi River Railway
Company binds Itself 20 complete ssid road
70 COVlngtCn by July /, 1873, ami to Troy sta
biOn Dy January l, 4615; or, in the event the
road Is not completed 10 C~Ovingt0n or Troy
Station IN The time prescribed, then this sub
scrtptiOn, so far as bonds have not been is
sueu, shall be uuu and void but so far as this
bonds nave been issued shall be IN frll force
Sec. 3. It is distinctly understood and agreed
By and between the Mississippi River Rail-
road Company and the city OF Memphis, and
the same Is made an Express condition Of the
subscription hereby authorized, that tine
MISSISSIPPI River Railroad Company shall
never maKea any Q1EcrLm1nablOn against the
city Of Memphis, or its inhabitants, in the
transportation OF freight and passengers to
or IRON the city.
Sec. 9. Bat u is specially provided that no
q shall be tszue1 10 said railway com.
pauy under the provisions or this ordinance
until The said company shall AVE first paid
neif note MADE 70 the southern Railroad
ASSOCIATION IOr SL6t,435 70, or ~LnergabOuts,
que l5lh January, 1877, or snail have made
such provisions TOR The payment OF said note
as shall forever preclude The holder thereof
from leVy1ug On the said railroad for its pay
ment; and the Mayor shall be satisfied of
that tact before issuing the bonds.
Ordinance received and referred by COunCil
to Ordinance Committee.
REPORT.
Your Ordinance Committee report favOra-
bly, upon the Mississippi River Railroad Or
~dtnance, as amended.
When, on mOtiOn, the ordinance. IS amend
ed, passed a nraG reading by Council, July o,
l6Ili thereupOn, the rules Of the Council, in
EeitJA04 10 Tie passage OF ordinances, was IN
conformity with the provisions Of Inc city
charter, suspended and, on motion, the or
d1nence was, On a second reading, passed
finally by council, July D, ISL,
Action OF the Council IN by
Board OF Aldermen by like action July0s 1871.
AMENDMENT.
Amend secti0u6 of An ordinance passed
July oh" In reference 10 a subscription to
the Mississippi River Railroad COMPANY, by
after the words three-tourtns Of
the votes, the words " cast in this election,
so az To read;
Sec. g. This subscription shall become
binding only when rallied ~ a majority or
Jhree-fUurths OF the votes cast az this cleo
ton, OF the legally qualfd ed voteuj Of the
etc.
adopted By Council, July Is, IS7l. Passed
first reading by Councl, July is, ISL. Rules
suspended as required by charter. Passed
second and nuRl reading by Council, July
Is, 1871.
Amendment passed hrst reading by Board
Of Aldermen. kules suspended, per charter
requirements, and ordinance passed asecOnd
anC final reading by Board OF Aldermen
July Is, 1871.
Approved Julyl9, 1871.
JOHN JOHNSON, Mayor,
Attest L. RICHARDs, City Register.