Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-08-14
ORDIN N-ANCE.
pEIT ORDAINED BY THE GENERAL
ID Council of the city of Memphis.

ID Council of the city of Memphis.
.EtfN ~. nf.fI s,BA.l, " -. ts
SECTION i. That there shall be submitted 70
the qualified voters OF the city OF Memphis the
proposition TO subscribe two hundred thou
sand dollars in the bonds OF the CITY OF Me y nI! q!
R River Railway Company @ o on the following
terms and conditions, WIZ 1N
l. When the said Railway Company mas
completed its road from Memphis 20 Towing
ton, tennessee, ana has opened AZ 10 business
and cars are running regularly thereon, and
the mayor IS satished OF tnose ihcts' nc shhii
issue to said railway, company coupon bonds
OF the city OF Memphis 10 the amount OF one
hundred thousand dollars, having from one
to ten years to run to maturity, bearing six
per cent. interest," per annum rom date oil Is
suance; and the interest payable semirannu,,
ally. The principal OF the bonus shali pc paid
IN equal annual instailments OF ten thousand
dollars each, tho iirst installment falling duo
one year after date OF Issuance. and ne other %
consecutively thereafter LOT Inc ensuing ten
years.
z. And whom the SAID hallway Company
shall bave completed their entire road from
Memphis 70 troy otauon, IN Ubl0n county, or
to Union cry, tennessee. and the road has
been opened Tor business anu tho cars running
regularly thereon, and the Mayor is satisfied
OF those iacts. nc snail Issue TO SAID railway
company a second series OF coupon, bonds OF
the clty OF momphis, simllar " the 1rst, as
above provided Tor, 70 the amount OF one hun
dred thousand dollars, bearing slx per cent;
interest," per annum from date Of issuance, ana
the interest payable semi-annuaily. The prin-
cipal oil the bonds shall be PAID IN equal IN
stailments OF ten tnousand dollars each, the
1Irst lnstallment ialling due one year after
uate OF issuance, ana the others consecutlyely
thereafter Tor the ensuing ten years. The
bonus shail pe 9enomlnnted Melnphls MIS-
slssippi. river hallway bonds, ana shait Pc
ana snail be receivable Tor tho sspecihc tax
which shall be levied annually TO pay them.
cEC- q. Inc coupons OF salu DOnus shall Re
paid by another specilic tax, levied annually
TO pay them. and shall be recelVQDle Tor said
speelhc tax.
SEQ. y The Tax Collector shall give each
taxpayer separate receipts Tor the specific tax
collected OF MIN or her, Tor the payment OF
the principal ana coupons ot me bonds, winch
receipts snail entltle the holder 70 receive
from the said rniiway company aecrtificato OF
stock IN said company equal y ne amount OF
of said company. or at the Office of said COM
pany IN the city Oh memphis, IN sums OF
TWENTY-FIVE dollars, or us multiple. and Tor
amy excess over twenty-five dollars or It's mui-
tiple, in the amount OF its receipts presented,
the secretary 0i sald railway company snall
give 70 tne noidsI IeceiP. wnlGn % snail IKE e
way company % when pres presented mt By the holder & in
sums OF twensy-nve 9oIlars OF lts muitipIe.
ihe CITY Oh memphis snail not DC the owner
IN any sense o. me STOCK nerein supscrloea, I
but the same snaii alWays De anu remain the
properly OF ehe respectlve ihu @ , VINO nay
the tax, or their assigns, ana snaii never pc
supJecI 70 eHecutlon or snio Ior tne corporate
" -~StAA
phis be lla9ie beyond tne amount oi tne spe1i
cific tax collected Tor the payment 81 the said
bonds and coupons, ana l Ene sara ponds ana
coupons shaLl eApres9 pr oi' iacH IN Cneit l1ce,
and the holder OF them snail DC entltied 10
receive payment Pnly out oi the sald SPECIAL
tax when collected. Neyertheiess. until the
expiration oil ten years from me issuance OF
fhe sec0nd,serles oI Dohds' the ueneral COuh-
ell OF the city OF Memphls shall each year ap-
point three taxpayers, cltlZens OF Memnnls,I i
: 70 vote the sald TWO huhdreu thousahd uolihrs
OF stock, en- masses IN az eleGtlens neldDy
sud railroad company; After the expiration
of the sald teh years, tne STOCK may DO Voted
by tue lhdnYluuhl owners. =,
SEC, 5. The acceptance by the said railway
c0mpa ny oi any portloh 9i tne ponds hereln
authOri. sed 10 pc issued shail Dln9 tne company
fully to Gil the Terms ana eondltlons Of this
subscription Us set lorth IN the sections OF TINS
ordinance.
SEC. 6. Tn SUBSCRIPTION shall become plnd-
ing only WHOM ratihed by majority OF three,
fOurths of the votes OF the legally quallied
this question, the Mayor shall make pnblica
be held for that pL 'rPOse, with thirty days mo-
tice, as required in tne CITY cnarter. ana snail
make publication OF ihls oroinahceN ii Th n cOnnSc
Ion W,sh nv shscr;ntion s ut said election shall
nI,ce on their ballots the words " for SUBJ
scrintion - and those who oppose shall placo
o bnir La I,ots tbn words !no su5scription.
SFc- y Tho said Mississippi River RAILWAY
Comnanv b;nis itscIf to comnlete said road To
Sogippaton hv Iulv 1874 and 10 Troy Station
hv Ja,,norvi 1TS ar. in the event the road
;s not eom1leted to C,1yington or Troy Station
In fbe rims nrescribeol. then this subscription,
co far es bobds have n of been issued shall be
mil and void Inf 80 far ms the bonds have
heen ;ssncd shall he in full force and effect.
SEC. 5. 1t is distinctly understood and
agreed by and between the MlssissiPpl river
RAILROAD Company ana tne clty OF n'e:Hipnlss ':nip
and the same is made an express cohultlon oI
the subscription hereby authoIlzeu, tnA. tt9 M
Mississippi ttiyer haiiroaa company .s snsaa tha
city of Memphis, o.. its inhabitants, IN tho
Transportation OF freight ana passehsets 70 or
from the city,
SIC Y But ~ Is specl any pronIiuer enuo 10
under the provisions Of this ordinance until
the said company shall have hrst palu tnelr
note made to the southern hatiroad hssorlit-
tion for SlG6.d %, or thereabonts, que i dotn
January iSiz. OF shali nave mlae such III PIVIL7 ~
sions for the payment of said note as shall for
ever preclude the holder thereof from leyyipg
on the said railroad for It's payment; ana inc
Mayor shall be, satisfied Of that fact before
issuing tho bonds. =,
Ordinance received and referred by Couneii
to ordinance Committee. /
REPORT
lcui pt pp;Idoi MI
upon tne hllsslSslPpi hiFur h"iiio"u Oiui
hanndle, hknl, as @,nenueu: a.. ord;nanco as
H..