Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-03-06
SHELBY County QUARTERLY COURT, ]
JANUARY TERN,
THURSDAY, January 5, 1911. )


The Selma, Marion and Memphis Railroad
Company of Tennessee and Mississippi, for
meTly the Memphis aUs SpblH her Pres
dent, N. b. Forrest, and a majority OF the
Directors, having applied to this Court to
take, on behalf of the County OF shelby, RYE
Hundred thousand PS,aps SSoV and Believing
that the interest of the people OF the County
will be greatly promoted by the speedy con-
struction of said Railroad;
IL is therefore ordered by the Court, That
Five Hundred Thousand Dollars be sub
scribed to the Capital Stock of the said Com
pany to be paid in i've annual instaiiments
Of Une Hundred Thousand Dollars each,
without interest. upon the following terms
/. The Western terminus OF SAID kallroad
shall be and always remain at Memphis,
Tennessee.
or the certificate of indebtedness hereinafter
authorized to be issued, shall be, applied:
First-To the grading. bridging and masonry
of that portion of the road within the County
of Shelby. commencing the work az wen
for the superstructure, to the County line.
Secondly-To the purchase of cross-ties, iron
rails and fastenings sufficient to lay the track
within the County Of shelby Inraly su9o
cient to operate that portion OF the road
within the County, and to the laying of the
track over the same. Fourthly-To the erec-
ton Of such depots, platforms sectlon houses
and the purchase of such machinery for the
shops as may be necessary for the economical
operation of the road. Fifthly--Should any
portion of the subscription remain after that
completed and equipped as frst-class, road
in every respect, then such unexpehded por-
ton shall be applied to the extension, OF the
road into Mississippi, IN the same order ana
Il. QQ Y
pended in Shelby County; and no part OF the
money hereby subscribed, nor of the certif1,
Gates of indebtedness hereinafter authorized
to be issued, shall be used for the payment OF
officers salaries, commissions, Office rent,
printing stationery, or other general or mis-
eellaneous expenses of the company, nor for
right of way or depot grounds, and any VIOLA
ton of these conditions on the part OF tne sara
RAILROAD Company shall render this sub
scription wholly void, as to all further pay
3. Before any portion of the money herein
subscribed shall be paid over to said Railroad
Company, and before any certificate of in
debtedness shall be delivered to the said
Railroad Company, the President of said
Company shall file with the Clerk, Of the
County Court an accurate, and full Topo-
graphical Map of the final location of the
Road in Shelby County, and an accurate pro.
file of the same, showing the, quantities of
excavation and borrowed embankment, of
masonry, and Of bridging to be done on each
form of contract under which the work is re-
auired TO be done, which map, profile and
specification shall be certified by the Chief
Engineer of said Road under oath as correct.
A. The annual installments shall be assessed
BY the Court each year at the same, time
that the other County taxes are assessed, and
shall be collected at the same time other
County taxes are collected.
g. At the term of the Court each year pre-
ceding the term at which the taxes are to be
assessed, the Court may appoint one or more
competent Civil Engineers, of high character
for integrity, who shall have no connection
with said Railroad, to go on the line OF SAID
Railroad and make an accurate measure,
ment Of all the work done, an account OF all
the locomotives. cars, machinery, buildings,
and material delivered for the Road, and
make detailed, itemized report of the same,
and the value thereof in detail, estimated at
fair and reasonable prices for each item
Said report shall be made by the said Engi-
neers under oath 70 the Court at the next
term following their appointment; and tn the
pany shall be bound to afford said Engineers
appointed by the Court access to their books,
notes of the work, and every facility for ar
irving at a correct measurement and value OF
the same.
8. The President Of the said Company shall
file statement under oath with the Clerk Of
the County Court each year, cotemporane-
ously with the report OF the said Engineers,
which statement shall show full the ex-
penditures of all money received from the
subscriptien of Shelby County, or from the
certificates of indebtedness hereinafter .au-
thoriEed to be issued, showing when and to
whom paid, and on what account.
Z. IL it 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 that purpose, and no more certihcates OF
indebtedness shall be issued and the subscrip-
ton as TO the balance of the installments shall
be void.
s. In collecting the tax. the Tax Collector
shall give each taxpayer 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 70 the amount OF tue 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
road Company shall give to the holder a 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
3, The acceptance BY the said Railroad
/ Company Of any portion Of the money col
lected under this subscription. or Of the GER
tiaeates Of indebtedpes, hereinafter here Ar snthor
| fully 10 all the terms and conditions Of this
subscription a. SGT forth in tho foregoing and
/ following articles:
10. This subscription shall become binding
only when ratified By the constitutional ma
jority Of the legal voters Of the county, and
10 test their sense Of this question, IL a hereby
| ordered, that the Sheriff Of the county make
publication in two daily neEapapers published
/ in Memphis. Of an election 10 be held for that
purpose. al the regular voting precincts Of the
/ county, on Saturday. the 18th Of March, 1871,
/ and that a copy Of this decree, and State
be published in connection with such election
notice for thirty days Dreceding the election.
| In two daily papers published in Memphis
/ II, Those who favor the subscription shall
a sad siscieP write p p51i On 'hs sna Da ,be.s
Who oppose the subscription shall write or
/ print on their ballots the words. No Sub
/ scription," and the sheriff shall Immediately
Clerk Of tbs County Court, q the number Of
the votes pGlled fnr aud az the number Of
votes p0lled against gubtcriptiont
u. Il being the object Of the Court to en-
able the Railroad Compfny 70 commence tho
| III 4 therefore ordered. That II Il shall APP
i pear from said election returns that the sub
soripii0n has been ratified BY the required con-
/ ltitutional vote, the Chairman Of the County
Court shall Immediately. upon the fling Of
| the map, profile and lpecihcat0ns required
| by article 81 issue 10 the said Railroad Com
pany certificates Of indebtedness oi shelby
| county 10 The amount Of one hundred thousand
doiiars said certificates shall BE- issued IN
l such sums a. the President may direct, and
| express on theIr face that they ere iof sub.
I scriptlon qf stock % the SELMA. Marion and
/ Memphis Railroad Company, and that they
are receivable 10 payment Of said speci6c
/ ar And Likewise each succeeding year, II ~
/ fhnii appear 10 the satiifaction of the Court
ron ne report NJ ~ IN. 49, Al IA