Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-08-03

Be q ogdaisef b. lhs Gensrcg ooasego Of ne oty
Of AeNpks,
szorIoE L That there shall be submitted
to the qualified voters OF the city OF Mem
phts the proposition 70 subscribe two
bred thousand dollars In the bonds of the
city Of Memphis. TO the capital stock of the
Mississippi River Railway Company on the
following terms and conditions, viz:
l. When the said Railway Company has
completed its road nom Memphis to Coving-
ton, Tennessee, and has opened Il to BUSH
ness and cars are running regularly thereon,
and the Mayor Is satisfied OF those facts, he
shall issue TO said railway company, coupon
bonds Of the city Of Memphis, 70 the mou
OF one hundred thousand dollars, having
from one to ten years 10 run TO maturity,
bearing six per cent interest per annun
from date Of issuance, and the interest pay
able s-emi-annually The principal Of the
ments of ten thousand dollars each, the first
fnstallment falling due one year after date
Of issuance, and the other e-onseeutively
thereafter, for the ensuing ten years.
q And when the said Railway Company
shall haVe mplet thBi1 entire road mona
Memphis to Troy Station, In obion county,
or 20 Union City, Tennessee, and the road
has been opened for business and cars are
running regularly thereon, and the Mayor
Is sstlsned OF those fAeGs ne shall issue to
SAID railway company 3 second series Of
coupon bonds of the city of Memphis, sim
liar to the first, as above provided for, TO the
amount Of n hundred thousand dollars,
bearing six per cent. Interest per annum
from oate OF Issuance, ard the interest pay
able s~emi-annually. The principal of the
bonds shall be paid in equal aunAal install
ments of ten thousand dollars each, the first
inEtalment falling due one year after date Of
issuance, and the others eonseeutively there.
shall be denominated "Msmphis Mississippi
River Railway Bonds" and shall be issued
in sums OF two hundred dollars each, and
Rhall be receivable for the specific tax which
shall be levied annually 10 pay them.
sec; The coupons or iaid bonds al be
paid by another specific tax, levied annually
70 pay them, and shall be receivable for said
SPECIFIC tax.
Sec. 8. h tax collector shall give each
tax payer separate receipts for the specific
tax collected OF him or her, for the sFmen
of the principal and coupons of the bonds,
which receipts shall entttle the holder to re-
eeiYe from the said railWlly company a GER
tihcate OF stock IN said company 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
phfs, in sums OF twenty-five dollars, or It's
multiple, and for any excess over twenty
nVe dollars, or Its multiple in the amount of
It's receipts presented, the Secretary of said
railway company shall give to the holder a
receipt which shall likewise be convertible
into the stock ofsaid railway company when
presented by the holder in sums of twenty
~YeCollRrs 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 prOpert of the RESPECTIVE individuals
who pay the tax, or their assigns, and shall
never be subject to execution or sale for the
corporate DEBT OF the city nor shall the city
of memphis be liable beyond the amount Of
the specInc tax collected for the payment OF
the said bonds and coupons, and the said
bonds and coupons shall express that fact
on their face, and the holder of them shall
be emitted 70 receive pay ment only out OF
the said specific tax when collected. Never
theless, until the expiration OF ten years
from the issuance OF the second series Of
bones, the General Council of the city of
Memphls shall each year appoint three tax
pay ers, citizens of Memphis, to vote the said
Two hundred thousand dollars of stock, en-
mRsse, in all elections held by said railroad
company. Alter the expiration OF the said
ten years, the stock may be voted by the in
dtVidual owners.
Sec. 5. The acceptance by the said railway
company OF any portion OF the bonds herein
authorized to be issued, shall bind the COM
pany uIly to all the terms and conditions of
this subscription, as set forth In the sections
of this ordinance.
Sec. 6. This Subscription shall become
binding only when ratified by a majority OF
three-fOuri ms OF the votes Of the legally quail
lied voters Of the city; and, to test their
sense OF this question, the Mayor shall make
publication In two daily city papers of an
election, to be held Tor that purpose, with
thirty days notice, as required in the city
charter, and 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 " for subscription > and those who OPP
pose shall place on their ballots h words
mo subscription"
q AAO 1aA0 AAlE6A15lUpl nLNGL hallway
Company binds Itself TO complete said road
TO COyington by July /, lS7;, and to Troy Sta
tlon by January ], 1915; or, in the event the
road Is not completed to Covington or Troy
Station in the time prescribed, then this sub
scrtptiOn, SO far as ponds have not been is
sued, shall be null and void; but so far as the
andefect.
Sec. 8. 1t is distinctly understood and agreed
by between the Mississippi River Rail-
road Company and the city OF Memphis, n
the same Is made an EXPRESS condition OF the
subscription hereby authorized, that the
Mississippi River Railroad. Company SHAH
city OF Memphis, or Its Inhabitants, in the
transportation OF freight and passengers 10
or from the city.
Sec. 9. But ii is specially provided that no
bonds shall be tssReo to said railway COM
pany under the provisions OF this ordinance
until the said company shsll lave first paid
heir note made to the southern Railroad
Association Tor SI66 ,4SS IS, or Whereabouts,
due 18th January, 1S72, or shall have made
such provisions for the payment OF said note
as shall forever preclude the holder thereof
from leVytng 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 Ordinances COMMITTEES.
REPORT.
Your Ordinance Committee report favora-
bly, upon the Mississippi River Railroad Or
dinance, as amended.
When, on motion, the ordinance, as amend
ed, passed a first reading by Council, July g,
lS7I; thereupon. the rules OF the Council, In
relation TO the passage Of ordinances, was, in
conformity with the prOyiinOns Of the city
charter, suspended, and, on motion, the or
dinance was, on a second reading, passed
finally by Council, July 8, IS1.
Action of the Council honoured in by
Board Of Aldermen by action, July 8, 1871.
AMENDMENT,
Amend section "of an ordinance passed
July 9Th" in reference to q subscription to
The Mississippi River Railroad Company, by
inserting after the words "three.fOurtns of
the votes" the words cast in this election"
so as 10 read:
Sec. 8. "This subscription shall become
binding only when ratified by a majority OF
three-IOurths OF the votes cast at this cleo
ton. OF the legally qual1n ed voters OF the
city," etc.
adopted by Council, July Is, 1871. Passed
first reading by Council, July Is, ISL Rules
suspended as required by charter. Passed
second and nnal reading hy Council, July
Is, 1871.
Amendment passed first reading by Board
of Aldermen. Rules suspended. per charter
requirements, and ordinance passed ascend
and final reading by Board of Aldermen,
July IL, 1871.
Approved Julyl9, 1871.
JOHN JOHNSON, Mayor.
Attest; l., r. RICHARDS city Register.