Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-03-04
SHELBY COUNTY QuARTERLY Court, !
JANUARY TERN,
THURSDAY, January D, lS1l.


Court, Quarterly Term, January, 1911.
The Selma, Marion and Memphis Railroad
Company Of Tennessee and Mississippi. for
merly the Memphis, Holly Springs, 0kolona
and Selma Railroad Company. by their Presi-
dent. N. b. Forrest, and majority OF the
Directors. having applied to this Court to
take, on behalf of the County Of shelby, rye
Hundred Thousand Dollars (S5OO, 100 of the
CAPITAL Stock of said Company. and believing
that the interest of the people Of the County
will be greatly promoted by the speedy con-
struction of said Railroad;
II Is therefore ordered by the Court, That
Five Hundred Thousand Dollars be sub
seribed 10 the Capital Stock of the said Com
pany, to be paid in five annual lnstalimehts
Of one Hundred Thousand Dollars each.
without interest. upon the ioiio"ihs 'eins
L. The Western terminus OF said RAILROAD
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 tne Work AZ MeI MEN,
phis and completing it continuously, ready
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. Ihirdlymmo
Gent to operate that portion OF the road
Within the County, and to the laying of the
track over the same. fourthly-Io the cree
ton OF such depots, platforms, section houses
machine shops. turntables. water stations,
and the purchase Of such machinery for the
shops as may be necessary for the econ0mical
operation of the road. Fifthly-Should any
portion of the subscription remain after tnat
mart of the road in Shelby County is fully
completed and equipped as a first-class, road
in every respect, then such unexpended por-
ton shall be applied to the extension Of the
road into Mississippi, in the same order anu
for the same purposes as required 70 be eA-
nended in Shelby County; and no part OF the
money hereby subscribed, nor of the certln.
Gates of Indebtedness hereinafter authorized
to be Issued, shall be used for the payment OF
officers salaries, commissions, once rent,
nrinti;,g 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 the said
Railroad Company shall render this sub
scription wholly void, as to all further pay
81 Before any portion of the money herein
subscribed shall be paid over to said Railroad
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 Iopo-
graphical Map of the final location of the
file of the same, showing the quantities OF
excavation and borrowed embankment, OF
masonry, and of bridging to be done. on each
section, and copy Of the sPeehlncatlOHs ana n
quired to be done, which map; profile and
specification shall be certified By the Chief
Engineer of said Road under oath as correct.
4. The annual installmenis snali De 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. .s
s.. At the term OF the Court eacn year pre-
assessed. the Court may appoint one or more
com petent 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 10 the Court at the next
term following their appointment; and the
President and Chief Engineer Of said Com
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
6. 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,
penditures Of all money received from the
subscription Of Shelby County, or from the
certificates Of indebtedness hereinafter au-
thorized to be issued, showing when and To
whom paid. and on what account. ~.
T. If il appear to the satisfaction OF the
court from the report Of the said engineers
that the money received from said codnty 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 certificates OF
indebtedness shall be Issued and the subscrip
ton as to the balance Of the installments shall
8. In collecting the tax. the Tax Collector
shall give each taxpayer separate receipt
for the amount of tar 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 the amount Of the receipts
when presented TO the Secretary OF said COM
pany, in sums Of twenty-five dollars, or GER
tifcates Of twenty-five dollars, and for any
excess over twenty-five dollars, or multples
Of twenty-five dollars, in the amount Of the
receipts presented, the Secretary Of the Rail-
road Company shall give 70 the holder a re-
ceipt which shall likewise be convertible into
the stock Of the said company when pre-
scented 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
| tifcates Of Indebtedness hereinafter author
/ ized to be issued. shall bind the Company
| fully to all the terms and conditions Of thi.
subscription a. set forth in the 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 Is hereby
/ ordered. that the Sheriff Of the county make
publication in two daily neWspap ers pnblishe ed
i =. r. n FOL r hrI Huf
! purpose. at the regular voting precincts Of the
/ county, on Saturday. the 18th Of March, 1911,
/ and that a COPY Of this decree, and safe
ment q the financial oonditl2n o. me county.
notice for thirty days preceding the election,
/ in two daily papers published IN Memphis
/ II. Those who favor the subscription shall
AZ said election write Or print on her ballot,
| who oppose the subscription shall write 81
/ print on their ballots the words. No Sub
l scription," and the Sheriff shall i'm mcdiatelJ
/ cierk 81 ne County Court. Of the number Of
/ the votes polled for and of the number OF
/ votes poiied against subscription.
y. L being the object 81 the Court 70 en-.
/ able the Railroad Company 70 commence The
work a. speedily as possible
/ IL Il therefore ordered. That III Il shall ap-
pear from said election returns that the sub
| scription has been rasihed By the required con
/ stitutional vote, the Chairman Of the County
/ Court shall Immediately, upon the Hing Of
| Ire mar. profile and specifications required
/ by article 5, issue 70 the said Railroad Com
| pany certificates Of indebtedneE Of shelby
/ county 70 the amount OF one hundred thousan q
| doliar- said certificates shall Be issued i1
/ such sums A. the President may direct. and
| express on their face that they aTe for sub.
/ rcription Of stock 10 the selma. Marion and
| Memphis Railroad Company. and that thsJ
are receivable ia payment Of said spceih.
AZ. And Likewise each succeeding year, N u
] shall afrcar 20 the satisfaction Of the Court,
I from the report Of the Enginccrs appointed a.
l provided IN article i've Of this decree, that
Z the moury ariring from the tar % The rreced-
] ms year. or the certificates 81 Indebtedness