Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-07-31
CRY ORDInANcEs.
CITY ORDINANCE.


~ AAtt n ~ - ctafso " HflpNAt
Of Memphis,
SECTION 1. Thai there shall be submitted
10 the qualified voters OF the city OF Menu
pbis the proposition 10 subscribe two liun-
bred thousand dollars In the bonds Of the
city OF Memphis. TO the capital stock oil the
Mississippi River Railway Company on the
following terms and conditions. viz:
j. When the said Railway Company has
completed its road nom Memphis To CoSIng-
ton, tennessee and has opened IL 10 bust
ness and cars are running regularly tneleOn,
and the Mayor Is satisfied OF those facts, he
shall Issue TO said railway company, c0lfpon
bonds of the city OF Memphis, TO the amount
OF one hundred Thousand dollars, having
rom one TO ten years TO run 70 maturity,
bearing six per cent interest per annum
from date OF issuance, and the interest pay
able seml-annuaily The principal Of the
bonds shall be paid in qua annual Install
menfs OF ten thousand dollars each, the first
tnstallment falling due one year after date
OF issuance, and the other consecutlVely
thereafter, for the ensuing ten years.
2. And when the said Railway Company
shall have completed then entire road nom
Memphis TO Troy Station, IN Obion connty,
or 10 Union City, Tennessee, and the road
has been opened for business and cars are
running regularly thereon, and the Mayor
is satisfied OF those facts, ne shall issue to
said railway company a second series of
coupon bonds OF the city OF Memphis, SIM
liar 10 the hrst, as above provided Tor, 10 the
amount OF one hundred Thousand dollars,
bearing six per cent interest per alInum
rom GATE Of Issuance, and the Interest," pay
aDie me principal OF the
bonds shall be paid in equal annual install
ments of ten thousand dollars each, hi drst
instalment falling due oneyear after date OF
issuance, and the others c-OnsecutiveIy there.
after for the ensuing ten years. The bonds
shall be denOmtnated "Memphis Mississippi
River Railway Bonds" and shall pc issued
IN sums OF two hundred dollars each, and
shall be receivable for the specific tax which
sinai be levied annually TO a them.
Sec. 2. The coupons OF said bonds shall be
paid by another specific tax, levied annually
to pay them, and shall be receivable for said
specific tax.
SOC 2 Tha fow oollacfo- sFau ~ .o-A
tax separate receipts for the specific
tax collected OF him or her, for the aime
OF the principal and coupons of the bonds,
winch receipts shall ent1Lle the hOldef TO re-
ceiYe from the said railway company q GER
tncate OF stock IN said company eqTlal t9
the amount OF the receipts when presented
10 the secretary of said company, or at the
On1ee OF said company in the city of Mem
PMS, In sums of twenty-five dollars, or It's
multiple, and for any excess over tvTenty-
nVe dollars, or It's multiple in the amount OF
its receipts presented, the Secretary OF said
railway company shall give TO the holde a
receipt which shall likewise be convertible
into the stock ofsa1d railway company when
presented by the holder in sums OF twenty
i've dollars or its multiple.
Tine city OF Memphis shall not be the owner
IN any sense of tAe 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 to execution or sale for the
corporate debt OF the city; nor shall the city
OF memphis be liable beyond the amount OF
AAA1 1RG1AAAg IA G4AAGLNEA ~ LIS OAADlBnL Oh
the said bonds and coupons, and the said
bonds and coupons shall express that fact
on their lace, and the holder of then. shall
De emitted To receive m only out OF
the said specific tax when collected. Never
theless, until the expiration of ten years
Ifom the Issuance OF the second series OF
bonds, the General Council OF the city of
Memphis shall each year appoint three tax
payers, citizens Of Memphis, to vote tie said
Two hundred thousand dollars OF stock, en-
masse, in all elections held by SAID railroad
company. After the expiration OF the said
Ten years, the stock may be voted by the in
diVidual owners.
Sec. 8. The acceptance by the said railway
compRn OF any portion OF the bonds herein
authorized TO be issued, shall bind the COM
pany fully 70 all the terms ana conditions of
THIS subscription, as SGT forth in the sections
of this ordinance.
Sec. q. This subscription shall become
binding only when ratified by a majority of
three-IOur,h ms OF the votes of the legally quail
HE'D voters OF the city; and, to test, their
sense OF this question, The Mayor shal make
10 be held tor that purpose, with
thirty days notice, as required in the city
charJsr, and shall make publication OF this
IN connection with said al action |
notice. Those who favor the subscription al |
election shall place on their ballots the |
words " for subscription - and those who op.
mo subscription" |
Sec. 7. The said Mississippi River Railway
Company binds itself to complete said road
10 ~CONlngJOn by July i, 1873, ana to Troy sta. 4
ton By January l, 1875; OF, in the event the
road is not completed to COvington or Troy |
IN the time prescribed, then this sub /
scrlptlon, so far as bonds have not been is.
sued, shall be null and void; but so faI as the l
bonds have been issued shall be in fun force
andefect.
Bee. 8. 1t is distinctly understood and aereed
by and between the Mississippi River Rail-
Company and the city OF Memphis, and /
bne same Is made an express condition Of the |
suDscflpLlon hereby authorized, that the /
MISSISSIPPI River Railroad Company shall /
never make any discrimination against the
city OF Memphis, or its inhabitants, in the
transportation OF freight and passergers 10 |
OF from the city, |
Sec. 9. But 1t is specially provided that no
bonds snail be tssue5 to said railway conn., ]
pany under the provisions OF this ordinance /
until the said company shall hRva FIRST paid
heir note made to the southern Railroad
Association for Sl56 ass 76, or Whereabouts, /
due 18th January, 1872, OF shall have made
provisions for the payment OF ssid note |
shall forever preclude the holder thereof
from levy1ng On the said railroad for It's pay
menti and the Mayor shall be satisfied OF
That TACT before Issuing the bonds.
Ordinance received and referred by Council
to Committee.
REPORT.
Your Ordinance Committee report favora-
bly, upon the Mississippi River Railroad Or |
dinance, as amended.
When, on motion, the ordinance, as amend
passed a first reading by Council, July 8, |
l6Ilj thereupon, the rules of the COEncil, in
relation TO the passage of ordinances, was, in
with the provisions of the city
aA@N "a +AoAA8AAI AZ SA- 4
finance was, on q second reading, passed
1nal,y by Council, July ., 1871.
Action OF the COunci cOncurred in by
Board of Aldermen by like action, July d, 1STl. |
AMENDMENT.
Amend section q t'of an ordinance passed
July 9Th, in reference to q subscription to
The Mississippi River Railroad Company, by
after the words "three-fourtns of
votes, the words least in this election"
20 as TO read:
Sec. 3. This subscription shall become
binding only when ratified by a majority OF
lh"ree-fOurths Of the votes cast at this cleo
OF the legally qualih ed VOJeis OF the
etc.
adopted by Council, July Is, ISL. Passed
irst reading by Council, July IS, ISL Rules
suspended as required by charter. Passed
ieoOnd and hnal reading by Council, July
1871.
Amendment passed first reading by Board
If Aldermen. Rules suspended, per charter
requirements, and ordinance passed aseeond
.nd final reading by Board of Aldermen,
July Is, 1871.
Approved Julyi9, 1871.
JOHN JOHNSON, Mayor.
Attest: L.R RICHARDS, City Register.