Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-07-21
CITY O~R0INAscES
CITY ORDINANCE.
2 srsa.sea By ne General to,s~ea q, ne o4y

Be 4 ordained By as General GaHca OF the CITY
Of Memphis,
SECTION 1. That there shas be submitted
TO the qualified voters of tie city Of Mem
pbis the proposition to subscribe two hun
/ dred thousand dollars In tfe bonds OF tine
city OF Memphis. TO the capital sfoek OF the
Mississippi River Railway Company ON the
following terms and conditions. viz:
/. When the said RailWaI Company has
completed It's road from Memphis 10 Coyfng
ton, Tennessee, and has opened il 20 husi-
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 to the aunc.qnt
OF one hundred thousand dollars, having
bearing six per cent interest per annum
from date OF issuance, and the interest pay
able s-emi-annually The principal OF the
bonds shall be paid In equal annual Install
ments OF ten thousand dollars each, the irst
tnstallment falling due one year after date
of ISSUANCE, and the othei c-onsecutively
thereafter for the ensuing ten years.
3 And when the said Railway Company
shall have completed theii entire road nom
Memphis to Troy Station, In Obfou county,
or TO 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, he shall issue TO
said railway company a second series OF
Oupo bonds or the city Of Memphis, Sim
liar to the first, as above provided Tor, TO the
amount OF one hundred hOusand dollars,
bearing six per cent. interest per annum
VI 1aAG Vi AEoAd-4gCf aLA AlG ALECA1nt P81@
able semi-annually. The principal OF the
bonds shall be paid In equal annual Install
meuts OF ten thousand dollsrs each, the FIRST
1nstalmenb falllng due one year after date OF
Issuance, and she others ~consecutively there.
after for the ensuing ten years. The bonds
shall be denomtnated "Menphis Mississippi
River Railway BOnds,' and shall DC issued
in sums OF two hundred dollars each, and
shall be receivable for the specific tax which
shall be levied annually to pay them.
sec. 2 h coupons OF said bonds skaII be
paid by another specific tax, levied annually
specific tax.
sec. 3. The tax collector shall give each
taxpayer separate receipts for the specific
go Sel1sSsS1 - 49,. d. As- to- the
which receipts b entiLle the holder to re-
eeive from the said railway Ompany 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
office of said company in the city of Mem
phls, IN sums of twenty-five dollars, or It's
multiple, and for any excess over twenty
five dollars, or its multiple in the amount OF
Its receipts presented, the Secretary OF said
railway company shall give to the holder a
receipt which shall likewise be convertible
into the stock of said railway company when
presented by the holder in sumso of Wenty
hye dollars 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 property of the respective individuals
who pay the tax, or their assigns, and shall
corporate debt Of the city; nor shall the city
of Memphis be liable beyond the amount of
the specific tax collected for the payment OF
the said bonds and coupons, and the said
bonds and p shall express that fact
on their face, and the holder OF them shall
be entitled TO receive payment only out of
the said specific tax when collected. Never
theleBs, until the expiration of ten years
from the suanc OF the second series of
bones. the General Council of the city OF
Memphis shall each year appoint three Ak
pay ers, citizens of Memphis, TO vote the said
Two hundred thousand dollars of stock. en-
masse, in all elections held by said railroad
After the expiration OF the said
ten years, the stock may be voted by the in
1tvidual owners.
Sec. 8. The acceptance by the said railway
mpan OF any portion or the bonds herein
to be issued, shall bind the com-
pany fully to all the terms and conditions of
this subscription, as set forth in the sections
this ordinance.
Sec. 6. This subscription shall become
only when ratified by q majority OF
shree-fOur' his or the votes of the legally quail
fed voters Of the city; and, to test their
sense of this question, the Mayor shall make
publication in two daily city papers of an
TO be held for that purpose, with
thirty days, notice, as required in the city
and snail make publication of this
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 Op.
pose shall place on their ballots the words
mo subscription"
Sec. 2 The said Mississippi River Railway
Company binds itself TO complete said road
20 ~Covtngton by july 1, 1873, and to Troy Sta
Ion Dy January 1, l656s or, in the event the
Dad Is not completed to Covington or Troy
IN the time prescribed, then this sub
so far as bonds have not been is.
Iued, shall be null and void; but so far as the
have been issued shall be in full force
md effect.
Sec. s. 1t is distinctly understood and agreed
)y IA between the Mississippi River Rail-
Dad company and the city Of Memphis, and
ihe same LIS made an express condition of the
IN Inscription hereby authorized, that The
Mississippi River Railroad Company shan
never make any discrimination against the
,ity OF Memphis, or its Inhabitants, in the
transportation OF freight and passengers to
Dr. from the city.
Sec. 8. But IL is specially provided that no
under the provisions OF this ordinance
lntil the said company shall have first paid
heir note made to the Southern Railroad
for sI86 ,4sS 70, or t~hereabouts,
tue 18th January, 1872, or shall have made
iuch provisions for the paymen Of said note
As shall forever preclude The holder thereof
and Inc Mayor shall be satisfied OF
hat TACT before issuing the bonds.
received and referred by Council
% Ordinance COMMITTEES.
REPORT.
Your Ordinance Committee report favora-
ply upon the Mississippi River railroad Or
finance, as
When, on motion, the ordinance, as amend
~ passed a nrsb r9auinB Dy council, July o.
MI t~Aereupon, The Jules of the unc in
to the passage of ordinances, was, in
conformity with the provisions of the city
suspended. end, on motion, the Or
was, on a second reading, passed
by Council, July q, 1871.
Action OF the Council cOncurred in by
3oard Of Aldermen by like action, JulyB, 1871.
AMENDMENT.
Amend section of an ordinance passed
.uiy 9th. in reference 10 a subscription to
he Mississippi River Railroad Company, by
after the words "three.fOurtns OF
he votes, the words least in this election
o as to read:
Sec. 6. This subscription shall become
hiding only when ratified by a majority OF
hTee-fOurths OF the votes cast at this cleo
OF the legally qualf1 ed voters of the
etc.
adopted by Council. July Is, 1871. Passed
reaOing by Council, July is, 1871. Rules
%uspended as required by charter Passed
and nnal reading by Council July
B, 1871.
Amendment passed first reading by Board
II Aldermen. Rules suspended, per charter
equtrements, and ordinance passed q second
nj nnaI reading by Board OF Aldermen,
uly 10, 1871.
Approved JuIyI9. 1911.
JOHN JOHNSON, Mayor.
Attest: u, TX, CITY Register.