Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-03-02
SHELBY COUNTY QuAarrgLz COURT

SHELBY COUNTY QUARTERLY CoURr,o
JANUARY TERM
THURsDAYi January O. ISL
State OF Tennessee, shelby C-ounty-County
Court Quartely Term, January, S7l-
In Open Session.
The selma, Marion and Memphis Railroad
Company or tennessee and NJ ssIssippL. for
merly the Memphis, Holly Springs, OkOlOna
and Selma Railroad Company, b their Presi-
dent, N. b. Forrest, aud a majority of the
Directors, having applied 10 this Court to
take, on behalf Of the County of shelby, Five
Hundred Thousand Dollars tsaOO,J00l Of the
Capital Stock of said Company, and believ-
ing thar the interest OF the people Of the
County viii be greatly promoted by the
speedy construction OF said RailrOad;
10 is therefore ordered by the Court, That
Flv Hundred Thousand Dollars be sub
scribed to the Capital stock Of the said Com
pdnyi 70 be paid In I'VE annual nstalments
OF one hundred thousand Dollars each.
Without n'erest, upon the following terms
l. The western terminus OF said Railroad
shall be and always remain at Memphis,
Tennessee.
q The money paid under this subserfption
or the Certificate Of Indebtedness hereinafter
authorized 10 70 issued, shall be applied:
Ftrst-TO the grading, bridging and masonry
OF mat portion OF a road within the County
OF Shelby commencing the work at Mem
PMS and completing 10 continuously, ready
Tor the s~uperstr1Cture, to the County line.
SecOndIy-TO the purchase Of crOss-ties, iron
rails and f-astenings sufficient to lay the track
within the County or Shelby. Thirdly-TO
the purchase OF locomotives and cars SUI
hcient to operate that portion Of the road
W thin the County and TO the laying Of the
track over the same Fourthly-TO the cree
ton Of such depOHs, Platforms, section houses,
maChin shops, turn tables, water stations
and the purchase of sCch machinery for the
shops as may be necessary for The &c jnomf.al
operation OF the road. EifLhIy-ShOuld any
portion of the subscription remain after that
part of the road in shelby County is fully
completed and equipped as a nrst-clsss road
IN every respeCt then such ~uneEpeuded pOr-
ton shall be applied to the extension Of the
road into Mississippi, In the same order and
for the same purposes as required TO be eL-
pended In shelby County ana 10 part Of the
money hereby subscribed, mr. Of the certfd-
Gales of Indebtedness hereinafter authorized
10 be issued, shall be used for the aymen of
~ .erl' salaries, commissions, office rent,
printing, stationery, or Other general or mis-
c~ellaneUus expenses OF the company, nor for
right Of way or depot grOunus, and any v1O
said Railroad Company shall render this
subscription wholly void, as TO all turther
payments.
8. Before any portion of the money herein
subscribed shall be paid over to said Railroad
Company and before any certificates Of in
deb mess snail be dellyered to the said
Ettlroad Company, the President of sid
Company shall nle with the Clerk Of the
County Court an accurate and full Topo-
graphical Map Of the nnal location OF the
Road IN Shelby County, and an accurate pro-
dle Of the same, showing the quantities OF
excavation ana borrowed OF
masonry, and Of bridging TO be done on eaCh
section, inc a copy OF the specifications and
form Of contract under which the work is re-
quired to be done, which map, profile and
Specification shall be certified by the Cher
Engineer Of said Road unuer oath as correct.
4. The nua instruments shall be assessed
by the Court each year at tne same time
that the other County t.Xes are assessed, and
be collected &C the same time other
County x are collected
0. AT the term Of the Court each year pre-
ceding the term at which the taxes are 70 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 90 on the line Of aid
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, aud
make a detailed, tented repOrt Of the sume. /
and the value thereof in detail. estimated at
far and reasonable pritss for each item.
Said report Fbau be made by the said Eugi-
ueers Under OATH to the Court al the next
term following their appointment; end 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 Tor ar
irving at q correct Measurement and value
Of the SAME,
&. me President OF the said company shall
file q statement under oath with the Clerk OF
the county Court each year, c-otempOrane-
Ously with the report of the said
which statement shall snow fully the ex-
pendlJure OF all money received from the
subscription Of shelby county, or nom the
certificates of Indebtedness hereinafter an
thOrized to be issued. showing when and to
whom paid, and on what acclun
Z. If 10 appear TO the satisfaction OF the
court from the report Of the said engineers.
that the money received from said count
suDsCripGOnf or bne ~cerIinc8Ue5 OF indebted
ness hereinafter authorized to be issued. nav
been faithfully and economically applied for
the purposes expressed in article z Of the de-
cree. then no further tax shall be assessed or
levied for that purpose, and no more cerliG-
cates Of indebtedness snail be is usd n the
subscription as to The balance o. the install
ment snail be void.
&. In collecting the tax, the Tax Collector
shall give each taxpayer q separate receipt
FOR the amount Of the tax paid by him or her
on account Of this SUBSCRIPTION. which re-
ceipt shall entitle The holder thereof to re-
ceiVe from the Railroad Company, eertih-
Gates OF stock in said company to the amount
OF the receipts when presented to the Sscre-
lary OF said company, In sums OF twenty I
i've dollars, or certificates Of tWenty-hV d l.
lals, and Tor any excess over twenty-five /
dollars or muluples OF twenty-five dol airs, |
IN the amount OF the receipts presented. the
secretary OF the Railroad Company shall
give to the holder a receipt which shall ike
wise be convertible into the stock OF the said
mpa when presented by the holder, in
OF twenty i've dollars or its multiple
B. me acceptance py ln6 SAID Railroad ]
Company Of any portion Of the money col
lgcled under this subscription, OF Of the GER 1
tIdcates OF Indebtedness hereinafter author 4
lied TO be issued, shall bind the company
fully to all the terms aud conditions o. tins .
subscription as set forth in the foregoing
and following articles ]
IO. Tins subscription shall become binding
only when ratified by the constitutional ma
iority OF the legal voters of the e-unty, and 70
Test their n of this ques Ion, IL IS hereby /
ordered, that the Sherln o. the county make I
publication in two daily newspapers pub
Iished Ia Memphis, OF an election to be held I
for that purpose, at the regular voting pre-
cincts Of the county, on Saturday, the 18th Of
1871. and that a copy or this decree
a statement OF the financial condition OF
the county be published in connection with
arreh afarff0n notice for thirty uaWg nregnC- 1
ing the election, In two daily papers pub
lfshed in Memphis.
II. Those Wh8 ave the subscription shall
at said election write or print on their bal
lots the words, "FOr subscription, and those
who oppose the subscription shall write or
print on their ballots the words, Nc sub
" and the Sheriff shall Immediate
" alter the election make due returns to the /
Clerk OF the County Court, Of the plumber OF
The votes pOIled for and OF The number Of
votes pOIIed against subscription.
II. 1t being the object OF the Court to enable 4
the Railroad Company TO commenced the work
n is therefore Ordered, That if it shall ap-
pear from said election returns that the sab 4
has been ratified by the required
constitutional vote, the Chairman OF the
County Court shall Immediately, upon the
fling of the map, profile and specifications
required by article 3, issue to the said Rail-
road Company certificates of indebtedness Of
county to the amount OF one hunored /
dollars Ea1d certificates snail De
issued in such sums as the president may Oh
rect, and express on their face that they are
for subscription of stock to the selma, Marion
Memphis Railroad Company, and that
are receivable in payment OF said spe-
cinc tax. And likewise each succeeding year,
II It shall appear to the satisfaction Of the
Court, from the report Of the Engineers ap- !
pointed as provided in article 3 Of this decree, /
the money arising from the tax OF the
preceding year, or the certificates Of indebt-
issued the preceding year, have been
aithmIly and economically applied as re-
quired by article 2, then the chairman Of the
County Court shall issue % the railroad COM
pany one hundred thousand dollars Of certln- i
Gates in The same manner and form as herein
before provided, till the full amount Of i've
hundred thousand dollars has been ISSUED
The certificates Of Indebtedness fOreach year
be numbered from oneupWard, cOnsecu-
lively, in the order Of their issuance, and shall
be signed by the Chairman of the County
and cOunterSigned by the Clerk of the
county Court, and ave the seal of the county
attached and the said Clerk shall keep an
exact register OF each certified issue, showing
when and to whom issued, and the Chairman
Of the Court shall take the receipt OF the
Treasurer of the said railroad company for all
certificates issued, which receipt shall be pre-
servedin the Office OF the Clerk Of the County
Court; and the said Clerk shall at each meet
Of the Court G following the issue Of GER
report to the Court the fun amOuut
issued to date of that meeting
The Court shall, in each case, provide proper
eusatfOn for the engineers authorized to 1