Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-07-24
ORDINANCES.
,DEIT ORDAINED BY THE GENERAL
ID Council of the city of Memphis. 50

,nErr oRDATNEn Ry THE GENERAL
|, X con,c; 81 the citv ~ Memnhis- ~
- Sou"0" - sne WV '. 1t
sEcr1oN l. That there shall be submitted to
the qualified voters of the city of Memphis the
proposition to subscribe two hundred thou
sand dollars in the bonds Of the city of Mem
Riv XIV Ra ali ComnSnv % on he foiiowine
terms and conditions, viz: snIl li, H. n.
/. When the said Railway Company has
completed its road from Memphis to C0ving-
ton, Tennessee, and has opened il to business
and cars are running regularly thereon, and
the Mayor is satisfied of those facts, he shall
issue to said railway, company coupon bonds
hundred thousand dollars, having from one
to ten years to run to maturity, bearing six
per cent. interest per annum from date of is-
suance. and the interest payable semi-annu-
ally. The principal of the bonds shall be paid
| in equal annual installments Of ten thousand
one wear after date of issuance, and the other
consecutjvely thereafter. for the ensuing ten
years. a ~ 80 "a y. -. ~ alsscb
Q. And when the said Railway Company
shall have completed their entire road from
Memphis to Troy Station, in Obion county, or
to Union City, Tennessee, and the road has
| been opened for business and the cars running
regularly thereon, and the Mayor is satisfied
of those facts, he shall issue to said railway
the city Of Memphis, similar TO the first. as
above provided for, to the amount of one hun
bred thousand dollars, bearing six per cent:
interest per annum from date of issuance. and
the interest payable semi-annually. The prin-
cipal of the bonds shall be paid in equal in
stailments Of ten thousand dollars each, the
first installnent falling due one year after
date Of issuance, and the Others consecutiyely
thereafter for the ensuing ten years. The
bonds shall be denominated " Memphis Mis-
sissippi River Railway Bonds" and shall be
issued in sums of two hundred dollars each,
and shall be receivable fol. the specific tax
4 y. IL. A. =. 4kAw.a
SEC. q. The coupons Of said bonds shall be
na;d ~ a. other snecific fax Levied annually
Ia nav them" and shall DO receivable for said
specific tax.
"a YER sena1ate receipts for the specific tax
eo1Iactsd ~ him or her. for the payment of
ne nr;nc;naJ and commons al the bonds which
receipts shall entitle the holder to receive
from the said railway company a certificate Of
ltoa tre sa;d cornanv ea,,pi "a the amount Of
~ rana;nts ,yben nrese,,ted to the secretary
f sa;d ehmnanv n ~ the Office Of said com
many in the city Of Memphis, in sums of
49, tssn Ave dnliars or its mil
any excess oren ~ ~ rscn;nts nresented
Iipie, ~ tno ~ sa;S Vra;iwav epmnanv shali
Give civ to the holder a receipt which shall like
wise pe conve,.ioie ,.o in
sums Of twenty-five dollars or its m th
Inc CITY VI heI ~ stoat hare;n snhscrihsd
but tho same shall always be and remain the
property Of the ny VIM Ply
the tax or Their assigns ana s1ai neoer ~
suoJecI 70 e4ecutlVn VI a ~ III ait, ~ Man.
debt Of the city; nor shall the Guy 81 MEM
phts be iiapie peyona tne amouns VI ~ sa;d
cihc tax COLLECTED LOT tne y snS sa s,d
bonds and coupons. ana sne shlu pon iy ss anu
coupons shall express that iacI on tneiI iace,
and the holder OF them sn s 20 snec;s
receive payment only out OF the salu sReoirui
tax when collected. NeYertheiess; until tne
expiration of ten years from the issuance OF
the second series q bonds, the Seherai Ooun1
Gil Of the city Of Memphis sna each M sSa 1b3s
po,n nv, ths ala iva hundred thousand dollars
~ stock an magse, in all elections held by
Of s'v " irood eomnsnv- After the expiration
ssin ~ he stock nav he voted
~, ~ ;ndividuaI owners. IlIT IOl 'HifA
PEG. Q; t1e portou ~ of tbe bonds herein
company ~ - ha ;ssyaS sha hind the company
~ .i ~ t,s "a ennd;tinns ~ fhis
luy - h ss set forth in the sections Of this
ordinance d, % LIZ i, or, ne. b;nd.
oko. p. ane ~ ~ three
ing VhS III ta..neu ~ a. Iesii onsIifed
~ M ct ,v'e and 70 test their sense Of
this question the Mayor shall make pHo,,c 70
ton IN Two daily CITY papers Of ~ oyo
be held ior tnat purpose,Mpn .niS enJS hill
tlce as re9nirso IN me Guy eonnec
Ean VIII said election notice. Those who
I neoI 'ne 9Lo;r baIIots tha words - for sub
placs On sne nrd .hnSa Who onposr shall place
on lhelr pa AL iae Ss;ss;nn; River Hallway
~. - Md ;tseIf hi oofnnlefe said road 10