Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-08-09
RAILROADS..
Summer scIneduIe-June IL.
ORDINA lance.
DE 1T ORDAINED BY THE GENERAL
ID Council of the city of Memphis.

- Oouhoi Oh tne city Vi meinPnis.
SEcTroS /. That there shall he submitted to
the Qualified voters of the city Of Memphis the
nropnsition To subscribe two hundred thou
sand dollars in the bonds of the city of Mem
nhis to The capitel stock Of the Mississippi
River RAILWAY COMPANY on the following
farms and conditions viz.
i. When The said Railway Company has
completed It's road from Memphis to Coving-
ton. Tennessee and has opened it to business
and cars are running regularly thereon, and
the Mayor is satisfied Of those facts, he shall
of t6e ~ city two Of MemSbis to the amount Of one
hundred thousand dollars, having from one
TO ten years to run to maturity, bearing six
ner cent Interest per annun from date of is
suance. and the interest payable semi-annu-
aIlv. The PRINCIPAL of the bonds shall be paid
in canal annual installments of ten thousand
dollars each. the first installment falling due
one year after date of issuance, and the other
consecutiyely thereafter, for the ensuing ten
years.
3. 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 railWaf
company second series of coupon bonds 6f
the city of Memphis. similar to the first. as
above provided for, to the amount of one hun
dred thousand dollars bearing six per cent
interest per annum from date ofissuance, and
the interest payable semi-annually. The prin-
cipal of the bonds shall be paid II, eauai in
stallments of ten thousand dollars each, the
first installment falling due one year after
date of issuance, and the others consecutively
thereafter for the ensuing ten years The
bonds shall be deuominnted :" Memphis Mis-
sissippi River Railway Bonds,'' and shall bo
issued in sums of two hundred dollars each.
and shall be receivable for the specifc tax
which shall be levied annually to pay them
SFo. Z. The coupons Of said bonds shall be
paid by another specifc tax, levied annually
an, oI.1I L., ii
specifc tax
SEc. 3. The Tax Collector shall give each
Taxpayer separate receipts for the specifc tax
collected of him or her for the payment of
Inc principal and coupons Of the bopds which
receipts shall entitle the holder to receive
from the said railway company n certificate of
stock in said company equal 10 the amount of
the receipts when presented to the secretary
of said company, or at the Office of said com
Dany W. in liz city Of Memp6s' in sums of
twenty-five dollars, or its multiple. and for
tiple, in the amount of its receipts presented,
the secretary of said railway company shall
give to the holder a receipt which shall like
wise be convertible into the stock of said rail
sums of twenty-five dollars or Its multiple.
The city of Memphis shall not be the owner
in any sense o. the stock herein subscribed,
but tho 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 Mem
phis be liable beyond the amount Of the spe-
eiiic tax collected for the payment of the said
bonds and coupons, and the said bonds and
coupons shall express that fact on their face,
and the holder of them shall be entitled to
receive payment only out of the said special
tax when collected. Neyertheless. until the
exniration of fen wears from the Issuance of
fhe second series of bonds. the General Conn
eli of the city Of Memphis shall each year ap-
point three tax-payers. citizens of Memphis.
fo vote the said two hundred thousand dollars
III stock. en- maese. in ali electiens held nv
said railroad company. After the expiration
az fhe said ten years the stock NAV be voted |
bv the Individual owners
SEc b The acee ptanee hv the said railway |
comnoDv nv Of apy nv portion Of Of The the bonds hereiS
authorized to be issued shall bind the company
fully 10 all the terms and conditions Of this |
snbseription ms set forth In the sections Of this
ordinance.
Ssc' & The subscrintion shall become hind |
inc onlv when ratified NV n maioritv ~ three. |
fntS,rihs of The votes az he iseaiy onaIiSea
voters Of the city: and. to test their sense of |
tbis onestion. the Mayor shall make nnhIioa
tion IN two daily city papers Of an election. TO
ha held for that purnose with thirty davs' M |
tee S 0S ms REQUIRED % in t6e cty charter and ,ba
make publication of this ordinance in eonnec- |
tion with said election notice. Those who !
favor the subscrlpuon at sald election snail
place on 5ner DalIotS at tne Woros i9r suo'
seriPton anu ~ snose J mno oppOsS snaIi pace
oho. q. ne saia ~ hlver halIway
Company Dlnds itseii 70 complete said road 10
OOVlngIon py Jgglly 1, Io.o anu 70 Troy otdtiob
Dy January 1, 100 or, IN the event tne road
Is not completed 20 O9Vihgtoh or Troy ctauon
IN tne tilile pIescIloeu, tneIl tnls su9scrlption
SO lar as ponqs nave ave not oeen Issued, snail be
nun nnu YOU put 80 eIi "a, as the o9h1s nave
peen lssu9u sli.ii ~ ~ lui. il ioIcc anu e1ect:
o,,seod ,v and betwsen ths Mississinn; Rivnr
Railroad Company and the city of Memphis, |
and the same is made an express condition of |
fhe subscription 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 passengers to or |
from the city.
SEC g. But il is specially provided that no |
bonds shall be issued TO said railway company
under the provisions of this ordinance until |
The % said de company shall have first paid their
note made To the Southern Railroad Associa- |
tion for g166 43S 76 or thereabouts due 18th |
January, 1872, or shall have made such provi- |
sions for the payment of said note as shall for
ever preclude the holder thereof from Ievyine
on the said railroad for its payment; and the
Mayor shall be satisfied of that fact before
issuing the bonds
Ordinance received and referred by Council |
Ia Ordnance COMMITTEES.
pUpopr
hni Vni'
upon the Mississippi River Railroad 0rdi-
nance, as amended. |
When, on motion, the ordinance, IS