Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-08-05
Summer scheduIe-June 12.
ORDINAN
DE 1T ORDAINED BY THE GENERAL
ID Council of the city Of Memphis.t u4

Id Council of the city of Memphis.t rt
e., m .,, ho s,hu,;,,od 10
SECTION l. Ihat there shail De suolniiseu ~ so
the quaiined voters OF ine CITY 9i ~ eIo
proposition 10 suDscrlpe Two hunuree a xnou
sand dollars IN tne bonus OF .n1 eity ~, ~ ayn
Rgs Rvsr 70 Ruiway ali ISs compony on The foiowng
terms ana conolti911s'p 'p!,. yil, con.,v has
i. Wnen the sai1 haiaWay Soinp pany ni,,,,. n,.s 20
compreted its ROAD from memphis 70 's;nass Uv;;rns
ton, tennessee, ana mas openeu ~ W
ana cars are running FeguihriS wv wv III, ~ II
tne mayor Il sanisneu Oh .nose iac.s, cn,on bonds
Of the city OF Memphis TO me amou2s & oi one one
hundred thousand dollars, navins iaoin oile ~
10 Ten years 70 run 70 lnn.uf,sy, @ Jt ds "a "a
per cent. lneeIes. peI aniiu % sa',; 49,, ",
suance; ana the ln,erest phya1to soiI ~
any. me princlPal oi .ne ~ .a y nu
IN equal ~. va ~ dn
one year altoI I.e ~ ass en- anu M tn
consecptiVeiy thereni'or' iol 'no ensuihs 'en
years; ia d p.:,
y. Ana Wnen tne said ANYWAY s;y oollnsany el
sshallxhave completeq tneir en!re road from
MemPnls I9 lrVx o.a.ion' III yoivn coun5yf VI
70 Union OISy, tenE;essee, a1u .ns Ioao nus nus
Deen oPeiivu lol .s aIv .no oaIS t;a
regularIy tneleoh. ahu !, nv ayol y satnsneu
OF those iacts. ne snall issue 70 saiq raliWay
company seeonu series oi coupon p0nds OF
tne cisy VI hi9irrpnts' siila. " sle9 f nlSt, 40
aDoye pIosiueu iJT, W wy =, vne nun
dreu thousanu uoliaLs, DeaIing slA pcr cent;
lnterese per ahnum rom uAte ol @ hssuahoe, ~ ana
tne ihterSst Pay1ole, seLni ni-tnnnnny' lne Prin-
cipml Vi tne yonus sIn,i ~ Iniu ii,a ~ sluai ~
s.ainIonts VI t1h .nvusanu uoiinis vaon, silo
M IMrsI lF;eanen' iaIiths ts vIe ono yen, ai.Gr
date OF ISSUANCE, anu tne otheIs cohsecutiTsly Ta
iherShltcr ioI tno onsuhB .el yeaLs. ne
bonus shall oe Oh neln pms uis-
slssippi niger naieway s pUnds aliu sn.a 70
lss9eu ~ Suns Vi IVY f ~ uoIiais eacn
anu snhIi " ieceitaoIe @ i, ioT tne spsci.e .aA
Wnlch sharl peIeVleu ahnuhny 70 pay Vnen.
PFC; =: Lee COUPONS OF saln ;oa ponus snadl pc
pau ~ SnU'ner 9PIeiuV PInii ~ si r
70 Ply 'nem' anu SINH W ieo7i'aoie ior saiu
speeclhc 'aM. M M. co,,.o.ou .h.u s.;,,o ol
lohoi 0, Ine lax Nollevtof snlii slvne ,e eacn a
taxpayer separate receipts lor ine specinc tax s
" mn @ ner' 70 70 49,, br, Ell ~
the prihclphi anu cvupVins u Wy pohus,Wnicn
receipis snaii enIo,e .ne noIue[ " HeceiSe
from the sal1 raliway company ceItlncate OF
STOCK IN salu company eluai " ,ne nv amount ~ vi Vi
tae a reseipIs wneh presen.ee 70 tns sgddresry eur
pany IN the city Oh memphis, IN sums OF
twenty-five dOliars, or fts mu,,lpie, anu I9r
any excess over w vi iss
~ pie: ~ M Of saiS ra;irav cpmnany sboi
give 70 tne nOidHr icteipe wnlcn % 81 sna aia ,hg- a1
wise pc cohVerIipIo inIo tne sI1ch oi sai1 raii-
way company mnen pIes9'nteu " .ne nuiugI III
suris T " oF Won,h II not ba tha d,vnor
Inc CITY Oh mePnis 9t cI snlil nos oe lhe 1Mndr
IN any sense % InI stouh nenein suoscIIoetu, .t
put tne same shail alWays ~ ANU IeliiaLn tne
properly OF the Iespec!lve inuiyiduis C1n VINO pay
subject TO execution or sale for the corporate
DEBT q the cily nor shaii .n tne Guy oL mem
PMS pc llap,o peyonu i i the anlount Vi tho spe
enc TAX corrected Ior tne pagInent 81 sne sal9
bOnds ana coupons, anu inc saIu ponus anu
coupons shall express that iact on tneir lace,
and the h0lder OF them sheli pc enIlIleu "
receive payment only out Vi tne salu sRecilal l
tax when coilected.. NeFertneiess; until tne ne
expiration OF ten years from tne issuance OF
the second series Of bonds, the General Coun-
Gil OF the city OF memphis shail eacn year ap-
point three taxpayers, eluzehs Oh M, M,smlphls,
to vote tne sald Two hqnured ehou;au ia u1lidrs rs
said railroad company; AFTER the expiration
OF the sald Ten years, the STOCK may DO Votea
by the lnqIgldual owners. a. .o;5 ,o;i,,.r
oEO. o. lne aocepta!ncc " .ho i f'llu innimaiS niS
authorized 10 pc issued snaii Dln9 tne company any
fully TO all the terms ana c0ndltlQns OF tnis
subscription as set iorth IN thesections oil TINS
ordnance fh s,h.o.;,t;on shol, hoooo h;rd-
SEC. o. The SUBSCRIPTION snail become plnd-
ing only when ratihed by majority oil three,
fOurths oi the votes Qi tne legaliy quanned
voters or tne CITY ana. 10 test tneir sense OF
this question, the Mayor snail make pnbllca
nOn IN Two ualiy clty Pape!s, VI an ciec.lOn, W
be held for tnat purpose, win tnlrly days NO NO,
make puplcation OF thls oruinahce III IA cohngc- nee
snvor U% % tbe %sSbserintion at said election shall
place on their ballots the words FOR sub
scriphon; ana those VINO oppose snall place
on tneir pa,iots !1e ,worus ~ nepscI iptiion. i9n
SEC. 7. The said Mississippi Hlver Railway
Company binds itself TO complete sald ROAD TO
COyington by July /, 1913, ana TO Troy station
by January ,'loio' or, IN the event tne Ioau
is not completed 70 CoVlngton or Troy Statlon
in the time prescribed, then tnls SUBSCRIPTION,
so far as bonds nave not Deen issued, snail DC
null and VOID but SO iar as the BONDS nave
been issued shan 9e IN 1ull torce ana enect.
SIC, 8. 1t y distinctly unaerstood anu
agreed py anu oesween 'nS ai,s os
and The same Is made an express condition OF
aLe suhscrintion hereby authorized that the
Wississippi River Railroad Company shall
naver make any discrimination against the
citv of Memphis, or its Inhabitants, in the
IRAN tSa c;tv VI ''',D
SIC q Rnt IL is speciallv provided that no
hnnds al oII he issned to said railway company
yDdeT the provisions of this ordinance until
s ras sin1o III ade tn tbs Southern Railroad Associa
~, co. S166 4SS IA. or thereobouts. due 18th
Jannsrv 1879. or shall have made such prOvi-
sians for the payment Of said note as shall for
ever preclude the holder thereof from levying
Wavnr shall he satisfied Of that fact before
;as,;3;S,s, ths hands
ord;nsnce received and referred by Council
Ia 0rdipanee Committee,
" oiui"""''
REPORT.
vour Ordinance Committee report favorably
upon % 'ne ns a,aendsd nrlsSiis,
hIWVJhe, Wha,r "S nn notion. the ordinance. as
amended, passed a first reading by Council,