Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-08-16

Ely QRlINANcE,
Be q ordaaaea ~ as esasyui oD.uaoa q ~ CO

Go oyooaeed ~ 8e 6eaeTGS O0Hnc8 Of ~ Gu
sEorIoH l. THAI there shall be submitted
70 tna quaiined voters OF the city OF Mem
Pllst4e pfopO5fticdst to subscribe two hun
~reaLncnsand dolia1s in the bonds Of the
Misstssippi River Hallway Company on the
following terms conditions. via
J. WISH faa said Railway Company has
conpletedifs road from Memphi to Covfnp
tOns tennessee, and has opened ii to busi-
ness n cars are running regularly thereon,
ana the mayor is Satisfied OF those facts, he
shall Issue TO said railway company coupon
bonds Of the city Of Memphis. 70 the araounf
OF one hundred thousand dollars, having
rom 70 ten years 70 run 70 maturity,
bearing six per cent interest per annum
from date Of issuance, and the interest pay
able seml,annually The principal OF the
bonds shall be paid in equal annual INSTALL
ments OF ten thousand dollars each, the first
installment falling due one year after date
Of lssuancei and ths other conseeuttvely
thereafter, for the ensuing ten ysara.
=. and when the said Railway company
shall haV completed their entire road from
Memphis to Troy Station, In Obion county,
has been opened for business and cars are
running regularly thereon, and the Mayor
said railway company q second series OF
coupon bonds OF the city OF Memphis, sim
liar to the first, as above provided Tor, to the
amount Of enc hundred thousand dollars,
bearing six per cent. Interest per annum
rom cate OF Issuance, and the interest pay
able s~emt-annually. h principal Of the
III aAAA &c PaAA III GuuAl AlAuAA AuaLnl@
ments of ten thousand dollars each, the drst
1nstalment falling due a year after date OF
issuance, and the others consecuttvelY there
AFTER Tor the ensuing ten years. The bonds
shall bedenOminatsd memphis Mississippi
River Railway Bonds" and hall De 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; z. The coupons OF said bonds sEall be
PAID by another specific tax, levied nnual
specific tax.
sec. 8. h tax collector shall give each
taxpayer separate receipts for the specific
tax collected OF him or her, for the payment
of the principal and coupons OF Ghe bonds,
which receipts shall entiue the hOLler TO re-
ceive nom the said railway eompsnya GER
tneale d stock IN said company equal to
the amount of1he receipts when presented
10 the secretary OF said or at the
once OF said company in the city Of Menu
ph1s, In sums of twenty-five dollars, or its
multiple, and for any excess over twenty
i've dollars, or its multiple in the amount Of
1s receipts presented, the Secretary OF said
railway ompan shall give to the holder q
receipt which shall likewise be convertible
into the stock ofsa1d railway company when
presented Dy the holder in sums Of twenty
nVe 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
never be subject 70 execution or sale for the
corporate debt of the city; nor shall the CITY
of Memphis be liable beyond the amount Of
the specific tax collected for the OF
the said 6onds and coupons, and the said
bonds u eOaponS shall express that fact
on their face, and the holder OF them shall
De entitled TO receive m only out OF
the said specific tax when collected. Never
tneLess, until the expiration OF ten wears
nom the ISSUANCE OF the second series Of
BONDS, the General Council of the city OF
Memphis shall each year appoint three tax
payers citizens OF Memphis, to vote the said
LWO hundred thousand dollars of stock an
DlAsse, in all elections held by said railroad
company. Alter the expiration OF the said
GtV1dual owners.
Sec. 5. The acceptance by the said railway
OF any portion OF the bonds herein
authorised 10 be issued, shall bind the COM
pany fuly to all the terms and conditions OF
ms subscription, as set forth in the sections
Of this ordinance.
sec. q. This subscription shall become
oindln only when ratified by a majority OF
three-tourfh ms OF the votes of the legally quail
1hed voters Of the city; and, to test their
sense OF TINS question, the Mayor shallmake
publication in two daily city papers OF an
election, to be held for that purpose, with
thirty days, notice, as required in the city
charter, and shall make publication OF this
Tdinanc 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"
See.E The said Mississippi River Railway
Company binds Itself to complete said road
70 ~CoYlngtOn by July !, 1873, and to Troy Sta
ton by January /, 1876; or, In the event the
road Is not completed to COvingtOn or Troy
in the time prescribed, then this SUBJ
scriptions so far as bonds have not been is
sued, shall be null and void; but so far as the
bonds nave been issued shall be in full force
Sec. 8. 1t is distinctly understood and agreed
by and between the Mississippi River Rail-
Company n the city OF Memphis, and
subscription hereby authorized, that the
Mississippi River Railroad Company shall
make any discrimination against the
city OF Memphis, or its Inhabitants, in the
transportation of freight and passengers to
or from the city.
Sec. 8. But 1t Is specially provided that no
bonds shall be issueO to said railway com.
pany under the provisions OF this ~inane
unuI the said company shall have first paid
heir note made TO the Southern Railroad
Association for Sl65, ass Is, or t~hereabOuts,
due 18TH u 1872, or shall have made
PROVISIONS for the payment of said note
IS shall forever preclude the holder thereof
ment; and the Mayor shall be satisfied OF
fact before issuing the bonds.
W. nance received and referred by Council
10 Or Committee.
REPORT.
HOul COMMITTEES report favOra-
ply upon the Mississippi River Railroad Or
finance, as amended.
When, on motion, the ordinance, as amend
passed y nrst reading by Council July d, |
ISL; thereupOn, the rules Of the Council, in
relation TO the passage of ordinances, was, in
conformity with the provisions of the city
charter, suspended. and, on motion, the or
finance was, on a second reading, passed
by Council, July 8, ISL
Action OF the Council concurred in by |
Board OF Aldermen by like action, July =, 1871. |
AMENDMENT.
Amend section of an ordinance passed
July 9th" in reference to a subscription to
he Mississippi River Railroad Company, by
after the words ~"three-fOurths of |
he votes" the words "east in this election"
10 as to read:
Sec. 6. This subscription shall become
binding only when ratified by a majority OF
h~ree-fOurths OF the votes cast at this cleo
OF the legally qnaltfi ed voters OF the
etc.
Adopted by Council July Is, 1871. Passed
irst reading by Council, July Is, ISL Rules
suspended as required By charter. Passed
and final reading by Council, July
3, 1871.
Amendment passed first reading by Board
II Aldermen. Rules suspended, per charter
equtrements, and ordinance passed asecond
nd final reading by Board OF Aldermen,
'uIy Is, ISL.
Approved Julyl9, 1871.
John JOHNSON, Mayor.
Attest: l., r, RICHARDS, City Register,
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