Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-08-14
CRY ORDINANCES.
CITY ORDINANCE.

CITY ORDINANCE.
Be u ordained bg ne General OOunca Of Ne c4y
Of Memphis,
sEoTIoE 1. That there shall be submitted
70 the qualified voters Of The city OF Mem
Phis the proposition to subscribe Two hum
dfed thousand dollars In the bonds OF the
city OF Memphis. to the capital sloek Of the
Misslsslppi River Hallway Company on the
foloElng terms and conditions. viz:
l. when the said Railway Company has
cOmpleted It's ROAD from Memphis to COVlng-
ton, tennessee and has opened II to busi-
ness and cars are running regularly thereon.
and the Mayor Is satisfied OF those facts, he
shall issue 20 said railway company, coupon
bonds Of the city OF Memphis. u the amount
OF one hundred thousand dollars. having
from one 10 ten years % run to maturity.
bearing six per cent interest per annum
nom date Of issuance and the interest pay
able semi-annuaily The principal Of the
bonds shall be paid in equal nnua INSTALL
ments OF ten thousand dollars eseh, the nrst
Ingtallment falling due one year after date
Of issuance, and he other c~onseeutivsly
thereafter, for the ensuing ten years.
2. And when the said Railway Company
shall nave completed then entire road nOm
Memphis 70 Troy Station. In Obion county
or 10 Union City, Tennessee, andt the road
has been opened for business and cars are
running regularly thereon, and the Mayor
Is satisfied OF those hiets. he shan issue 20
said railway company q second series OF
coupe bonds of the city Of Memphis, SIM
liar 20 the frst, IS above provided lor, to tie
ADlUuuL OF O4H Auu4EEu LLDU81LA AQAAnL1f
bearing six per cent interest per annum
from cate OF Issuance, and the interest pay
able s~emt.annually. The principal Of the
BONDS shall be paid In equal annual install.
ments Of ten Thousand dollars each, the nrst
inBtalment falling due one year after date OF
issuance, and the others consecutively there
after for the ensuing ten years The bonds
shall be denominRted memphis Mississippi
River Railway Bonds" and shall De issued
In sums OF two hundred dolar each, and
shall be receivable for the SPECIFIC tax which
shall be levied annually 70 pay them.
Sec. 2 The upon OF said bonds skali be
paid by another specific tax, levied annually
TO pay them, and shall be receivable for said
SPECIFIC tax.
Sec. 8. The 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 the bonds,
which receipts shall entlilet h hOlder to re-
eelVe rom the said railway companya GER
tincate OF stock IL said company equal to
the amount OF the receipts when presented
10 the secretary OF said company, or at the
Office OF said eOmpany In the city of Men,
phis, ii sums OF twenty-five dOIlsrs, or It's
multiple, and for any excess over twenty
hye dollars, or its multiple In the amount Of
It's receipts presented, the Secretary OF said
railway company shall give to the holder a
receipt which shall likewise be convertible
into the stock ofsaid railway company when
presented by the holder in sums OF twenty
I'VE 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 properly OF the respective individuals
AO "a ZIG NaAH VI AlGLL a11AE45r ALA
never be subject TO 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 ymen OF
the said bonds and cOupOns and the said
bonds aud aoapOns shall express that fact
on their lace, and the holder OF them shall
Be entitled 20 receive payment only out OF
the said specific tax when collected. Never
theless, until the expiration OF ten years
from the Issuance Of the second series OF
bones, the General Council OF the city OF
Memphis shall each year appoint three AK
payers citizens OF Memphis, TO vote the said
Two hundred thousand dollars OF stock, en-
masse, In All elections held by said railroad
company. Alter the expiration OF the said
ten years, the stock may be voted By the In
Sec. 5. The acceptance by the said railway
mpR OF any portion OF the bonds herein
authorized TO be issued, shall bind the com
pany July 10 all the terms and conditions OF
this subscription, as SET forth IN tho sections
of this ordinance.
Sec. 6. This subscription shall become
binding only when ratified by a majority Of
three-fOur. his or the votes OF the legally quail
ihed voters of the city; and, to test their
sense OF tins question, the aye shall make
publication in two daily city papers Of an
election, to be held Tor that purpose, with
thirty days notice, as required in the city
charter, shall make publication Of THIS
ordinance 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 vino Op-
pose b place on their ballots the words
! mo subscription"
sec e. Inc EhN4 AlHstNAlUUI ElNEI DAllHA
Company binds Itself TO complete said road
to C~ovtngton by July 1, 1873, and 10 Troy Sta
ton BY January l. 1870; or, In the event the
rOadt not completed to COVingtOu or Troy
Station In the time prescribed, then this sab
scFiption, so far as bonds have not been is
sued, shall be null and void but so lar as Inc
bonds nave been Issued shall be IN ful force
Rndenect.
Sec. 8. Il Is distinctly understood and agreed
by and between the Mississippi River Rail-
road Company and the city OF Memphis, and
the same Is made an express condition OF the
subscription hereby authorized, that the
Mississippi River Railroad Company shall
never MAKE any discrimination against the
city o. Memphis, or It's Inhabitants, In the
transportation OF freight and passengers 10
| or from the city.
Sec. 8. But 1t is specially provided that no
bonds shall be tRsueu to said railway COM
pany under the provisions Of this ordinances
until the said company shall have nrst paid
heir note made to ths southern Railroad
| Association Tor Sl66, 4S IS, or Whereabouts,
due l5th January. l5I2, or shall have made
such provisions for the payment of said note
as shall forever preclude the holder thereof
from ievying On the said railroad for It's pay
menti a1u Lhe Mayor shan Dc sa1lshen Oh
that fact before issuing the bonds.
Ordinance received and referred by Council
TO Ordinance Committee.
REPORT.
Your Ordinance Committee report favora-
bly, upon the Mississippi River Railroad Or
d~tnanee, as amended.
When, OF mOEon, the ordinance, as amend
ed, passed a nrst reading BY Council, July 8,
lS7l; thereupon, the Jules of the Council, in
relation to thu passage OF ordinances, was, IN
conformity with lhs provisions Of the city
charter, suspended. and, on motion, the or
dinanoe WGs, on q second reading, passed
/ finally by Council, July 8, lS7l.
Action OF the Council In BY
Board OF Aldermen by like action, July ., lS7L
AMENDMENT.
Amend section 6 "of an ordinance passed
July 9th " In reference to 3 subscription TO
lthe Mississippi River Railroad Company, by
inserting alter the words three-fourtn OF
the votes, the words cast In this election
50 as to read.
See. s. This subscription shall become
binding Oniy when ratified by q majority or
three-fOurths OF the votes cast at this cleo
ton, of the legally Quslih ed voters OF the
| city,o etc.
ADOPTED by Council. July Is, 1871. Passed
FIRST reading by Council, July Is, lS7l. Rules
suspended as required by charter. Passed
second and n r reading By Council, July
Is, 1871.
Amendment passed hrzt reading by Board
of Aldermen. Ruies suspended, Per charter
| requirements, and ordinance passed ascend
and final reading by Board Of Aldermen,
July Is, lS5L
Approved JulyJs, ISL
JOHN JOHNSON, Mayor.
Attest: L. K. RIOHARDs, City Register.