Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-08-19
ORDINANCE!1 I
DE IT ORDAINED BY THE GENERAL
ID Council of the city of Memphis. III, ri

DE IT ORDAINED BY THE GENERAL
ID Council of the city of Memphis. l..s III
=, SECTION l.; That there shall be submitted 70
the quallhed voters OF the city OF memphis the
proposition TO subscribe two hundred tnou-
SAND dollars in the bonds OF the city OF mem.
70 tGe capitai Stock od '9S 1Ss
terms and conditions, VIZ:
/. when tho sad Railway Company mas
completed lts road rom Momphi.s 70 g. Collng.
ton, tennessee, and has opened J. 70 business
a ana cars are rum ing feguarig snereon, hnn
the mayor = satisned oil those Iaets. ne ds snsil
lssue TO sasd railway company coupon ponus
Of the city of Meipphis to the amount Of one
hundred thousand dOliars, haVlng from one
10 ten years 10 run 70 maturity. pearlng % s siA
per cent. lnteres! per annum from uate " -
snance; ana the lnserest payaple sem il annn IA
any. Inc prlhcipal ~ the bonus sil'',i oe pala
IN equal annual lnstaliments OF tsn t,i tuousane
dollars eacn, me nrst instailmen. iaiihlng I'm due
one year alter 9ate OF lssuanef, anu ene oenel
consecutlVely thereafter, ior lho ensuing yen
years; -, p.;,.
z. ANA when the sala hallWay COMPANY
snail hhve completed tneir eh!lre road rom
Memphls to Troy otatlon' IN Vpiyh county, OF
10 Union Olty. Iennessee, anu tne road mas
Deeh oPeheu Ior ousinSss aii9 ~ tne chIs Iunhihg
regularly ehereon, anu ,no nluyor is satisneu
OF those facts, ne snail issue 10 SAID railway
company seconu series OF coupon Donds OF
the CITY Oh mslrnphis' slnllar 70 tne nrst, as
ABOVE proylusu l, III, 70 eLe ount Oh one nun
interest per annum n from GATE OF issuance, an ana
tne interest," paya0le semi-hnnuaiiy. INC prln-
cipai OF tne ponus shaii pc pallu, IN equal m
stailnehts OF zen tn9usaDu uollars each, Lne
nrsV lpslalliheht id!nnB uue one year nlter
date OF lssuahee, ana tne otners consecpuvely Ty
thereaiier iOr lhe ensuing zen year: Ine
bonus snall DC 1ehoinlh ,nleinPnls i, MS
slsslppl hlver haissWay bon9s, una snaII pc
issued N sums OF tWp hunureq uOilars eaen,
ana shall pe IecelvapIe Ior tne speclnc TAX
whlch snail DC ievled annually 20 pay tnem.
;S 2SG; ~ 2. dnG coupons OF sald Donus snail pe
Hiu Dy inO'her splciuG .A, igslgd ea
10 pay tnem' ana shall DC receivable LOT SAID
speclhc taM. lN, m c-,,. -,
DEC, o. lne lax Nollector snall BlVee eacn
taXpayer sepaIate reSeip's LOT ine speclnc TAX Hs
VI IN o,, 20 80 IN p3 u,
the prihclpai, anu coupons 9l m, tne ponus, Nhicn
receipts snnii d ehsiao tne noiuer 70 recelve
from the by. salu IaliMay sollpaany celtlncate VI
sIock IN salu CON npany equs5i 70 ny Hnoult oi
r;S - ~ ~ ~ S so;d ,
nSs ~ ~ az c;;tv &c MenTh;s ~ ss,,os 80
pany, IN the Guy OF MemphIis, IN sums OF
tWen.y nve uoiiIs, vi t.s N iluiit1lpie. nnu lyi
* ,nt ~ ~ enait sraatd y.
tho S.cratarv If said raiisvav comnany sbeii
tne - II e'.,u ~ PIKH i'm
giSe n 70 so utihIo ta to said ra;
Wise ~ vont i.o ny sIISh ~ saiJ ia:,
way nnSn pdniIars iI,;a
Th o,v az Hemnbis shaII not be the dxvnor
Ano wv VI 4'i, II "a .. ,S o IaL : M ~ w ~ ~
IN any senso ia iiiJ ssvoh H. ea "a ~
put .no ssi1 e N, W m 81. eu
prOperty Vi tn9 lesPeos;iso iuis ii iis ~ pay
70 evacntion or ale Tor the cnrnorote
sup!eef 10 e4eouton ~ s1ie ~ aor sho oofrpyrase
dept pI nng Gly no5 Nv snv wy e ~ ~ siel-
PMS pe llagie yeyou e .he VI ~ nv sps p5
pluo .aA ao .,o mi p ag iS = hl w ss,J J
connons shall eFpress that fact on their face'
Ine VI .nei IN, e ~ sa a,a "
RET elEc piS oue vi siae s",u .
tax Nleli ooiseoteu, Slo,i' t Sm, lily
expira uoh OF zen years from me lssuance nee OF
the sect I'D series Of bonds tne Heneral Ooun-
ell of the city oi y si,ia eneh "a year
point three A;1 A 2 g5 W " \ ppiiia,
to vote the Hn wv III innt;,s nia H.,
Of stock, en- uasse, IN az eieutlehs nelu ny
said railroad cGmpanyi nteeT tne eIplIatioll
of the said ten years. @ ene s'oeA nna9 W NOtcu
by the lndIyldual oWnels' /, ,ho ,o;d ro;I.,o,
oEo. .. lae accePtaHiov Psti, oe 4he honds hnroi1
authorized TO be issued shail pln9 tne Palhy
fully to all tho terms ana eondltions OF tnis
subscription as set forth IN the seotlohs Vi 'nis
ordnance, L;,5
SEC. 6. The SUBSCRIPTION shail become ~ pinu-
ing only when ratified by q majority Of three1
fourths of the votes OF the legaliy quaIned
voters of the city; and. TO test tneir sense OF
TINS question: the mayor snali i,aaH pHoIos
tion in two daily city papers OF an ERECTION, 10
be held for that purpose WIN tnlrty uAgs NJ
tice, as required in the city charter: and shall
make publication OF TINS ordinahoe Z, NJ n eohnec
ton with sad election nonce, ootion sapY mnY
liza V1 on ibcir baIIots the words for sub.
seription; T" and those who oppose shall place
oH spc S,r0 \ The said Mississippi River Hallway
Comnanv binds itself to complete said road to
Covineton bv July /. 1873, and to Troy Station
NV January i. 1875; or, in the event the road
l. not comnleted to CovinRtop or Troy Station
in tbe time prescribed then this subscription,
co far as hands have NOT heen issued shall be
nnii ond void but so far as the bonds have
bean issned shall be in full force and effect,
SEc IL is distinctly understood and
agreed by and between the Mississippi River
Railroad 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 IN axe any discrimination against the
transport alton Of freight and passengers to or
from the .sity.
SEC. .. But it is specially provided that no
bonds shall be issued to said railway company
the said company shall have first paid their
note made to the Southern Railroad Associa-
tion for Sl66, ,43S 76, or thereabouts, due 18th
January, 1872, or shall have made such proyi-
ever preclude the holder thereof from levying
on the said railroad for its payment; and the
Mayor shall BIZ satisfied Of that fact before
issuing the bonds.
Ordinance rec elYed ana reIerred py Oouncl
REPORT. -
80 :. ~,