Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-08-09
CRY o~sDIMAEeEs,
B: 9 craasssd By As General oOuneaq Of ~ os'

Be q o~raaased by as General oOuneaq 1s eey
Of Nesph6,
sEorIoEL. That there shall be submitted
70 the qualified voters OF the city Of Mem
dred thousand dollars IN thu bonds OF the
city OF Memphis. 10 the capital stock of the
Misslssippl River Railway Company on the
/ following terms and conditions. viz:
l. When the said Railway Company has
eomPleted It's road from Memphis 70 COving
ton, tennessee, and has opened d to bUsi-
and the Mayor Is satia1ed OF those facts. he
shall issue TO said railway cOmpauv- couDon
oonos OF the city OF Memphis, 70 the amount
OF one hundred Thousand dollars, having
from one 70 ten years 70 run TO maturity.
bearing SIX Per cent Interest per annum
from date OF Issuance, and the Interest pay-
able s-emf-annaaIly The prinefpaf o. he
bonds shall be paid IN equal annual INSTALL
ments OF ten thousand dollars each, the first
installment falling due one year after date
OF issuance, and tbs other c~onseeutively
thereafter, for the ensuing ten years.
2 And when the said hallway Company
snail have completed then entire road from
Memphis to Troy Station, IN bio county,
or 20 Union CITY, Tennessee, and the road
has been opened for business and cars are
running regularly thereon, and the Mayor
Is satisfied Of those Facts, he shall issue 10
said railway company a second series Of
coupon bonds OF the city Of Memphis, sim
liar TO the INST, as above provided FOX, 20 the
mount OF one hundred thousand dollars,
bearing six per cent Interest per anuum
from cate OF Issuance, and the interest pay
1GAg IL RAAANARA "a -
bonds shall be paid in equal annual install
msuts OF ten thousand dollars each, the drst
instalment falling due one year after date OF
issuance, and the others eonsecuttyely there
after for the ensuing ten years. The bonds
shal bedeuOminated memphis Mississippi
River Railway Bonds" and shall ne issued
in sums OF two hundred dollars each, and
shall be receivable Tor the specific tax which
shaH be levied annually 10 pay them.
Sec. 2 The coupons or said bonds shall be
paid BY another speeihet tax, levied annually
TO pay them, and shall be receivable for said
specific tax.
Sec. 3. The tax collector shall give each
taxpayer separate receipts Tor the specific
tax collected OF him or her, for the payment
of the principal and coupons OF the bonds,
which receipts shall enttIiefh holder TO re-
ceiVe from the said railway company a Cer-
ti1cate OF stock In said company equal 70
the amount OF the receipts when presented
10 the secretary OF said company, or az the
ONCE Of said company In the city Of Mem
phi in sums OF twenty-five dollars. or It's
muluple, and for any excess over twenty
i've dollars, CT lis multiple in the amount Of
It's receipts presented, the Secretary OF said
railway mpa hall give - the holder q
receipt when shall likewise be convertible
into the stock OF said railway npany when
presented by the holder In suns 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 property Of the respective individuals
who pay the tax, or their assigns, and b
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 payment OF
the said bonds and coupons, and the said
bonds and coupons shall express thai fact
On their face, and the holder OF them shall
be entitled to receive payment only out Of
the said specific tax when collected. Never
theless, until the expiration OF ten years
from the ssuanee 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
Two hundred thousand dollars of stock, en-
masse, In al elections held Dy sad railroad
ompany Alter the expiration OF the said
ten years the stock may be voted BY the in
dividuaI owners.
Sec. 5. The acceptance by the said railway
company Of any portion OF the bonds herein
authorized to be issued, shaM bind the com
pany mlly to all the terms and conditions OF
Lhls subscription, as set forth in the sections
OF this ordinance.
Sec. s. This subscription shall become
binding only when ratified by a majority OF
thres-lOuri his OF the votes of the legally quail
sense OF this question, the Mayor shall make
publication IN two daily city papers Of an
election, 70 be held for that purpose, with
thirty days notice, as required in the city
charter, and 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 who Op-
pose shall place on their ballots the words
Sec. 4. The said Mississippi River Railway
Company binds itself TO complete said road
to Coytngton by July 1, 1878, and to Troy Sta
roads not completed TO CoVingtOn or Troy
Station In the time prescribed, then this sub
scrtptton, SO far as bonds have not been is
sued, shall be null and void; but so far as the
a have been issued b be in full force
and effect.
Sec. 8. Il is distinctly understood "a 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
never make any determination agafastthe
city OF Memphis, or its Inhabitants, in the
transportation Of freight and passengers TO
or from the city.
Sec. g. But 1t is specially provided that no
bonds shall be ISSUED to SAID railway COM
Pany under the provisions OF this ordinance
until the said company shall have nrst paid
heir note made to the Southern Railroad
Association for $3.50, ass 70, or Whereabouts,
due 18th January, 1879, or b have made
sucn PROVISIONS Tor the paymen OF said note
as snail forever prsclude the holder thereof
from leVytng On the said railroad Tor It's pay
menu; and the Mayor shall be satisfied OF
that fact before issuing the bonds.
Ordinance received and referred by Council
to Ordinance COmmfttes.
REPORT.
Your Ordinances Committee report favOra-
bly, upon the Mississippi River Railroad Or
dinanee, as amended.
When, on motion, the ordinance, as amend
ed, passed p nrst reading by Council, July 9,
ISL; t~hereupOn, the rules Of the Council, IN
relation to the passage of ordinances, was, in
Win Inc pEUhAbAun5 u the GAh9
charter, suspended, and, on motion, the Or
dinsnce Was, on a second reading, passed
nnaliy By Council July 8, 1871.
Action OF the council cOncurred in BY
Board OF Aldermen by like action, July6, 1871.
AMENDMENT.
Amend section 8 "Of an ordinance passed
July 9th, in reference to a subscription TO
the Mississippi River Railroad Company, by
after the words "three-fOurths Of
the votes, the words cast in this election"
so as TO read:
Sec, 8. This subscription shall become
only when ratified by a majority OF
sh-Tee-fOurths OF the votes east at this cleo
lion, Of the legally qualin ed voters Of the
etc.
ADOPTED by Council. July Is, ISL. Passed
drst reading by Council, July IS, 1871. Rules
suspended as required by charter. Passed
second and nnal reading by Council, July
1871.
Amendment passed first reading by Board
Of Aldermen. Rules suspended, per charter
equiTements, and ordinance passed ascend
ana nnaI reading by Board OF Aldermen,
uly u, 1871.
Approved Julyl9, IS7L
JOHN JOHNSON, Mayor,
Attest; L. X. RICHARDS, City Register.