Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-07-31
ORDINANCE.
DE 1T ORDAINED BY THE GENERAL
ID Council Of the city Of Memphis.

~ !, ,y,1 nv ,r,,r crnrrp =
~ a OhDrhiLNEn Df .tnE nDN nhAl
- Oouhc''oi 'ne oi's u "enpnis'
sFcrrnN |. That there shall be submitted tc
the aualified voters Of The city Of Memphis tbt
nronosifion TO Subscribe two hundred thou-
aand dollars in the honda of The oitv Of Mem.
phis to the capital stock Of the Mississippi
terms and condition VIZ:
i When The said Railway Company has
Completed its road from Memphis to Coying-
ton tennessee and has opened Il To business
and. cars are runnina regillarly thereon. and
the Mavor is Satisfied AZ those facfs. he shall
issue to said railway company coupon bonds
Of The city of Memphis To- The amount of one
bundped ibousand 9oIiars. 'bayinr from, one one
IN ZEN Years Ia run To maturity. bearing six
per cent interest per annum from date Of is-
snanca' and the ;nterest' navahle semi.annn-
aliy. The principai Of the bonds shall be paid
in eaual annual instaIlments of ten Thousand
dollars each. the first installment falling due
one veaf after date az iesuance. and the other
cnnsecnt;veIv thareefte for fha ensnine ten
wears, ~
And when the said Railway Company
Msmnb;s 10 Trog Station in 0bion county ar
10 un;on f,;tv Tanressee and the road has
been onened for busines and The cars runnine
regnlorIv thereon and ths MAYOR Is eatisfiAd
az those facts- he shall iss,re Ia said railway
camnanv n sscond serias Of conpon' boods of
Nc c;tv 81 Msmnhiet similar to The f;rst as
ahove nrovided for1 Ia the amount Of one hun
dred Thousand dollars. bearing six per cent.
;ntarest mar ON N n, from date 9f issuance and
the ;nterest i navabie r,i.annnaily' The nrin-
cinai Of The bonds shall he maid in canal in
stailmants' ~ tsn fhousand doIlars each. the
6rst instaIlment falling due one wear after
date ~ issnance and the others consecufiyelv
thareofter anso Sor he ensn;na ten 'vesrs The
hands shall he denominated :. Menphis Mis-
s;ssinni River Railway Bondse' and shall be
;ss,,ed in snms of two hundred dollars each :.
ia shaIl 10 roca;Sobie for fha sndci6c 10 y
Svn q The eounons Of said bonds shall he
Maid Nv another speoife tax. levied annuaIly
10 nav than. and shall he receivable for said
soeci6c tax. NNI1NN'tT~f-T ~ - lfQtlf~T
SEC 2 The Tax CoIlector shall rive each
tay-nayer separate receipts for the speciGc tax
ooIlactsd Of him or her for the na avment ~
t6e principal and coupons of the bonds, which
.acaiirts sboIi Ianfitlh' the holdar 10 receiva 4
r roco,Pts saH rsiisav oomnaDv cartisca, M 4
stont In sad comnanv canal 10 the an,onnt Of
sbe raceints wben presented te the secretary
of sa;d cpmnanv or al the office Of said com.
many in the city of Memphis. in sums of
panS ~ " sn1 Soliars Va "a ;ts nnit;nla ond for
W. nyoass over Ave doiiars a. 10 mul
.in,o in The amonnt ~ its receinis nresenfed
~ sacratarv of said railway comnanv shali
.iva 20 ,ba l'oidar a raceint wb;cb shall like-
Sec ha convertihle INTO The stock Of said rail
,yav comnany when nresenfed by the holder in
sn,1s nf twantv-6va dollars or its mnltinle -.
suTls Th o;,s of We,nnh;s shaII not ha the owner
IN nnv sensa q. re stocr herein snhscTibed
hA INA rnI n IVT a "a n n
pronarty of the resnective individuaIs who nav
H. or thar assiens and shall never he
smH smH;aot avacut;on oT sale FAR tha cornorate
debt of the CITY: nor shall the city of Mem
;s G Ia abia 6avord tha a,no,,nt of tho sne-
cinc tSx COLLECTED for the Daymcnt ef the said
INA "a anJ connonS and tSe sa;d honds and
conoops shall eFDress that fact on their face.
and the holder Of them shall be entitled To-
anu sne ,,nt oniss nrt oe tbs se;d sr,ec;,i
tseVaav ~ X overth eioss he
s;ra,;n, ~ tan vaers from Inc ;ssmancc of
IN apsanUd aor;ea bonds the Geperei Cam n,
iii Of the city Of Memphis shall each year ap-
,Ot thsaa tsy.novars n;,irens ~ Memnbys
~ po,t n,e ~ tho sa;d tTo hyndred thonsand dnIiars
" " noSo e, .e 30 ,nasse 4, eli siect;ane MA h,,
ol s'ocn, i,od "a cnSnsenv >" After tba e~n;rat;o1
Of f't The said ten years, the stock may BE- voted
pyesvr9 The sccentance hv the said railway
%.o., of anv nort;on of tha honds hcrein
company pt my pUaSdSbh II bnd SrS fSn
fSly 10 all the terms and conditions Of this
suG;?oap.ao" uI;UaTca "' s'' vi ~ WV "
Sa mr. srhsor;n,;or oboII hocome hind :
ohu, p: hnn srat;fn5 hv maoritv nf tbree-
fossrths g' Of the votes of the legally Qualified
Noteis It; VI tnO * No. ~ shali ,neha nnbI;cs
, .s t,so da;iv c;tv sonsrs Of an eiection To
l tloh ~ ~ that' ur1osa With tb;rtv davs; no
~ neau ,,;red III IN ths c;tv chartar and .halI
tlce. as regnireo IN sne cley Gna,.sa; anu n snal
til nahe ,p,,,I, ss;d alect;nn not;ca Those Who
favor S1 he subscription at said election shall
place on their pailots ine woros M inr oc Suo,
scrlpuoh anu .nvso MY
on ,nei1 DTi,o Tho an M;ss;s.;nni R;yer Ra;iwav
ho. sds NJ ss ;tsaie to connleia sa IA roai ~
Company plnos isy W. ~ rd ~ so Stst;or
C0ylngton by July L, loto. anu " Ltoy o'a.lol 4
by January I9soi VI ~ ..,o ssSrs ~ ~ sIS
Is not completeu tn OYNthsoh yi LIZ
IN the time pIescriDeu, then enis -
so Iar s Donus hhse NJ Sse ~ % u,
nun ana lOiu put W laI ~ NV oyi.vr sr ~ .
been issued shall 9e IN Iuil ioIce anu e1ece.
sEc, 3. ~ u alstincly lo;s.su,; unueIssso4;u anu
agreed py Gnu Detweend VA w tbe oitv of
and the came is made an express condition OF
the subscription hereby authorized, that the
Mississippi River Railroad Company shall
never make any discrimination against the
city of Memphis. or It's Inhabitants, in the
srom ro The city city. " " - ''''N y
SEC. 9. But it is specially provided that no
bonds shall be issued 10 said railway company
under the provisions Of this ordinance until
npte as sS made % To- the Southern Railroad Associa-
Janusry. 1872, or shall have made such provi-
sions for the payment Of said note az shall for
ever preclude the holder thereof from levying
Nayor shall be satisfied of that fact before
lssr,ing the bonds.
OrdinaRoe received and referred by Council
!" 0iui''A"' nnDon
REPORT. rraarr
Your Ordinance Committee report fayorably
nance as amended.
When. on motion, the ordinance, as
"nIIi ,,assol 4 6rsf road;nC hv Council