Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-08-17
ORDIN-A N-ANCE.
DE IT ORDAINED BY THE GENERAL
ID Council of the city of Memphis.

Il ~ n - H. "a, - Mn,.b;s = ~ -A' :,
- Oouhcii oi the Guy Oh Meihphis' " "a
SrcrroN rbot there sbalI be snbm;tted To
the nuaIifed voters of tha citv az Memnhis the
pronosition To Subscribe two hundred thou
sand dollars in The bonds Of the city Of Mem;
River Rnilwav Componv on the followine
terms and conditions viz.
l. When the said Railway COMPANY has
connieIcd lie road ii from, Mamnhis 10 Cnving-
ron Tennessee and Mas onened II 10 business
ana cars arc runninr reoi,larIv thereon and
the Mayor Is satisfied Of those facts. he shall
nf tbe ~ city Of memghiS 10 tbe amopUt Of ' nns
hundred fhonsand dollars. having from ono
Ia ten years 10 run 10 maturity hearing siw
per cent. interest per annum from date Of ia
anance. and the interest payabie semi-ann,,-
aIiv. The nrincipai Of the bonds shall be naid
in ennaI annual in stallmenfs az ten tbonsand
dollars ench. the first instailment falling due
one year after date Of issuance. and the other
consecntivelv thereafter. for Tho ensning ten
years.
3. And when the said Railway Comsanv
shall have completed their entire road from;
Mempbis to Troy Station. in Onion countv or
TO Union City, Tennessee. and the road has
been opened for business md the cars rnnninS
regularly thereon. and the Mayor Is satisfied
of those facts. he shall issue To said railway
comnnnv n second series ~ connon hoods nf
the city of Momnhis similar 10 Tho Grst NJ
above provided for IN The amount of one hnno Nc
dred thousand dollars. bearing six ner cont
interest per annum from date Of issuance' and
the interest DavahIe semi-annnaliv Tho min
cipal of the bonds shall be paid in enuai IN
staiIments az fen thousand dollars each tba
first ingtallment falling due one wear sfter
date of issuance. and the Others consecntivelv
tbereafter for The ensnina tep vears Ths
bonds shall be denominated " Memnhis MisS
sissippi River Railway Ronds and sbaII he
issued in sums of two hundred doIIars eacb
and shall be receivable for the specific faT
which shall be levied annually 10 nav them
SEC. q. The eonnons of said honJ oh iii ho
paid BY another specific tax, levied annually
to nav them. and shall bo receivable for sai3
specific tax.
SRC, 8. The Tax Collector shall rive each
tax-payer separate reeeipts for the snec;6c toX
collected Of him or her. for the nayment ~
the nrincinol and counons ~ tho hanSs wh;ch
receints shall entitIe Tho hoider Sto raca;va
from the said railway eomnnnvo cert;fceta oc .,
stock in said comnanv eonaI n fhc ano"nt 81
the receipts when presented te the secretary
Dany in IKE city Of Wemnb;s in o"su su,0S Of
iwe1tv' five dollars or its Innjtinla ond fo,
any excess over twenty-five dollars or its mnl-
tipIe. in the amount Of its receints nresented
the Secretary Of said railway cpmnonv sboii
give TO the holder n recent which shall IiIe-
wise be convertible into the stock of said rail
way company when presented by the holder in
sums of twenty-fiye dollars or its mnltinle
The CITY of Memphis shall NOT he the owner
in anv sense n, the stock berein snbscr;had
but the same shall always be and remain he
The tax, or their assigns. and shall never rbe he
snbiect 10 execution or sale far the cnrnorate !
debt of tho civ. nor shall the citv Of pWam
nhis be liable beyond Inc amonnt Of The spe-
cjic tax collected for the payment af the said |
bnnds and connons and re said bonds and
Commons shall exnress that fact on tba;r faca |
and The holder of them shall he entitled ~
aoa;a avent ani n,,t f ~ IN s;g VI
fecesye ,n pSymens oniy ous 81 ths said sRecia
eTniratian ~ ten vears from tLe issnonoa ~
fhe secnnd series ~ bonds Tho Genaroi rounM- W |
eli Of the c;tv of Memnhis shall Zach veor an
noint three tox-pavers citi1ans of Memnb;s'
10 vote the said Two hnndred tbonsand dnIinrs, |
of etocl, on masse IN aII eieci;ans MA h |
said railroad comnSnv' Altar tbe sexniratio3
Of The said ten wears. the stock NAV be voted
Iv the individuai owners. s ''''A "4"' W 'o'eu
Spc 4 The accentance Inv the said ra;lwov
ooooDv ~ nf onv poptiou cf the Ihe and Iu
outbnri5ed In he issned sha ii hind tba comnanv
fnIIv 10 ali tbe farms md con Jitions ~ 2 ~;
hScr;ntion os sat forth IN Az " ti
ordinapca ~ ' -O'" --- wv SSN'iO"' VI 'niS
Ssn e The subscr;nt;on shall hocor,s b;na-
inc onIv when rafiieS by n maioritv Of tbrea-
fnSrths Of tba votas of tba Ienaii oisod ~
yotars Of the civ. and 70 test fbnir sansa of
his Snestion' he Mavor shall mota nnh,;.o "a
tion in two daiIv city nSners of an eiection 70
La baid for that nur1osa ,v;th tb;rtS 49, W
% ~ neS roo Is IN & NV snry aags nI
nnl,e nnbiication of tbis ordinancain connnnl
ton with said election notice. Those who
favor the subscription at said election shall Z
place on their ballots the words = for sub
scrlptlon ana tnose VINO Oppose shall place
on thelr ballots the words no subscription.
=, SEC. Z. The SAID MISSISSIPPI Kiver. Railway
Company binds itself TO complete said road to
Coylngton by July /, loI3 and TO Troy Station
by January l, $50; or, IN the event the road
Is not completed to C9vlngton or Troy Station
III the time prescribed. then this subscription,
so TAR as bonds nave not been issued, shall be
null ana VOID; but so FAR as the bonds have
been issued shall be IN full force and effect.
SEQ 2. III y distlncIy Dn;ndierstood and
saoS GonpoDy ad th n, of
i tt ~ =; 1 ~ o n .sy VI LII LII; ~ pis
% lily 20 havnhs, n u
tne Is; @ r, INA. tig
mississIppl novr nv sor;r;n snLi ~
nesei Mnvh;S W. n ~ ;LaI;t E the
Guy OF Meinphiss' or its min1aDitants, m IN tne
c ; VI iioish' anu passehseIs W UT
IRON ON 'ne Ivy; It;, e sDoo;oIi,, ,ridod a..
J soII bo ssraJ ~ rSio oS no
Donus shHll W issueu 70 shu way coln plny
under the provisions ms q Of this ordinance s until
tne saIo GoiptnS m ,S sna n,.NS Hrss pau eneir
note lluSH eiee so ,Sa slv rs hssovn
Ion ior iS5 T bsao Jae totn
io,S oi slii.i ~ iraae aae suSh PTStl w
sions LOT inS paSyeht RI oi sara note as small ior
ever preci9ue 1ne nofuer r theIeoI from leVylng
On On the salu IaiiIoHu !of ~ N pH@ynehs' @ anu tne
mayor shalL ~ sa'isneu oi 'nat iact before
lssHlng nu " @ tnc ponus. ias =,
Ordinahce received and referred by Council
TO ordinance Oommlttee.
REPORT.
,,ron NJ tbo M;ssiss;nn; Riyer R"iiroSd nrdi,
nance as amended.