Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-08-18
CRY 0~RDIaARcEs.
cITY ORUINANeE.
B: . 2 s : as.s:a % q. e~'ra osu~eas A.a~


Be q eEaatssd bv As Gerard oOussag ~ ag
sEoTIoE J. That there shall be submitted
70 the quatned voters OF the city OF Mem.
gnls me proposition 20 subscribe two hun
dreo snonaand dollars In the bonds Of the
city OF Memphis, 70 the capital Stock Of the
mississippi River Railway Company on the
foLoHing terms a conditions, viz:
l. When the said RsfIWay CompanV has
comRleted ins road from Memphis 70 lowing
ton tennessee and mas opened Il to BUSH
ness and cars are running regularly thereon.
and the Mayor Is satisfied Of those facts. ne
shall issue TO said railway mpa cOupon
bonds Of the city OF Memphis 70 the amount
from q 10 ten years 20 run 70 maturity,
bearing six per cent Interest per annum
from date Of Issuance, and the Interest pay
able semt-annually The principal Of the
bonds shall be paid in equal annual INSTALL
menfs OF ten thousand dollars each, the first
lnstallmsn falling a one year sftsr date
thereafter, for the ensuing ten years.
z n when the said Railway Company
shall have completed thsii entire road hon
or 10 Union City, Tennessee, and ths road
has been opened for business and ears are
running regularly thereon, and the Mayor
IA satisfied Of those Facts, he shau issue to
said railway company q second series of
coupon bonds Of the city OF Memphis, Sim
liar 20 the nrss, as above provided for, 70 the
amount OF one hundred thousand dollars,
bearing six per cent. interest per annum
nom late OF issuance, and the interest pay
AAu RAAA[AR&A Va lie
bonds shall DO paid In equal annual install
menss OF ten thousand doLsrs each, the hrst
t1stalment falling due one year after date OF
issuance, and the others onsscuttvely there
after Tor the ensuing ten years The bonds
shall be denominaIed Memphis Mississippi
River RatlEay Bonds" and shall Dc issued
In sums OF two hundred dollars each, and
snail be receivable for the specific tax which
shall De levied annually to pay them.
sec. 2. IA coupons or said bonds sLall be
paid By anotner specific tax, levied annually
70 Pay them and q be receivable for said
speeiae tar.
rec. 4. The tax collector shall give each
taxpayer separate receipts Tor the SPECIFIC
tax collected Of him or her. for the yme
OF the principal and coupons OF the bonds,
which receipts shall enttuethe holGer 10 re-
ceive from the said railway company a GER
t1neate OF stock IN said ccmpRny equal to
the amount OF the receipts when presented
70 ehe secretary OF said company, or az the
omce OF said company in the city OF Men,
ph1s, In sums OF twenty-five dollars, OF IT'S
multiple, and for any excess over twenty
I'VE dollars, OF its multiple In the amount OF
lis receipts presented, the Secretary OF said
railway company shall give to the holder 3
receipt which sha likewise be convertible
into the stock ofsaid railway eOmpany when
Presented by the holder in sums Of twenty
ave collars or its multiple.
The city OF Memphis shall not be the owner
In any sense OF tRe 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 shall
never be subject 70 execution or sale for the
corporate debt Of the city nor shall the city
OF Asmphis be liable beyond the amount Of
the sPeeInct tax collected for the payment OF
the said pondS and coupons, and the said
bonds and shall express that fact
on their face, and the holder Of them shall
De entitled TO receive payment only out OF
the said specific tax when collected. Never
tbeless, until the expiration OF ten years
rom the issuance OF the second series OF
bones, the General Council Of the city of
Memphis shall each year appoint three tax.
payers, citizens OF Memphis, TO vote the said
" hundred thousand dollars OF stock, en-
masse, in ali elections held by said railroad
company. After the expiration OF the said
dtvtdUal owners.
Sec. 5. The acceptance by the said railway
company Of any portion OF the bonds herein
authorized to be Issued, shall bind the com
pany fully 70 al the terms and conditions OF
tnls subscription, SIS set forth 1 the sections
of this ordinance
Sec. 6. This Subscription shall become
olndlng only when ratified by a majority OF
three-fourfh s OF the votes Of the legally quail
1ned voters OF the city; and, TO TEST their
sense Of tins question, the Mayor shall make
publication in two daily city papers Of an
election, 10 De held tor that purpose, with
thirty days notice, as required In the city
charter, and shall make publication Of this
ordnance in connection with said election
notice. ThoSs who favor the subscription at
ERtd election shall place on their ballots the
words Tor subscription - and those who op-
pose b place on their ballots the words
see.T Z. The said Mississippi River Railway
Company binds Itself TO complete said road
TO C~ovtngtOn By July ], Is7S, snd to Troy Sta
is not completed TO CovingtOn or Troy
In the time prescribed, then tins sub
scrtPEOnt 50 lar as bonds have not been IS
sued, shall be null and void; but so lar a. the
bonds have been issued shall be IN full force
and effect.
See. s. It is distinctly understood and agreed
by and between the Mississippi River Rail-
Company and the city OF Memphis, and
the same Is made an express condition Oftue
subscription hereby authorized, that the
never make any discrimlnR alton against the
city OF Memphis, or its inhabitants, In the
transportation OF freight and passengers to
See. 9. But IL Is specially provided that no
bonds shall be issue TO said railway com
pany under the provisions OF this ordinance
until the said company shall VI nrst paid
heir note made to Inc Southern railroad
Association Tor sl63,4S %, or theFeabouts,
such provisions Tor The payment OF said note
as shall forever preclude the holder thereof
from lsTytug On the said railroad for Us pay
that TACT before issuing the bonds.
Ort-nSnce received and referred by Council
TO Ordnance Committee.
REPORT.
You Ordinance Committee report fRvora-
bly, UpOn the Mississippi River Railroad "
t~inancs, as amended
When, on motion, the ordinance, ss amend
ed, passed a first reading by Council, July 8,
1911; thereupon, the rules of the Council, in
relation TO the passage OF ordinances, was, in
III van ~ kAO7A14GAo VI sAO ~ l
suspended, and, on motion, the or
dilsnes was, on q second reading, passed
1nal y oy Council. July 8, lS7l.
Action of the council eonouITed In ~
Board Of Aldermen by like action, July D, 1871. /
AMENDMENT, |
Amend section Q of an ordinance passed
luis 9Th :" in reference 10 3 subscription to
he Mississippi River Railroad Company, by
after the words "thres.fourtns Of
me votes" the words least in this election"
70 as to read:
sec. 6. This subscription spa1 become
binding only when ratified by d majority OF
.h~ree-IOurths OF the votes cast ct this cleo
ion, OF the legally quRl1ned voters Of the
etc.
adopted by Council. July Is, 1871. Passed
irst reading by Council. July IS, ISL Rules
suspended as required by charter. Passed
eeond and Anal reading by Council, July
s, 1871.
Amendment passed hrst reading By Board
If Aldermen. Rules suspended, per charter
'sQuirements, n passed asecond
final reading By Board OF Aldermen,
July Il, ISL.
Approved Julyi9, ISL
JOHN JOHNSON, Mayor
Attest; LIZ RICHARDS, City Register,