Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-07-20
NEW ADVERTISEMENTS.
CITY ORDINANCE.

Be q ordatned By he General l,os''ctz Of tae cis
of Memphis,
SECTIoN L That there shall BE- submitted
/ to the qualified voters OF the city OF Mem
phis the proposition 10 subscribe two hum
| dred thousand dollars in the bonds OF the
| city Of Mem nhis. to the capital stock Of the
Mississippi River Railway Company on the
following te rms and conditions. viz:
I. hsn the said kStlwiIy Company has
completed It's road from MeiHphfs to CovfuQ-
ton, Tennessee, and has opened It 70 BUSH
ness and cars are running regularly thereon
and the Mayor Is satisfied az those Facts. bs
shall Issue - said railway company, coupon
bonds OF the city Of Memphis, TO the amount
Of one hundred thousand dollars hayfng
bearing six per cent Interest per annuTn
| nom date OF issuance, and the In terest pay-
able seInt-annually The principal OF the
bonds snail be paid in equal annual install
ments OF ten thousand collars each tbe rst
tnstallment falling due one year after date
Of issuance and ths Other consecutiVely
thereafter, Tor the ensuing ten years.
2 And when the said Railway Company
shall have completed thei. entire road frOIa
| Memphis to Troy station, in Obion eounty,
or To Union City, TeDness ee. and the road
/ has been opened for business and cars are
running regularly thereon, and the Mayor
| is satisfied OF those facts, be shall issue 70
said railway company second series OF
coupon bonds OF the city of Memphis, SIM
| liar 10 the first, as above provided for, to the
/ amount OF one hundred thousand dollars,
/ bearing six per cent interest per annum
from ate Of Issuance, and the interest pay
ablp semi annually. The principal OF the
bonds shall be paid in eqlIal annual install
u ments Of ten thousand dollars each, the nrst
tnsfalfnent falling due on year Rft5r date or
fss aance, and the others cCnsecubively there
after for the ensuing ten years. The bonds
shall be denominaBed Memphis Mississippi
River Rail way Bonds" anu shall be issued
in sums OF two hundred dollars each, and
vi all be receivable fOr the SPECIFIC tax which
shall be levied annually to pay them
sec. 2 The coupons OF said bonds skall be
paid by another specific tax, levied annually
70 pay them, and shall be receivable for said
sec 3. The tax collector shall give each
tax. payer separate receipts for the SPECIFIC
tax collected Of him or her, for the payment
OF the principal and coupons OF the bonds,
which receipts shall entille the hOlIer to re-
eeive from the said railway company GER
tifcats OF stock IN said company equal TO
the amount OF the receipts when presented
10 the secretary OF said company, or at the
office OF said company II the city of Mem
phls, in sums Of twenty-five dollars, or It's
multiple, and tor any excess over twenty
five dollars, or its multiple in the amount Of
It's receipts presented, the Secretary OF said
railway company shall give to the holder q
receipt which shall likewise De conVerLlOle
into the stock OF said railway company when
presented by the holder in sums of twenty
i've dollars or its IA ultiple.
The city of Memphis shall not be the owner
in any sense of tAs stock herein subscribed,
but the same shall always be and remain
the properly Of the res pective individuals
who pay the tax, or their assigns, and shall
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 tie payment OF
the said bonds and coupons, and the said
bonds and coupons shall express that 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
nom the issuance Of tihe second series OF
bone g. the General Council OF the city OF
Memphis shall each year appoint three TAX
pay ers, citizens of Memphis, to vote the said
Two hundred thousand dollars OF stoek, en-
masse, In all elections held Dy SAID rallroau
company. After the expiration OF the SAID
ten years, the stock may be voted BY the IN
dtVidual owners.
Sec. S. The acceptarc ca by the said railway
company OF any portion OF the bonds herein
authorized to be tssue1, shall bind the COM
pany fully to all the terms and conditions or
this subscription, as set forth in the sections
of this ordinance.
Sec. 6. This subscription shall become
binding only when ratified by majority or
three foul. hs or the votes Of the legally quail
ified voters Of the city; and, to test their
sense OF this question, the Mayor shall make
publication in two daily city papers of an
election. TO be held fOr that purpose, win
thirty days notice, as required in the city
charter, and shall maze publication OF this
ordinance in connection with said election
notice. Those who favor the subscription at
said election shall playe On their ballots the
words 4" for subscription and those who op
pose shall place on their ballots the words
Sec. T. The said Mississippi River Railway
Company binds itself TO complete said road
to Covtngton by July |, 1873, and TO Troy Sta
ton by January l, 1875; or, in the event the
road is not completed to CovingtOn or Troy
Station In the time prescribed, then this sub
scrtption, so far as bonds have not been is.
sued, shall be null anC void; bot so far as the
bonds have been issued shall be IN full force
and effect.
Sec. 8. 1t is distinctly understood and 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 suthcrizsd- tnat the
Mississippi h1Ver Railroad Company snail
never make any discrim lnstlnn against the
city of Memphis, or its Inhabitants, in the
transportation OF freight and passengers to
Sec g. But it 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 have hrst paid
heir note made to the southern Railroad
Association Tor sI6t,4SS 76, or thereabOuts,
due 18th January, 1872, or shall have made
such provisions for the payme ent OF said note
as shall forever preclude the holder thereof
from levytng On the said railroad for It's pay
menLi ana Lhe mayor shaI be satlsned or
that tact before issuing the bonds.
Ordinance received and referred by Council
to Ordinance Committee.
REPORT.
Your Ordinance Committee report favOra-
bly, upon the Mississippi River Railroad Or
dinance, as amended.
Wnen, on motion, the ordinance, SIS amend
ed, passed a nrstfeHding by Council, July o.
toll5 IuereupO1s h0G rules OF bne COUNCIL II
relation to the passage of ordinances, was, in
conformity with the provisions OF the city
charter, suspended. snd, on motion, the or
dtnance was, on a second reading, passed
dnal. y by Council July s, lS7l
Action of the Council cOncuIred In BY
Board OF Aldermen by like action, July6 1871.
AMENDMENT. D.
Amend section "of an ordinance pasasd
July 9th. " in reference to q subscription to
The Mississippi River Railroad mpany, by
inserting after the words "a three -fourthE Of
the votes, the words " cast in this election, %
so as to read
Sec. 9. This subscription shall become
binding only when ratified by a majority of
three -Iourths Of the votes cast at this cleo
tton, of the legally qualified voters OF the
,ity," etc.
Adopted by Council July Is, 1871. Passed
drst reading by CO1ncil, July Is, 1871 Rules
suspended as required by charter. Passed
second and fnal reading by Council, July
ls, 1871.
Amendment passed first reading by Board
Of Aldermen. Rules suspended, per charter
and ordinance passed second
and nnaI reading by Board Of Aldermen,
July Is, 1871.
Approved Julyl9, lS7l-
=