Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-03-09
SuRLBY County QUARTERLY Court, !
JANUARY TERN,
THURSDAY, January 5, 1871. J

THURSDAY, January o, 1914.
State of Tennessee, Shelby County--.County
Court, Quarterly Term, January, 1911.
F IF o Selma nssi Marion and Memphis Railroad
Company OF Tennessee and Mississippi, for
meriy the Memphis. Holly Springs, 0kolona
and Selma Railroad Company, by tner fresi-
dent. N. b; Forrest, and malo;r s OF '9 ne
take, on behalf of the County OF Sheloy, rive
Hundred Thousand Dollars ($5OO,0O0) Of the
Capital Stock Of said Company. and believing
w vd1' be greatly promoted By the speedy con-
struction of said Railroad; M
IL is therefore ordered by the Court, That
Five Hundred Thousand Dollars be sub
scribed to the Capital stock OF me san CON-
of one Hundred Thousand Dollars each,
without interest, upon the following terms
and conditions, viz:
i. The Western terminus of said Railroad
shall be and always remain at Memphis,
Tennessee.
or the certificate of indebtedness hereinafter
authorized to be issued, shall be, applied:
First-To the grading. bridging and masonry
of that portion of the road within the County
Of Shelby, commencing the work az mem
phis and completing it continuously, ready
for the superstructure, to the County line.
Secondly-To the purchase of cross-ties, iron
rails and fastenings sufficient to lay the track
within the County of Shelby. Thirdly-Io
the purchase of locomotives and ears sum-
Gent to operate that portion OF the road
within The County, and to the laying of the
track over the same. Fourthly-To the erec-
ton Of such depots, platforms, section houses,
machine shops, turntables, water stations,
and the purchase OF such machinery ior tne
shops as may be necessary for the economical
operation of the road. Fifthly-Should any
portion Of the subscription remain after that
part of the road in Shelby County is fully
completed and eqYpped as hrst-class road
ton shall be applied to the extension, of the
road into Mississippi, in the same order and
for the same purposes as required TO be eN-
pended in Shelby County; and no part OIL tne
Gates of Indebtedness hereinafter authorized
| to be issued shall be used for the payment OF
officers salaries, commissions, ONCE rent,
printing. stationery, or other general or mis-
| cellaneous expenses of the company, nor for
| right of way or depot grounds, and any viola,
ton of these conditions on the part of the said
| Railroad Company shall render this sub
| scription wholly void, as to all further pay
s. Before any portion Of the money herein
subscribed shall be paid over to said Railroad
Company. and before any certificate of in;
debtedness shall be delivered to the SAID
Railroad Company, the President of said
| Company shall file with the CLERK, Of the
| County Court an accurate and full Topo-
graphical Map of the final location of the
| Road in Shelby County, and an accurate pro-
|
| excavation and borrowed embankment, OF
masonry, and of bridging TO be done on each
section, and copy Of the specifications and
| form of contract under which the work is re-
quired 10 be done, which map, profile and
| specification shall be certified by the Chief
| Engineer of said Road under oath as correct.
A. The annual installmenis shall be assessed
by the Court each year at the same, time
| that the other County taxes are assessed, and
| shall be collected at the same time other
/ County taxes are collected.
! 5. At the term of the Court each year pre-
| ceding the term at which the taxes are to be
| assessed. the Court may appoint one or more
| competent Civil Engineers, of high character
| for integrity, who shall have no connection
| with said Railroad, TO so on the line OF said
| Railroad and make an accurate measure,
ment of all the work done, an account Of all
the locomotives, cars, machinery, buildings;
| and material delivered for the Road, and
make detailed, itemized report Of the same,
and the value thereof in detail. estimated al
| fair and reasonable prices for each item
Said report shall be made by tAe said Engi'
neers under oath to the Court at the next
| term following their appointment; and the
President and Chief, Engineer Of said Com
| pany shall be bound to afford said Engineers
| appointed by the Court access to their books
notes Of the work, and every facility for ar,
| irving at a correct measurement ana value OF
the same. :,
6. The President of the said Company shall
file a statement under oath with the Clerk Of
| the County Court each year. cotemporane
ously with the report of the said Engineers
which statement shall show fully the ex'
| penditures of all money received from this
subscription Of Shelby County, or from the
certificates of Indebtedness hereinafter au'
thorized TO be issued, showing whom and tt
| whom paid, and on what account.
| T. If il appear to the satisfaction Of the
court from the report Of the said engineers
that the money received from said county sub
seriptiOn, or the certificates of Indebtedness
hereinafter authorized TO be issued, have beer
4 In..A To- ia
purposes expressed in article Of the decree
then no further tax shall be assessed or levied
for that purpose, and no more certificates Of
Indebtedness shall be issued and the subscrip
ton as to the balance Of the installments shall
s. In collecting the tax. the Tax Collector
| shall give each taxpayer a separate receipt
for the amount Of tax paid BY him or her on
| account Of this subscription, which receipt
shall entitle the holder thereof 10 receive from
the Railroad Company certificates Of stock IN
| said company to the amount OF the receipts
when presented to the Secretary Of said com
| many in sums Of twenty-five dollars, OF GER
tihcates Of twenty-five dollars, and for any
excess over twenty-five dollars, or multiple'
| Of twenty-five dollars, in the amount Of thu
receipts presented. the Secretary Of the Rail
ceipt which shall likewise be convertible int
the stock Of the said company, when pre-
sented by the holder. in sums Of twenty-five
dollars OF its multiple.
1 -
Company Of any portion Of the money col
leeted under this subscription. or of the GER
tifcates Of indebtedness hereinafter author
lied TO be issued, shall bind the Company
fully 10 all the terms and conditions Of thu
subscription as set forth in the foregoing anc
following articles.
10. This subscription shall become bindinl
= I only when ratified by the constitutional ma
j0rity Of the legal voters Of the county. ane
10 test their Of this question, IL is hereby
ordered, that the Sheriff of the county maxi
publication in two daily newspapers published
in Memphis, Of an election 10 be held for tina
purpose, at the regular voting precincts Of tn
county. on Saturday, the 18th Of March. 1871
and that a copy Of this decree, and state
ment Of the financial condition OF the county
be published in connection with such election
, notice for thirty days preceding the election
in two daily papers published IN Memphis
IL, Those who favor the subscription shal
at said election write or PRINT on their ballet
} the words, |" For Subscription, and thos
who oppose the subscription shall write Q
print on their ballots the words, No sub