Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-07-25
CITY ORDINANCES.
CITY ORDINANCE.
3. : o~rlas.ea ~ he ea.erai o0~noaq ne e@

Be q ondahsed b. he General OOtsca Of ne e@
Of Memphis,
SECTION l. That there shall be submitted
70 the qualified voters of the city of Mem
dred thousand dollars In the bonds OF the
city Of Memphis. % the capital Stock Of the
Mississippi River Railway Company on the
following terms and conditions, viz:
l. When the said Railway Company has
completed Its road from Memphi to Coving
ton, Tennessee, and has opened It 10 busi-
ness and cars are running regularly thereon,
and the Mayor is satisfied OF those facts, he
shall issue to said railway company, coupon
Of one hundred thousand dollars, having
from one TO ten years 70 run 70 maturity,
bearing six per cent interest per annum
from date OF Issuance, and the interest pay
able s~emi-annually The principal OF the
bonds shall be paid in equal annual INSTALL
ments OF ten thousand dollars each, the first
installment falling due one year after date
Of issuance, and the other consecntiVely
thereafter, for the ensuing ten years.
2 And when the said Railway Company
shall have completed then entire road mona
Memphis to Troy Station, in Obion eounty,
or to Union City, Tennessee, and the road
has been opened for business and caIs are
running regularly thereon, and the Mayof
is satisfied OF those facts, he Shall issue TO
said railway company a second series OF
liar to the first, as above provided for. TO the
amount OF one hundred thousand dollars,
bearing SIX per cent interest per aanOum
from late Of issuance, and the interest pay
able ~semt-annually. The principal Of the
bonds shall be paid in equal annual install
ments OF ten thousand dollars each, the first
tnstalment falling due one year after date OF
Issuance, and the others c~onseeutively there
after for the ensuing ten years. The bonds
shall be denOminated memphis Mississippi
River Railway Bonds" "a shall Dc issued
In sums Of two hundred dollars each, and
shall be receivable for the specific tax which
shall be levied annually to pay them.
sec. 2. The coupons OF said bonds shall be
paid by another specific tax, levied annually
to pay them, and shall be receivable for said
Sec. 3. 1he tax collector shall give each
tax y 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 holder to re-
celve from the said railway company a GER
tihcate OF stock IN said cOmpany equal to
the amount OF The receipts when presented
TO the secretary OF said company, or at the
office Of said company In the city OF Mem
phts, in sums of twenty-five dollars, or It's
multiple, ard for any excess over twenty
i've dollars, CT its multiple In the amount OF
It's receipts presented the Secretary OF said
railway company shall give to the holder a
receipt which shall likewise be convertible
into the stock ofsaid railway company when
presented by the holder in sums Of twenty
i've dOllarsO or its multiple.
The city of Memphis shall not be the owner
in any sense of the 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 TO execution or sale for the
orpOrat debt OF the city; nor shall the city
of Memphis be liable beyond the amount OF
the specific tax collected for the payment OF
the said 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
from the Issuance OF the second series OF
BONDS, 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 stock, en-
masse, In all elections held by said railroad
company. Alter the expiration OF the said
ten years, the stock may be voted by the IN
dividual owners.
Sec. 5. The acceptance by the said railway
p OF any portion OF the bonds herein
authorized to be issued, shall bind the com
pany fully to all the terms and conditions OF
this subscription, as set forth in the sections
of this ordinance.
See. 6. This subscription shall become
binding only when rst1ied by a majority of
three-fourths OF the votes ofthe legally quail
tned voters OF the city; and, to test heir
sense OF this question, the Mayor shall make
publication in two daily city papers of an
election, to be held for that purpose, with
thirty days notice, as required in the city
charter. and shall make publication of this
in connection with said election
notice. Those who favor the subscription at
said election shall place on their ballots the
words " for subscription - and those who op-
pose shall place on their ballots the words
n subscription"
0C4H - IL bNAA 1LAEEAaHAUUA hLMEI AN
Company binds itself 70 complete said road
TO CoYington by July ], 1873, and 10 Troy Sta
ton by January !, 1879 OF, in the event the
roads not completed to Covington or Troy
Station in the time prescribed, then this sub
scription, so far as bonds have not been Is
sued, shall be nul and void; bat so far az the
bonds have been issued shall be in full force
q effect.
Sec. 8. 1t is distinctly understood and agreed
by and between the Mississippi River Kali
road Company and the city OF Memphis, and
the same Is made an express condition oftne
subscription hereby authorized, that the
Mississippi River Railroad Company shall
never make any discrimination against the
city OF Memphis, or its inhabitants, in the
transportation Of freight and passengers to
Sec. 8. But it is specially provided that no
bonds shall be tssueu TO said railway com.
pany under the provisions OF this ordinance
untl the said company shall have first paid
heir note made to the Southern Railroad
Association for Sl68,43S IS, or t~hereabouts,
due 18th January, 1872, or shall nave made
as shall forever preclude the holder thereof
from levytng en- the said railroad for its pay
menti the Mayor shall be satisfied of
that fact before issuing the bonds.
Ordinance received and referred by Council
70 Ordinances COMMITTEES.
REPORT. a
Your Ordinance Committee report favora-
bly, upon the Mississippi River Railroad Or
.dinance, as amended.
When, o n motion, the ordinance, as amend
ed, passed a drst reading by Council, July 6,
AolAS AuGE6uPOAs the rules OF Iu6 COUNCIL IN
relation to the passage of ordinances, was, In
conformity with the provisions Of the city
charter, suspended, and, on motion, the or
dinance was, on a second reading, passed
finally by Council, July 8, 1871.
Action OF the Council cOncuIred In by
Board ofAldermen by III action, July6, lS7I.
AMENDMENT.
Amend section 8 "of an ordinance passed
July 9Th in reference TO a subscription to
the Mississippi River Railroad Company, by !
after the words "three.fOurths Of
the votes, F" the words cast in this election
so as to read
Sec. 8. This subscription shall become
binding only when ratified by a majority OF
t~hree-fOurths OF the votes cast at this cleo
ton. OF the legally qualih ed voters OF the
etc
adopted by Council, July Is, 1871. Passed
iirst reading by Council, July Is, ISL Rules
suspended as required by charter. Passed
second and nnal reading by Council, July
Is, 1871.
Amendment passed first reading by Board
of Aldermen. Rules suspended, per charter
requirements, and ordinance passed a second
and final reading by Board of Aldermen,
July Is, 1871.
Approved Julyl9, ls7L
JOHN JOHNSON, Mayor.
Attest: L.R. RICHARDS, City Register.