Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-08-07
CITY O~R0,aAAcEs.
CITY ORDINANCE.
Be ogdassed b. the Gsuerai OOsanOa Of as eiB
Of Memphis,

-
Be q ordassed bv the Geserai OOtHOg Of Gs city
Of Memphis,
SECTION 1. That there shall be submitted
10 the qualified voters Of the city OF Mes1-
pills the proposition to subscribe two hun
dred Thousand dollars in the bonds Of the
Mississippi ktVer Railway Company on the
following terms and conditions, viz;
l. When the Haid Railway Company has
completed It's road from Memphis to Covlng
ton, Tennessee, and has opened IL to busi-
ness and cars are running regularly thereon,
and the Mayor ii satisfied OF those facts, he
shall issue TO said railway company, coupon
bonds of the city OF Memphis, to the amount
OF one hundred thousand dollars, having
from one to ten years TO run to maturity,
bearing six per cent interest per annum
from date OF ~issuance, and the Interest pay
able seml-anndally The principal Of the
bonds shall be paid in equal annual Install
ments of ten Thousand dollars each, III first
installment falling due one year after date
of Issuance, and the other co~nsecutIyeIy
thereafter, for the ensuing ten years.
= And when the said Railway Company
shall have completed then entire road rom
Memphls to Troy station, in Obion county,
or TO Union City, Tennessee, and the road
has been opened for business and cars are
Iunntls Iesnl9fly t1Steon, ana Lhe mayor
h satisfied of those facts, he shall issue 70
said railway company q second series OF
coupon bonds OF the city Of Memphis, sim
liar TO the nrst, as above provided for, to the
amount OF one hundred thousand doilars,
bearing six per cent. Interest per annum
nom cate OF Issuance, and the interest pay
a9AD 6EAAA HdAAAtAdAAga AnC principal u the
bonds shall be paid in equal annual install
ments Of ten Thousand dollars each, the first
insialment falling due one year after date OF
issuance and the others c~Onsecutively there
alter for the ensuing ten years. The bonds
shall be denOminated "Memphis Mississippi
River Railway Bonds" and shall De issued
In sums Of two hundred dollars each, and
shall be receivable fOE the specific tax which
shall be levied annually TO pay them.
Sec. 2 The eOupOns or said bonds sEali be
paid by another specific tax, levied annually
topay them, and b be receivable for said
specific tax.
Sec. 3. The tax collector shall give each
tax separate receipts for the specific
tax collected Of him or her, for b. payment
OF the principal and coupons OF the bonds,
which receipts shall entttle the hOlder TO re-
celVe from the said railway company cer-
tlhcate 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 IN the city of Mem I
phis, In sums of twenty-five dollars, or its
multiple, and for any excess over twenty
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 be convertible
INTO the stock ofaald railway company when
presented by the holder in sums of twenty
i've dollars 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
corporate debt Of the city nor shall the city /
of Memphis be liable beyond the amount OF
the speclnc tax collected for the VINE OF /
the said bonds and coupons, and the said
bonds and coupons shall express that fact |
on their lace, and the holder OF them shall
be entitled to receive payment only out of
the said specific tax when collected. Never
theless, unit 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 rs, citizens of Memphis, to vote the said |
Two hundred Thousand dollars Of stock, en-
maggg- in all algeffnng hald nv anrh ruFIroaN |
ompany Alter the expiration OF the said
ten years, the stock may be vCted by the in
dtv1duai owners. I
Sec. 5. The acceptance by the said railway /
company OF any portion OF the bonds herein
authorized to be issued, shall bind the com
fully TO all the terms aud Conditions OF
THIS subscription as set forth in the sections
OF this
Sec. 8. This subscription shall become
binding only when ratified by a majority or
three- foul his OF the votes of The legally quail
lied 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 Tor that purpose, with |
thirty days notice, as required in ths city |
charter. and shall make publication of this
III connection with said election 1
notice. Those who favor the subscription al |
said election shall place on their ballots the l
words " for subscription :" and those who Op.
pose shall place on their ballots the words
mo subscription" |
sec.7 :. The said Mississippi River Railway
Company binds itself TO complete said road
20 Coytngton by July l, IS7s, and TO Troy Sta
ton By January 1, 1875; or, in the event the
rOadt is not completed 10 COvingtOn or Troy /
in the time prescribed, then this sub
sCrlpLlon, 50 lar rs ponds nave not been Is |
sued, shall be null and void; Tut so far as the |
bonds have been issued shall be in full force
effect.
Sec. 3. 1t is distinctly understood mi agreed
and between the Mississippi River Rail-
Company and the city OF Memphis, and
the same IS mRde an express condition oftLe 4
subscription hereby authorized, that the
Mississippi River Railroad Company shan
make any discrimination against the
city OF Memphis, or its inhabitants, in the /
transportation OF freight and passengers to /
OF from the city. |
Sec. 9. But it is specially provided that no
bonds shall be ssueu TO said railway COM
pany under the provisions OF this ordinance |
until the said company shall haVe first paid |
heir note made TO the Southern Railroad
Association Tor 5l65,4S rs, or Whereabouts, |
due 18th January, 1871, or shall have made
provisions fOrIhe payment Of said note
as shall forever preclude the holder thereof 4
from leyying en- tile said railroad for It's pay
menti and the Mayor shall be satisfied OF
fact before Issuing the bonds.
Ordinance received and referred by Council
10 rdlnan Committee.
REPORT.
Your Ordinance COMMITTEES report favOTa-
bly, upon the Mississippi River Railroad Or
d~inance, as amended,
When, on motion, the ordinance, as amend
ed, passed q first residing by Council, July q,
lS7l; thereupOn, the rules OF the Council, in
relation TO Tie passage OF ordinances, was, in
with the provisions of the city
suspended, and, on motion, the or
tinance was, on a second reading, passed
y by council July o, 1871.
Action OF tho Council COncurred in by
Board OF Aldermen by like sctiOn, July s, IS7i.
AMENDMENT.
Amend section . of an ordinance passed
9Th, in reference TO a subscription to
he Mississippi River ksilrOad Company, by
Inserting afteT the words " three .fOurtns Of
he votes, the words cast in this election"
70 as 10 read:
Sec. E. This subscription shall become
binding only when ratified by a majority OF
hI~ee-IOurths OF the votes cast at this cleo
ion, OF the legally qual1h ed vOlers of the
etc.
Adopted by Council. July Is, 1871. Passed
reading by Council, July IS, 1911. Rules
suspended as required by charter. Passed
ecOnd and hnal reading by Council, July
s, 1871.
Amendment passed first reading by Board
II Aldermen. kules suspended, per charter
eqUirements, and ordinance passed Ascend
md nj reading by Board Of Aldermen,
July IS, 1871.
Approved Julyl9, l5l.
JOHN JOHNSON, Mayor
Attest: l.. K. RIoEARDs, City Register,