Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-03-08
Five Hundred Thousand Dollars,
Selma, Marion and Memphis Railroad Com
pany of Tennessee and Mississippi,


Feb. %, 1871. Sheriff Shelby County
~ snKIBy County ouARrERLY CouRr.l
| Hai l JANUARY TERN,
| t.t THURSDAY. January b, l6ll. )
State of Tennessee, Shelby County, County
Court. Quarterly Term, January, 1871.
The Selma, Marion and Memphis Railroad
Company of Tennessee and mississippi, for
merly the Memphis. Holly Springs, Okolona
and Selma Railroad Company, by Their fresl-
| dent, NJ b. Forrest, and n majority OF the
! Directors. having applied to this Court to
| take. ON behalf of the County Of Shelby, Five
| Hundred thousand Dollars (S50O,0O0) Of the
Capital Stock Of said Company, ana believing enna
will be greatly promoted by the speedy con-
struction of said Railroad;
liz is therefore ordered BY the Court, That
Five Hundred Thousand Dollars BIO sub
scribed to the Capital Stock of the said Com
pany, to be paid in FIVE annual lnstallments
of One Hundred Thousand Dollars each,
without interest, upon the following terms
The Western terminus of said Railroad
shall be and always remain at Memphis,
2. The money paid under this subscription,
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 at Mem
for the superstructure, to the County line.
Secondiy-To tho 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 cars sufil-
| 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 for the
| shops MS 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 equipped as frst-class, road
| in every respect, then such unexpended por-
! tion shall be applied TO the extension, OF the
| road into Mississippi, in the same order and
| for the same purposes as required TO be- eX-
pended in Shelby County; and no part of the
| money hereby subscribed, nor of the certif-
Gates of Indebtedness hereinafter authorized
| to be issued, shall be used for the payment OF
| officers salaries, commissions, office rent,
printing. stationery, or other general or mis-
| cellaneous expenses Of the company, nor for
right of way or depot grounds, and any viola,
tion of these conditions on the part OF the SAID
| Railroad Company shall render this sub
| scription wholly void, as to all further pay
:. Before any portion of the money herein
subscribed shall be paid over to said RailToad
|
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-
| file of the same, showing the quantities OF
| excavation and borrowed embankment, OF
masonry, and of bridging to be done. on each
| section, and a copy Of the specifications. and
| form Of contract under which the work is re-
| quired to be done, which map, profile and
| specification shall be certified by the Chief
Engineer of said Road under oath as correct.
| 4. The annual installmentss 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 Game time other
County taxes are collected.
| 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 go on the line OF said
Railroad and make an accurate measure,
| ment of all the work done, an account Of all
| the locomo motives, cars, machinery, buildings,
and material delivered for the Road, and
make a detailed, itemized report of the same.
and the value thereof in detail, estimated at
fair and reasonable prices for each item.
| Said report shall be made by the said Engi.
| neers under oath 10 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 q correct measurement and value OF
| the same. .
file a statement under oath with the Clerk Of
| the County Court each year, cotemp0ranc-
! ously with the report Of the said Engineers,
which statement shall show fully the ex'
| pendtures Of all money received from the
| subscription Of Shelby County, or from the
| certificates of indebtedness hereinafter au-
thorized to be issued, showing when and 10
whom paid, and on what account,
| z. If il appear 10 the satisfaction of the
court from the report Of the said engineers,
| that the money received from said county sub
| scription, or the certificates of Indebtedness
| hereinafter authorized TO be issued, have been
faithfully and economically applied for the
purposes expressed in article Of the decree,
then no further tax shall be assessed.o or levied
\ for that purpose. and no more certificates OF
Indebtedness shall be issued and the subscrip.
ton as 10 the balance Of the installments shall
be void.
shall give each taxpayer separate receipt
for the amount Of tax paid by him or her on
account Of this subscription, which receipt
shall entitle the holder thereof TO receive from
the Railroad Company certificates of stock in
said company to the amount of the receipts
when presented 10 the Secretary of said COM
pany, in sums Of twenty-five dollars, or GER
tiheates Of twenty-five dollars, and FOR any
excess over twenty-five dollars, or multiples
Of twenty-five dollars, in the amount of the
receipts presented. the Secretary of the Rail
road Company shall give TO the holder a re-
ceipt which shall likewise be convertible into
the stock Of the said company, when pre-
sented By ths holder, in sums Of twenty-five
dollars or its multiple.
q, The acceptance BY the said Railroad
Company Of any portion OF the money col
Ieeted under this subscription. or Of the eer-
tihcates Of indebtedness hereinafter author
lied 10 be issued. shall bind the Company
fully 10 all the terms and conditions Of this
subscription as set forth in the foregoing and
following articles.
10. This subscription shall become binding
only when ratified by the constitutional ma
jorify of the legal voters Of the county. and
10 test their sense of this question. II IS hereby
ordered. that the Sheriff Of the county make
publication in two daily newspapers published
In Memphis, Of an election TO be held for that
purpose. AZ the regular. voting precincts Of the
county. on Saturday. the 18th Of March, 1911.
and that n copy Of this decree. and q 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.
n, Those who favor the subscription shall
at said election write or print on their ballots
the words. " For Subscription, and those
who oppose the subscription ehall write or