Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-08-07
summer schedule-June IL.
ORDINANCE.
DEIT ORDAINED BY THE GENERAL
ID Council Of the city of Memphis.

DE IT ORDAINED BY THE GENERAL
ID Council Of the city of Memphis.
SECTION 1. That there shah be submitted TO
the qualified voters of the city OF Memphisth the
proposition to subscribe two hundred th0u-
sand dollars in the bonds Of the city of Mem:
phis to the capital stock of the MISSISSIPPI
o RiyeF Railway Company on the Following
terms and conditions, viz;
completed its road from Memphis TO ,Coying-
ton, Tennessee, and has opened II to business
a and cars are running regularly tnereon, ana
the Mayor is satisfied Of those facts, he shall
issue to said railway company coupon bonds
of the city of Memphis 70 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 is
suance. and the interest payable semi-annu-
ally, The principal Of the bonds shall be paid
in equal annual installments of ten thousand
dollars-each, the trst installment falling due
consecutively thereafter. for tho ensuing ten
years.
shall have completed their entire road from
Memphis to Troy Station. in 0bion county, or
to Union City, Tennessee. and the road has
been opened for business and the cars running
regularly thereon, and the Mayor is satisfied
of those facts. be shall issue TO said railway
company a SECOND series of coupon bonds of
the city of Memphis. similar to the first. as
above provided for. TO the amount Of one hun
dred thousand dollars. bearing. six per cent;
the interest payable semi-annually. The prin-
cipal Of the bonds shall be paid in equal in
stallments of ten thousand dollars each. the
first installment falling due one year after
date OF issuance, and the others consecutiyely
thereafter for the ensuing ten years. The
bonds shall be depOminated /" Memphis Mis-
sissippi River Railway Bonds. and shall be
issued in sums of two hundred dollars each,
and shall be receivable for the specific tax
which shall be levied annually to pay them.
Size. 2. The coupons of said bonds shall be
paid by another specific tax, levied annually
"a to pay them. and shall be receivable for said
Z SEo. 3. Tke Tax Collector shall give each
Taxpayer separate receipts for tho ospecifc tax
collected of him Or her, for the payment of
the principal and coupons of the bonds, which
receipts shall entitle the holder to receive
from the said railway company certificate 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 COM
#pany in the city Of Memphis, in sums of
I, twenty five dollars, or its multiple. and for
any excess over twenty-five dollars or its null
tiple. in the amount Of its receipts presented,
the secretary of said railway. company shall
give to the holder receipt which shall like
wise be convertible into the stock of said rail-
way company when presented by the holder in
sums of twenty-five dollars or its multiple.
The city of Memphis shall not be the owner
in any sense oi 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 Mem
phs be liable beyond the amount of the spe-
ciiie tax collected for the payment Of the said
bonds and coupons. and the said bonds and
conpons shall express that fact on their face,
and the holder Of them shall be entitled to
tey wben colIected. Nevertheless. until the
sxn;ratinn of ten wears from the issuance Of
the second series of bonds, the General Coun-
noiot three tax-payers. citizens of Memphis.
10 vote The said two hundred Thousand dollars
Of stock en- masse' in ali elections held BY
ga 20 Head oomnonv Altar the evnirotion
90 tbe saiJ ten Years Tho stock NAV he voted
by The individual owners.
SFc g. The acceptance by the said railway
comnaDv O Of ~ any porton OF Of the bonds herein
outhnr;yed 10 he ;ssved shall hind The com nanv
TnIIv 10 oil tbe terms and condition. of this
suhscrintion ne set forth in the sections of this
or9;nance' =" avs 80 -
S,c 4 IN y,,bsorint;on eboli hecoma hind
onu y. Shnn yatfna by ma;op;ty of three.
r6nrths ~ Tho votes ~ the Ieoaiiy nuaIifed
,notars of The c;tv. and IN Test their sense of
tb;e onestion the Mavor shall make nubIica
ton IN two daily CITY naners Of an election. TO
ho held for thnt purnose with thirty days' no.
t nenu ror ,na IN tbe civ and ,bnIl
make nnbIication of this ordinancein connec-
tion with said election notice. Those who
favor the subscription at said election shall
place on tnelr pallots Ihe WORDS ior SUP. SUP,
on their ballots the words mo SUBSCRIPTION.
SEC, Z. The said mississippi hyer hailway
company pinds ltseii 10, 70 com Salu roau 70
CoyIngton Dy July 1, oio ana 10 Iroy otatloh
by January l, 100 or, IN tne event nv me 9 I0au
Is not completed 20 O9Vingtoh or lIoy ota!loh
IN the time prescribed, tneh tils SUBSCRIPTION,
SO lar as bOnas nave NOT oeen lssuea, shall pc
null ana yoid put so M las as the o9nds nave
been issued shall 3e IN Iuil force anu e1ect:
naoi 2, H. ~ ND trsen ssn ths Mississ;nn; River
RaiIroad Company and the city of Memphis,
and the same il made an express condition of
the subscription hereby authorized, that the
Wississipni River Railroad Company shall
never make any discrimination against the
city of Memphis, or its Inhabitants, in the
trsnsportasion of freight and passengers to or
from The city.
SFc. q. But il is specially provided that no
bonds shall be issued to said railway company
the saiJ DE comDony shall have Grst paid their
note made to the Southern Railroad Associa-
tion far sl6i .43S rs, or thereabouts, due 18th
January, 1872, or shall have made such provi-
sions for the payment of said note as shall for
aver preclude the holder thereof from levying
on the said railroad for lis payment; and the
Mayor shall be Satisfied of that fact before
issuing the bonds.
Ordinance received and referred by Council
IN 0rdipanee Committee.
~ o-N'''N prpopr- fNE.t
hIrVnA'
upon the Mississippi River Railroad 0rdi-
IL