Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-07-22
ORDIN ANCE.
DE 1T ORDAINED BY THE. GENERAL
ID Conncil of the city of Memphis. ~

DE 1T ORDAINED BY THE GENERAL
ID Council of the city Of Memphis.
C..1 i:....
oEoTl9N l. mat mere snail pc snomltted .
tne qualineu voters. OF inc CITY OF Mellpnis tn'
plogoSSlIl,On 70 supicl9e wv my. e snou
sunu uoiiaIs III VIZ Dohus oI thS ci1y VI m sn
b ill 20 .ns capiSst seock ol w nitrsssiIssRp
I hiser hailway company on tho loiio"inl
terms anu c9ndlsl911s' yln; co., H.,
4. " ne1 tno enlr haihi,Why ,Holnp1uny na'
colnPIeteu us ROAD from memphis 70 ,oovlng
.on, tennessee, un9 Eas openea ~ 70 pusines
Any r,rs aIe M enetg ~ III
!ne mayor Is satlsheu OF those laels, ne snA,
issue s 1 70 said railway company COUPON 9onai
hundred thousand dollars, having from on,
W Yen yeaIs W run " IlatuFley, gealing ~ y.
per cene. IneeLes. PEI ailiiuin rpm ua.? VI 10
sualc III anu .ny inserssi paya9ie II,
any. Inc principal Of tne nonas snail De psi
~ vqual annua IA instaiilnenrs OF yen nnousdno
uoiils eaoa, Wy ins.a,lnen. iai III Iu'
one year aitcr Ia.e u lssusanee, anu lno o'nel
consecu'iFeiy snereilVer' ior inc ensuing 'ei
.. anu Wnen we said nallWay NolInsans
snaIl nave eonpleIee lhelr eh!lre ROAD IRON
.heIn pms W Try otatlon, IN vplvh couhSyi "
10 Union vlIy rennessees ana .ns Foau ~
Deen openeu LOT business hha INC cars runnine
Ieguiarly tnereoh, aha \ lne mayor y satlsneu
OF tnose ihcts' ny snait issue W sai9 raiiiWay
company seeonu series Vi coupon o9nus ~
the Guy OF Men pms, slInilar 70 VIC nIsu, as
- = 49, - - - - - ~
dred Thousand dollaIs, bearing SIX per cent;
interest," per annnln rom uate o. issuance, ana
tne lhter 81 pay4ole SEM Inc Priu'
cipai ol Tue ponus snall W Ya5u III equii n n
s sa. Oh zen erGusAnu uollars eagn sne
ilrst lnstallment iaiiipg que one year AFTER
date q issuance, ana the gtners consecutlHTe ,l
thereaIter LOT inc ensuing Yen years. Inc
oonas shsil De 1enomlhpteu meln pn i a his-
slsslppl hlVer hallWay BONES, any nu snall 20
issued IN sums OF TWO hunoreq collars eacn
and snqli pc Iecelvaple lot tne speclne lax
"nicn shsIi oe ienieu " W fpy ~.
oEC' q. Inc coupons OF salu bonus shail 2, 20
paid by another specinc tax, leyieq annually
TO pay them, ana snail DC recelVable 1or sara
specific tax. :,
SEC. .. The Tax Collector shall give each
taX-pay separate reeelpts LOT me speclnc ta4 y
collected OF MN, OF her, LOT INC paymehs q
the principal ana coupons OF the Donds,Which
receipts shall entitle the holder 70 receive
from the sald railway company certlncate OF
stock in said company equal TO the amount OIL
the receipts when presented 70 tne secretary
OF SAID company: or az ne once OF sara COM :
pany IN tns ,gly VI reinpniis, IN su sun ~ ~
twenty i've dollars, or Us multiple. ana Tor
any excess over tWenty-n nv uolars OF ~ niu,
tlple, IN the amount OF its recelpts presehtedi
the secretary d s'tiu IAiiWAy goLnpalk i ILL.,
give 70 the hoiasr y IeceiPt rhicn snai I'M
wise De conYeItiple mo tne SUCK oi say Iai,
way company when presented by the hoider IN
sums OF twenty-five aoliarS OF Us multiple.
Inc city OF memphis shaii nor nc the oMnsr
IN any sense "a ,tne STOCK nereln supsciIlp ~
but the same snail always DC ana remain the
property of the respective lndiyiduals VINO pay
the tax, OF their assigns ana shhil never "
subject 70 execution or SAFE tor tne corporate
debt OF the cityi nor snail tne Guy Qi Meln-
phis be liable beyond the alnouns Oh t A. spsSj
bonds and coupons, ana the SAID ponds ana
coupons shall express that TACT on tneir lace.
and the holder OF them snail DC enutleo 70
receive payment only out Of the sara sRec .
fax hau N Nevertheless.
expiration of ten years from the issuance Of
the second series Of bonds, the General Ooun-
Gil of the city OF memphis shall eacR year ap-
point three tax -payers, citizens OF memphis,
to vote the said two hundred thousand dollars
of stock, en- masse, in all elections held by
said railroad company, After the expiration
of the said ten years. the STOCK may ne Voleu
by the individual owners,
SIC. 8. The acceptance by the said railway
company OF any portion Of inc ponds nereln
authorized to beissuod shall bind the company
fully to all the terms and conditions OF this
subscription as set forth in the sections OF this
ordinance, -,
ing only when ratified by majority of three,
fourths of the votes of the legally qualified
voters of the city; and. to test their sense Of
this question, the Mayor shall make publica
ton in two daily city papers of an election, TO
be held for that purpose with thirty days no
tice, as required in the city charter. and shall
make publication OF this ordinance in connec-
ton with said election notice. Those who
favor the subscription al, said election shall
placy on sne a,d .hnSo ,ybo onpos sbail pIsee
SCI ~; ~ ~. ,vords ..na snbscrintion y
w cvcf Tbe said Mississippi River Hallway
skc. T. Inc sai t sid road ~
company plnus i.sS'i I ~ d ~ S Stat;o,
SONflhssoh y Ie5S ., ~ X; the eyant ibe rosd
ny JahuIs =, i9o' y, -, ~ TO-, Station
y nvt eonipieeeu N ~ the tb;s snhscrint;on
IL tne tlihe " 49, - hoan ;ss,s5 sbaii H.
SO iar as DonGs nsy no' ~. as tbe hands have
null anu vow ny % eli fa1ca e,,S otfsnt
peeli issuJ y. si i ii.t;nasiv 'nnderstood ana
SEC; 2. II uis.l ~ Nississ;nn; u irnr
agtgie e n rn,nDenv and The city Of Memphis
and the same is made an express condition Of
the subscription hereby authorized, that the
Mississippi River Railroad Company shall
never make any discrminati9n against the
city of Memphis, or its inhabitants, In tho
from the city. 7lafl
SEC. q. But Il is specially provided that no
bonds shall be issued to said railway company
under the provisions of this ordinance until
u S@g s made To- Tic Southern Railroad Associa-
finn for sIe6. ass rs, or thereabouts, due 18th
Jsnuary. 1872. or shall have made such provi-
sions Tor the payment of said note rs shall for
ever preclude the holder thereof rom leYying
Mavor shall be satisfied Of that fact before
issuing the bonds.
Ordinance received and referred by Council
~ - -SrpopT
-. 49,, l..
Your Ordinance Committee report iasoT n,il;
nance, as amended,