Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-03-23
sHELBr CoUsrT QUARrEaIY CoUnr.)

JANUARY IEEM.
THURSDAY, January s, ISL
State OF Tennessee, Shelby County-COuuty
Court, V~qartely Term, January ISL
In Open session.
Company o. tennessee and Mississippi. fore
merry the Memphis Holly Springs. Okoloua
ana selms Railroad Company, b. their Presi-
Dent n. q Forrest and a majority OF the
Directors, having applied TO this court 70
lake, on behalf OF the County OF Shelby. Five
Hundred Thousand Dollars EjC0.101i or the
Capital stock of said Company. and believ-
ing thar the interest OF the people OF the
county VAL be greatly promoted by the
speedy construction Of said Railroad:
1t is therefore ordered by the Court. That
Five huudred Thousand Dollars be sub
scrlbed 60 the Capital stock Of the said Com
pShys TO 9e pa5d ln I'VE aEnusL tnstalmeuts
or One hundred Thousand Dollars each,
without ln crest, upon the following terms
ana couQI IONS, VlZs
j. The Western termluus OF said Railroad
shan be and always remain at Memphis,
Tennessee.
3 The money paid under this subscription
or the certificate Of Indebtedness hereinafter
authorized 70 re Issued. shall be applied:
Ftr-t-Lo the grading, bridging and masonry
OF Lu-l I'lL'l 81 t4e ROAD within the county
OF Shelby. commencing the work at Mem
phis and completing II continuously, ready
{ Tor the supefhiECctuIe 70 the COunty line.
SeCOnCIy-IO the purchase OF cross-ties, iron
rails and -tasteutugs sufficient to lay the track
within the County OF Shelby. TlirdIy-To
! the purchase of locomotives and cars Erf-
hCleut % operate that portion Of tbs road
go" aAE NEE
/ ton OF such depos, platforms, section houses.
machine suOps, turntables, water stations.
aud the purchase of such machinery for the
SHOPS A may De necessary L1E me economical
operation OF the road. F~IfhIy-5louId anv
portion OF the subEcrlpton remain after that
I part OF the rOat II shelby County Is fully
completed and equipped as a 6rst-cIsss road
in every respect, then such uueZpended por-
/ UIOu shall be applied TO the extension of the
I road into Mississippi, in the same order and
for the same purposes as required TO be ex-
pended i'm shelby County and 10 part of The
nA.A- LaanH- H-h.nm-hnH 80
I cafes OF Indebtedness here matter authorized
10 be issued, shall be used FOR the payment of
O11-ers' salaries, commissions, Office rent,
pftnlner s~Laliohety' OF @ hef general or mis-
-Celigueuus expenses Of the company, nor for
right Of way or depot g%rouncs, and any vI0-
lalOn OF these conditions on the part Of the
said Railroad Company shall render this
subscription wholly void, as to all further
\ payments.
g. Before any portion Of the money herein
subscribed shall be paid over to said Railroad
/ Company, and before any certificates Of fu-
deb ednsss shall be delivered To the sal5
! Company shan nle with Che Clerk Of the
County Court an accurate and fulI TOp0-
graphical Map OF the hnal location OF The
Road In Shelby County, and an accurate pro-
I die of the same, showing the QuanLiLies of
excavation and borrowed embaukmeut. al
masonry. and OF bridging % be done on each
section, and a copy OF the specihCgliuns and
form of contract under which the work is re-
y quired 90 be done, which map, prOnL5 sud
specification shall be certified Dy the Chief
I engineer OF said EOad uucer oath as correct
g.. b u instruments shall be assessed
by the Court each year al tue same time
that the other County taXes are assessed, and
/ shall be collected 81 the same time other
County taxes are collected
5. At The term OF the Court each year pre-
ceding the term at which the taxes are to be
ASSESSED, The Court may appoint one or more
competent Civil Engineers, o high character
for Integrity who snail have no connection
i with said Railroad. 10 20 on the line Of said
Railroad Rnd make an accurate measure
ment OF aI the Wurk DONE an account OF all
t~nslOcOmotives. cars, machinery, buildings,
/ and material delivered for the Road. and
make a detailed, iuemiZsd report Of the same,
End the value thereof in detail, stimate at
far and reasonable prices for each Item.
said report FDal be made by the said Eugi
neers uuder oath TO the Court at the next
term Iolo wing luelE appointment and the
! President and Chief E~uginee Of said Com
psuy shall be bound TO anOrd said Engineers
appointed by the Court access 70 their books,
nOues OF the work, and every facility Tor ar
irving at a correct measurement and value
I OF the SAME.
6. the President Of the said company b
file a statement under oath with the Clerk Of
the County Court each year, cotempOraue-
which statement shall show fully the eE-
l peuditUrs of an money received from the
SUBSCRIPTION OF Snelny county or rom the
~cerLhcabes OF Indebtedness hereinafter au-
| thOrized to be issued showing when and 70
whom paid, and on what account.
:. If it appear to the satisfaction OF the
court from the report Of the said engineers.
/ that The money received from said county
l sUbs,rtpt1on. or the Certificates OF fudebrzf-
l ness hereinafter authorized TO be issued have
been faithfully and economically applied for
the purposes expressed in article 2 of the de-
cree, Jnen no further tax shall be assessed or
lsFleu lot Lndl purpose ana no more certlr-
I Gates of Indebtedness shall be Issued and the
subscription as to the balance OF the install
3 In couecting the tax, the Tax Collector
| shall give each taxpayer a separate receipt
/ for The amount OF the tax paid by him or her
on account of this subscription, which re-
ceipt shall entiJls the holder thereof TO re-
celve from the Railroad Company, ceTtid-
/ Gates OF stock in said company to tbsam0unt
OF the receipts when presented to the Secre-
tary o. said company, in sums Of twenty
I've dollars, or certificates Of twenty-five d1l-
lars ana for any excess over twenty-five
dOuars or muluples OF twenty-five oLars. [
| IN the amount OF the receipts presented, the |
Secretary OF the Railroad Company shall
give to the holder q receipt which shall like |
wise he convertible into the stock Of the said
company, when presented by the holder, in
sums Of twenty-five dollars or It's multiple
g. The acceptance by the said Railroad |
COmpany of any portion Of the money col
lecLed unoer TINS suOscrlPJlOnl OF OF the GER
tincaTes OF 1ndebtedness hereinafter author
lied 10 be issued, shall bind the company
WlIy to ali the terms and conditions o. this
subscription as set forth in the foregoing
ana following arJicles.
10. Tins subscription shall become binding
only when ratified by the constitutional ma
tority OF the legal voters Of the C-unUy, and 70 |
test their sense of this Ques ion, 10 rs hereby |
ordered. that the SheTlu Of the county make /
publication in two daily newspapers pub
llshell Ia Memphis, OF an election 20 De held
for that purpose, at the regular voting pre-
Cincts of the county on Saturday, the 18th of !
Msrgh, ISL and that g copy OF TINS decree I
and q statement Of the financial condition OF /
the county be published in connection win !
srch election notice for thirty days preCed-
ing the election, in TWO daily papers pub
ilshed in Memphis.
IN. Those who favor the subscription shall
at saiu election write or print on their bal
lots the words FOR subscription. and those
who oppose the subscription shall write or
print on tueLr ballots the words No sub 1
scr1ptiOn and the Sheriff snail Immediate
~ afterthe election make due returns 30 the I
CLERK OF the COunty Court, Of the number of |
Inc votes poIled for and OF the number OF /
votes DOLed against subscription.
Il. II being the object Of the Court to enable I
the Railroad Company to commence the Work
as speedily as possible,
his therefore ordered, Thatiff it shall ap-
pear from said election returns that sub |
scripuOn has been ratified by the required
constitutional vote, the Chairman OF the /
County Court shall Immediately, upon the
filing Of the map, profile and specifications
required by article 3. issue to the said Rail- /
road Company certificates of Indebtedness of
shelby county to the amount of one hundred
thousand dollars. aid certificates shall be I
Issued in such sums as the President may d. i
rect, and express on their face thar they are
for subscription of stock 10 the selma Marion
anc Memphis Railroad Company, and that
tney are receivable IN paymeub Of said spe-
cine tax. Andhkewise each succeeding year, /
If It shall appear to the satisfaction Of the
Court, rom the report Of the Engineers ap-
pointed as provided in article 5of this decree,
that the money arising from the tax OF the
preceding year, OF the certificates OF 1ndebL-
60ueae issued L4e preceding year nave u1uA
ILltnIuly and economically apphed as re-
quired by article 2. then the chairman Of the
County Court shall issue to the railroad COM
pany one hundred thousand d0AaHs OF ceIIL
Gates in the same manner and form as ueIeln-
before provided, til the tuu amount OF I'VE
hundred thousand dollars has been issued
The certificates of Indebtedness toreach year
shall be numbered from one upward, consecu
fively. in the order of their ISSUANCE and snail
be signed by the Chairman OF the county
Court and cOantersigned by the CLERK OF the
County Court, and have the seal o. inc county
atfa.nad and the said Clerk shall Keep an
exact register of each certified issue, moving
when and to whom issued, and the Chairman
OF me Court shall take the receipt of the
Tt-a1er1rar of the said railroad company for an I
cerffHeates issued, when receipt shall ba pre-
servedin the office OF the Clerk Of the COUNT
Court; ana lhe sIa IleLA suaI 9t eteu meet
of the Court next following the issue of Ger
tidcates. report TO the Court the full amount
issued TO date of that meeting.
The Court shall, in each case, provide proper
cO-apensatiOu for the engineers authorized 10
be appointed under article 5 Of this decree
The money OF certificates shall only be paid
out by said company for work actually done |
or material actually delivered. Of the kind :
and class specified In article 2 Of this decree
The certificates when received By the Tax
Collector IN payment OF this specific tax. OF
when redeemed by the County treasurer d
De Immediately canceleo by those officers re-
specuvely, and each snail make a report Quar-
terly to the Court Of the amount received on
redeemed and Cancelled. That upon receiving
any lnstalment OF the certificates herein
before provided for, said railroad company
snail give q oondl IN the sum- of one hundred
lnOusanu collars with such Sureties as shall
be satisfactory TO the Chairman OF this Court
conditioned that said certificates shall be Ia
good faith applied to the objects and purposes
specified in article Of this decree and that
said certificates shall not be used or negotiated
by said company at less than elghIy-AFe cents .
in the dollar. ana that said railroad Ompany
shall renew said bond az any time that IL may
be required 20 do so oy orlef OF rms court