Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-07-28

CITY ORDINANCE.
b :; Z s scsa.sss o. ne ssnruSOo."oa ae eav

Be q ordGf4ed 81 TIE Gessesut' OOaBcg Of gS oJv
Of Me51phfs,
SECTION L That there b be submitted
70 me qualified voters Of the city Of Mem
phiH the proposition to subscribe two hun
dred Thousand dollars in the bonds OF the
city Of Memphis. 20 the capital stock OF the
Mississippi River Railway Company on the
following terms and conditions, viz:
l. when the said Railway Company has
completed Its road nom Memphis to Cov1ng
ton, tennessee, ana has opened 1t TO Dusi-
ness ana cars are running regularly thereon,
and the Mayor is satisfied OF those facts, he
shall Issue 70 said railway company, coupon
bonds OF the city of Memphis, 70 the amount
OF one hundred thousand dollars, having
nom one 10 ten years TO run to maturity
bearing six per cent interest per annnm
from date OF issuance, and the interest pay
able s"emi-annuauy The principal OF the
bonds shall be paid in equal annual INSTALL
ments OF ten thousand dollars each, the finst
tnstallment falling due one year after date
of issuance, and ths other cousecutiyely
thereafter, FOR thee ensuing ten years.
2 And when the said Railway Company
shall have completed THEN entire road froIa
Memphis to Troy station, in Obion county,
or 70 Union CITY, Tennessee, and the road
has been opened for business and cars are
running regularly thereon, and the Mayor
is satisfied Of those facts, he shah issue to
| said railway company a second series of
coupon bonds of the city of Memphis, Sim
l liar 10 the hrst, as above provided for. to the
amount OF one hundred thousand dollars,
bearing six per cent interest per annum
from cate OF issuance, and the interest pay
able semi-annually. The principal Of the
bonds shall be paid in equal annua install
ments of ten thousand dollars each, the first
tnstalment falling due Oneyear after date OF
| issuance, n the Others COnsecutiVelV there.
after for the ensuing ten years. Tn bonds
shall be- enOminated memphis Mississippi
River Railway Bonds" and shall De issued
In sums OF two hundred dollars each, and
snail be receivable for the specific tax which
shall be levied annually 10 pay them.
sec. 2. The coupons OF said bonds skail be
1 paid by another specific tar, levied annually
20 pay thena, and snail 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 the paymen
Ofthe principal and coupons OF the bonds,
which receipts shall eutiDe the hOluer to re-
ceive from The said railway company a GER
tlhcate OF stock IN said company equal to
the amount OF the receipts when presented
TO the secretary Of said company or at the
once OF said company In the city of Mem
phis, In sums OF twenty-five dollars, or It's
multiple, and Tor any excess over twenty
nv dollars, or It's multiple in the amount OF
railway company shall give to the holder a
receipt which shall likewise be convertible
into the stock ofsatd railway mpa when
presented by the holder In sums Of twenty
nvedollars 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 memphts be liable beyond the amount Of
the specific tax collected for the yme OF
me SAID bonds and coupons, and the said
bonds and coupons shall express that fact
on their face, and the holder OF them shall
pc entitled 20 receive payment only out OF
me sald sPeelne tax when collected. Never
thelesst until the expiration OF ten years
from the Issuance OF the second series OF
bones, the General Council OF the city of
memphls shall each year appoint 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 be voted by the in
dividual owners.
Sec. 8. The acceptance by the said railway
Ompany OF any portion OF the bonds herein
authorized to be issued, shall lind the COM
pany mNy 10 all the terms and conditions OF
tnls SUBSCRIPTION, as set forth in the sections
Sec. 8. This subscription shall become
binding only when ratified by a majority OF
tnree-fourlhs OF the votes of the legally quail
lned 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, 70 be held for that purpose, with
thirty days, notice, as required in the city
charter, and shall make publication of this
in connection with said election
noJioe. Ihose who favor the subscription at
SAID election snail place on their ballots the
words " Tor subscription )" and those Who OPP
pose shall place on their ballots the words
subscription"
Sec. 7. The said Mississippi River Railway
Company binds itself TO complete said ruad
70 C~oV1ngton by July ], 1873, and to Troy Sta
W " 0GAAL4F Il AoNQs OIa int 6NEuE me
road Is not completed to COvington or Troy
Station in the time prescribed, then this sub
serlptlon, SO far as bonds have not been Is
sued, shall be u and void; but so far as the
bonds have been issued shall be in full force
and effect.
sec. s. 1t is distinctly understood n agreed
by and between the Mississippi River Rail-
road Company 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 discrimination against the
city OF Memphis, or its Inhabitants, in The
transportation OF freight and passengers 10
Sec. 9. But It is specially provided that no
ponds shall be 1ssuen TO said railway COM
pany under the provisions OF this ordinance
until the said company shall have hrst paid
heir note made TO the Southern Railroad
Association Tor Sl66,4S Is, or Whereabouts,
que 10Th anuar lS72, or shall have made
such provisions for the payment OF said note
as shall forever preclude the holder thereof
from levying on the said railroad for its pay
menti and the Mayor shall be satisfied OF
that TACT before issuing the bonds.
ordinance received and referred by COuncu
TO Ordinance COMMITTEES,
REPORT.
Your Ordinance ommittee report fayora.
bly, uPO the Mississippi River railroad Or
~diuance, as amended.
When, on motion, the ordinance, as amend |
ed, passed n nrst reading by Council, July 8,
lSHi thereupOn, the rules Of the UOuncil, in
relation to the passage of ordinances, was, in
conformity with the provisions of the city
NhaAt = nAnHo4NGAf auNa Ou hlONAuus the VI
dinance WAS, on a second reading, passed
finally by Council, July D, ISL.
Action OF the Council concurred in by
Board OF Aldermen by like action, July6, I7L.
AMENDMENT.
Amend section 8 "of an ordinance passed
July 9th " in reference 10 a subscription to
the Mississippi River Railroad Company, by
after the words "three-fOurths of
the votes" the words cast in this election"
so as to read:
sec. g. This subscription shall become
binding only when ratified by a majority Of
three-IOurths of the votes cast at his cleo
of the legally qualih ed voters OF the !
etc. /
adopted by Council, July Is, 1871. Passed
first reading by Council, July Is, 1871. Rules
suspended as required by charter. Passed
second and final reading by Council, July
Is, 1871.
Amendment passed first reading by Board
Of Aldermen. Rules suspended, per charter
and ordinance passed Ascend
ana nnal reading by Board OF Aldermen,
Is, 1871.
AnurOvad IuIvlQ IgTl /