Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-08-04
CITY


CITY ORDINANCE.
Be- scdasssa ~ as General oousoaq Ne eav
sEcTIoNL /. That there h be submitted
70 the qualified voters OF the city Of Menu
phis the proposition to subscribe two hun
dred thousand dollars In tho bonds OF the
Guy or Memphis, 70 the capital stock of the
Mississippi River Railway Company on the
following terms and eonditioiis, viz:
L when the said Railway Company has
completed 10 road from Memphis to Coving-
tons Tennessee, n has opened IL 70 busf-
ness and cars are running regularly thereon,
and the Mayor Is sRtiBfied OF those facts, he
snall lssne 70 said railway, company coupon
Donos OF the city OF Memphis to the amount
OF one hundred thousand dollars, having
rom one 70 ten years to rua to maturity.
from date OF Issuance, and tie Interest pay
able S~emi-annualy The principal OF the
bonds shah be paid in equal animal install.
ments OF ten thousand dollars each, the hrst
tnstallment falling due one year after date
Of issuance, and the other consecutiYely
tnereafser. for the ensuing ter years, ?
saall have completed then sntire road ffOm
MemPhl 70 Troy Station, IN Obion county,
or TO Union City, Tennesssil, and the road
has been opened for business and cars are
running regularly thereon, and the Mayor
10 satisfied of those facts, h0 shall Issue TO
oIAA AaAAN1l ElAuDA4N u E6EOuu kEFNcA oil
coupon bonds Of Che city of Memphis. sim
liar to the first, as above prcvidedfo for, to me
amount OF one hundred thousand dollars,
bearing six per cent INTEREST per annum
nom cate OF Issuance, and the interest paw
able semi-annually. The IriucipaI of the
shall be patdin equal annua install
ments OF ten Thousand dollars each, the nrst
instalment falling due one year after date OF
uan and the others onseeutiVeIy there. /
shall be denominated Observation-Disclosures
h1Yer Railway Bonds" and shall pc issued
In sums of two hundred dollars each, and |
shall be receivable for the specific tax winch
shall be levied annually to pay them,
sec; The coupons or said bonds shall be |
pAlu by another specific tax, levied annuaIly |
them' ana shall be receivable Tor said
Sec. 8. The tax collector shall give each
tax collected of him or her, for the |
OF he principal and coupons OF the bonds. |
which receipts shall entitle the holder to re- 1
celVe from the said railway cOmpanya GER |
tiicate OF stock IN said ompany equal ta /
the amOunt Of the receipts when presented /
othe secretary of said company, or at the |
once OF said company in the city OF Mem
phts, in sums of twenty-five dollars, or lis
multiple, and for any excess over twenty. /
nye dollars, or its multiple in the amount Of
It's receipts presented, the Secretary of said
railway company shall giVe to the holder a
receipt which shall ukeWlJe be convertible
lnto tne stock ofsaid rsilwiy company when
presented by the holder in sums OF twenty-
1ve collars or its multiple.
The city OF Memphis shall not be the owner
III any ccIoC u Tie dgOcA lGfel0 suDSCr1ne0-l
but the same shall ALWAYS be and remain
the property Of the respective indfyfduals
who pay the tax, or their assigns, and shall
never 0e subject 20 execution or sale for the
corporate debt Of the city; nor snail the cltv
OF Memphis be liable beyond the amount Of
the specific tax collected fer the payment OF
the SAID bonds and OupCns, and the said
bonds and coupons shall express that fact
on their face, and the holder OF them shall
pc entltled 70 receive payment only out OF
me sald Bpeclno tax when collected. Never
theless, until the expiration of ten years
nom the Issuance OF the second series of
Donos the Gsnersl Council of the city OF
memphis shall each year appoint three tax
pay ers, citizens of Memphis, TO vote the said
TWO hundred Thousand dollars of stock, en-
masse, in all elections held by said railroad
Alter the expiration of the said
dtvtdual owners.
Sec. 5. The acceptance by the said railway
Of any portion OF the bonds herein
to be issued, shall bind the com
Qany 1qlly 70 All the terms and conditions Of
MS SUBSCRIPTION, as set forth In the sections
this ordinance,
Sec. 8. This subscripItlon shall hecome
1lnulng only when ratinsd by a majority OF
h~fee-fourths OF the votes Of the legally quail
NED voters OF the city; and, to test their
.ense Of this question, the Mayor shall make
publication in two daily city papers of an
TO be held Tor shat purpose, with
thirty days notice, as REQUIRED in the CITY
sharter, and shall make publication OF this
romance In connection with said election
notice. Those who favor the subscription al
iatd election shall place on their ballots the
Noros Ior SUBSCRIPTION; and those Ia op-
bose shall place on thei. ballots the words
no subscription"
Sec. 2. The said Mississippi River Railway
company binds itself to complete said road
~COYlngton by July !, ka8, and TO Troy Sta
Ion by January l, 1875; OF, In the event the
Dad Is not completed to CoVingtOn or Troy
station In the tfmep prescribed, then this sub
eTipt1on, so far as Dondg have not been is.
ued, snail be null and void; but so far as the
have been issued Hhau be in fun force
effect
Sec. 8. 1t is distinctly understood and agreed
y and between the Mississippi River Rail-
DAD company and the city OF Memphis, and
ne same Is made an express condition of the
Inscription hereby authorized, that the
dississlppt River Railroad ompany shall
lever MAKE any discrimination against the
lily OF Memphis, or It's Inhabitants, in the
transportation OF freight and passengers 70
IT from the city.
Sec. 9. But It is specially provided that no
'onds snail be Issued &C. said railway com.
'any under the provisions of this ordinance
lntil the said company shall ave tirst paid
association for sI68,48 Is, or thereabouts,
lue 18th January, 1872, or shall have made
ucn PROVISIONS for the payment OF said note
snail forever preclude the holder thereof
rom levytng on the said railroad for its pay
nent; and the Mayor BhaIl be satisfied of
hat TACT before issuing the bonds.
Ordinance received and referred by Council
o Ordinance Committee, y
REPORT. !
Your Ordinance Committee report fagora-
ly upon the Mississippi River Railroad Or
AhaAC6t as ulu6nOEua
When, on motion, the ordinance, as amend
d, passed q first reading by Council, July 6,
5lli thereupon, the rules Of the Council, in
citation 70 the passage Of ordinances, was, in
ontorm1ty with the provisions Of the city
harter, suspended, and, on motion, the or
nance was, on q second reading, passed
-nal-y by Council, July g. 1871.
Action Of the COunCil oOncurred in by
'oard OF Aldermen by like action, July =, 1911.
AMENDMENT,
Amend section . "of an ordinance passed
uly 9th, In reference 70 a subscription to
be Mississippi River Railroad Company, by
after the words "three.fOurLhs of
he votes, the words least in this election" I
D as to read: Z
Sec. 6. "This subscription shall become {
only when ratified by a majority OF {
nree-IOurths OF the votes cast at this cleo
on, OF the legally qualin ed voIers OF the
Adopted by Council, July Is, 1871. Passed
rst reading by Council, July is, 1871. Rules
lspended as required by charter. Passed !
and final reading by Council, July 9
Amendment passed tarst reading by Board }
I Aldermen. Rules suspended, per charter !
squiTements, and ordinance passed asecOnd l
nd final reading by Board OF Aldermen, :
lly Is, 1871. !
Julyl9, 1871. y
JOHN JOHNSON, Mayor. I
Attest l.. X, RICHARDS, City Register, Z