Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-08-18
Summer Sche<.aIe- June I2.
ORDIN ANCE.
DE 1T ORDAINED BY THE GENERAL
ID Council of the city Of Memphis.

D
S "a 'NO Wv W
SEcrInY |. That there shall be submitted to
the qualified voters of the city of Memphis the
lDadlI saDd dolIars IN IN the hands Of tbe city Of Mem
phis to the capital stock Of the Mississippi
River Railway Company on the following
terms and conditions. viz; -r.s, "a, 4
|. When tho said Railway Company has
completed its road from Memphis to Coying-
ton, Tennessee, and has opened it to business
and cars are running regularly thereon, and
tho Mayor is satisfied Of those facts, he, shall
issue to said railway company coupon bonds
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 install lments of ten thousand
dollars each, the first installment falling due
one year after date of issuance, and the other
consecutiVely thereafter, for the ensuing ten
years.
2. And when the said Railway Company
shall have completed their entire road from
Memphis TO Troy Station, in 0bion county, OF
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, he shall issue to said railway
company 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.
interest per annum from date of Issuance, and
the interest payable esemi-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 consecutively
thereafter for the ensuing ten years The
bonds shall be denominated " Memphis Mis-
sssippi River Railway Bonds and shall be
issued in sums Of two hundred dollars each,
which shall be levied annually to pay them.
SEC. 2. The coupons of said bonds shall be
paid by another specific tax, levied annually
to pay them, and shall be receivable for said
specific tax.
SEC. 3. The Tax Collector shall give each
taxpayer separate receipts for the specific 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 10 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
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 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 Mem
phis be liable beyond the amount of the spe-
ciic tax collected for the payment Of the said
bonds and coupons, and the said bonds and
coupons shall express that fact on their face,
and the holder of them shall be entitled to
receive payment only out of the said special
tax when collected. Nevertheless, until the
expiration of ten years from the issuance Of
the second series Of bonds, the General Coun-
Gil of the city OF Memphis shall each year ap-
point three Taxpayers, 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 individual owners,
SEC. 5. The acceptance by the said railway
authorized to be- issued shall bind the com pany @
fully to all the terms and conditions of this
subscription as set forth in the sections Of this
ordinance.
SEC. 8. The subscription shall become bind
ing only when ratified by a 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
tion in two daily city papers of an election, to
be held for that purpose, with thirty days mo-
tice, as required in the city charter. and shall
make publication Of this ordinance in connec-
tion with said election notice. Those who
favor the subscription at said election shall
place on 5neir pdldon .hnoo ine M wO1us iHr SUP. SUP.
bollo.s tbe words nn
Spr = The said Miss;ssinni River RailgaS
Ca1,nan, h;nds ;tseIf to comnIate said roaJ ~
ppator hv 'JrIv 1s7S and ~ Trnv Stat;aD
~ Ian'orvi 1S7g or in fhe ayent tha rood
~ ~ ~ oom nlated 10 Cov;not or Trnv Statian
- 70 ~ ~ Enna nreScr;hed tbsr this snbscr;nt;on
~ tnr nr Ne honds have NOT haan ;ssnJ sbeIi bs
~ in d @s yaid h,t so fsr as az hnr bo,o
nun @uil a,o sbail ba IN FIJI soToa mi efFant
"vsn Src g II Is distinctiv nndsrstood and
osaed bv and between tbe Mississ;nni River
Railroad 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
from The city.
SIC, 9. But it is specially provided that no
bonds shall be issued to said railway company
under the provisions of this ordinance until
note not S made to the Southern Railroad Associa-
tion for sl66 438 76, or thereabouts, due 18th
January. 1872, or shall have made such proyi-
sions for the payment of said note as shallfo
ever preclude the holder thereof from leYylng
Mayor shall be satisfied of that fact before
issninQ tho bonds,
Ordinance received and referred by Council
20 Ordinance Committee.
Your Ordinance. COMMITTED report tayora5y
nance, as amended