Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-08-12
Summer scheduIe-June IL
ORDIN ANCE.
DE IT ORDAINED BY THE GENERA
ID Council Of the city of Memphis.

ID Council of the city of Memphis.
80
SECTION l.; That there shall be submitted 70
the quallhed voters OF the city OF memphis rs the
proposition 70 subscribe Two hundrce tnou-
phis to the capital stock Of the mississippi
River Railway. Company on thc lonoWlhg
terms ana conditions, VA:
l. When the SAID haiiway company mas
completed its road from memphis 10 Oovlng-
ton, tennessee, and mas opened " 70 business
anu cars are running feguiariy guar anereon, enn
the Mayor IS satisfied oil those iacts, ne snail
issue to said railway company coupon bonds
2 Of the city OF Memphis 70 the amount OF one
hundred thOusahd uoilhIs. nanlng rom one
TO ten years 10 run 70 mhturlly, bearing SIX
per cent. interest per an annuni rom date OF rs
suance; ana lhe lnIeresI phya9ie SEM ~ u
any. Inc principaI oi tne ponas snail oe pald
In equal annual instaiiInen,s OF yen thousand
dollars eacn, t1e lirst ~ instaiimenl iaiilng Que
one year after date OF issuance, ana tne other
cohsecutiVeiy 'hereaieer' ior inc ensuing ten
years; "a,
y. Ana When the said haiIWay company
snall hhvo lp GDlnpEtetea E, their en!lre ROAD rom
mempnls So 1rgy etltloh, IN VDlon county; or
70 Union oiSy: Ienh,esSee, ana the road mas
peen opehSu LOT business anu tne cars running
regularly tnereon, ana me Mayor Is SATISFIED
OF lhose lacts' nc shail issue 10 sald railway
company SECOND series OF coupon bonds of
tne clty oi Mempnis, simllar 10 tne hrst, as
aDoye PROVIDED i0r, 70 the amount ol one nun
areu .nousana uolars, Dearlhg SIX per cent;
ihterest pei annum rom uate Oh issuance, ana
tne lhterest Payaoie seimi-annuaiiy. en- inc Prin-
clpal of the bonds shall be paid in equal in
stlilnenls OF zen tnousand collars each, the
hrst lnstaiiment ia,nng due one year after
uate OF issuance, ana the others consecutiTely
tnereaIier LOT tne ensuing Ten years Inc
; Donus snain piI Dc 1ehoalhbbeeu b melnPnls MIS-
Issued IN sums OF TWO hundred dollars each,
anu snall pe IeceHaDle IoI tne speclnc TAX
whlch shall be levied annually 70 pay them.
S5v; ~, q. dae coupoinas Oh salu Dohus shall pc
palu py announcer Specinc TAX, leVied annually
10 pay them' ana snail DO receivable Tor SAID
speclhc TAX.
SEC. 8. Inc Tax Collector shall give each
tax payer separate recelpts Tor the specihc tax
collected of him, or her. for the payment of
the Princlpai anu coupons OF me Donds,whlch
receipts snail entlte tne n0lder 70 receive
from the sald railway company certlhcate OF
STOCK In sald company equal 70 the amount OF
tne reeelpIs Wheh presehteu 70 the secretary
of said company, or at the office Of said com,
pahy N IhS Guy OF mempnis, IN sums OF
twenty-five dollars, or It's multiple. and for
any excess over twenty-five dollars ori mul"
tiple, In the amount oi its receipts presented,
tne secretary OF sald railway, company snail
eve 70 ; tne no,a9t reeelP. wnlcn t shaii IKE
wise be convertibie INTO the STOCK OF SAID rail-
way company when presented by the holder in
sums OF twenty-five dollars or us multiple.
Inc city Oh Mempnls snail NOT De the owner
IN any sense oi ihe STOCK nerein 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
4 4. \ r - 7L-
PMS be liable beyond tne amount OF the spe.
cine tax collected Tor the payment et the SAID
bonds and coupons, and the said bonds and
coupons snail express that tact on their face,
and the holder OF them shall be entitled 70
receive payment only out OF the said special
tax when Collected. lNeVertheiess, until the
expiration OF ten years from the issuance OF
the second series Of bonds. the General Coun-
ell OF the city OF memphis shall each year ap-
point three taxpayers, eitiZens OF Memphis,
to vote the said two hundred thousand dollars
of stock. mQSgo. all elections held nv
said railroad company; After the expiration
OF the sald Ten years. the STOCK may be voted
by the Individual owners, i
SEC. 5. The acceptance by the said railway
company OF any. portion OF the bonds herein
authorized TO be Issued shall bind the company
fully TO all the terms and conditions of this
subscription as set forth In the sections OF this
ordinance, Il
SEC. 8. The subscription shall become bind
ing only when ratlhed 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
tlon 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 pabiicaitiion% % Of this ordinance n eonnee-
favor the snbserintion M said eIection shall
place on their ballots the words for sub.
scriDtion Z" and those who opposs shall place
an their ballots the words mo snbscrint}Ron'
Comnany binds itself to complete said road h
Covineton by July /. 1874. and TO TROY Station
by January /. 1S75: or In the event The road
is moi COMPLETED to Coyineton or TROY Station
In the time nrescribed then this subscrintion
90 lar ne hands have NOT heen issusd sbaii be |
mil and void: hut so far MS the bonds have
been issued shall be in full force and effect.
SIC. s. 1t is distinctly understood and
agreed by and between the Mississippi River
hall:0au company ana the city OF Me.mphis,
ana the same Is made an express condltion oil
the subscription heTeoy authorized, tnat tne
MISSISSIPPI River haliroad company shall
never nuke 1ny ulsc!,Ininatipn !. hgaihst the
city of Memphis, or its inhabitants, in the
transportation OF ireight ana passengers 10 or
from the city. II
SEC. y But ~ IS specially provided that no
under the provisions Of this ordinance until
the said company snail nave trst PAID their
note made 70 the southern railroad Assoela-
ton for sl66.iS 20, OF whereabouts, due 10Th
January ioiz, or shail nave inaae sueh Pr9Vl-
sions for the payment OF said note as shall for
ever preclude the holder thereof from levylng
on the said railroad for ITS payment; and the
Mayor shall be SATISFIED OF That TACT before
issuing tne bonus.
OrdinaRce received and referred by Council
to ordnance committee. if Il
REPORT
our Vrdlnahce OoinHi..ee report Iayorap5y nn5i
upon lhe sSsiPfi ANfeI huiio"u Vi"i-
hau1de, tu, AZ annienev; , ',ot;or ho ordy,Doroo os
Nhehs ph hiVtiOAit OhO oiu .o