Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-07-28
ORDINANCE.
DE 1T ORDAINED BY THE GENERA
ID Council Of the city of Memphis.

Il ORDhlNEO IllE uEN EhA
ID Council Of the city of Memphis.
SECTION /. That there shall be submitted to
the qualified voters of the city Of Memphis the
proposition to subscribe two hundred thou
sand dollars in the bonds of the city of Mem
phis to the capital stock of the Mississippi
River Railway Company on the following
terms and conditions. viz:
/. When the said Railway Company has
completed its road from Memphis to Coving-
ton, Tennessee, and has opened it to business
and cars are running regularly thereon, and
the Mayor is satisfied OF those facts. he shall
issue to said railway company coupon bonds
Of the city of Memphis to tho amount of one
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 installments Of ten thousand
dollars each, the first instalment falling due
one year after date of Issuance, and the other
consecutively thereafter, for the ensuing ten
years,
3. And when the said Railway Company
shall have completed their entire road from
Memphis to Troy Station, in 0bion county, or
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 semi-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
bonds shall be- depominated "Mempb hi; Mi ho
sissippi River Railway Bonds" and shall be
issued in sums of two hundred dollars each,
and shall be receivable for the specific tax
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 DO receivable for said
specific tax.
SEC. 8. 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 a certificate of
stock in said company equal to the amount of
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
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-
cifc 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 APP
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.
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.
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 no
tice, rs 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 their ballots the words g for sub.
scription +" and those who oppose shall place
on their ballots the words mo subscription"
SEC. 7. The said Mississippi River Railway
Company binds itself to complete said road to
Covingt0n by July l, 1878, and to Troy Station
by January l, 1875; or. in the event the road
is not completed to Covington or Troy Station
in the time prescribed. then this subscription,
so far as bonds have not been issued, shall be
null and void; but so far as the bonds have
been issued shall be in full force and effect.
SEC. 8. II Is distinctly understood and
agreed BY and between the Mississippi 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
transportation of freight and passengers to or
from the city.
SEC. 9. But it is specially provided that no
bonds shall be issued TO said railway company
under the provisions of this ordinance until
the said company shall have first paid their
note made TO the Southern Railroad Associa-
ton for sl66,43S IS, or Whereabouts, due 18th
January, 1872, or shall have made such provi-
sions for the payment Of said note as shall for
ever preclude the holder thereof from levying
on the said railroad for its payment; and the
Mayor shall be satisfied Of that fact before
issuing the bonds.
Ordinance received and referred by Council
to Ordinance Committee.
REPORT,
Your Ordinance Committee report favorably
upon the Mississippi River Railroad 0rdi-
nance. as amended.
When, ON motion, the ordinance, as
passed a first reading by Council,
July 6. 1871 thereupon the rules of the C0un-
ell, in relation to the passage of ordinances,
was, in conformity with the provisions of the
city charter. suspended. and. on motion. the
was, on n second reading, passed
finally by Council, July 6. 1871.
Action Of the Council concurred in by Board
Of Aldermen by like action. July 6, 1871.
AMENDMENT.
Amend section ''of an ordinance passed
July 9Th" in reference to n subscription to
the Mississippi River Railroad Company, by
after the words three fourths Of
The votes. the words "cast in this election,
10 as 10 read;
SIC. 6. This subscription shall become
binding only when ratified By majority Of
Ihree-fourths Of the votes cast in this cleo
lion of the legally qualified voters Of the
Adopted by Council, July IS, ISL. Passed
irst reading by Council, July Is, ISL. Rules
suspended as required by charter. Passed
second and final reading by Council, July Is.
ISL.
Amendment passed first reading by Board
n Aldermen. Rules suspended, per.charter
requirements, and ordinance passed second
and final reading by Board Of Aldermen, July
IS, ISL.