Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-07-23
CRY OanIMA NCEs
Be- 9raaauel b. Ne General Council o. as s.g

Be Ordaised By ne General Council Of ne city
Of MeTqph6,
SECTION l. That there shall be submitted
TO the qualified voters Of the city OF Menu
pbts the proposition 70 subscribe two huE-
dred Thousand dollars IN the bonds of the
city OF Memphis. to the capital stock of the
Mississippi River Railway Company on the
following terms and conditions. viz:
j When the said Railway Company has
completed It's road from Memphis to Covtng
on, Tennessee. and has opened II to busi-
ness and cars are running regularly thereon,
and the Mayor is satisfied 81 those facts, he
shall issue to said railway company, cOupOn
bonds OF the city OF Mem ph3s, to the amount
OF enc hundred thousand dollars, having
from one 10 ten years to ran TO maturity,
bearing six per cent Interest per annuin
from date Of issuance, and the interest pay
able sem~t-anDually The principal OF the
bonds shall be paid in equal annual INSTALL
lens teh enousAuo 0oL4ats SAIL thS nrst
tnstaiAment falling due one year after date
OF issuance, and the other c~onsecutively
thereafter, for the ensuing ton years.
2 And when the said Railway Company
shall have completed their entire road from
Memphis to Troy Station ia ObiOu county,
or TO Union City, Tennessee, and the road
has been opened for business and cars are
running regularly thereon, and the Mayor
il satisfied of those facts, he shall issue to
said railway company a second series OF
OupOn bonds OF the city Of Memphis SIM
liar to the hrst, as above provided 1Or, to the
amount or one hundred thousand dollars,
bearing six per cent. interest per mum
able semt ~annually. The principal of the
bonds shall be paid in equRL annual install
meDts of ten thousand dOllsrs each, the first
instalment falling due year after date OF
issuance, n the Others c~OnseeuEvely there
after for the ensuing ten years. The bonds
shall be denOm1nated Memphis Mississippi
River Rail way Bonds" and shall De issued
in sums OF Two hundred dollars each, and
shall be receivable Tor the specific tax which
shall be levied annually 70 pay them.
sec 2. The coupons or said bonds sEall be
paid by another specific tax, levied annually
to pay them, and snail be receivable for said
sec. 3. The tax collector shall give each
tax. pave separate receipts for the specific
tax collected of him OF her, for the payment
of the principal and coupons OF the bonds,
which receipts shall ent1letne hol1er to re-
ceiVe from the said railway company a GER
tiheate OF stock IN said company equal 70
the amount OF the recelpus when presented
10 the secretary Of said company, or at the
Office of SAL company In tbs city Of Men,
phts, In sum of twenty-five dollars, or It's
multiple, and for any excess owe twenty
I've dollars, r its multiple In the amOunt OF
its receipts presented, the SecreG7Ry OF said
railway company shall give to the holder a
receipt which shall likewise be convertible
into the stock Otssid railway company when
presented by the holder in sums Of twenty
Y dollars or its multiple.
The city OF Memphis shall not be the owner
in any sense Of the stock herein subscribed,
put the same snail 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 Memph1S be liable beyond the amount OF
the specific tax collected for the payment OF
the said ponds and coupons, and the said
bonds and coupons shall express that fact
on their lace, and the holder of them shall
be entitled to receive payment only out OF
the said specific tax when collected. Never
nom the issuance OF the second series OF
bones, the General Council of the city of
Memphis shall each year appoint three tax
payers, citizens of Memphis, to vote the said
Two un0Ten EDunApnn dollars. OF EEOpK. en-
mRsse, in all elections held by said railroad
company. Alter the expiration OF the said
ten years, the stock may be voted by the in
dividual owners.
SEC. S. The acceptance by the said railway
company OF any portion OF the bonds herein
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. This subscription shall become
binding only when ratified by a majority Of
thTse-four hs or the votes of the legally quail
lied voters of the city; and, to test heir
sense OF tins question, the Mayor shall make
publication In Two daily city papers Of an
election, to be held for thar purpose, with
thirty days notice, as required In the city
charter, and shall make publication of this
ordinance in connection with said election
notice. Those who favor the subscription at
said election shall place on their ballots the
words " for subscription" and those VINO op-
pose shall place on their ballots the words
Emo subscription"
Sec. Z. The said Mississippi River Railway
Company binds itself 10 complete sefd road
to C~ovtngton by July I, 1873, and to Troy Sta
ton by January l, 1910; or, in the event the
road Is not completed 70 C~OvingtOn or Troy
Station in the time prescribed, then this SUBJ
scriptiOn, so far as bonds have not been is
sued, shall be null and void; bat so far as the
bonds have been issued shall be in full force
and effect.
sec. s. Iii is distinctly understood and agreed
by and between the Mississippi River Rail-
road Company and the city OF Memphis, ana
the same is made an express condition OF the
subscription hereby authorized, that the
Mississippi River Railroad Company shall
never MAKE any dlscrIm1natlnn against the
city OF Memphis, or its inhabitants, in the
transportation OF freight and passengers TO
or rom the city.
Sec. 9. But it is specially provided that no
bonds shall be issue to said railway com
pany under the provisions o. this ordinance
until the said company shall have nrst paid
heir note made to the southern railroad
Association for sI66.45S 76, or Whereabouts,
due 18th January, 1872, or shall have made
such provisions for the payment OF sid note
as shall forever preclude the holder thereof
from leVying On the said railroad for its pay
ment; 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 COMMITTEES report favora-
bly, upon the Mississippi River Railroad Or
dinanee, as amended.
When, on motion, the ordinance, as amend
ed. passed a first reading Dy Council, July g,
1871; t~hereupon. the rules Of the Council IN
- -- w. -
conformity with the provisions Of the city
charter, suspended. snd, on motion, the or
dinance was, on a second reading, passed
nnaly by council, Juiy s, 1911
Action Of the Council oOnourred in by
Board OF Aldermen by like action, July ., 1871.
AMENDMENT.
Amend section 8 of an ordinance passed
July 9Th" in reference to q subscription to
The Mississippi River Railroad Company, by
inserting after the words three fourths OF
the votes, the words " cast in this election"
so as to read:
Sec. 6. TT subscription snail become
binding only when ratified by a majority Of
three-fOurths OF the votes cast at this cleo
ton, OF the legally qualth ed voters Of the
city, ETC.
AdopIed by Council. July is, 1871. Passed
hrst reading by Council, July IS, ISL Rules
suspended as required by charter. Passed
second and hnal reading by Council, July
Is, 1871.
Amendment passed drst reading by Board
of Aldermen. Rules suspended, per charter
requirements, and ordinance passed aseCOnd
and hnal reading by Board Of Aldermen,
July II, 1871.
Approved Julyl9, 1871.
JOHN JOHNSON, Mayor.
Attest: L. X. RICHARDS, City Register.