Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-08-12
CRY ORDINANCES.
CITY ORDINANCE.

CITY ORDINANCE.
q aerauh.sabya s esn~rua 0sunoaor asav
Of Asg4Fhh.
SKoTToNL That there shall be submitselI
70 the quAhhed voters Of the CItY OF Mem.
phis the proportion To snbseribe Two hum
urod Thousand dollars IN the bonds OF the
esty oi Asmphis p he cagitat stock Of The
io1oHlne terms q Coalitions, viz
ghep . said Hatiway Company has
bOa ~ISEneasee, and has opened 70 20 busi-
ne59 SUD cars ara rauning regularly thereon.
and the Mayor = satisned o. those facts. be
SHAH Issue to said railway sompany coupon
bonds OF III city Oh Memphis. 10 the amount
Of one hundred Thousand dollars, having
bearing six per cent interest per annam
from date OF lssuancs, and the Interest paV-
able s~emi-anndaliy The principal or the
ments Of ten thousand dollars each, The hrst
instailment falling due oue year after date
q 3 ana ne osnef e~onsecalAsely
q And the said haiiWay Company
shall have cOmpietsd their entire road nom
Memphis 20 Troy 5tasions In ODlon county
or 20 Union City, Tennessee, and the road
has been opened for business and cars are
rnnning regularly thereon and the Mayor
said railway company a second series OF
coupon bonds Of the city Of Memphis, sim
mount OF enc hundred thonsand dollars,
bearing six per cent interest per annum
from cate OF Issuance, and the interest pay
able ~semi-annuallys The principal Of the
bonds shall be paid In equal nnual install
meBtE OF ten thousand dollars each, The nrst
I~nstalment falling due oneyear after date Of
issuance, and the others c~OnseGutiVsly there
after for the ensuing ten years. The bonds
shall be denominased Memphis Mississippi
in sums Of hundred dollars each, and
shall be receivable for the specific tax which
shan be levied annually to pay them.
Sec 2 The coupons OF said bonds sEall be
paid BY another specific tax, levied annually
10 pay them and shall be receivable for said
see. 3. The tax collector shall give each
taxpayer separate receipts for the specific
| tax collected OF him OF her, for the m
which receipts shall entilsthe holger to re-
| cefve from the said railway companya cer-
tthcate OF stock IN said company equal -
the amount OF The reeeipts when presented
10 the secretary Of said company, or at the
ONCE OF said company in ths city OF Men,
phls, In sums OF twenty-five dollars, or its
multiple, and tor any excess over twenty
i've dollars, CT its multiple IN the amount OF
It's receipts presented, the SecFstary OF said
railway company SHAH give to the holder 8
| receipt which shall likewise be convertible
into the stock Ofsaid railway company when
presented By the holder In sums OF twenty
i've dollars or its multiple.
The city OF Memphis shall not be the owner
in any sense Of the stock herein subscribed,
but the same b always be and remain
I liz RA1REANI y 80 Ag1R-SA4N0 AAAAN AAA-
Who pay bhe tax, or their assigns, and shall
never be subject to execution or sale for the
eorporats as2s OF tne eltyi nor snan tne city
| the sP0sc1Ctax collected for the payment OF
the sata eonds and coupons, and the said
! ponds and egdpOnS shall express that fact
I on their fAee, and the holder Of them shall
- satltied TO receive payment only out OF
the said specific tax when collected. Never
thelsss, until the expiration OF ten years
nom the issuance OF the second series Of
bones the General Council Of the city Of
Memphis shall each ear appoint three tax.
payers, citizens Of Memphis, to vote the said
Two hundred Thousand dollars OF stock, en-
laasse, IN all elections held by SAID railroad
company. Alter the expiration OF the said
Ten years, the stock may be voted by The In
diVtdual owners.
See. s. The acceptsEce by the said railway
COM 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
Sec. 8. This subscription shall become
binding only when ratified by a majority Of
three-IOuTi ms or the votes OF the legally quail
med voters OF the city; and, to test Their
sense OF this question: the Mayor shall make
publication in two daily city papers OF an
election 70 be held tor that purpose, with
thirty days notice, as required in the clay
eharteF, and shsll make publication OF this
ordinance in CONGESTION with said election
notice. Those VINO favor the suDaer1ptiOn AZ
said election shall place on their ballots the
words " FOR subscriptiyn;' and those who OPP
pose shall place on their ballots the words
Sec. 4. The said Mississippi River Railway
Company binds itself TO complete said road
to CoVtngtOu by July 1, 1873, and TO Troy STA
ton by January j. 1915 or, in the event the
rOSdE not completed to C~Oyington or Troy
Station ia the time prescribed, then thus sub
scrfptiOn, 50 far AS bonds have not been is
sued, shall be null and void but so Ear As the
bonds have been issued shall be In full force
aRdefsct.
sec. s. 1t Is distinctly understood and agreed
By and between The Mississippi River Rail-
road Company and the city OF Memphis, and
the same Is made an express condition Of toe
subscription hereby authorized, that the
Mississippi River Railroad Company shau
never make any discrimination against the
city Of memphis, or Its mbabisants, N the
transportation OF freight and passengers TO
or IRON the city.
Sec. 9. But Ii Is specially provided thai no
bonds shau be issue0 To sa1d railway COM
pany under the provisions o. this ordinance
until the said company shalf have hrst paid
heir note made TO the southern Railroad
Association for $3.50, ass Is, or thsreabOuts,
due 18th January, ISl2, or shall have made
such provisions FOR b. OF sald note
a. shall forever preclude the holder thereoI
from ieVying on the said railroad for It's pay
Tdent; aud Gne Mayor shall be satisfied OF
tLat fact before ssuIng the bonds.
Ordinance received and referred BY Council
to Ordinance Commltiee.
REPORT.
Your Ordinances Committee report faVOra-
bly, upon The Mississippi RivsF Railroad Or
dinsncs, IA amended
Whsn, On motion, The ordinance, as amend
ed, passed q hrEt reading by Council, July6,
R7; thersupOn, the rules of the Council, IN
relation TO t6e passage OF ordinances, was, IN
conformity with The provisions OF the city
charter, suspended, and, on motion the or
dinance was. on a second reading, passed
finally by Council, July 6, i7L.
Action OF the COunefi eoncurred in By
Board OF Aldermen b Xix action, Iulyb D, 1871.
AMENDMENT.
Amend section of an ordinance passed
July 9Th, {" in reference to a subscription TO
the Mississippi River Railroad Company, BY
inserting after the words -three.fourtns OF
the Votes. the words cast In this election
so as TO read:
binding only when ratified BY 8 majority of
three-fOurths Of the votes cast at this cleo
ton, OF the legally qualified voters OF the
city" etc.
hrst reading by Council, July Is, B7L Rules
suspended as required BY charter. Passed
second and mai reading By Council, July
Is, ISL
Amendment passed first reading by Board
OF Aldermen. Rules suspended, per charter
requirements, and ordinances passed asecOnG
and maj residing by Board Of Aldermen,
July Is, 1871.
Approved 5uIyls, IS7L
JOHN JOHNSON, Mayor.
Attest: J.. K. RICHARDs, City Register.