Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1871-08-16
ORDIN ANCE.
DE TT ORDAINED BY THE GENERAL
ID Council of the city of Memphis.

- 0oun''i Vi 'no oi'' Vi Ni'iiip"is'
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: eFrv
/. 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 the 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 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 Obion county, or
to Union City. Tennessee, and the road has
been opened for business and the cars running
regularly thereon, and the Mayor is satished
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
stalments 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-
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. q The coupons of said bonds shall be
paid by another specific tax levied annually
10 fhap nd hoIl ha
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 entitIe the holder to receive
from the said railway company certificate of
stock in said company equal to 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 pd ing s.Vvh neaein nd i ,S
, ous ano ~ ~, rasao,;n pd;v;duaIa ,Sbo nov
nr vi tbe;r oss;gns and hall nevcr M he
ene TAX, OF tner m au ~ snni th ~
q al al, oh tha otf 40
W W.. ~ ibi tn1 IL, Sovnnd 3ha ano,nt s tha ~
Pu,s pe iaJio It5 ~ ,ho un+ ~ ~ sa;d
ec .a@ no .uv r. sniS honds n,d
Donus anu & aht fno. % n;r fan "n
III th h1dor 81 a. ara shaiI he ant;tiad ~
anu Ine noueI VI .heni sne s ~ " enIiooe VI
IecenHe pay es pniy oue ~ tn9 o",u IA
aaA wngn ~ ~ rs fro,n tba nf
tha secopd series az bondsi the General Cam
eli Of The city of Memphis shall each wear np-
noint three tax-payers. citizens of Memphis.
10 vote the said two hundred thousand dollars
of stock en- masse. in ali electiens held by
said railroad company. After tho expiration
of the said ten years, the stock may be voted
Iy I thh Ike ind;viduoi owners. ' " '0''N
STC' &. The acceptance by the said railway
comnanv Of any horizon of the bonds herein
authorized to be issued shall bind the company
fully to all the terms and conditions of this
ss sst forth in the sectinns Of this
or5;nance Wv - ''''1
Ssr' G. The subscription shall become hind
in9 only when ratified by n majority Of three
fo1rths of the votes of the legally Qualified
Votars Of the ctv and 70 test the;r sense of
his uestion the Mayor shall make nubIica
,inn in Two daiiv citv M ners of an eiertion In
be heid for that nnr1ose' with thirty daysi NO.
ice Us az his oyd;nance connsn
nun he pitb sa;d aloot;on not;na ThoSs n, ,.Io
sa NJ sShscr;nt;oo ~ so;d eIoction shaI
place On snen thnoa M WILLS mOus oh III III soo
scIiP.ivh a.. . ~ .o - ~ ,vpPVeS aeIi p,eI,5 -
on ineiI DaiiolS .uo moius. ny 5uosciiptivH.'