Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1872-07-02

SINKING FUND ORDINANCE.
,nasi % AN ORDINANCE alaR
To Establish a Permanent Sinking
Fund forthe Payment OF the Bonded
4 Debt OF the, City OF Memphis. i9dio

property In the city Of Memphis, for the sole
and special purpose OF creating sinking fund
10 be used only in retiring the bonds OF the
Sec Sec. 2. That the said tax shah be collected
in money, and shall be kent separate and dis
tinct from all other taxes, and a separate ac-
tor.snd no partihersof shall Be used Or paidoyer
except in the manner hereinafter prescribed. !,
} See. 8. Immediately after the passage and
approval of this Ordinance, II shall be the duty
ofthe Mayor, By and with the consent. of the
General Council, q 10 appoint three sinking
fund commissioners, who shall hold their otii-
ces respectively for the term Of three years and
until their successors. are appointed and quail
sioners first appointed under this Ordinance
shall hold their Office respectively for the term
Of one. two and three years, and until their
successors are appointed and qualified. And
as soon after the appointment of the commits
sionors first to be appointed under TINS Ordl-
nance, as may be convenient, they shall assem-
BILE and organize, and shall thereupon deter
mine by lot, in such manner as may pe
number shall go out Of Office at the end OF one
year, which at the end of two years, and
which at the end Of three years, and each. OF
the said commissioners shall hold his office
for, the term that may be so designated.
Vacancies In office, occasi0ned by the eX-
piration Of the term of appointment, or IN
any other way, shalllbe flled by the Mayor,
Sec. 4. Each of the sinking fund COM
missioners shall. before entering upon his
Office, take an,o oath faithfully 10 discharge the
duties Of the same. and shall enter into bond
to the city Of Memphis. with two or more good
and sufficient securities, to be approved OF by
the Mayor, the City Attorney and the Presi-
dents Of the Board of Aldermen and Common
Council, in the penal sum Of S50.OOJ condi-
toned that he will faithfully keep, appropri-
ate and account for all the moneys and prop.
erty that may come to his hands BY virtue OF
his oife according e the Requirements ssnso 81
well and truly perform his duties as sinking
fund commissioner during the term of his
Office The said bond, with the approval OF
the. same Endorsed thereon. shall be deposited
with the Comptroller and remain q record OF
Sec.5 5. Any sinking fund commissioner fail
ing TO comply with the provisions Of this ordi-
ss IN TSto 81 GG sScrs GoaSc %
thirds Of each branch asserting thereto, and
Sec. g. The Tax Collector shall pay over
monthly to the sinking fund commissioners
ali the taxes that may have been collected by
him during the preceding month on account
of the sinking fund tax. and shall take from
them duplicate receipts therefor, ono OF which
there TO remain, and shall report TO the Gen;
eral Council monthly the amount he has paid
them for the month. nHol ~ iN f3Ntf
Sec. Z. The Comptroller shall open an ac-
and shall from time 70 time charge them With
the amounts paid to them by the Tax Collec-
tor, Is shown by tho receipts filed, and shall
credit them with the amounts paid out IA the
purchase Of the bonds Of the city purchased
by them, as hereinafter directed. We shall
also charge them with the interest on such
bonds of the city as they may purchase from
time to time, as said interest falls due. ~ a
Sec s. AS soon as the sinking fund com
missioners shall receive from the Tax Coliec-
tor a sufficient sum. and from time to time
thereafter, as they may receive other sums,
either from the Tax Collector or as interest
on the bonds purchased as hereinafter provi-
ded, they shall invest the same in the pur-
chase of a bond, OF bonds Of the city, not yet
matured at the lowest price at which the
same can be purchased. for the account OF
'T Sec. 3. At the end Of each month the sink
ing Fund Commissioners shall make writ
ten statement TO the Comptroller. which All
of them shall sign and swear 10. IN wnlch
they shall show the amount Of money received
by them during the month on account OF the
sinking fund. the amount they have invested
In the purchase Of the bonds Of the city, the
price at which they purchased the bonds. and and
purchased. and the amount OF money belong
ing to the sinking fund remaining IN their
hands; and the said statement shall be hled
and remain IN TIE once Of me SompsoOiibeIr
written statement. the sim king fund commits,
siOners shall produce 20 the Comptroller all
the bonds Of the city they have purchased up
10 that date. with the coupons belonging
thereto. and the Comptroller. in their pres
ence shall cause TO be stamped on each bond
and each coupon these words: . Bionging 70
the sinking fund OF the city Of Memphis, and
at the same time shall cancel the bonds and
coupons produced, so as to prevent their flu
ture negotiation, and before returning the
bonds 50 stamped and Cancelled to'the sink
ing fund commissioners. he shall record the
same in book to- be kept By him Ter the pnr-
of m aturity of each bond: - .f.r... II
Sec 10 The Sinking Fund Commissioners
shall retain each and every bond purchased by
them, after being Cancelled and stamped as
aforesaid. until is maturity; and inthe mean
time shall collect from the City Treasurer, or
other person paying the same, the coupons on
the said bonds go purchased from time TO time,
as they respectively mature, and shall apply
the money SO collected in the purchase Of other
bonds Of the city in the manner before directed
in reference to the money received 81 the lax
Collectors. As soon as the bonds themselves
mature, the Sinking Fund Commissioners shall
file them In the Office Of the Comptroller,
Sec. IL. No bond or coupon, after being
purchased by the Sinking Fund Commission
ers. shall be valid in the hands Of any other
person, but shall be. deemed to be cancelled
and paid, and the City Treasurer and every
other officer and agent Of the city is hereby ex-
pressly prohibited from paying any such bond
or coupon, except to the sinking FUND Com
missioners as aforesaid. and IL any Tax Collec-
tor, or officer, or agent. pay any such BOND OK
coupon 70 any other person the payment shall
not be allowed him as credit, And the Trea-
surer, or officer, or agent Of the city, paying
any such coupon. is hereby required to cut the
same from the bond TO which Il belongs az the
time he makes payment, and the Sinking Fund
Commissioners are hereby forbidden to sepa-
rate the coupons from the bonds for any pur-
pose Whateyer. cJuf.li ~
See. H. II shall be the duty Of the Comp
trolier to report prom pity TO the General Coun-
ell any failure Of the Sinking Fund Commits
sioners 10 comply with the requirements OF TINS
ordinance, and also any breach Of the pro
visions Of the same, and the Mayor shall I'M,
mediately cause such action 10 be taken as VIII
secure the rights Of the city in the premises.
| Sec. -. The compensation Of each Com
missioner herein provided for, during his con.
tinuance in Office as such. Is hereby hxed at
I $50 per anunm. payable quarterly At the ex-
piration Of each three months.
| Passed second and final reading BY Board OF
Passed second and final reading by Council
| juno 25, 1872. 1l Hal N
| Approved June q, 1872. ..
| Attest: JNO. JOHNSON, Mayor,
! l.. X. RICHARDS, City Register. lO3-llz