Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1872-07-09

OFFICIAL.
SINKING FUND ORDINANCE.
AN ORDINANCE


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Be It ordained by the General Council Of the
city of Memphis: pa asat LILO. satN
Section i. That there shall each year, be-
ginning With the rorty.ft,h n cor yeal
ner that other taxes are laid and collected, be
laid and collected a special tax of twenty cents
on each one hundred dollars worth OF taxable
property in the city Of Memphis. ior the soie
to be used only in retiring the bonds OF the
CITY, geit.ur,ic2
in money. and shall DO kept separate and as
tinct from all other taxes, and a separate ac-
oount thereof shall be kept BY the Tax Collec-
tor, and no part thereof be used or paidoyef
except In the manner hereinafter prescribed.
Sec. g. immediately after the passage and
approval of this Ordinance, il shall be the duty
OF the Mayor. by and with the consent of the
General Council, TO appoint three sinking
fund commissioners, who shail hoid thelr ON
ces respectively for the term OF three years ana y.
until their successors are appointed and auaii-
fed; propided, that the sinking fund eommis'
sioners first appointed under this Ordinance
shall hold their office respectively Tor the term
ofOne, two and three years, and until tneiI
successors are appointed and qualified And
as soon after the appointment of the commits
sionors first to be appointed under TINS Ordi-
nance, as may be convenient, they shali assent
BILE and organize, and shall thereupon deter
u.
agreed upon between them. which Of their
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 once
for the term that may be so designated.
Vacancies in office, occasioned by the ex-
piration of the term of appointment, or IN
any other way, shall be flled by the Mayor,
by and with the consent oil the ueherai Oouh-
Sec. 4. Each of the sinking fund COM
missioners shall before entering upon his
Office take an oath faithfully to 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 tho Prcsi-
dents Of the Board of Aldermen and Common
Council, in the penal sum Of S00,UOJ, condi
toned that he will faithfully keep, appropri-
ate and account for nj the moneys and prop,
crty that may come to his hands by virtue OF
his Office, according 70 the requirements OF
this ordinance, and will in all other respects
we'll 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 record Of
Sec. S. Any sinking fund commissioner fail
ing to comply with the provisions OF this ordi-
nance in any respect may be removed from
Office by vote OF the General Council, two.
thirds of each branch, asserting, thereto, and
Sec. 6. The Tax Collector shall pay over
monthly to the sinking fund commissioners
all the taxes that may have been collected BY
him during the preceding month on account
them duplicate receipts therefor, one Of which
| he shall file in the office of the Comptroller,
| there TO remain, and shall report to the Gen;
eral Council monthly the amount he has paid
| them for the month";
Sec. I. The Comptroller shall open an ac-
count with the sinking fund commissioners
| and shall from time TO time charge them with
| the amounts paid to them by the Tax Collec.
tor. as shown by the receipts filed and shall
credit them with the amounts paid out in 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 az they may purchase from
| time to time, as said interest falls due.
Sec s. As soon as the sinking fund COM
missioners shall receive from the Tax Collec'
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 bond, or bonds of the city. not yet
matured. at the lowest price at which the
same can be purchased. for the account Of
the sinking fund. ne
Sec, 9. At the end of each month the sink
| ing Fund Commissioners shall make q writ
ten statement TO the Comptroller. which al!
| of them shall sign and swear to. in which
4
| BY them during the month on account of tht
| 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
| the numbers, dates and issues of the bonds
purchased, and the amount OF money belong
| ing to the sinking fund remaining in then
| hands; and the said statement shall be MED
and remain in the office Of the Comptroller.
At the time Of making the SAID monthly
written statement. the sinking fund commits.
sioners shall produce to the Comptroller all
| the bonds Of the city they have purchased .up
to 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: /" BlongIng "a
| 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 fu-
ture, negotiation, and before returning TIE
| ing fund commissioners. he shall record the
| same in book to be kept by him fer the pur.
pose, giving number, date of issue, and date
| Of maturity of each bond.
| See 10 The Sinking Fund Commissioner
shall retain each and every bond purchased By
| them, after being cancelled and stamped as
aforesaid, until its maturity; and in the mean
time shall collect from the City Treasurer, OF
other person paying the same, the coupons on
the said bonds 50 purchased from time to time
as they respectively mature, and shall apply
I the money so collected in the purchase Of othel
bonds of the city in the manner before directed
| IN reference 10 inc money fecelfcu VI the LA
| 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 OF coupon, after beinl
purchased by the Sinking Fund Commission
ers, shall be valid in the hands OF any Othel
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 bone
! or coupon, except to the Sinking Fund Com
missioners as aforesaid. and II any Tax Collec
tor, or officer, or agent. pay any such bond o.
coupon 10 any other perssn the payment shall
not be allowed him as q credit. And the Urea
surer, or officer, OF agent. Of the city, payinI
any such coupon. Is hereby required to cut TIL
| same from the bond 10 which it belongs at tn
| time he makes payment, and the Sinking Funs
| Commissioners are hereby forbidden to sepa
rate the coupons from the bonds for any pur
| pose whatever.
Sec. 10. II shall be the duty Of the Comp
| troller TO report promptly TO the General Coun
Gil any failure Of the Sinking Fund Commits
siOners TO comply with the requirements Of thi
| ordinance, and also any breach ef the pro
| visions of the same, and the Mayor shall i'm
mcdiately cause such action 70 be taken as will
secure the rights of the city in the premises.
| Sec l3 The compensation of each Com
missioner herein provided for, during his con
tinuance in Office as such. is hereby liked a
| $50 per annnm. payable quarterly at tue ex
piration Of each three months.
Passed second and final reading by Board o
| Aldermen June q, 1SI2.
Passed second and final reading by Council
June Is. 1879. g..
| Aprrovad Iune u 1S12