Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1872-07-01
oFEloIAL.
SINKING FUND ORDINANCE.
AN ORDINANCE
To Establish Permanent Sinking
Fund for the Payment Of the Bonded
Debt Of the City Of Memphis.
Be Il ordained BY the General Council Of the

Be it ordained by the General Council of the
city Of Memphis:
ginning with the forty-fftlr corporate year
IiS72) at the same time and in the same man
ner that other taxes are laid and collected, DC
laid and collected special tax OF twenty ceh n.y.
property in the city of Memphis for the sole
and special purpose of creating sinking fund
TO be used only in retiring the bonds OF the
Sec. g That the said tax shall be collected
/ in money, and shall be kept separate and dis
tinct from all other taxes, and a separate ac-
and no part thereof shall be used or paidoyer
! except in the manner hereinafter prescribed.
| SEQ. 8. Immediately after the passage and
approval Of this Ordinance, 4 shall DC the dnly
| ofthe Mayor, by and with the consent OF the
General Council, to appoint three SINKING
fund commissioners, who shall hold their offi,
ces respectively for the term Of three years and
until their successors are appointed and quail
fed; propided, that the sinking fund commits
sioners first appointed under this Ordinance
shall hold their office respectively for the term
of one, two and three years, and until tnelT
successors are appointed and qualified. Ana
as soon after the appointment OF the commis-
| sionors first to be appointed under TINS ordl-
nance, as may be convenient, they snail assem-
| BILE and organize, and shall thereupon deter
mine by lot, in such manner as may be
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, ana
| which ut the end of three years, and each oil
the said commissioners shall hold ms 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 filed by the Mayor,
by and with the consent of the General Coun-
ell, as above provided,
Sec. 4. Each of the sinking fund com
| missioners shall before entering upon MS
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 the Presi-
dents of the Board of Aldermen and Common
Council, in the penal sum of $4,000, condi-
toned that he will faithfully keep, apProprl-
ate and account for all the moneys and prop
erty that may come to his hands by virtue OF
his Office according to the requirements OF
this ordinance, and will in all other respects
well and truly perform ms duties as sliisklhn ;s
| Office The said bond, with the approval OF
the same Endorsed thereon. shall be deposited
with the Comptroller and remain record OF
his office. lt.
Sec. 5. 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
| the Mayor approving the removal.
See. 6. The Tax Collector. shall pay over
monthly to the sinking fund commissioners
| all the taxes that may nave Deen cOllcetcu ny
| him during the preceding month on account
of the sinking fund tax, and shall take from
! them duplicate receipts therefor, one Of which
he shall file IN the once OF the Comptr0Iiler'
there to remain, and shall report to- the Gen,
eral Council monthly the amount he has paid
See. 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 Coilec,
tor. as shown by the receipts filed, and shall
| credit them with the amounts paid out IN the
Nv them. as hereinafter directed. We shall
| aIsD charge them with the interest on such
bonds of the city as they may purchase from
time to time, as said interest falls Que,
See S. As soon as the sinking iund 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
| or the bonds purchased as hereinafter provi-
| ded. they shall invest the came 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, 1Or the accOuht Vi
the sinking fund.
ing Fund Commissioners snail make writ,
ten statement to the Comptroller. wnlch al
of them shall sign and swear to. In which
/ they shall show the amount OF money received
BY them during the month on account OF tne
sinking fund. the amount they have invested
| in the purchase of the bonds Of the city, tue
i price at which they purchased the bonds. and
ne Numbers. dates and issues of the bonds
purchased. and the amount OF money belong
| ing to the sinking fund remaining IN their
| 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 sin king fund commits,
sioners shall produce 70 me oompeLhOiiea5 al al
| to that date. with the coupons belonging
| thereto, and the Comptroller in their pres
ence shall cause to be stamped on each BOND
Nluaa wrrasN fIu OF
| the sinking fund of the city of Memphis" and
al the same time shall cancel the bonds and
| coupons produced, so as 70 prevent their ~
| ture negotiation. and before returning tne
bonds SO stamped and Cancelled to the sink
ing fund commissioners. he shall record the
| same in a book TO be kept by him for the pur-
pose, giving number, date Of issue. and date
u Sec To- The Sinking Fund Commissioners
| 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, or
other person paying the same, the coupons on
J the said bonds so purchased from time 70 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 dlregled
| in reference to the money received OF the Tax
Collectors. As soon a. the bonds themselves
mature the Sinking Fund Commissioners shall
| file them in the Office Of the Comptroller.
Sec. II. No bond OF 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-
pressy prohibited from paying any such bond
or coupon, except to the sinking i una Com
| missiOners as aforesaid. and II any Tax COliec-
/ tor. OF officer or agent. pay any such bond OF
coupon to any other person the payment shall
not be allowed him as a credit ana the Urea
surer, or officer, or agent. OF the CITY, paying
any such coupon. is hereby required 10 cut tne
same from the bond 10 which II belongs az me
time he makes payment, ana the sinklng una
Commissioners are hereby forbidden 10 sepa-
rate the coupons from the bonds Tor any pur-
pose whatever.
Sec. T. Ii shall be the duty Of the Comp
trOller to report promptly 70 the General COun-
eli any failure OF the Sinking Fund Commis-
si0nors to comply with the requirements oil ths
ordinance, and also any breach Of the pro
visions Of the same, and the Mayor shal I'M,
mediately cause such action TO be taken as VIII
secure the rights Of the city in the premises.
See Is. The compensation Of each Oom'
missioner herein provided for, during his con-
tinuanee in Office as such, Is hereby liked nj
, $50 per annnm. payable quarterly al the eX-
piration Of each three months.
Passed second and final reading by Board Of
Aldermen June .. 1872. -
Passed second and final reading BY Council
June .. 1872.
Approved June q, 1872. ...,- :,
Attest: JNO. JOHNSON, Mayor.
r.. X. RICHARDS. City Register. l05.ll2
, pR0P0SALS.