The Columbia herald. [volume] (Columbia, Tenn.) 1850-1873, 1872-12-06
CITY COUNCIL.
CITY HALL, COLUMBIA, TESN.,
Nnucnlor ~ M

q.
stated meeting of the Board of Mayor and
Aldermen of the City. Present, John r.
| McQaw, Mayor; james l.. Guest. Recorder r.;
John Latta, Marshal.
Meesrs. Turpin and Tucker, Aldermen LIST
Messrs. Williams, Chain and Frierson, I'd
Ward.
Messrs. Parker, Baker and Lamb, ID Ward.
The Board was called to order by the
Mayor. The Aldermen were all present,
except Mr.. Dale, OF Ward No. !, VINO was
excused on account of sickness.
A petition was presented from the Presi-
dent of the Duck River Valley Narrow
Gauge Railroad Company, whereupon Al
dermen Baily offered the following:
WHEREAS, II petition has been presented
By the President and Directors Of the Duck
River Valley Narrow Gauge Railroad Conn.,
pany, to the Mayor and Aldermen of the
City of Columbia, asking said Mayor and
Aldermen to subscribe and take OF the cap
ital stock of said Company Fifty Thousand
Dollars, to be subscribed, raised, and paid on
the following conditions, to-wit:
The Mayor and Aldermen when authoriz-
subscribe and take of the capital stock OF
said Railroad Company the sum of Fifty
Thousand Dollars, and which subscription
is to raised and paid as follows:
The said Mayor and Aldermen to issue the
bonds of the City of Columbia, payable to
the President and Directors of said Railroad
Company at the expiration OF twenty years
from the date OF their issuance 10 their pay
NUN, and to provide for the payment OF said
bonds; said Mayor and Aldermen TO levy
and collect a tax on the property holders OF
said town of columbia, OF ten per cent an
nually on the amount Of said subscription or
the sum of Five ThOu1and Dollars, (which
the sum of Four Thousand Dollars shall be
applied to the payment OF the annual in;
terest on said Bonds, and One Thousand
Dollars as a Sinking Fund TO extinguish
that amount Ofthe principal of said bonds.
That the Mayor and Aldermen of Columbia
I<.-..
desire, and determine, 10 extinguish by
payment thereof, all or any portion OF the
principal of said bonds at any time after the
issuance and delivery thereof to said Rail
road Company, as they may see proper, up
on the issuance and delivery of said Mayor
and Aldermen of said Railroad Company of
ssid bonds for the amount OF Fifty Thous-
and Dollars, payable as above, ana bearing
TO said Mayor and Aldermen q certificate Of
paid-up stock in said Railroad Company to
said Amount of Fifty Thousand Dollars,
and which stock or any share, or number OF
shares thereof, IA share being twenty-five
doIlarD NAV be transferred and assigned by
said Mayor and Aldermen to any person or
persons according TO the rules and bylaws
Of said Railroad company, and said Railroad
company to issue q certificate Of stock to
such assignee or assianocS OF said Mayor and
Aldermen Tor the amount OF said stock so
assigned, and which amounts Is to be de
Quoted from the original certificate of stock
that may have been issued to said Mayor
and Aldermen.
The whole of the amount that may be SUBJ
scribed of the capital stock in said Railrpad
company by the Mayor and Alder1neii 10 hc
expended in the cot,hty Of Maury and the
cdnsrrtictidf or said work to begin and COM
mence ut the said town OF Columbia.
In the event subscription may hereafter
be asked for and obtained by said Railroad
company from the county of Maury in the
capital stock of said company, then the pro-
pt,rty of said town of Columbia and Of the
citizens situated within the limits thereof,
are not to lie burdened with such double tsr&.
but to he relieved in the payment OF The tax
to raise said county subscription to the ex-
tent Of the tax that may have been levied
and collected ON theirprnncrty in said town
of Columbia, for the purpose Of paying the
subscription made by said Mayor and Al
dermen OF Columbia to said Railroad COM
pany. In the event the voters Of said town
Of Columbia shall, by their vote. authoriz.
the Mayor and Aldermen of said tuwn to
subscribe said sum q stsGG to said Railroad
Company, said bonds nor any part thereof
siialt be Issued only on the following cOndi-
tons: That is, whenever u sufficient amount
of Jonafde solvent subscriptions OF stock
have been made to said Railroad company
Columbia, to grade, cruss.tie AID bridge said
RAILROAD, from the town Of Columbia to
Lewisburg; Marshall county, then said Nav
or and Aldermen shall issue the amount Of
TO said Railroad company; aud whenever
suniclent amount 0t solvent JoHafde stock
shall DO sub."r.S, ed to said Railroad compa-
uy, including said subscription of the town
Of Columbia of fifty thousand dollars qis., Va
grade, cross-tie and bridge SAID RAILROAD non,
the sa;d tom OF Columbia, ~ or -.,.,,r tb,.
town Or Centreville, Hickman county then
the said Mayor and Aldermen shall issue to
said company the remaining half or twenty
1ye thousand dollars Of Said bonds
I'D. MYERS, President
Ofthc Duck River Valley Railroad Co.
J. T. WILLIAMSON, j. NJ. PARKER JOSH. q.
BAILEY, Committee on the part of Mayor
Be It further resoirei, BY the Board of Mayor
and Aldermen of Columbia, That ON the 18th
day of December, ls72, the Sheriff of Maury
quired by law, will proceed TO hold an cleo
ton at the Court House in Columbia al The
usual places of voting for the different wards
Of said city TO ascertain the wishes and oh
tain the appreciation of the legal voters of
said town as To said proposed Subscription
and that this resolution be published i'm the
Columbia Herald.
Be ijurthcr re.olrcd by the Board of Mayor
and Aldermen Of the city Of Columbia, That
In the event subscription of Fifty Thou.
sand dollars of the capital stock of the Duck
River Valley Narrow Gauge Railro35 cum
pany Is made by said Mayor and Aldermen
by authority of tho voters OF said city, that
as the taxpayers Of said city may pay or
purchase receipts of taxes to redeem the
forthe payment Of said subscription TO the
amount Of twenty-fv dollars that being
share Of stock in said eompapyt said Mayor
and AlderMen ahaii issue certificate Of
stock 70 each Taxpayer for the number of
shares 70 held by them respectively.
On motion, the preamble and resolutions
were unanimously adopted.
JAS. L. GUEST, JOHN Z. McGAG
Hec2.acr. Harvr.
Columbia, Tennessee, do hereby certify Thai
tho above Is true and correct copy OF the
my hand and seal, this 18th day of Noyem.
Der, lS7zs JAS. L. GUEST,
Recorder City Of Columbia.