Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1872-07-10
-oFFiolAL.
SINKING FUND ORDINANCE,
AN ORDINANCE
To Establish a Permanent Sinking
Fund for the Payment OF the Bonded
Debt of the City of Memphis.


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Be i ordained BY the General Council of the
Section /. That there shall each year, be-
| ginning with the forty-fifth corporate year
! tlS72rat the same time and in the same man
ner that other taxes are laid and collected, be
! on each one hundred dollars worth OF taxable
I property in the city of Memphis. for the sole
/ and special purpose of creating a sinking fund
to be used only in retiring the bonds OF the
See. 2. That the said tax shall be collected
in money, and shall be kept separate and dis
tinct from all other taxes, and a separate ae-
count thereof shall be kept by the Tax gollee-
tor and no part thereof be used or paidoyer
except in the manner hereinafter prescribed
See. B. Immediately AFTER the passage ind
approval Of this ORDINANCE, 4 shall Ds the duty
General Council, to appoint three sinking
fund commissioners, who shall hold their OIL.
ces respectively for the term ofthrce years and
fed; prorided, 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 their
successors are appointed and qualified. And
as soon after the appointment of the commits
sionOrs first 10 be appointed under TINS orni-
nance, as may be convenient. they shall assem-
BILE and organize, and shall thereup0n deter
agreed upon between them. which Of their
number shall 60 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 totice
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 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 the Presi-
dents Of the Board Of Aldermen and Common
toned that he will faithfully keep, appropri-
ate and account for all the mOpeys 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
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
his office.
Sec. 5. Any sinking fund commissioner fail
ing to comply with the provisions Of this ordi-
nance in any respect may be removed IRON
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 have been collected by
him during the preceding month on account
of the sinking fund tax, and snail take from
them duplicate receipts therefor, one Of which
he shall file IN the ONCE of the Comptroller,
there to remain. and shall report TO the Gen
eral Council monthly the amount he has paid
them for the month";
See. Il. The Comptroller shall open an acc
count with the sinking fund commissioners,
I'LL .aI.s.
the amounts paid to them by the Tax collee-
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 as they may purchase from
time to time, as said interest falls due.
Sec s. As soon as the sinking iund COM
missioners shallreceive from the Tax Collec-
tor 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, 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. ~
Sec, Q. At the end of each month the sink
ing Fund Commissioners snail make writ
ten statement to the Comptroller. which all
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 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
the 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 filed
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 tho 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 TO |
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 the |
bonds so stamped and Cancelled TO the sink |
ing fund commissioners. be shall record the |
same in a book TO be kept by him for the pur- |
pose, giving number, sdate Of issue. and date |
Of maturity of each bond: .r.-lr |
Sec 10 The Sinking Fund Commissioners
shall retain each and every bond purchased by |
them after being cancelled and stamped as |
until its maturity; and in the mean |
time shall collect FROM the City Treasurer, OF |
other person paying the zane, the coupons on |
the said bonds so purchased from time 10 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 OF the Tax |
Collectors. As soon ~ the bonds themselves |
the Sinking Fund Commissioners shall \
file them in the Office Of the Comptroller.
Sec. II. No bond or coupon, after being |
purchased by the Sinking Fund Commission 4
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 |
0ther Offices and agent Of the city Is hereby ex-
pressly prohibited from paying any such bond |
or coupon, except TO the Sinking Fund Com |
InissiOners as aforesaid, and il any Tax Collec- /
tor, or officer. or agent. pay any such bond OF |
coupon 70 any other perssn the payment shall I
not be allowed him as credit. And the TreaI /
surer, or officer, or agent. OF the city, paying |
any such coupon, Is hereby required TO cut the |
same from the bond 10 which II belongs az the
time he makes payment, and the Sinking FUND |
are hereby forbidden 10 sepa-
rate the coupons from the bonds Tor any pnr-
pose whatever.
Sec. ". IL shall be the duty Of the Comp
trOller 10 report promptly TO the General COun-
ell any failure OF the Sinking Fund Commis-
sieuers TO comply with the requirements OF this
ordinance, and also any breach Of the pro-
Visions Of the same, and the Mayor shall inn
cause such action 70 be taken - will
secure the rights Of the city In the premises.
Sec. Is. The compensation Of each Com
missioner herein provided for. during his con-
iinuanee in Office as such, IL hereby fixed at
$50 per annnm payable quarterly at 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
Approved lS 1, I'd June q, ls7a.
Attest: JNO. JOHNSON, Mayor.
l.. X. RTcHARDs, City Register. lO3-llz