Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1872-06-29

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E-e 1890 4s 20 tnarf ga
BE it ordained by the General Council of the
city of Memphis
ginning with the forty-hfth corporate year
llST2) at the same time and in the same man
ner that other taxes are laid and collected, be
laid and collected special tax OF twenty cents
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 tho
Sec. 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 ac-
count thereof shall be kept by the Tax Collec-
tor and no part thereOfshall be used or paidoyer
except in the manner hereinafter prescribed. :,
| See. 8. Immediately after the passage and
approval of this Ordinance, it shall be the duty
OF the Mayor. by and with the consent OF the
General Council, to appoint three shaking
| fund commissioners, who shall hold their OH.
| ces respectively for the term of three years and
until their successors are appointed and quail
| 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
ms soon after the appointment OF the commits
sionors first 10 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 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, 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, occasOned by the ex
piration of the term of appointment, or IN
any other way, shall be filled 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
Council, in the penal sum OF S50,OOJ, condl-
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 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
his office. .fa t4a fau
ing TO cOmplywith the provisions Of this ordi-
nance in any respect may be removed from
Office BY a vote of the General Council, two
thirds of each branch asserting. thereto, and
the Mayor approving the removal.
SEQ. 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 office of the Comptroller,
there to remain, and shall report TO the Cen
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 as they may purchase from |
time to time, as said interest falls due.
Sec 8. As soon as the sinking fund COM
missoners shall receive from the Tax Oollec-
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
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 oil the BOMBS
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 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
IL 1nN xrsfb fHaH m hQl OF N %
thereto, and the Comptroller in their pres
ence shall cause to be stamped on each bond
and each csupOn these words y Blonglng 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 tu-
ture negotiation, and before returning the
bonds so stamped and cancelled to the sink
ing fund commissioners, he shall record the
same in a book to be kept by him fer the pur-
pose, giving number. date Of issue, and date
of maturity OF each bond. f-
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, or
other person paying the same, the coupons on
the said bonds SO 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 ot the lax
Collectors. As soon as the bonds themselves
mature, olukluE sEhh |
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 70 DO 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, Snd it any Tax Collec-
tor, or officer, or agent. pay any such BOND or
coupon 10 any other person the payment shall
not be allowed him as q credit. And the Urea
surer, or officer, or agent, OF the city, paying
any such coupon. Is hereby required TO cut the
same from the bond to which IT belongs at the
time he makes payment, and the sinking Fund
are HEREBY forbidden to sepa-
rate the coupons from the bonds for any pur-
pose Whatever.
Sec. u. IL Shall be the duty Of the Comp
trOler 10 report promptly to the General Coun-
iii any failure Of the Sinking Fund Commis-
sioners to comply with the requirements OF this
ordinance, and also any breach Of the pro-
Visions Of the same, and the Mayor shall nm.
mediately cause such action to 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-
iinuanee in Office as such. Is hereby liked Mt
$50 per annnm. payable quarterly at the ex-
piratiOn Of each three months,
Passed second and final reading by Board oil
Aldermen June y. 1872. ,...r
Passed second and hnal reading by Council
June .. 1872. .. Il. |.
Attest: JNO. JOHNSON, Mayor