Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-04-02
LAWS OF TENNESSEE.
LOFFICIAI

An Act tU authorize the MAYOR and City Council
or Mayor and Board Of Aldermen OF any iIcor-
POI ated city or town in the state Of Tennessee,
having population OF from one thousand and
upwards 70 twenty thousand inhabitants. 70
issue bonds Of said city OF town % the amount
Of fifteen thousand dollars.
Section I. Be il enacted by the Cicueral Assem-
bly, Of the State Of Tennessee, that the Mayor
and City Council, or the Board Of Mayor and
Aldermen OF any Incorporated city or town in
the State Of Tennessee, having a population OF
one thousand TO twenty thousand, are hereby au-
thOrized IL their corporate capacity to issue the
bonds of the said city OF town, signed By the
hayOr and cOuntersigned by the Recorder Of
said city or town, with coupons for interest at
tached, 10 an amount not exceeding fifteen thou
sand dollars. The bonds herein provided for
may be executed Of denominations from twenty
five 10 five hundred dollars, az discretion of said
Mayor and City Council or Mayor and Alder men,
and 70 mature at such times as may be liked
by said Mayor and City Council or Mayor
and Aldermen, from one h twenty years afte-
date, and bearing interest at the rate Of eight
per cent. per annum, payable seml-annually.
the past due coupons on which bonds, shall De
receiYabe for taxes and all other dues 10 the
corporation issuing the same; provided that the
bonds issued under the provisions Of this act
shall be alone for the purpose Of paying OUT
standing liabilities against the city or corpora
ton issuing them, and shall not in any case eX-
coed the unsettled and matured lia5ilit es o.
debts of such city or corporation az the time OF
issuance thereof; but in no event shall the bonds
be issued without the consent Of threc-fOurths Of
the qualified voters, VO ing at an election % be
held for that purpose under the supeTyis on ofsaie
Mayor and City Council or Board of Aldermcr.
Sec ? De il further enacted, That the said
MAYOR and City Council OF Mayor and Aldermen
of said city or town are hereby authorized %
issue at par such coupon bonds as are pro-
vided for in this act, TO the holders OF
bona fde claims against said city OF town,
in liquidation and discharge OF such claims ard
interest thereon, and TO such Othe-s a. are Will
ing to take them at par not To excel in amount
said sum Of fifteen thousand dollars; provided
that in 10 case shall said Mayor and City COun-
ell or Mayor and Aldermen Of said city or tQWn,
rs the agent for that purpose sell under thoirpar
value Of the bonds, the issuance o. which = 0u-
thOrized by this act. Provided further, that the
proposed rate of interest the bonds are to bear
shall be specified and submittedtO the vote Of the
inhabitauts Of such corporations az the time the
election is held in regard 70 tho issuance Of the
bonds.
Sec. 3. Be it further enacted, that this act
shall take effect from and after its passage, the
public welfare requiring il.
Passed NJ arch Is, 1872.
JAMES ID. RICHARDsON.
Speaker Of the House Of Representatives.
IOHE @. FAUGHH,
Speaker Of the senate
Received at the Executive Office and approved
March 3, 1872 JOHN u. BROwE,
Governor.
/ certify that the above Is a true copy Of the
original now die in my Office.
TIL. BUTLER, Secretary Of State.