Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1872-07-08
/: MONDAY EVENING. JULY 5. 1872.
msda ~ OFFICIAL. d.
SINKING FUND ORDINANCE.
~ AN ORDINANCE 4
To Establish Permanent Sinking
81 Fund for the Payment of the Bonded
Debt of the City Of Memphis. m b


Be il ordained by the General Council Of th'
city of Memphis: 1850 t
Section /, That there shall each year, be-
| ginning with the forty-ffth corporate yeal
] (l872) at the came time and in the same man.
ner that other taxes are laid and collected, b,
laid and collected special tax of twenty cents
| on each one hundred dollars worth of taxable
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
city.
Sec. 2. That the said tax shall be collected
in money, and shall be Kept separate and dis
] tinet from all other taxes. end q separate ac.
couEt thereof shall be kept by the Tax Collec-
GRAND no part thereof shall be used or paidoyeI
except in the manner hereinafter prescribed.
Sec. 3; 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 sinking
! fund commissioners, who shall hold their Off.
ces respectively for the term Of three years and
| until their successors are appointed and quail
fed; prouided, that the sinking fund commits
\ siOners first appointed under this Ordinance
shall hold their Office respectively for the term
OF one, two aud three years, and until their
! successors are appointed and qualified And
as soon after the appointment of the commits
si0nors first TO be appointed under this Ordi-
nance, as may be convenient, they shall assem-
BILE and organize, and shall thereupon deter
mine by lot, in such manner as may be
number shall go out of oitice 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, 0ccasioned by tho 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-
See. T. Each Of the sinking fund CONF
mlssioncrs 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 Prcsi-
dents of the Board Of Aldermen aud Common
Council, in the penal sum of s5O'OOJ condi-
ate and account for all the moneys and prop
erty that may como 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 indOrsed thereon, shall be deposited
with the Comptroller and remain record of
his Office. ...., @r...r
Gee. 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 a vote, Of the General Council, two
thirds of each branch asserting thereto, and
the Mayor approving the removal. 90 l.
| Sec. q. The Tax Collector shall pay over
monthly 10 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, ono 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. Z. The Comptroller shall open an ac-
count with the sinking fund commissioners,
and shall from time to time charge them with
| thao ~ rntA IN fhafn kxT fHov 81
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
| missioners shall receive from the Tax Collec-
tor a sufficient sum, and from time to time
thereafter, as they may receive other sums,
either from the Tax Collector or as interest
Oh 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
same. can be purchased. for the account of
the sinking fund.
Sec, 9. At the end of each month the sink
ing Fund Commissioners shall make a 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
Us
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 the 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
enco shall cause 10 be stamped on each bond
and each coupon these words: " BlonginR 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, he shall record the
same in book TO be kept by him for the pur-
pose, giving number. date Of issue, and date
OF maturity Of each bond, 49,
Sec 10 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 |
the said bonds SO purchased from time 10 time, |
as they respectively mature, and snail 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 as the bonds themselves |
mature the Sinking Fund Commissioners shall |
file them in the Office of tho Comptroller.
Sec. IL. 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-
pressly prohibited from paying any such bond |
or coupon, except TO the Sinking Fund Com
missioners as aforesaid. and If any Tax Collec-
tor, or officer, or agent. pay any such bond or
coupon 70 an, other perssn the payment shall
not be allowed him as a credit, And the Trea-
surer, or officer, or agent, of the city, paying
any such coupon. Is hereby required TO cut the
same from the bond 10 which it belongs at the
time he makes payment, and the Sinking Fund
are hereby forbidden 10 sepa-
rate the coupons from the bonds for any pur-
pose whatever.
See. II. It shall bo the duty of the Comp
trollcr TO report promptly TO the General Coun-
I'll any failure Of the Sinking Fund Commits
sinners TO comply with the requirements of this
ordinance, and also any breach Of the pro-
visions Of the same, and the Mayor shall i'm
cause such action TO be taken Us will
secure tho rights Of the city in the premises
See. l3. The compensation OF each Com
herein prOvided for, during his con-
.inuance in office as such, is hereby fixed at
,21l per annnm. payable quarterly at the cx-
piratiOn Of each three months.
Passed second and final reading by Board Of
Aldermen june q. 1g,2.
BASED second and anal reading by Council
approved June q, 1872.
Ntts,-,. INp TOITNsON Nr.v.- |