The Columbia herald. [volume] (Columbia, Tenn.) 1850-1873, 1872-12-13
CITY COUNCIL.
CITY HALL, COLUMBIA, Tenn,

November y, Is12.
Stated meeting of the Board of Mayor and
Aldermen of the City. Present, John p.
Mc(iaw, Mayor; James l.. Guest. Recorder;
John Latta, Marshal.
Meesrs. Turpin and Tucker, Aldermen LIST
Messrs. Williams, Chain and Frierson, ID
Ward.
Messrs. Parker, Baker and Lamb, Sd Ward.
The Board was called To order by the
Mayor. The Aldermen were all present,
except Mr.. Dale, vi Ward No. 1, who was
excused ON account of sickness.
A petition was presented from the Presi-
dent vi the Duck River Valley Narrow
Gauge Railroad Company, whereupon AL
deriien Baily offered the following:
WHEREAS, IL petition has been presented
by the President and Directors N the Duck
River Valley Narrow Gauge railroad Com
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, 10 he subscribed, raised, and paid on
the following conditions, tow
The Mayor and Aldermen when authoriz-
ed by q vote of the citizens OF Columbia Ia
subscribe and take of the capital stock oil
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 "
the President and Directors of said Railroad
Company at the expiration of twenty years
| from the date of their issuance to their pay
nlent AZ fttlc OF el2nL per cent per an
mum, and to provide for the payment of said
bonds; said Mayor and Aldermen to levy
and collect a tax on the property holders Ol
said town of Columbia, of ten per cent ar
nually on the amount of said subscription OF
the sum of Five Thousand Dollars, ofwhich
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 q Sinking Fund to cxtinguish
that amount Ofthe principal of said bonds.
That the Mayor and Aldermen Of Columbia
have the right and privilege. ifthey so elect,
desire, and determine, 10 cxtiDguish by
payment thereof, all or any portion of the
principal of said bonds ut 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 saul Mayor
and Aldermen of said Railroad Company of
said bonds for the amount of Fifty rhOus-
and Dollars, payable as above, and bearing
said rate of Interest. Said Railroad TO issue
to said Mayor and Aldermen u 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
dollars may 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 10 issue certificate of stock to
such assignee or aSsighees OF said Mayor and
Aldermen for the amount of said stock so
assigned, and which amounts is to be de
Quoted from the original certificate of stock
Ifl1t HAY nave Detn l>Sutu Sul0 llaXOr
and Aldermen.
The whole of the amount thai may bc sub
scribed OF the capital stock in said Railroad
company by the Mayor and Aldermen to be
expended in the county of Marry and the
construction of said work to begin and COM
mence at the said town of Columbia.
In the event a subscription may hereafter
be asked for and ohtained by said Railroad
company from the county of Maury In the
capital stock of said company, then the pro-
perry Of said town OF Columbia and of the
citizens situated within the limits thereof,
are not to be burdened with such double tax,
but to be relieved in the payment of the tax
to raise said county subst ription to the ex-
tent of the tax that may have been levied
and collected on their property i'm 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
q Columbia shall; b. their vote, althofize
subscribe said sum Of $4,000 TO said Railroad
company, said bonds nor any part thereon
shall be issued only on the following condi-
lions: That Is, whenever sufficient amount
Of Joaofdc solvent subscriptions of stock
have been made to said Railroad company
including said subscrintiGn of the town Of
Columbia, to grade, crSss-tie and bridge said
Kallroad, IRON Tue town of Columbia TO
or and Aldermen shall issue the amount of
twenty-five thousand dollars of said bonds
to said Railroad company; and whenever a
oullClCut Vi SOIttll CONHnde Stflgk
shall be subscribed to said Railroad Gonna
ny, including said subscription OF the town
of Columbia Of fifty thousand dollars also. Il,
grade, cross-tie and bridge said Railroad from
town Of Centreville, Uiekn(ap county, then
the said Mayor and Aldermen shall issne to
said company the remaining half or twenty
i've thousand dollars q said bonds.
Ofthe Duck River Valley Railroad Co.
j. 7. W1LL4AMsoN, j. NJ. PARKER, JOSH. q.
ALLEY, Committee on the part of Mayor
and Aldermen.
and Aldermen Of Columbia, That on the 18th
day of December, 1872, the Sheriff OF Maury
county, Tennessee, after giving notice as re !.
Quired by law, will proceed to hold an cleo
ton ut the Court House in Columbia at the
usual places of voting for the different wards
Of said city 10 ascertain the wishes and OBJ
tain the appreciation of the legal voters of
said town as to said proposed subscription,
Columbia Herald.
Be It further resolue1 by the Board of Mayor
and Aldermen of the city of Columbia, That
sand dollars OF tie capital stock Of the Duck
River Valley Marrow Gauge Railroad COM
pany is made by said Mayor and Aldermen
by authority of the voters of said city, that
as the taxpayers OF said city may pay or
purchase receipts of taxes TO redeem the
principal of the bonds that may be issued
for the payment of said subscription to the
amount OF twenty-five dollars that being a
share OF stock iii said company said Mayor
and Aldermen shall issue certificate of
stock to each Taxpayer for the number of
shares so held by them respectively.
On motion, the preamble and resolutions
were unanimously adopted.
JAS. L. GUEST, JOHN L. McGAW
Record.r. M,u,r.
/, James l.. Guest, Recorder of the city Of
Columbia, Tennessee, do hereby certify that
the above il true and correct CODY on the
minutes as on record In my ONCE. Witness
my hand and seal, this oath day Of Noyefn-
Der, 1877. JAS. l.. GUEST,
Recorder City of Columbia.