Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1872-07-03
aRFinIAL,
SINKING FUND ORDINANCE,
AN ORDINANCE
To Establish q Permanent Sinking
Fund for the Payment OF the Bonded
Debt OF the City Of Memphis.


Belt ordained by the General Council Of III
city of Memphis: ~
Section /. That there shall each year, be
ginning with the forty-fifth corporate yea
!. us72) NJ the same time and In the same man
ner that other taxes are laid and collected. b
laid and collected a special tax oftwcnty cent
on each one hundred dollars worth. Of taxabl
property in the city Of Memphis. for the sol
and special purpose Of creating sinking fun
to be used only in retiring the bonds Of tn
| city.
Sec. .. That the said tax shall be collecte
in money, and shall be kept separate and dis
tinet from all other taxes, and separate &C
count thereof shall be kept BY the Tax Collec
tor and no part thereof shall beused or paidoye
except in the manner hereinafter prescribed.
See. 8; Immediately after the passage an'
approval of this Ordinance, 4 shall be the dnt,
ofthe Mayor, by and with the consent of thu
| General Council, to appoint three slnkinl
fund commissioners, who shall hold their ON
ces respectively for the term OF three years ans
until their successors are appointed and quail
/ fed preceded. that the sinking fund commits
/ sioners first appointed under this 0rdiuanc,
shall hold their Office respectively Tor the tern
Of one, two and three years, and until theil
successors are appointed and qualified. And
as soon after the appointment Of the commits
sionors 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 %
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, occasioned by tho ex-
piration of the term of appointment, or in
any other way, shall be flled By the Mayor,
by and with the consent of the General Coun-
" See. 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. tho City Attorney and the Prcsi-
dents of the Board of Aldermen and Common
Council, in the penal sum of $50, 00J, condi-
toned that he will faithfully keep, appropri-
ate and account for all the moneys and prop
orty 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. rs.s.f-fl..y. .,,
Sec. 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 vote of the General Council, two
thirds of each branch asserting thereto, and
the Mayor approving the removal.
Dec. D. Inc INK OOlltctOT SINH 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 shall 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. l 800 1853
See. Z. The Comptroller shall open an ac-
count with the sinking fund commissioners,
ND hal linn IN oh hnf wi
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 s. As soon as the sinking fund COM
missioners shall receive 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 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. at. ~. g.
Sec, 9. At the end Of each month the sink
ing Fund Commissioners shall 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 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
ence shall cause 70 be stamped on each bond
and each coupon these words: p" 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 flu
ture negotiation. and before returning the
bonds SO stamped and lcanceled 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.
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 andi the mean
time shall collect from the City Treasurer, or
other person paying the same, the coupons on
the said bonds 70 purchased from time 70 time,
as they respectively mature, and shall apply
the money 50 collected in the purchase Of other
bonds Of the city in the manner before directed
in reference 70 the money received Of the Tax
Collectors. As soon a. the bonds themselves
mature, 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
ers, shall be valid in the hands Of any other
person. but shall be deemed 10 be cancelled
and paid, and the City Treasurer and every
other officer and agent Of the city is hereby ex-
pressly prohibited irom.payiEg any such bond
or coupon, except TO the Sinking Fund Com
Inisioners as aforesaid. and II any Tax Collee-
tor, or officer. OF agent. pay any such bond OF
coupon 10 any other person the payment shall
not be allowed him as a credit. And the Urea
surer, or officer, or agent. Of the city, paying
any such coupon. i hereby required 70 cut the
same from the bond 10 which il belongs az the
time he makes payment. snd the sinking Fund
Commissioners are hereby forbidden to sepa-
rate the coupons from the bonds for any pur
pose whatever.
Zee. Y. IL shall be the duty Of the Comp
trOller 70 report promptly 10 the General Coup-
ell any failure Of the Sinking Fund Commits
siOners 10 comply with the requirements ofthis
ordinance. and also any breach Of the pro-
visions Of the same, and the Mayor shall iIn-
cause such action 10 be taken as will
secure the rights Of the city in the premises.
Sec. y. The compensation Of each Com-
herein provided for, during his con-
tinuanoe In office AZ such. II hereby fixed at
so per annnin, payable quarterly at the OK
piratiOn Of each three months.
Passed second and fnal reading BY Board Of
Aldermen June .. 1917.
Passed second and final reading By Council
June 3. 1872. slaLy fr
Approved June q. 1877.
Attest: JNU. JOHNSON, Mayor.
I. r. RIcHlKps. City Register. lo3-ll2