The Columbia herald. [volume] (Columbia, Tenn.) 1850-1873, 1872-11-29
CITY COUNCIL.
CITY HALL, COLUMBIA, I

November T. lS72
Stated meeting Of the Board of Mayor and
Aldermen of the City. Present, John r.
McGaw, Mayor; James L. Guest. Recorder;
John Latta, Marshal.
Meesrs. Turpin and Tucker, Aldermen LIST
Ward.
Messrs. Williams, Chain and Frierson, I'd
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, of Ward No. l, VINO was
excused on account OF sickness.
A petition was presented from the PreSi
dent Of the Duck River Valley NarroT
dermen baily offered the following:
WHEREAS, u petition has been presented
by the President and directors Of the Duck
River Valley Marrow 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, TO be subscribed, raised, and paid on
the following conditions, tO-wlt:
The Mayor aud Aldermen when authorlz-
ed by vote OF the citizens OF Columbia to
subscribe and take OF the capital stock Of
SAID Railroad Company the sum OF Fifty
Thousand Dollars, and which subscription
Is TO raised and paid Us follows:
The said Mayor and Aldermen to issue the
bonds of the City of Columbia, payable to
Tie President and Directors of said railroad
Company at the expiration of twenty years
from the date OF their issuance TO their pay
u
num- and to provide Tor the payment Of said
bonds; said Mayor and Aldermen to levy
and collect tax on the property holders OF
said town OF Colnmbia, OF ten per cent an
the sum OF Five Thousand Dollars, OF which
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 u Sinking Fund to extInguish
That amount oftne principal of said bonds.
rnat the Mayor and Aldermen OF columbia
nave the rignt and privilege, ifthey 50 elect,
desire, anu determine, 10 extinguish by
payment thereof, ali or any portion OF the
principal OF said bonds at any time after the
issuance and delivery thereof to said Rail-
ON the issuance and delivery OF said Mayor
and Aldermen OF said Railroad Company Of
said bonds tor the amount of Fifty Thous- |
and Dollars, payable as above, and bearing |
said rate of interest. Said Railroad to issue |
10 said Mayor and Aldermen q certificate Of
paid-up stock in said Railroad Company to !
said Amount Of Fifty Thousand Dollars, |
aud which stock or any share, Or number Of
shares thereof, Ia share being twenty-five |
uoliarsl may be transferred ana assigned by |
SAID Mayor and Aldermen to any person or |
persons according To the rules and bylaws |
vi sad Railroad company and said Railroad |
company 10 issue u certificate Of stock 10 |
sucn assignee or assgnees of said Mayor and |
Aldermen for the amount OF said stock 30 |
assigned, and which amounts Is to be de- |
Quoted from the original certificate Of stock |
that may have been issued to said Mayor |
and Aldermen.
the whole OF the amount that may be SUBJ |
scribed of the capital stock in said Railroad l
company by the Mayor and Aldermen to be |
expended in the county OF Maury and the |
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 obtained 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 burdcned with such double tax,
but to be relieved in the payment Of the tax
tent of the tax that may have been levied
and collected on their property in said town
of Columbia, for the purpose Of paying the
made by sand Mayor and Al
dermen Of Columbia to said Railroad COM
pany. In the event the voters of said town
of Columbia shall, by their vote, authorize
the Mayor and Aldermen Of said town TO
subscribe said sum OF $4,000 TO said Railroad
company, said bonds nor any part thereof
shall be issued only on the following condi-
tions: That is, whenever a sufficient amount
of Jonofdc solvent subscriptions Of stock
have been made to said Railroad company
including said subscription OF the town Of
to grade, crOss-tie and bridge said
from the town OF Columbia to
Lewisburg, Marshall county, then said May. |
or and Aldermen shall issue the amount Of
twenty-five thousand dollars of said bonds |
to said Railroad company; and whenever a
sufficient amount of solvent bongfdc stock
/
ny, including said subscription of the town
Of Columbia of fifty thousand dollars also, TO
grade, cross-tie and bridge said Railroad from
the said town OF Columbia, to or near the
town of Centreville, Hickman county, then
the said Mayor and Aldermen shall issue to
said company the remaining half or twenty
five thousand dollars Of said bonds.
l.. ID. MYERS, President
Ofthe Duck River Valley Railroad Co.
J. T. WILLIAMSON, j. NJ. PARKER, JOSH. Il.
BAILEY, Committee on the part Of Mayor
and Aldermen.
BE Il further resolred, By the Board of Mayor
and Aldermen OF Columbia, That on the 18th
day of December, 1877, the Sheriff of Maury
county, Tennessee, after giving notice asfe.
lion at the Court House in Columbia at the
usual places of voting for the different wards
Of said city to ascertain the wishes and OBJ
tain the appreciation of the legal voters of
said town as to said proposed subscription,
and that this resolution be published in the
Herald.
Be 10 Jurtker resotred by the Board of Mayor
and Aldermen of the city of Columbia, That
in the event a subscription of Fifty Thou.
sand dollars of the capital stock of the Duck
River Valley Narrow Gauge Railroad COM
pany is made by said Mayor and Aldermen
Dy authority Of the voters of said CITY, that
Is the taxpayers of said city may pay or
purchase receipts of taxes to redeem the
of the bonds that may be issued
or the payment of said subscription to the
AMOUNT of twenty-five dollars that being u
share OF stock in said company said Mayor |
md Aldermen shall issue O certificate of !
'tock to each taxpayer for the number of ,
shares SO held by them respectively.
On motion, the preamble and resolutions
we're unanimously adopted.
JAS. l.. GUEST, JOHN Il. McGAW,
R.cortier. Mayor.
I, James l.. Guest, Recorder of the city Of
Columbia, Tennessee, do hereby certify that
he above is a true and correct copy OF the
minutes as Oh record in my office. Witness
ny hand and seal, this e4th day of Noverp-
Der, 1877. JAS, lGuEST