Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1872-07-06
OFFICIAL.
41f ~ OFFICIAL. .ioeaH
SINKING FUND ORDINANCE.
AN ORDINANCE
To Establish a Permanent Sinking
Fund for the Payment OF the Bonded
Debt Of the City Of Memphis.
AN ORDINANCE

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city Of Memphis:
Section J.. That there shall each year. be
ginning with the forty-ffth corporate yea
| lls72) ut the same time and in the same man
ner that other taxes are laid and collected, b.
laid and collected a special tax of twenty cent
on each one hundred dollars worth Of taxable
property IN the city Of Memphis, for the sol
and special purpose Of creating sinking funC
to be used only in retiring the bonds of thu
city.
in money, and shall be kept separate and dis
! tinct from all other taxes, and a separate ac
cOuAt thereof shall be kept by the Tax Collec
and no part thereof shal be used or paidoyel
except in the manner hereinafter prescribed.
Sec. 3. Immediately after. the passage anc
approval of this Ordinance, it shall be the dut,
of the Mayor, by and with the consent of the
General Council, TO appoint three sinkinl
fund commissioners, who shall hold their ON,
ces respectively for the term of three years and
until their successors are appointed and quail.
| fed; prOUidod, that the sinking fund commits.
sioners first appointed under this Ordinance
shall hold their Office respectively for the term
Of one, two and three years, and until their
successors arc appointed and qualified. And
rs soon after the appointment Of the commits
siOnors first to be appointed under this Ordi-
nance, Is may be convenient, they shall assem-
| BILE and organize, and shall thereupon deter
agreed upon between them. which of their
number shall go out Of office at the end of one
! year, which at the end of two years, and
! which at tho 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 the ex-
piration of the term of appointment, or in
any other way, shall be filed by the Mayor,
by and with the consent of the General Coun-
Gil, as above provided.
Sec. 4. Each of the sinking fund COM
missiOncrs 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 Prosi-
dents of the Board of Aldermen and Common
Council, in the penal sum of $4,000, condi-
toned that he will faithfully keep, appropri-
ate and account for all the moneys and prop
crty 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 iudOrsed thereon, shall be deposited
with ihe Comptroller and remain q record of
his Office. .au. r.r.r rlg
Gee. 5. Any sinking fund commissioner fail
ing to comply with tho provisions of this ordi-
nance IN any respect may be- removed from
Office by n vote of the General Council, two
thirds of each branch asserting thereto, and
the Mayor approving the removal.
Sec. 8. The Tax Collector shall 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 stall take from
thom duplicate receipts therefor, one of which
he shall file in the office of the Comptroller,
| there to remain, and shall report TO the Gen
eral Council monthly the amount he has paid
them for the month"; al s. --rr
Sec. Z. The Comptroller shall open an ac-
count, with the sinking fund, commissioners,
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 tho 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. , d.
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
oH the bonds purchased as hereinafter provi-
ded, they shall invest the same in the pur-
chase Of a 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
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
q ~ al fIaxr
to that date. with the coupons belonging
thereto, and the Comptroller in their pres
enee shall cause TO be stamped on each bond
and each coupon these words: 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 fu- |
ture negotiation, and before returning the |
bonds so stamped and Cancelled to the sink |
same in book to be kept by him fer the pur- |
pose, giving number, date Of issue, and date |
of maturity of each bond. TV
Sec 10 The Sinking Fund Commissioners |
shall retain each and every bond purchased by |
them, after being cancelled and stamped as /
until its maturity; andi the mean
time shall collect from the City Treasurer, or |
other person paying tho same, the coupons on
the said bondss SO purchased from time TO time,
as they respectively mature and shall apply |
tho money SO collected in the purchase of other
bonds of the city in the manner before directed
in reference 10 the money received Of the Tax
JOleot0r5. AS soon as the DOnuS themselves
mature, the Sinking Fund Commissioners shall
Gle them in the office of the Comptroller.
See IL. No bond or coupon, after being
purchased by the Sinking Fund Commission
,rs, shall be valid in the hands of any other
person, but shall be deemed to be cancelled
md paid. and the City Treasurer and every
Ither officer and agent of the city Is hereby OK
lressly prohibited from paving any such bond
,r coupon, except TO the Sinking Fund Com
as aforesaid. and If any Tax Collec-
or, or officer, or agent. pay any such hond or
coupon 70 any other person the payment shall
lot be allowed him as a credit, And the Trea-
urer, or officer, or agent. OF the city, paying
my such coupon. is hereby required to cut the
amo from the bond TO which il belongs at the
inc he makes payment and the sinking Fund
are hereby forbidden 20 sopa-
ate the coupons from the bonds for any pur-
,Osc whatever.
See l.. Ii shalt bo the duty of the Comp
roller to report promptly TO tho General Coun-
il any failure of the Sinking Fund Commits
toner's to comply with the requirements this
and also any breach Of the pro- |
islnns Of tho same, and the Mayor shall i'm ,
lediately cause such action TO be taken as will
ecuro the rights Of the city in the premises.
Sec. Is. The compensation of each Conn
missioner herein provided for, during his con-
inuanee in Office as such, Is hereby hxed at /
30 per Annnm, payabio quarterly VI the cN-
iratlpn Of each three months.
Passed second and FINAL reading by Board Of
aldermen June =. lSa2.a
Passed segoad aud anal reading hy Council
Approved June q, 1877. tal
IL I D..