Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-04-29
LAWS OF TENNESSEE.

AN ACT to be entitled an act to sell the State,
interest in Turnpike and PlanzrOads, and
to carry into effect the act of March Y, 1860
and 10 increase the revenue of the state.
Section BE 1 enacted 6y the General As
SenabLY Of the State Of Tennessee, That the in.
| terest OF the state, and all claims and liens Ol
the same by virtue of the issuance of bonds to
/ all turnpike and plankrOads, be sold to the
| highest and best bidder, at as early day as
| practicable, under the provisions and Obiiga-
| tiOns hereinafter provided.
Section 2.-Be 10 further enacted, That it i.
hereby made the duty OF the Secretary OF
State to advertise for sealed proposals for the
purchase of said roads, giving preference
when both are equal in value; First, to the
company; secondly, to the stockholders,
cities or towns, situated at the termini of said
roads; nfthly, 70 other corporations; and
lastly, TO individuals; Provided, That any
party, purchasing under this act shall give
bond with good and sufficient security, to be
approved by the Secretary Of State, to proceed
forthwith to put the road or roads 50 purchased
in as good condition as required by the Origi-
nal charter OF the same, and TO keep the same
in good repair; which facts shall be made
known TO the Secretary OF state, through the
sworn statement Of some competent civil en-
gineer, who shall have carefully inspected the
road, and who shall from time 70 time, as the
Secretary of State may determine and direct,
report to him, thesaid Secretary, the condition
of said road.
Section s.-Be Il Further enacted, That any
party purchasing the States interest in any OF
said roads, shall be allowed the following
terms of payment, t8-wit: One-fourth cash,
and the remainder in three equal annual in :
stallments, and shall complete the repairs OF
any road so purchased within the period OF
three years; and this term for the completion
of said roads, is hereby allowed to parties ac-
cepting the States REIMBURSEMENT of interest
in said roads, as hereinafter provided; and the
Secretary Of state is hereby authorized to re-
ceive in payment for the States interest in
and to said roads, the legally issued bonds of
the state.
Section 4.-Be IL further enacted. That in
cases where said roads pay no dividends to the
sta e, the Secretary of State, with the consent
OF the Governor and Comptroller, may relin-
qulsh, giving the same preference to parties
accepting the same as prescribed by the sec
Ond section of this act, for purchasers, all the
State interest, claims and liens in said roads
Provided, That this act is not intended to pro-
hibit any two or more, or all the parties
States REIMBURSEMENT Jointly; And, provided
further, That said officers shall have discre-
tionary power to sell any Of said roads that
pay no dividends to the state, whenever they
sell said roads, instead of relinquishing her
interest therein, as provided by this act.
Section 5.-Be 70 further enacted, That the
Secretary OF State Is hereby directed to adver-
tise for sealed proposals for the purchase of
said roads, and acceptance of REIMBURSEMENT,
in two newspapers published in Nashville,
having the largest circulation. and also in the
country press contiguous TO said roads; and
the Comptroller is hereby authorized to issue
his warrants for the costs of the same; and the
Secretary of State is hereby instructed to
charge said costs TO the parties purchasing
said roads, or accepting the States relinquish-
ment OF the same, the time limiting the pc
riod for the reception Of proposals II be fixed
at the discretion of the Secretary of State.
Section 6.-Be 10 further enacted, That this
act take effect from and after its passage the
public welfare requiring it.
Passed Marcn q, 1873.
W. s. MCGAUGHEY,
Speaker of the House of Representatives.
A. 7. LACEY,
Speaker Of the Senate.
Approved March p, 1873.
JNO. Z. BROWN, Governor.
l certify that the foregoing is a true copy OF
an act of the General Assembly, the original
OF which is now on fle in my office. This
March 2S, 1873.
CHAS. N. GIBBS,
Secretary of State.