The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1874-05-07
m. tx. &. Il.
Fun Text Of the Propositions
Submitted TO the Voters Of
Pulaski.

Pulaski.
The Directors and Commissioners Of
the Memphis s. Knoxville Railroad i
Company this day presented their petit
ton to the Board of Mayor & Aldermen, /
and it appearing from said petition that |
the Memphis e Knoxville Railroad /
Company is a Company incorporated |
under the laws of Tennessee, and that |
the entire line of the Road has been sur |
Veyed by 3 competent Engineer and
substantially located by designating the
termini thereOf-Memphis Tennessee
being the Western, and Fayetteville
Tennessee the Eastern terminus-and
apprOximating the general direction OF
the road, and said Board Of Directors
and Commissioners having made appli-
cation by their said petition to the Board
of Mayor and Aldermen of the town of
Pulaski for a subscription of Forty
Thousand Dollars to the capital stock OF
said company in accordance with the
provisions of the code of Tennessee, and
Of the act of the Assembly subsequent
thereto, and fled with their said appli-
cation an estimate of the grading, en-
bankment and masonry made by the en-
gineer under oath.
1t is therefore ordered by the Board OF
Mayor and Aldermen, that the sheriff Of
GllcS COunbyS dAOcL giving eAAC AO-AO~A ~
quired by law, open and hold an cleo
ton at the usual voting places In the
town of Pulaski, on Saturday, the 9Th
day of June, 1874, for the purpose OF
obtaining the appreciation of the legal
voters of said town of Pulaski to said
proposed subscription. The terms OF
said subscription to be as follows, and
upon the following conditions:
| LIST. The Mayor of Pulaski shall sub
Il a.. ~
| Aldermen of the town of Pulaski, Ten
nessee,'' Forty Thousand Dollars TO the
capital stock of the Memphis & Knox
vile Railroad Company, to be paid in
the Bonds of the corporation of Pulaski
signed by the Mayor and cOuntersigned
or attested by the Recorder, and bearing
| interest at the rate of eight per cent
per annum; the interest payable at Pu-
laski on the LIST day of January of each
year, and the principal of said bonds
payable at Pulaski twenty years after
their dates-reserYing the right 70 the
corporation of Pulaski to pay the prin-
cipal Of any Of said bonds at any time
before their maturity, by giving six
months notice in some newspaper pub
lished in Pulaski, as well as in some
newspaper published in Memphis Ten
nessee, designating the bonds they may
wish to pay.
End. The bonds issued in payment Of
said subscription shall be OF the denom-
ination of five hundred dollars with
coupons attached eVideneing the interest
due thereon on the lst Of January OF
each year until maturity, and shall be
dated upon the day they are actually is
sued and paid out upon said subscription.
Sd. Certificates Of stock in the capt.
tai stock of said Railroad Company Shall
H.a 10 Fa = n lsaF1
of Pulaski, Tennessee" by the proper of
ficers of said Company, for the full
amount of the par value of the bonds
| issued and delivered to them, and at the
time of such delivery.
4th. The dividends upon the stock in
said Railroad Company belonging to
the Mayor s. Aldermen of Pulaski, shall
be used in paying the interest upon said
bonds, and in paying the principal un-
til they are discharged, and the Board OF
Mayor and Aldermen shall have the
power to sell any or all of said stock,
and apply the proceeds to the payment
of any of the bonds hereby authorized
which may then be utstapding-prOU
ded said stock shall not be sold at less
than its par value without the assent of
the legal voters OF the town of Pulaski
obtained as the law directs.
9Th. The proceeds of all the bonds
issued in payment of said subscription
shall be used in the construction of said
Railroad in Giles county. But said sub
scription shall be of no effect, nor shall
any bonds be issued for the payment of
any part thereof unless said Railroad is
located to run to, and within the coFpo-
rate limits of the town of Pulaski.
9Th. The bonds of the corporation Of
Pulaski in payment of said subscription
shall be issued only as follows:
( Upon the application of the Presi-
dent of said Company, bonds to the
amount of fifteen hundred dollars shall
be issued to pay the expense of the en-
| gineer corps in making the surveys and
| estimates so as to let out the contract for
| grading said road in Giles county. The
remaining bonds shall not be issued I'M
til a written statement signed by the
President and Engineer of said Rail-
road Company under oath has been filed
with the Recorder, showing that suf-
| ficient means in their estimation have
been obtained to grade and cross tie the
Road to, or as far west as the town of
Lawrenceburg, and not until the con-
tracts for grading the Road between
these places, and including the entire
line between these places have been let
/ said remaining bonds shall be Issued
in monthly installments to pay for the
work as it is done.
9TH. For the purpose of paying the
bonds issued in discharge of said sub
scription, the Mayor and Aldermen of
Pulaski shall, each and every year until
/ said bonds have all been paid, assess,
levy and collect tax upon the property,
/ privileges and polls of said town, liable
to taxation for corporation purposes,
which shall be sufficient with the divi-
dends accruing upon their stock in said
| Company, TO amount to four thousand
dollars per annum, exclusive of the costs
! and expenses of collection, which sum
shall be applied to the payment of the
interest upon said bonds, and to provide
a sinking fund to redeem the principal.
Sth. The election herein described
shall be opened and held by the sheriff
in accordance with the provisions Of the
laws of Tennessee, and the voters who
are in favor of the subscription viii put
on their tickets the words "For Sub
seription; those opposed, 'NO Sub
| scription."
9th. This subscription shall be void,
and of no effect unless the entire line of
| the road (frOm Pulaski to Lawrence
| burg or to point as far west as Law
reneeburg on the general line indicated)
| shall be placed under bona .dde contract,
and be in actual process of construction
within two years from the date of taking
| the vote as herein prOYidid.
| 10th. Should the county of Giles
hereafter levy a tax to extend the said
Memphis & Knoxville Railroad East
ward to the county line of Giles and
Lincoln counties, or to Fayetteville,
Lincoln county Tennessee, and Issue
bonds to said Railroad Company for the
purpose of building the same, then the
bonds issued by the county of Giles
may be substituted for the bonds of the
corporation of Pulaski issued to said
Railroad Company. This is done to
equalize the tax of the town of Pulaski
and the county of Giles in the construe-
ton of said Road should the tax be lev
led by said county for the purpose of
extending said road.
ENGNEER's REPORT.
We here subjoin the substantial por-
ton of the Engineers report. showing