The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1876-03-22
AN ORDINANCE.

ing Interest on ONCL0uC SOA-
pOratiOn Coupons, and for Othl-
er Purposes.
/. Be it, ordained by the Mayor
and Aldermen of the town of Morris
town. That the ordinance adopted
by this Board on the 18th day of
January, 1872. in relation TO paying
interest on overdue coupons, be, and
the same is hereby rescinded and re-
pealed; and that upon all coupons
now outstanding and overdue, inter
est at six per cent. per annum viii
be computed from their maturity to
the 1st day of April. 1878, and not
afterwards; and that no interest
will be computed or paid on cou-
pons for any period of time after the
said 1st day of April, 1876.
| 2. Be it further ordained by The
authority aforesaid. That hereafter
all fines, forfeitures and privilege
taxes collected under the bylaws
and ordinances of the corporation
shall be, and constitute sinking
fund, which shall remain intact and
inviolable as a trust fund, and shall
no: be appropriated or disbursed, ex-
cept as hereinafter provided. The
said fines, forfeitures and privilege
taxes shall be paid to the Treasurer
OF the Corporation on the last SaGur-
day in each month. and the said
Treasurer shall open a sinking
fund.- account,in which he will charge
the " sinking fund with such
fines, forfeitures and privi-
lege taxes, and credit the same
with such disbursements as he may
make pursuant to the provisions OF
this and the following sections OF
this ordinance.
8. Be it further ordained by the
authority aforesaid. That when said
fines, forfeitures and privilege taxes
are collected and paid to the Treas
urer in the shape of corporation cou-
pons or warrants, he shall. for the
benefit of the sinking fund, redeem
the said corporation coupons and
warrants with any money then or
afterwards paid into the Treasury
derived from other sources than
fines. forfeitures and privilege taxes,
charging the sinking fund with the
amount of money thus turned over
| to that account, which shall consti-
tute a part of said sinking fund in
| lieu of said warrants and coupons
thus redeemed therefrom, and said
| warrants and coupons thus redeemed
shalt he cancelled and not taken
into account as part of said sink
ing fund. but shall be taken mp on
the expense and interest accounts
to which they properly belong.--the
design of this ordinance being to
permit the citizen, as heretofore, to
pay his fines, forfeitures and privil-
eye taxes in corporation warrants
and coupons, and yet to reimburse
| to the sinking fund IN money derived
! from other sources an amount equiv
alent to such corporation warrants
and coupons thus paid into the
| Treasury on fines, forfeitures and
privilege taxes.
a. Be it ordained by the authori'
ty aforesaid, That hereafter, an an
nual tax on property and polls in the
corporation shall be levied end as
sessed, at the same rate of taxation
as prescribed by State laws on said
property and polls for the time be,
ing which tax, when collected, shall
be paid into the Treasury and
charged to expense account and
this account shall be credited will
CORPORATION warrants and sums paid
on official salaries and other current
expenses OF the corporation. as
| ordered by the Board, and not other
wise. But in no instance shall the
current and incidental expenses fol
any year exceed the taxes collected
for that purpose for such year, but
on the contrary, if on balancing the
expense account at the end of the
wear there should remain a sum un
disbursed in the Treasury, then sucl
balance shall be transferred to, anC
charged to the sinking fund. anc
constitute a part thereof thencefor
ward.
5. Be it ordained by the authority
aforesaid. That hereafter an annua
tax on property and polls in th'
corporation shall be levied aud as
sessed at the same rate of taxation
as prescribed by State laws on saiG
property and polls for the time be
ing which tax, when collected, shall
be paid into the Treasury and charg
ed by the Treasurer to interest &C
count; and this account shall b.
credited only with corporation cou
pons, redeemed and cancelled, an'
not otherwise and in no instanc
shall current or incidental expen
SEES be credited TO this account
which shall be balanced at the en-
of the fiscal year, and any balanc
lof money remaining in the Treasury
charged to this account, shall b
transferred and charged to the sink
ing fund, and the amount credited t.
the interest account, so as to equar
the same.
6. Be it further ordained by til
authority aforesaid, That tn
amounts collected on fines, forfeit
nres and privilege taxes as aforsaiC
\ together with any annual balance
, from the expense account and inte
est account as above provided, sha
be, and constitute a sinking fnnt
which shall remain an inviolabl
trust fund, together with its accuml
lations and increase. This fun
shall he under the control of I'll
Treasurer of the Corporation. wi
shall give a special bond in the pc
, atty OF 50, 500, with good suretie
conditioned that he will well an
truly disburse and account for, an
improve said fund as required BY ii
E bylaws and ordinances of the co