Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-02-15
NO. l44
URSDAY EVENING, FEBRUARY Is, 1877.

order Of priority in the payment Of said
debts.
6 Any debt of said municipalities due
by coupon bends which have not matured
may be purchased by said eommissio ers
at rate not to exceed thirty-three and
onethird cents on the dollar. and when
so purchased such bonds shall be imme-
diately cancelled Said board Of COM
missioners shall keep a complete regis
ter and account of all indebtedness paid
or purchased by them as herein provided,
and also Of the vouchers thereof, and the
same shall he subject to the inspection
Of the county court whenever demanded.
Sec. 20. Be it further enacted. That
neither said commissioners, nor said
county courts, shall contract in any one
year for work, material or service in ex-
Gees Of the fund herein provided for that
year; and parties contracting either with
said commissioners or said courts, for
work, material or service to be paid for
out OF the funds, or under the powers
herein conferred upon them, shall lock
alone to the fund here provided for that
purpose and for that year. Said funds
shall not be subject to seizure under pro.
cess Of garHishment. attachment, execu-
ton or otherwise All property, of what.
ever kind, heretofore held by said mu.
inequalities for public or corporate
purposes, is hereby declared exempt
from seizure or sale under execution or
attachment for any debt whatever.
Sec. 30 Be it further eHacted, That
the powers of the counties aud county
courts shall not be taken to be dimin.
ishe1 or restricted by this act.
Sec. 81 Be it further enacted, That in
addition to the privilege taxes imposed
Or to be imposed by the State for general
State purposes, privilege tax equal to
the amount imposed by the State for
general State purposes is hereby levied
on all taxable privileges to be pursued
or followed within the territorial limits
of such extinct municipalities Said
privilege taxes will be collected as are
ether State taxes on privileges, and when
collected will be turned into the treas
ury of said board Of police and FIRE com
missioners, to be applied TO the settle
ment Of the debt of such municipalities
in the manner herein provided. But the
privilege taxes levied by this section shall
In no event exceed the fixed amount OF
privilege tax now exacted by such mu.
inequalities
Sec 80 Bel further enacted, That il
at the end of any year there should re-
main uusppropriated aud undispOsed Of
in the treasures Of either OF said coun.
ties or boards Of police and fire commits
sionsrs any Of the funds herein provided
such uuappropristed sum shall be turned
: into q contingent fund, 10 be disposed Of
br said counties and boards respectively
for any Of the purposes for which said
: funds are provided. that is to say, that
any s1ch surplus may be used to make
up deficit Of any other fund.
/ Sec 49, Be it further enacted, That
: all property heretofore held or used by
said municipalities, for public or corpo
} rate parposes, shall remaiA public prop
! erty, and continue to be devoted TO the
| use Of the public according to the pro
, visions of this act, and the terms Of the
I original grant.
{ Sec. "a. Be it further enacted, Thai
this act take effect on the lst day o.
March, 1871 the public welfare requiring