Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1877-06-14
CITY INDEBTEDNESS.
The Best the Ctty Can Do-An OrdI.
nance 10 Befund the Debt.

NAAAA Aub W0DNs
The Board of Aldermen and Common
Council met in joint session yesterday
afternoon, at the call of Mayor Flippin.
who presented a message and the fol-
lowing:
AN ORDINANCE.
Whereas, By an act of the last Legis.
laturs of Tennessee, approved March IA,
1877, entitled IAN act to authorize mu-
nicipal CORPORATIONS to settle their in
~debtedness, all incorporated towns and
cities of the State were authorized to
' arrange their debts, whether due by
bonds, coupons, judgments, or other evil
dences Of Indebtedness; and whereas.
recognizing the fact that it is not only
OF the most vital importance to the in
terests Of the city, but an absolute ne.
cessityr that its debt be adjusted with it's
creditors under the provisions of said
act at the earliest period; therefore,
Section l. Be it ordained by the gem
eral council of the city of Memphis,
That all judgments against said city NAV
be funded into new bonds at ffty-fye
cents on the face value OF said judg-
ments.
Sec. 2. Be it further ordained, That
all bonds heretofore issued by the city.
of every kind and classification, whether
due or to become due, all matured cou.
pons, Nieolson or stone.paving indebted.
ness against the city may be funded into
new bonds at fifty cents on the face value
of the same.
Sec. 3. Be it further enacted, That the
new bonds shall be called Memphis
City Compromise Bonds" and shall be
payable thirty years after date, and shall
De issued in sums of one thousand dol.
lars, each, with six per cent. at
tached, payable s~emi.snnually in the
city of New York on the first DAYS of
January and July; said bonds shall be
signed BY the mayor and countersigned
by the register of the city, with the seal
OF the corporation affixed, and q registry
of the date AID numbers of the other
species Of Indebtedness surrendered for
cancellation, shall be accurately kent
and transcribed in the books of the city.
Sec. 4. Be it further ordained, That
the currency Indebtedness shall be
funded into currency bonds, and the
gold Indebtedness into gold bonds.
Sec, b. Be it further ordained, That in
funding the matured Indebtedness under
this ordinance, all accrued interest on
such indebtedness shall be funded at the
same rate with the principal indebted.
ness.
Sec 6. Be it farther ordained, That
the bonds issued under this ordinance
at maturity, and the coupons attached
TO the same three months before matur.
ing, shall be receivable at par by the
city in payment Of all taxes levied on
real or personal estate, or in payment Of
any privilege or license TAX, or in pay.
ment of any rates or assessments levied
or imposed on persons, privileges or
property, or any other debt or demand
due and owing TO the city whatsoever.
and on what account soever rendered.
Sec. Z, Be it further ordained, That
three interest and three s%inkihg.fnnd
commissioners shall be appointed, nom
mated by the mayor, and confirmed by
the general council, into whose hands,
and not into the city treasury, shall he
paid respectively the interest and sink.
ing and taxes; and each of said com
missioneFs shall take an oath and give
bond for the faithful execution of his
trust.
Sec. g.. Be it .Irther ordained, That,
conformably to section s of the act un.
der which this ordinance is framed, the
inviolability Of the contract made by the
city with the holders Of the bonds issued
hereunder is hereby recognized and as.
serted.
The joint session then dissolved.