The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1879-08-06

Ante-war railroad bonds. 49,. 1888, UOl
Postwar railroad bonds.... 2,65S, OOt
Founded under Act 1861. ,246, O0t
Founded under Act 1868. 569, 00l
Founded under Act 1874. 4,867, 0Oe
Sec. 2 Be it further enacted, thai
the proposition to settle the State s
indebtedness, contained in this or
any other bill that shall pass, shall
not be submitted to the veters of the
State, nor the Legislature convened.
until the Governor shall communi-
cate with the bondholders on their
Chairman, notifying them of the &C
tion of the Legislature, and when he
shall have obtained the acceptance
of said proposition from an equal
number in amount as now proposed
to take sixty cents on the dollar and
six per cent. interest.
Sec. 3. Be it further enacted, that
the voters at said election being
qualified voters of the State, shall
vote directly upon the provisions of
the first section of this act, those
voting for the acceptance of the
same having written or printed on
their ticket the werd accepted"
and those opposed to the provisions
of said section, having written or
printed on their ticket the word
rejected" And it shall be the
duty of the Sheriffs of the various
counties of this State to compare
she votes cast in said election, and
make return thereof to the Governor
and Secretary of State, who shall
compare said vote, and the Governor
shall decide the result when aseer-3
tanned. The Governor shall make
proclamation as to the result of said
election when so ascertained.
Sec. 4. Be it further enacted, that
il there shall be a majority of votes
cast as to said election in favor of
the acceptance of the provision of
said section. the Governor shall issue
his proclamation converting special
session of the General Assembly for
the purpose Of enacting into law
and providing for the enactment of |
the provisions of the first section of
this act, limiting the time within
which said funding shall be compile.
ted and making such provisions with
reference to the bonds not funded
within that time as such General
Assembly shall enact.
Sec. 5. Be it further enacted, that
as the railroad companies
Of this State propose to surrender
and give up their charter exemption
rom taxation and pay an annual tax
If 100000. by their written com.
to the Governor, there.
ore, the railroad companies Of this
'tate shall together, under and in
pursuance of the provisions of this !
ct. and in order to carry out the
anne, annually pay into the State :
'reasurys beginning with the year
$40, the sum of one hundred thou :
and dollars, the same to be due and
Dyable as other taxes are. the said u
nm to be prorated between said v
according TO their present le
: any future assessed valuation, but CT
at any time ;he assessed valuation e(
their property exceeds an amount .
hich at any time, under the then Va
gular State tax levy, will yield 10
-ger amount of revenue than $780,. M
0. then said railroad companies to
all be taxed as all other property oV
" be, said sum of 100000 and OF
ID sum in excess thereof paid by no
d railroad companies to be appro. on
ated to the public debt.
Passed March %. 1879. mu
j. r. NEAL, the
Speaker Of the Senate. me
IT ID To-,