The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1881-04-13
THE A0T TO SETTLE TIE DEBT


Section /. Be it enacted by the
General Assembly of the State of
Tennessee, that all the legally issued
bonds of the State of Tennessee, ex-
cept the bonds issued for the per-
mannent School fund, and except
the bonds held by educational and
charitable institutions, and all out
standing coupons thereon up to and
including those falling due on the
first day Of July, 1881, be capitalized
and funded into coupon bonds of the
State, to be styled 'HThe Compromise
Bonds of the State of Tennessee.
Sec. 2. Be it further enacted, that
for each and every legally issued
bond of the State of Tennessee, or
coupons, presented to the Funding
Board hereinafter provided for un-
der the provisions of this Act, there
shall be issued bond or bonds for
an amount equal to the principal OF
said bonds SO presented, together
with the past due interest thereon.
Said bonds authorized to be issued
under the provisions Of this Act
shall be dated on the first day OF
July, 1881, and shall be payable
ninety-nine years after their date,
but the same shall be redeemable by
the State at any time after the ex-
piration of five years from their
date, at the pleasure Of the State.
Shall bear interest at therat of three
per cent. per annum, payable semi
annually on the first day Of January
and July, in the city of New York.
Shall have coupons of interest at
tached to each of said bonds and
for the punctual payment Of the
principal and interest of said bonds
the faith, credit and honor Of the
State is hereby solemnly pledged.
Sec. 3. Be it further enacted, that
the coupons on said Compromise
bonds. on and after their maturity
shall be receivable in payment for
all taxes and debts due the State,
and said coupons shall show upon
their face that they are SO receivable.
Sec. 4. Be it further enacted, that
said bonds shall be in denominations
of $50, 500, $500 and 81 900. That
is, there shall not be less than five
per cent. of the whole amount in
bonds of the denomination of $50
five per cent. of the denomination Of
800, and ten per cent. Of the de
nomination of $500, the remainder
to be of the denomination Of 81 600
(to be pro-rated by the Funding
Board, hereinafter provided as said
Board may deem just and equitable
between those who may present
their bonds and coupons to be fund
ed under this Act. But the Fund
ing Board may issue bouds, of the
smaller denomination aforesaid, to
any amount in excess ofthe amounts
hereinbefore stated, if the holders of
the bonds and coupons who present
them to be funded so desire.
See. 8. Be it further enacted, that
the Secretary Of State, Comptroller
State Treasurer shall constitute a
board to be designated Funding
Board, and two Of which shall con-
stitute quorum for the transaction
of any and all business for which
said Board was created. Said Board
may sit or hold meetings for the
of the business created
by this Act, at such times and PLACES
as they may deem wise and proper,
te enable holders of Tennessee bonds
and coupons to fund the same under
the provisions Of this Act.
Sec. 6. Be it further enacted, that
when any of the legally issued bonds
Of the State, Or coupons outstanding
and unpaid, are presented to said
Board for funding under
the provisions of this Act, they shall
examine and audit the same, and if |
found to be genuine, shall prepare a
bond or bonds, as may |
be necessary for the purpose, and |
when said bond or bonds have been |
signed by the Governor and counter
3igend by the Secretary of State, and |
he great seal of the State Of Tennes
zee is affixed thereto, and the origi- |
1al bond or bonds have been regis
;ered in the Comptroller's Office and
/ full memorandum of the same
made by the Comptroller, and the
same signed by the party receiving
he compromise bond or bonds, said /
Board shall deliver said compromise
)onds to the party entitled to receive
hem, taking full and ample receipts
herefor from the party so receiving.
But in funding under the provisions
# this Act, the State shall not
eceive or account for any portion of
bond or coupon in excess of the
,onds demanded, and ifthe amount
f the bond or coupons presented to
e funded be less by fractional
art of a coupon, the party apply
ng may pay the same in currency.
Sec. Z. Be it further enacted, that
S soon as practicable after the pass
ge of this Act, there shall be pre-
AIRED, under the direction of the
and the Funding Board, a
number of we'll engraved
onds to take up and fund all the
npaid bonds and coupons of the
tate, and upon each coupon Of the
onds so prepared, the signatures Of
ne Treasurer and Comptroller shall ;
e engraved, and the said coupons !
nall benumbered with the number ]
the bond to which they are at '
lched, and shall state on their face {
hen they fall due, and the amount j
interest due on each. The cost t
engraving and preparing said
5hds and coupons shall be paid out '
the Treasury upon the warrant Of {
Ie Comptroller, based upon the GER I
ieate ofthe Governor. I
Sec. 8. Be it further enacted, that I
q Funding Board is authorized to
,mand and receive as compensation ]
r their services in carving out t