Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-05-01

| sary salafies anu lncluentat expenses, hrSt
! to the interest as 1t natures, or on said
| bonds. al d second, such surplus as the tax
! may produce, in excess of interest shall be
sDp! ed in purchasing said bonds stthe lows
est market price, which bonds when so pur-
! chased shall be Immediately cance led and
marked sati> fed, and preserved in that
condition; Provided That after ten wears
have pow. to call in said bonds and pay
the same out of any surplus it may have on
HAND In calling bonds for payment the
Cal shall gin with bond No. l and cal
ed AS they are numb always calling in
the lowest numbers, and after such call for
payment ali interest on the bonds called
shall C ase
Sec. 6. Be it further enacted, That the
SECRETARY oftha board shall keep perfect
of booRs, which shall at Ali times ex bibitthe
amounf of the tax Of each year, the Gu reF
receipts by the board on the same, the
funding of eacn debt with tste, amount ard
holder. the number and denOLAination and
date of each bond issued by the board, q
/ duplic ta of each check or warrant drawn
| against the fund in its disbursement to ba
+ resis cred in full, in q book to be called a
duplicate warrant or check box, and
sucn other accounts aGd matters shall be
embraced in the books to be thus kept as
will at all times exhibit the exact state of
the administra at;cn of the trust committed
10 Sdiu DUaTQ. anu at edCu session
of the Ounly court of Shelby county said
board shall present and file with said court,
to be preserved among Its records. com
plete and full statement Of the atf4rs Of
said board, showing the ag-
gregate tax, the receipts therefrom,
the disbursements, the cash on hand, with
certificate of the depository of the fund.
that the cash is actually and bona fie in
hand IS repre- ented, and such other mats
n ha f1n
standing of the condition of the trus'. A
copy OF this statement shall also b. fur
nlshed to the comptroller of the Stale and
t. the attorney general OF Shelby cOun,y
whose duty it shall be to examine and
verify the same and to institute prosecu-
tions, it he shall discover any violation of
the laws of the Sttte in Conducting the
AT irs Of said rO4rd
Sc. I. Be 1t further enacted Thst said
Dpard shaiI have power 10 resist payment
and 10 refuse TO fund any part # SAID liza.
blnty, which it has probable grOuuds to
b lieve Is illegal fraudulent, provided
the attorney general of Shelby county and
the Encouragement of the Slatr, upon it,
vest'gaton, hall be of opinion lh at such
demand ought ce resisted, and it is
made p.rt the duty of these officials to
a1vISe SAID buaTd as to matters of law
aris'nE wit In the scope of their duties and
power, AMI To institute and conduct such
SUITS as they may da"m necessary to the
rights and duues Of said board. Such
suits shall be instituted in the name of the
5 SLate for the use If said board
! Sec; 8. Be 1t further enac.ed, That said
Eqpd4tIng BONDS shall he rs follows:
!" l. quidating bond of the iexlinct nu1ici-
pan Y, city of Memphis n .. = There is
duelh berrer thirty years after the 1st of
JAnurA, 1897 with interest payable semi>
annually on the lst of.J nuary and july
~ - of no r
per annum for the first five years from
January lst, 1882 ami at the rate of six
per cent per anHum thereafter. fer VIII. b
Coupons are hereto attached, TIE sum Of
dollars, to be paid out of the special tax
levied b' the general assembly of the State
OF tennessee, by act passed day of -,
1881. and nOs 9th, rwise The coupons
attached to this bond shall be receivable ia
pay ment of said tax, The maker Of this
b'nu has the righD 10 Call in AMI pay tue
same at any time after ten yes from the
trss OF January, 1852, rs provided by the
fourth section of the act on the - day,
1881. Witness our hands and uttical seals,
this the Day of -, 1881 (Slgned),
l. quid ting Board Of extinct municipality
clty Of Memphis.
Atta-t, ..,................,.,.,
Secretary, sc.
Dy OBSERVATION-DISCLOSURES.
- Commissioner > g.
Iue interest coupons may be In the usual
form, aul the denomination of the bonds
may be from one hundred to one thousand
collars
Sec 8, Be it further enacted, That in
Case any creditor entitled to the provisions
OF this &C. shall prefer to hold the original
evidence Of his deot he may do so by pre-
senIing it to the lrquidating ard within
the tlms required by this act and having
the agreemt ut or contra stamped or writ
ten upon or attached TO tue same, showing
that he accepts the provisions # This act
which, when dOne, shall entItie him 10 par
tic,pate IN the fund to the same extent and
upon tue same terms as if he had surren-
derei such original evidence Of Indebted :
ness and accepted therefor the bond o.
bonds of SAID board as provided by this
act. Said board shall taNe a copy of such
evidence of debt from all creditors who
adort the mode of settling and funding
provided by this sact!0n, and also Of the
agreement stamped, written upon or at.
tach~d to the same, and when the auJount
is paid on said debt to which the creditor is
emitted under this act the same shall be
in full sa staction of The entire deb. TIE
Object Of this section being to give the
Creditors the election TO take new bonds for
the amounts to which they are entitled or
retain the old and have the contract or
agreement By which they accept the pro-
VISIONS OF this act, Stamped. written upon
VI diIiiNAS 10 the Olu eFIQ6nGe OF o. Dt ana
the coupons attached said bonds shall
read rs, of and from the date Of the pass
age of this act. to be paid at the rat. Of
three per cent. on the debt as settled at
thirty>three and one-third cents on the
dollar for the first five years after its
passage and at SIX per cent thereafter
! Provided, that, whtn the debt h4l he in
Judgment or matter of record il the cor
. porate books of the extinct municipality
a certf copy examined copy
, sh~ll IL such Case be treated rs original eV-
. idence of the debt
, Sec 10. Be it further enacted, That the
? fund provided by this act shall be held in
r connect on with that heretofore DR. ,vided
, by the appropriation of the back taxes !"
! to the e of sail corpor tie cred tors, and
that the two funds shall be SO administer. d
. as to produce equality among the benef-
Charles as nearly SIS practicAhe Tho g
creditors who secure fifty cents on the dol
! lar or more out of the b-ck tax fund shall
! not be entitled TO anything under th is act
Sec. II. Be it fu ther tnscted, That this
; act take eff ct from firm and after its
passage the public welfare requiring it.
Passed April6, 1881
GBO. FL. MORGAN,
Speaker of the Senate.
+ II B. RAMSEY,
Speaker of the House If Representatives
Approved April 6, 1881.
, ALVIN HAWKINS,