Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-04-13
WEEKLY CHRONICLE.
ACTS OF THE EEGEsLATURr.
IPubliSheI by Authority.

-
bonded indebtedness Of the State of Tens
nessce.
Section l. Be it enacted by the general
assembly Of tie State Of Tennessee, That
all the legally Issued bends of the State of
Tennessee, except the bond issued for the
permanent school fund and except the
bonds held by Ethe University of Tennes7
see, and except by educational and ehari-
table institutions in this State, evidence of
the ownership of which was on file in the
comptroller's office on the lst day OF
january, 1880. and all outstanding coupons
thereon up to and including those falling
due on the 1st day Of July, 1881, be capt.
tailed and funded into coupon bonds OF
the State, 10 be styled the compromise
bonds Of the State of Tenness ee."
Sec 2. Be it further en- cted, That for
each and every legally issued bond Of the
State of Tennessee, or coupons, presented
to the funding board hereinafter provide
for under III provisions Of this act there
shall be issued bond or bonds for Al
amount eqGal to the principal Of said bond
so pre:en ed. together with the past due
interest thereon. Said bonds authorized
to be issned under the provisions Of this
act shall BE- dated en- the lst day Of July.
1881, and shall be payable ninety-nino
years after their date, butthe same shall be
Tedeemable by the State at any { me at er
the exp ration of five years from their date,
at the pleasure of the s g. Shall bear in
teTest st the rate Of 3 per cent per annum,
payable semi~an ualIy on the lst. day of
January nd July, in the city Of New
\ ork. Shall ave coupons of interest at
tached to each ofsaid bonds and for punct-
uai snAy ment Of the principal and interest
OF sad bends The faith, credit ant honor Of
this State is hereby solemEIy pledged.
Sec. 8. BE it further enacted, That the
coupons on SAID compromise bonds, on and
after their maturity sna! be TeCelvab e IN
payment for ali t7xes and d(.bts due the
State, except for the support of the
common schools AID for the yment of
the int RI ST VI on the common sen '0l fund,
aud said coup LIS shall how upon their
face that they are 80 receivable.
See. Be il f r;hcr enacted, That said
bonds snail be in Denominations Of ] 81
tlG0, 500 ard 81 $50 Tint is, there s0aU
not be less shan per cent. Of lhe Whole
amount in bonds Of the donominstion
of $50; per sent. Of the demo il alton of
800, and 10 per cent OF the dencniira.io
Of s. o, Tie remainder TO be of the de1om-
inntiOn Of ST .0G0 90 be pio,Iated. by the
funding b ard, hereinafter provided As
sad board may seem just and equitable
between those VINO may present their
bones and coupons to be funded under tb is
act. but the funding board may issue
bonds Of the smaller denomination afOre-
said, 10 any amount in excess Of the
amounts hereinbef re stated if the holders
of the bonds and coupons who present
them 20 be funded So desire.
See. $. BE it further enacted, That the
secretary of State CONF t.O.ler and State
ire sur,r, shaII c.nsri,u,e a hoard to be
designated Il funding board, any two OF
Whlrh shall constitute Il q.O3utn for Il G
Transaction of any and a!l business t r
whlch said board YVES created. Said board
may sit or hold moo>ing- for the traasac-
ten Of the business created by this act, a
such times ana places az IL eg may Z eem
wise and proper, to enable hn'dcrs Of Ten
nes>ee b rds and coupons 10 lufd the same
under tbe provisions IF thu act
Sec. Be ii further en-. cted, That
when any ci the eg 1ly issuej b nis of the
State, or coupons uu;st&L ding aud unpaid
are presented to sal fu dag board for
funCing under the + DIVISIONS of tbs act
they shall examine AID audit the same, ana
il found to be nuine, stall prepare "a
comproI ise boz d or bonds, as may DE nec>
essnry for the purpose, add VIXEN sid bond
o bonds have been si2ned by the governor
ami counters grci by thu >oGr,tary of
Nla 9 hni the great = a. Of Il @ State Of
Tennessee 5 aii Zet ID, reto, and
the or g.n'd bond or bon ds nave
be registered in the co aFtrUler's Office
n full memoTan um Of The me made
~ I'iF " , f'bltiiti. itIh III 6dult tlG!lGU
y tie party rec " in t." compromise
boat or bpnda, said board Shall deliver
said compromise bond to the party cIti-
lied to receive them, tAhirg full and
an lie receipts th, retor from the party So
r coivirg. Bat in funding under the pro-
visions Of this act, the State shall not re-
ceiVr or account for any portion Of bond
or c, upon IN excess Of the bond demanded,
q ii If the amount of the bond or COUPONS
presented 10 be funded be less by {. frac-
t'onal part of a coupon, the party apply.
ing may pay the me in carreHcy.
See !. Be II further enacted, That IS
soon As practicable after the passage Of
this set, there shall be prepared under the
direction OF th6 governor and the fundiag
board, sufficient humber Of we'll en-
grayed bonds to take up aDd fand AL the
unpaid bonds and coupons of the Sta G,
and upon each coupon Of the bonds 81 pre-
pared, the signatures of the treasurer and
comptroller snail be engraved, ind the
sad coupons nall be numbered with the
numb r of the bond to which they are at
tachtd d, and shall state on their CAGE when
they fall due, and the amount Of interest
due on eacn. The cost f engraving and
preparing Said bonds AID coupons shall b
psid out Of the treasury upon the warrant
Of the cum ytIoiiec, based upon the c8r if
cate OF the governor. ....-. b =.
funding board is author zed TO demand
AID receive rs compensation for their SER
vices 10 carrying out the provisions Of this
act, the sum of two dollars for each bond OF
tbs denomination Of SI.tC0 one dollar and
fifty cents for each bord of tie denomlua-
uon Of $500, and one dollar for each of al
ether denominat'ons, to be paid by those
receiving the compromise b nds, as pro
>1OeI ty this act e.
5 c. 9. Be il further enacted, that the
oonGs authorized to be- issued BY this act
snail De Substantially in the following form:
COMPROMISE BOND OF THE STATE OF
TEHNEssEE
Know all men by these presents: That
TIE olate OF lenness hereby promises to
pay to the bearer, on the first dav of J.n
uary, 1880, ut the trehsurer's Office at the
capitol Of tennessee, i'll the city If Nash
willie, Tennessee the sum of-doIlars,
in the Lawful! money Of the Uniiyd State.
of America, with interest at the rate Ct
3 per cent. or annum, payable semi
nnuua ] on the first day of january and
July IF each and every year, u0ti the
principal shall be paid, rs evidenced by
The coupons hereto attached, but this bond
may be redeemed by the State ut any time
af,er the first day OF July, 1856, by paying
the principal and interest. FOR the prom pi
payment # the principal and interest, the
IA th homo and edit of the State Is
soirm1ly pledged. The coupo!s of the
bonds. SO they become due are receivable
for al taxes and debts due the State OF
Tennessee. his bond and coupons are
Issue in pursuanc If and under the a t
or the general assembly of the State OF
tennessee entitled An act to compre :
mise end settle the bonded in ebtsdness OF
the State Tennessee Approved the