Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-04-13

A BILL to be entitled IAN act to authorize
the county court Of Madison county 10
issue bonds"
Section J. Be it enacted by the general
assembly of the State of Tennessee Th at
the county court of Madison county be
authorized to fund its outstanding debt now
due by issuing its bonds, signed by the
chairman of said court and countersigned
by the clerk v ith his official seal aft xed to
the same in the sums of twenty, fifty, one
hundred and five hundred do lars, to the
holders of the county warrants to run for
ten years from the lst OF . April 1881, bear
ing interest at the rate of per cent. per
annum, the interest and one tenth of the
principal to be paid annually on the LIST.
day of April in each wear, comm en- cling
tn LIST day of April 49, when the first
annual installment and interest fall due.
Sec. 2. Be it fur her enacted, That each
bond shall have attached to It, ten cou-
pons, showing the amount OF each annual
installment and nterCst on said bond, and
when the same fall due, which shall be
signed in the same manner as the bond,
with out the official seal of the clerk, which
coupons when due 5 all be receivable for
taxes, and when so received or paid eff ny
the trustee Of the county, shall be by him
cancelled by perforation and by stamping
payment to be by him held
as his voucher 70: the payment
on his settlement with the Ieve
nue. commissioners Cf the county, who
shall file them with the clerk Of the county
court, to be researches a part of the
records Of his office.
Sec. g. Be it further enacted, That the
chairman of the county court shall IS ue TO
the holders Of the warrants for al! fraction
al paris Of the same der tweaty dollars,
a certificate of the amount showing from
what warrants the fractions arise, to be
fundet bonds when the sum of twenty
! dollars Of said certificate is presented to
! him.
Sec Be it further enacted That in
! order 30 meet said annual payments as
! they fall due, the coun y court shall at the
| time it leviCs the taxes. for other purposes
! in each year levy special tax on all taxa
| BILE property aud privileges in the county,
| sufficient o1ay said annual instsllments
and interest, to be collected by the trustee
/ as other taxes are, and shall be paid in
! cash or coupons then due, and shall be
! used for no other purpose EXCEPT for the
! payment Of sait install ments and interest.
| Sec 5. Be il further enacted, That the
| name Of the party to whom the bonds IS
! issued. with the mum Der. date and amount
| of each shall be entered by the chairman
as the same is issued in Well-b bound book
to be by him turH ed over to the trustee of
| the county. and by him kept, and as he pays
! and takes up The coupons he shall enter
! the date of payment and amount of said
coupons under its corresponding bond.
Sec 6. Be it further enGc Ell, That when
! the warran are funded the chairman shall
! cancel them by perforation and by stamp
/ ing on the face Of each warrant the date
woen funded and file them for examina>
ton by the revenue c0mmissi )ners, TO be
preserved as part of the records of his
| office.
See 7. B. it further enacted That the
chairman and clerk Of the county court
SHALL be allowed such compensation for
their services und~r this acs, as the court
at its quarterly term shall allow.
Sec s. ~ Be it further enacted, Thst this
act take effect from and after its passage,
the public welfare requiring it.
| Passed March 20 1881.
| FRANK MATHEWS,
| Speaker Of the Sea ate pro tempo.e.
II B. RAMSEY,
Speaker of the House of Representative
Approved April l. 1881.
| ALVIN HAWKINS,
Governor