Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-03-19

+
years after their date; but
the same shall be Iedee mable by the
State at any time after the expiration
Of five years from their date, at the
pleasure of the State. Shall besr III
terest at the rate of per cent. per
payable semi-annuaIly On tue
first day of January and July, In the
city of Nav York Sinai! have cou-
pons Of interest attached to each or |
said bonds and for the punctual pay |
mel of the principal and interest OF |
said bonds the faith, credit and honor |
of the State is hereby solemDly
pledged.
Sec. 8 Be it further enacted, that the
coupons on said compromise bonds, on
and after their maturity shall be re-
ceivable in pas ment for all taxes. and
debts due the State, and said coupons
shall show upon their face that they
are so receivable.
Sec. 3 1t further enacted, That
said bonds shall be in denominations
of $50. 500, $500 and $1,000 That is,
there shall not be less than per cent.
OF the whole amount in bonds Of the
denomination of $50; 5 Per cent. Of the
denomination o! 500, aud 10 per cent.
of the deno'uii a ion If $500, the re
81 900 80 te pro rated by thu funding
board, hereinafter provideo) as said
board may seem just and tquitsb be be
tween those who may present their
bonds and coupons to be funded under
this act. But the funding board may
issue bonds of the smaller deuomiua~
ton aforesaid, to any amount IL ex
cess of the amounts herein before
stated, if the holders Of the bonds aud
coupons who present them TO be
funded so desire.
Sec. 8. Be it further enacted, That
the secretary of State, comptroller and
ate treasurer, shall conetitute a
board to be designated funding
board, any two of which ehall cousti-
tute quorum for the transaction Of
any and all business for which eaid
board was created. Said board may
sit or hold meetings for the transaction
of the business created by this act. a.
such times and places as they may
deem wise and proper, to enable hold
ers of Tennessee bonds and coupons
to fund the same under the provisions
ofthis act
Sec 6. Be it further enacted. That
when any of the legally issued bonds
of the State, tr coupons CutstaD ding
and unpaid, are presented to said
funding board for funding undsr The
provisions Of this act, they shall ex
anime and audit the same. and if
found 10 be genuine, shall prepare 8
compromise bond or bonds, as Inay be
necessary for the purpose. and when
said bond or bonds have been signed
by the governor and counlersigned by
the secretary of Stste, and the great
seal of the State of Tennessee is affix-
ed thereto, and the original
bond or bonds have been register
ed in the comp troller's office,
and full memorandum of the same
made by the comptroller, and the same
signed oy the party receiving the COM
promise bond or bonds, said board
SHALL deliver eaiG compromise bond 20
the pa: t. entitled to receive them, TAX
| ing full and ample receipts therefor
| from the party SO receiving. But in
| funding under the provisions of this
act, the State shall lot receive Or &C
count for any portion Of bond or cou-
ppn in excess Of the bond dem anded,
and if the amount OF the bond OF cou-
| pons presented 10 be funded be less by
fractional part Of coupon, the party
applying may pay the same in cur
| rency.
Sec. 7. Be it further enacted, That
as soon az practicable after the passage
Of this act there shall be prepared,
under the direction Of the governor
and the funding board. & sufficicn;
number of well engraved bonds 10 take
up Snd fund all the unpaid bonds and
coupons OF the State, aud upon each
coupon of the bonds so prepared, the
signatures OF the treasurer and comp
troiler shall be engraved, and the SAID
coupoDs shall be numbered with the
numb Der of the bond % which they arc
a t4ched, and shall state OF thair face
when they fall due; and the s.Q0Gtt 81
interest due on each. The cost Of ell.
craving and preparing said bonds aus
coupons shall be paid out of The treas-
ury upon the warrant Of the comp
troller, based upon the ceTtifi cate O.
the governor.
Sec. s Be it further enacted. Tha
the funding board is authorized to de-
maud and receive as compensation FOL
their services III carrying out the pro
visions of this ac', the sum of TWO dol
lars for each hOnd Of the denOmina
ton of 81 600, one dollar and fifty
cents for each bond Of the deromiua'
ton of $500, aud one dollar for each 0
all 9th er denominations, TO be paid by
those receiving the compromise bonds
as provided by this act.
See. 9 Be It further enacted. Tha
the bonds authorized t. be issued by
this act shall be subst 2ntialIy in the
following form:
COMPROMISE BOND OF THE STATE OF
TENNESSEE.
Know all men by these presents
That the State Of Tennessee hereby
promises to pay to the bearer, on the
first day of January, 1880, at the treas
urer's office at tae capitol of Tennes
see, IN the city OF Nashville, Tenn
, the sum Of ---doliars, IN the Lawful
money Of the United States of A mer.
lea, with Interest at the rate OF Pc
; cent. per annum, payable semi>an
nuslly, on the first day Of January
and July Of zach and every year, unit
the principal shall be paid, as evi
denced by the coupons hereto al
tached, but this bond may b. redeeme,
by the State 1T any time after The frs
day of July, 1886, by paying the pin
cipal and interest. For the. prom {
ayment of the principal and Interest
the faith, honor and credit 9th Stat
ia solemnly pledged. The coupons O
the bonds, as they become due, are re-
ceivable for all taxes ana debts due tn
J State of Tennessee. This bond aus
coupons are issued in pursuance of ant
under the act of the general asaem bl'
=. OF the State of Tennessee, entitled
= An act To COmpr mise and settle tht