Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-04-05
ACTS OF THE LEGEsLATUHF,
Published By AuthOrity.1

A BILL to be entitled IAN act author
jzing municipal corporations to fund
their Indebtedness upon certain condi-
tionR."
Section l. Be it enacted by the general
assembly of the State of Tennessee. That
shall be Lawful for any municipal cOrpo>
ration in this State to fund by the issuance
of coupon bonds in the manner and under
the restrictions hereinafter provided all or
any portion of its floating or bonded in
debtedntss existing on the LIST day Of JAM
uary. 1851.
Sec 2 Be it further enacted, That al
bonds issued under this act shall be CT
such denominations, bear such rate of in
ierest not exceeding 6 per cent. per an
mum, and be due In suCn times not less
than five ror more than thirty years from
date as the corporate authorities may de-
termine. Provided, however, that all
bonds shall bear the same date, and in
terest and be payable at the same time
and place.
Sec g. Be it further enacted That the
bonds provided for by this act shall in no
case be sold for less than par, and the
coupons attached shall at their maturity
be receivable for all taxes and dues to the
corporal on, except the Sinking Fund
Tax provided for By the following sec
ton.
Sec l. Be it further enacted That be-
fore any bonds shall be issued hereinafter
the corporation shall provide by ordnance
for sinking fund wherewith to retire the
bonds, by levying a special tax 10 be des-
ignated the Sinking Fund Tax" the same
to run with the bonds and to be collected
annually and used exclusively for the
purpose levied and to be sufficient with its
Accommodations as near as nay be estimated
to meet the principal Indebtedness at its
maturity.
Sec 5. Be it further enacted That every
corporation before Issuing any bonds under
this act shall appoint or elect by ballot
three persons, citizens, not members of
the board # mayor and alderman or city
council, who shall be K. own as sinking
fund commissioners, who shall hold their
office tor three years or until their sue
cessors shall be elected and qualified, and
to be so ele ted that The terra of office Of one
of said commissioners shall expire in each
year, Provided, That at the first election
year, one fer two years, TWO for three
years and every year thereafter one shall
| be elected to serve for three years
| Sec. g. Be it further enacted, That said
| commissioners shall take an oath before
any person auth rized to administer oaths
in juniclal proceedings, faithfully to dis-
charge their duties and shall give bond in
oNC'l sum anu otiioi " ioo iuAiIiy tueAisolfeS
and receive such mpensations as the or
Gin8nCe Cf the corporation may prescribe
and orovide.
Sec. 7. Be it further enacted, That said
commissioners shall receive from the col
| lector of taxes all sinking fund tax and
may invest the same from time to time and
make settlements Of their accounts in
such manners anu with such persons as the
corporation may by ordinance direct.
Sec. 8. Be it further enacted, That this
act take effect from and after its passage,
the public welfare requiring it.
| Passed March p, 1881.
! II B. RAMSEY,
Speaker of the House of Representative.
.-.- GEO. h MORGAN,
Speaker of tho Senate.
Approved March 81, 1881.
| ALVIN HAWKINS,
| Governor.