Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1881-05-01
ACTS OF THE LEGIsLATURF
Published By Authority. |
AN ACT to provide for the settlement of
In niInir a;.

aS1 W pfONiOS tOT Tue SoLLiemont OIL
the extinct municipality city of Mem
phis.
Section l. Be it enac'ed by the general
ssembly Of the St~te of Tennessee, That
SO much of the indeb .edness of the extinct
municipality lately srown as the city of
Al .tnphls As shall avail Itself of the p o.
visions Of this act hall receive in extin-
gui. hment thereof thlrty>three and ones
third cents on the d ,ilar, es'imatin e the
principal and interest there N untli the
FIST day of May, 1881 aud upon Which no
interest shall be lh~ed, tx ept as herein
after provided. Th provision for 50
debt snail begin with the year 1892 lnclu-
sive and be applied IN annual install Dents
rs hereinafter prescribed. The rate OF ln-
| terest on the provI=iOn thus made for sald
| debt shall be three Per cent. per annum for
the first five years, and SIX per cent pr
annum thereafter. SO much OF the DEBT
thus provided for constitutes what is known
as compromise bonds of said extinct cor
poraton, and which are only fifty cents on
the dollar of the original amount thereof,
| shall be estimated either at one hundred
cents, their original ana cunt, or, if taken at
their present amount, shall be entitled to
siXty-s and two>thr6s cents, instead OF
twenty-five, cents on the dollar, so ss TO
place that part of the debt on an ,ual
footing with the other portions of said
debts. The interest herein provided for
day Of July and January of ch year.
Sc. 2 Be it further enacted, That an
annual tax Of fifty cents on the hundred
| dollars is hereby imposed on all taxable
| property, including merchants capital and
other property and privileges, in the orig
inal eight wards of the said extinct cOrporr
! alton, and of ten cent on the hundred
dollars of taxable property and privileges
| in the ninth ward, enj q like sum on toe
| ia Ysh |
the tenth ward, the said ten wards
constituting the territorial limits of
said city at the time OF the repeal of It's
charter, This tax suall begin W and in
clude the year 1882, and shall continue
! fr IN year To We until 1t extinguishes said
! indebtedness ut thur y-three and oae-third
cents on the dollar. with the aCes of IN
terest specified IN the lst section Of this
act. This tax is Imposed expressly tor the
! benefit of said indebtedness, and shall no4
/ be- applied TO any other obj ct 1t is 81 te
revenue for said otj ct. 1t hall be due
and Collected on tho first of February Of
each year, and shall become deln uent If
not paid within fifty day IS after the hrst OF
| F-brua y of each year. and the trustee,
who sh all collect the same as he does OLheT
/ st te revenue, a SOON said tax becomes
! delinquent, shall proceed to collect the
same by such c0mpu sorry process as IS now
or shall her af.er be pruv,ded b9 law for
State am couR y, a The sauIe provisions
Of law now ID force Tor the COLLECTION OF
! ether delinquent taxes State aud cOuney,
shall apply to ard be IN tOrCe rs IL this tax
! rs well, sucn pruVlsI1ns rs apply 10 the en~
furctmeuG uf their collection as nos which
fOrbiI any interference by IL junction or
otherwise with thei OllrcLAJn, and the
trustee shall also have power 10 co lect the
same Dy garnishmtnt. b S compensation
p.4lt h. hs R4.nt nm a
amount collected. Ia ADDITION to the bnrd
now required of said trustee he shall give
such a ditonal bond win approved securi-
ties rs the county court of Sneiby county
shall require FIR the TAI hlur collecting aud
paying over of sei lax IN acCoruaAce with
the provisions Of this net. Sales Of real
esta,e Tor delinquent taxes uUder this act
shall take place the first Monday in July
after the delinquency occurs. Tho cOllcct>
ing ttfcer shall at the end Of eaca munth
pay over to the lqu.dating board estab>
llshed by the third section Of this act all
M pnies then in hand from this tag
Sec BE- it further enacted, That in oder
to provide the means of carrying out he
object Of this act there is hereby created
ard of commissioners TO be known ahd
styled tine lIquId4iug boar of the extIGct
municipality city of Memphis 81 Such
board snail consist of three commissioners
known probiLy and Capacity, VINO snail
be Inhabitants of tn territory of said ex
tinCt mu ipallty, and at least twenty i've
years of age The governor shall have
power TO fill vacancies in said board. But
| in Case vacancy occurs when the ltgisla-
| ture is not in session. the apDOlntee, SOON
as he takes the oath OF office AID gives
bon ], shall at once enter upon the duties
of the otfica, subject to c0rf m Alton or re-
lection by the sen te when The leg stature
convenes. lie governor shall have pO " e.
. of ID
board and to I'LL the vacancy thus oCc4-
stoned, subject to the Confirmation of The
Senate. Said mmissiOners shall be
officers Of toe State, and smenable civiliy
and criminally for all violation of duty ss
other collecting or disbursiRg off GERS of
the public revenue ale liable BY exist ng
laws Before entering up their duties
they shall severalty take an oath of Cffice
b fore some judge of the State residing
within the county OF Shelby, for the faith
ful discharge of their duties, and shall sew
erally give bond in the sum Of twenty FIVE
thousand dollars with approved securities
to the satisfaction CT the governor of the
State and the judge Of the circuit court Of
Shelby county. Each of said cOmmi>slon
ers shall receive rs comp nsalion for his
services the sum of five hundred dollars,
to be paid out of SAID spec al tax. Taey
shall also have seer eLary, whose salary
shall not be exceeding 0ne Thousand five
nunQEeG d0IIaTS per aanum, to tie paid IN
like manner, and who shall take an oath
faithfully to discharge the duties Of his
Office and give bonds IN such sums as the
board may prescribe
Sec. 4 Be it further enacted, That sal /
board shall have seal, and shall have
power to issue thirty year bond IN cou-
6 pOns f,r interest at the rates herein before
provided, to be tyled bonds of the iIqut-
dating board of the extinct municika ity
: city If Memphis" which bonds shall be
payable 20 be rer, and recite that their
principal and interest are to be met by the
special tax provided by the second section
: of this act, and not otherwise. Said board
shall give notice in one or more newspa-
pers published in New York, Baltimore,
Rchmond. Va, Charleston, S. c., and
: the taxing district of Shelby county th At
they are EN- powered and will fund at
, any time before the first of Decem her, 1897,
: the d-bt of said extinct corporation,
, with said liquidat ng bonds at the rate of
thirty three and one-third cents on the
dollar with interest at per cent. per an>
mum for FIVE years. and AT the rate If per
, cent per annu IN thereafter, to be paid out
of the special tax levied by this act Huld-
ers of SAID Indebtedness deserving to acc pit
said liquidating bonds under the provision $
of this act in satisfaction of the same shall
present the same to said board to be fur d.
ed on or before the first of December, 1e8 =,
said board unon the presentation and re-