The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1882-06-07
THE SETTLEMENT BILL,

Of the State Of Tennessee:
SECTION 1. Be IL enacted by the Gen
eral Assembly of the State of Tennessee
That all the legally issued bonds of the
State Of Tennessee embraced in the
classes hereinafter enumerated, except
the bonds issued for the permanent
school fund, and bends held by the
University of Tennessee, aud held by
other educatiOnaland charitable institu-
tions in this State, evidence of the
ownership of which was on file in the
comptrollers Office on the day Of the
passage Of this act, and all outstanding
coupons thereon up 10 and including
those due on the first day of January,
1882, be capitalized and funded into
coupon bonds Of the State, to be styled
the Compromise Bonds of the State of
Tennessee"
SEC. 9. Be it further enacted, That
for each and every legally issued bond
OF the State of Tennessee, enumerated,
or coupons presented TO the officers Of
the State, to-wit: the Secretary of
State, the Comptroller and the Treas
urer, who shall carry out the provisions
Of this act in addition TO their other
duties as such State officers; there shall
be issued bond or bonds for an amount
equal to sixty per cent. of the principal
of said bond or bonds so presented, to-
gether with sixty per cent. Of the past
due interest thereon, said bonds at
thorized to be issued under the provis-
ions Of this act shall be dated the 1sI
day Of January, A. D., 1882, and shall
be payable thirty years after date, but
the same shall be redeemable by the
State at any time after the expiration
Of five years from their date, at the
pleasure Of the State; shall lea interest
at the rate Of three per cent. per annum
for two years, four per cent. per annum
for two years, five per cent. per annum
for two years and six per cent per an
mum for the remaining twentv-four
years-payable semi-annually. on the
first days Of July and January in each
and every year, in The city of Nashville
aad New York, and shall have interest
coupons attached TO each Of said bonds
and for the punctual payment of the
principal and interest of said bonds, the
faith; credit and honor of the State are
hereby solemnly pledged. And when
any interest coupons attached to bonds
issued under this act shall lie paid they
shall be cancelled by being punched;
and shall be preserved for inspection
by the General Assembly or the public.
SEC. 3. Be it further enacted, That
the said bonds shall be in denomina-
tions OF five hundred dollars and one
thousand dollars; there shall not be less
than ten per cent of the whole amount
in bonds Of the demo minalion of five
hundred dollars, and the remainder of
lars, to be pro rated by the State Off
GERS aforesaid as the said State officers
may deem just and equitable between
those who may present their bonds and
coupons to be funded under this act.
But the said State officers aforesaid
may issue bonds of the less denomina-
lion aforesaid to any amount in excess
Of the amount hereinbefore state d, il
the holder of the bonds and coupons
who present them to be funded so de-
sire.
SEC. 4. Be it further enacted, That
the bonds intended to be funded under
this he F.fTa,r-s,-
bonds of the State of Tennessee, viz.
Capital bonds, hermitage bonds,
agricultural bonds, Union Bank bonds,
Bank Of Tennessee bonds, bonds is
sued to the various turnpike companies,
bonds issued to the Hiawassee Railroad,
bonds issued TO the East Tennessee and
and Georgia Railroad Company, bonds
issuei TO the Memphis and La
Grange Railroad Company, anti-war
railroad bonds, postwar raj road bonds;
except the Mineral Home Railroad
bonds, bonds funded under the act Of
1866, bonds under the act of 1868,
bonds funded under The act of 1873
And wbero any Of the said bonds of
the State, or coupons outstanding and
unpaid arc presented to the said State
officers for funding under the provisions
Of this act, they shall prepare a compro-
mise bond, or bonds, as may be neces-
sary, for the purpose, and when the
said bond or bonds have been signed by
the Governor cOuntersigned by the
Secretary Of State and the great seal of
the State of Tennessee is affixed thereto
and the same shall have been registered
in book to be kept for the purpose
aud the original bond or bonds have
been cancelled by cutting therefrom
the signatures OF the Governor and Sec
retary Of the StLte and the impression
Of The great Seal Of the State ard have
defaced the coupons by'punching holes
in the. same. Said State officers shall de-
liver said compromise bond or bonds TO
the party entitled to receive them. tax
log full and ample receipt there for
from the party entitled TO receive them
In durable book printed for the same
But in funding under thr provisions Of
this act. the State shall not receive OF
acc punt FOR any portion Of bond or
coupon in excess OF the bond demand
ei, and IL the amount Of the bond OF
coupons nreFe ted to be funded be lie
hy frac 'ns part Of the same In cur
rcncy
SAC. 5. BE IL further enacted, That as