Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1882-05-13
PUBLIC LAWS.
Published by Authority.l
HOUSE BILL NO. rs.


SECTION l. Be it enacted by the Genera
Assembly of the State of Tennessee, Thai
section /, of the act of Tennessee, chapter
1913, passed April 6, 1881, be, and the same
is hereby repealed, and the following substi
tuted; therefore, the extinct municipality Of
the city of Memphis and its successor, the
Taxing District of Shelby County, is hereby
authorized and empowered to arrange and
settle its valid indebtedness, DRY an palt
thereof, whether the same be evidenced by
bonds due or not due, coupons, debts due
on Judgments, or any legal Indebtedness
arising from any source whatever, said ar
rangement or settlement to be upon the ba
sis of fifty-fve cents in the dollar on the
face or par value and interest of any judg-
ment against said extinct municipality out
standing and unpaid and fifty cents in the
dollar tor any other species or kind of in
debtedness; and IN fixing the amount to be
funded or settled interest shall be
calculated on judgment, from
the date of judgment, aud upon
other Indebtedness from the date OF
its maturity, provided that no part of said
Indebtedness shall be funded and no addi-
tional force or value shall be given to the
bonds or coupons due or to become due, is
sued under the act passed March IA, 1877,
known as the "Fllppin compromise bonds, >
and no expense under this act shall be ill.,
CURED until the owners of two-thirds of all
the Indebtedness of said extinct municipal
ity, not Ill litigation, adjudged valid by the
Legislative Council of said Taxing District,
together with the owners of one-tnrd of all
such Indebtedness, in judgment or ltiga-
ton, Shall have applied to have funded and
filed proper evidences of their said claims
against said extinct municipality to be fund
ed into the bonds herein provided for;
and provided further, that no owner of any
part of said Indebtedness which is not
funded by the LIST day of July, 1883, shall be
entitl, d to or allowed the benefits of this
act, but on such date ali funding under this
act shall cease, excepting always that any
indebtedness whose validity Is denied and
contested in the courts at that date by said
Legislative Council may be funded as here
in provided, within three years after said
date and not otherwise.
SEC. 2. Be it further enacted, That sec
ton 2, chapter 1913, acts of Tennessee, 1881,
except i'll 80 far as the same is applicable to
the levy assessment and collection of the
tax therein imposed or as heretofore i'm.
posed for the year 1882, be and the same IS
hereby repealed, and that said section be
tax heretofore levied, uncolected, under
the said act, for the year of 1882, aud those
levied for the year 1852 not yet collected,
and the money on hand III possession of the
back tax collector of the city of Memphis,
derived from what is known as tax for gen
eral expenses or city purposes by VIII tever
name designated or any money which may
be collected by each back-tax collector or
other parties authorized by law to collect
SAID tax shall be paid over to the President
of the Taxing District of Shelby County to
be used and applied towards paying the in =
terest or coupons of the bonds to be issued
under this act and the coupons from the
bonds of the city of Memphis, issued under
chapter - of acts of March 14th, 1877, ma
turing January LIST, 1852 the interest to be
paid on the bonds issued under act of 1877
chapter 10, and to be fixed on the new
bonds at a rate not exceed
ing six per cent. per annum, to be
agreed upon between the creditors and the
Legislative Council of the Taxing District
of Shelby County, Tennessee, provided that
the settlement of the Indebtedness of sale
extinct municipality as authorized by this
act is accepted and ratified by the Legisla
| tive Council of the Taxing District of Shelby
! County, hereinafter provided for, and the
bonds issued but if this settlement is mo-
accepted and ratified as aforesaid and the
debt funded as herein provided, then nc
payment is to be made under this act of the
coupon on the bonds issued under the act Of
1877, chapter 10.
SIC g. Be it further enacted, That Sec
ton of said act of 1881, chapter 1913, b.
SO amended that the levy of the tax therein
made shall continue for two years instead O.
until the extingushment of the Indebtedness
as therein provided for.
SEC. 4. Be it further enacted, That sec
ton of said act, chapter 1913, passed
April =, 1881, be, and the same is hereb,
repealed, and the following substitutes
therefor, to-wit: That upon the surrende
of any bond or bonds with coupons attached
which have not matured or, upon the su
render OF any overdue or unpaid coupon
or matured bonds heretofore issued by sal,
City of Memphis, or upon the execution by an
creditor of the acquitance Of any legal deb
owing by said city, the said Taxing Dis
trict of Shelby County is hereby investe
with full power and authority to issue i
its corporate name new bond or bonds a
the rates aforesaid in the exchange of tn
Indebtedness SO surrendered that the bond
Issued under this act shall be dated July tn
first, 1882, and payable thirty years afte
date, and shall be payable in sums of OIL
thousand dollars each. or five hun
bred dollars with coupons attache
for interest, at a rate not exceedin
six per cent. per annum, t
be agreed upon between III
creditors and the Legislative Council of tn
Taxing District of Shelby County, payabl
in the city of New York, as hereafter stated
said bonds and coupons to be signed by IL
president or other chief officer of said Tax
ing district with the corporate seal affixed
and the bonds to be also signed by the re,
lister, clerk or recorder of the Taxing Di
trict and registry of the date, humble
amount, &C., of the bonds issued, as We
as a registry of the date, number al
amout of the bonds, coupons, or other i
debtedness surrendered for cancellatit
shall be accurately kept and transcribed
the books of the corporation, and upon Il
D surrender of the Indebtedness above state
the Taxing District is hereby required
issue in exchange therefor the bonds
herein provided.
SEC. 5. Be it further enacted, That &c
d ton of said act of 1881, chapter II
u prssed April 9th, 1881, be and the same
hereby repealed, and the following is su
stituted therefor: That the bonds heret
lore Issued Dy the CITY OF memphis una
: act of Tennessee, chapter 10, passed Mar
r. 8, 1877, and approved March 14th, 1877
: are hereby recognized to be the valid oh
cations of the Taxing District of Shell
County, and its successors are entitled to
. of the remedies against sald Taxing Distr
I as are herein given and provided for t
y payment of the bonds and coupons issu
under this act, provided, however, that
settlement of said Indebtedness hereby q
2 thorized is accepted and ratified by the L.
l islatiye Council of said Taxing District
herein provided for and not otherwise;
provided further, that nothing IN this
shall preclude said Taxing District from
sisting in the courts the validity OF any
said bonds on the ground OF fraud In
issuance thereof.
SEC. 6. Be it further enacted, That s
act of 1851, chapter 1913, be amended
: follow That an annual interest and sil
ing fund tax shall be levied and collected
, all the taxable property of the taxing
trict of Shelby County or its successors
whatever name style, including merchal