Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-05-26

AN ACT TO compromise and fund the bonded
indebtedness OF the State OF Tennessee:
SECTION l. Be ii enacted By the General Assemble Of
The S1die Of Tennessee, That all the legally issued
classes hereinafter enumerated except the bonds
issued Tor the permanent school fund, and bonds
other educational and charitable institutions in
this State, evidence of the ownership of which was
on dle in the comptrollers office on the day of the
passage OF this act, and all outstanding coupons
thereon, up to and including those due on the LIST
into coupon bonds of the State, to be styled the
Compromise bonds of the State OF Tennessee"
Sec 2. BE Il further enacted, That for each and
every legally issued bond of the State of Tenues-
see embraced in the classes hereinafter enurner-
sted, or coupons presented to the officers of the
Ter and the treasurer, who shall carry out the pro-
such State officers, there shall be issued a bond
or bonds for an amount equal TO sixty per cent. OF
the principal OF the said bond or bonds presented
togetherwith sixty per cent. of the pas-due inter
estthereon. Ssid bonds authorized to beissued I'M
LIST day OF January, A. D.. 1882. and shall be pay
able thirty years after their 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 be inter
est at the rate OF three per cent per anuum for
two years, four per cent per annum for two years,
five per cent per annum for two years, aud six
per cent per annum for the remaining twenty
Jour years. payable semi annually ON the lst days
OF July and January in each and every
York. and shall have interest coupons
attached to each of said bonds and for the pune
tual pay nent OF the principal and interest OF said
bonds the faith, credit and honor of the State are
hereby solsmuly pledged: and when any interest
coupons attached to bonds Issued under this ret
shall be paid they shall be Cancelled BY being
punched aud shall be preserved for inspection by
the General Assembly or the public.
See. s. BE Il further enacted That the said bonds
shall be in denominations of $500 and SO0O there
shall not be less than ten per cent of the whole
amount in bonds OF the denomination of $500, and
the remainder of the denomination of sl0UO TO be
pro-rated by the State officers aforesaid. as the
said State officers may deem Just and euuitable
between those who may present their bonds and
coupons TO be funded under this sct but the said
State officers Aforesaid may Issue bonds of the
denomination aforesaid 10 any amount in excess
OF the 'onds and coupons who present them TO be
funded so desire
Sec 4. Be il further enacted That the bonds iti-
tended 10 be funded under this act are the follow
ing described bonds of the State of Tennessee VIZ
Capitol bonds, Hermitage bonds Agricultural |
BONDS, Union Bank bonds Bank of Tennessee |
panies; bonds issued to the Hiawassee railroad; |
bonds issued to the East tennessee and Georgia |
Railroad Company, bonds Issued to the Memphis |
ana Lagrange Railroad Company; antt-War raiI- |
road bonds, postwar railroad bonds. except the |
Mineral Home railroad bonds; bonds funded IN |
der the act OF 1866 bonds funded under the act of
1865 bonds funded under the act of 1875 And 1
when any OF the said bonds OF the Stale or |
coupons outstanding and unpaid ara presented 10 /
the said state officers for funding uuder the pro-
visions of this they shall prepare compromise
bond or bonds as may be necessary for the pur- /
Pose; and when The said bond or bonds |
nave been signed by the governor and counter I
signed 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 q book 10 i
be kept for the purpose, and the original bond or
bonds have been cancelled by cutting therefrom |
the signatures of the governor and secretary of |
STATE, and have defaced the coupons by pliuchiua-
holes in the same, said state officers shall deliver
sald compromise bono or bonds 70 the party |
uted to receive them, taking fun and ample re-
cetTt therefor from the party entitled to rea SO
th-m III desirable book printed for the same /
But IN iunding under the provisions Of this act the