Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-05-02
House Bill No. -.

| the basis of ffty-fve cents on the dollar on the
against said extinct municipality outstanding
ana unpaid. and nifty cents on the dollar for any
other species or kind of Indebtedness, and in fix
| ing the amount to be funded or settled interest
shall! be calculated On Judgment from the date
from the date of its maturity; i PROVIDED
sba be no Part and Of No SAG
value shall be given to the bonds or coupons,
due or TO become due, issued under the act passed
mise bonds, and no expense under ibis act sRsii
be incurred until the owners of two-thirds OF all
in Mgat ii ma sd{9dged valid by Tie LegiIst ~
owners of one third Of all such Indebtedness in
Judgment or litigation, shall have applied 10 have
claims against said extinct municipality to De
funded into the bonds herein provided for; and
prSyded further that no owner Of any part Of
first day of july 1888, shall be entitled to- or al
lowed the benefits OF this act, but on such date
all funding under this act shall cease, excepting
always that any of said Indebtedness whose valid
ity is denied and contested in the courts at that
date by said Legislative Council may be funded as
herein provided within three years after said date
and not otherwise.
Sec. 2 BE IN further enacled, That section .,
chapter 123, Acts of Tennessee, 1884, except in so
far as the same is applicable to the levy assess.
or as heretofore imposed for the year 1882 be and
the same is hereby repealed and that said section
be amended so as to read follows: That the
taxes heretofore levied uncolected under the said
act for the year OF 1882 and those levied for the
year 1882 not vet collected and the money on hand
In possession of the back collector of the city of
Memphis, derived from what is known as tax for
general expenses or city purposes, by whatever
lected by each back-tax collector or other parties
authorized by law to collect said tax shall be paid
Shelby county TO be used and applied toward pay
ing the interest or coupons of the bonds to issued
the city of Memphis issued under Chapter-of acts
of March II, 1877, maturing January 1855 the in
1877, chapter TO- and to be fixed on the new bonds
at rate not exceeding six per cent. per annum to
Legislative Council Of the Taxing District T '' Of
Shelby county. Tennessee; provided, that the set
ipality, authorized by this act Is accepted and
ratified by the Legislative Council of the Taxing
and the bonds issued but IL this settlement is not
accepted and ratified as aforesaid, and the debt
be made under this act of the coupon on the
bonds issued under the act OF ISL, chapter TO-
Sec. 8. Be IL further enacted, That section 2 of
said act of 1881, chapter 123, be 50 amended that
the levy of the tax therein made shall continue
for two years, instead Of until the extinguishment
Sec. 4. Be 1t further enacted, That section of
said act chapter l2S. passed April 6, 1851 be and
substituted therefor witt That upon the surren,
der of any bond or bonds, with coupons attached,
which have not matured, or upon the surrender of
any overdue or unpaid coupons or matured bonds
heretofore issued by said city of Memphis or upon
any legal debt owing by said city the said Taxing-
District of Shelby county is hereby invested with
full power and authority 10 issue in its corporate
name new bond or bonds at the rates aforesaid
in exchange of the Indebtedness so surrendered ;
dated July the ist, ISL and payable thirty Years
after date, and shall be payable in sums of
for interest, at rate not exceeding six
per cent: per annum, to be AGREED upon
of the Taxing District of Shelby county, payable
in the city of New York hereafter stated; said
or other chief officer of said Taxing District, with
the corporate seal affixed, and the bonds to be
Taxing District, and registry of the date num-
ber amount etc, of the bonds issued, as well as
registry OF the date. number and amount of the
bonds coupons or other Indebtedness surrendered
for cancellation shall be accurately kept and
transcribed in the books of the corporation; and
upon the surrender of the Indebtedness above
stated the Taxing District is hereby required TO
issue in exchange therefor the bonds as herein
provided.
Sec. s. Be 1t further enacted That section of said
of 1881 chapter 49, passed April g. ISL be and
substituted therefor: That the bonds heretofore
issued by the city OF Memphis, under act of Ten
nessee, chapter 10. passed March s. 1877 and ap-
proved March IA 1877, are hereby recognized to be
the valid obligations of the Taxing District of
Shelby county and its successor, and entitled to
all OF the remedies against said Taxing District as
are therein given and provided for the payment of
vided however, that the settlement of said indebt-
edness hereby authorized is accepted and ratified
as herein provided for and not otherwise; and
provided further that nothing in this act shall re-
elude said Taxing District from resisting in the
courts the validity of any of said bonds on the
ground of fraud in the issuance thereof
10.
chapter l2s, be amended as follows; That an an,
nual interest and sinking fund tax shall be levied
Taxing District of Shelby county its successors
by whatever name styled, including merchants
sufficient in amount to pay he mat1finp inteTest
and coupons of the bonds issued under or recog-
and that this lax shall be faithfully applied to said
objects which said tax shall be assessed levied and
collected co, at the time and in the same manner as
District its successor, and subject to all like
remedies and penalties as appertains to said
ton of its revenues, whether levied directly
by the Legislative or by any corporate au-
thorities of such corporation, or by the
County Court of such county, or by or through
any other agency or in any mode whatsoever.
Said interest tax as collected shall be paid over
to the president presiding officer of the
Taxing District its successor, TO be applied
to the payment OF coupons from said bonds as they
mature, and there shall be appointed by the presi-
dent and Board of Police and Fire Commissioners
cessor three sinking fund commissioners, citizens
OF Shelby county; the first appointees under this
mated by the appointing power, and one every
year thereafter to wnom the sinking fund tax shall
be paid as collected for the purpose of enabling
said commissioners to purchase said bonds at or
before maturity. The president or other chief
officer of the Taxing District its successor shall
be er-oficio q member of the Board of Sinking
Fund Commissioners; the president or presid ng
officer and the Sinking und Commissioners shall
tration of their trust in such amounts as the
corporate authorities may require The president
not exceeding $1,000 for services in funding
and issuance of the bonds provided under this
act. The sinking fund tax, herein provided,
not to commence until January /, 1886, but the
tax to be levied to pay said bonds and interest
wards OF said Taxing District, as said wards ex-
listed when added to the original eight wards,
shall not exceed one-fth of said tax levied on the
Sec 4 BE Il further enacted. That section Of the
act of Tennessee, 1881. chapter l2S. be and the
same is hereby repealed, and section 5of said act
be amended by emitting or striking out the word
"liquidating" in the third line of said section.
chapter I23 be SO amended to require said
Board OF Sinking Fund Commissioners to elect
Sinking Fund Commissioners.
Sec. g. Be IL further enacted, That section of said
acts OF Tennessee, ISL chapter l23, be amended
70 omit and strike out from the sixth line OF
said section the word 'lQuidating; and be it fur
Their enacted, by emitting all of said section after
the word board in the fourteenth line of said
section.
1881, chapter rs, be amended as follows: 'Thst
in consideration of the surrender on the part of
the creditor of portion of the debt owing to him
from said corporation. it is expressly declared
that the coupons attached to the bonds issued UNI
der this act well the bonds heretofore issued
under the acts of March s, 1877, and approved
March IA, 1877 entitled AN act TO entitle municS
ipal corporations TO settle their indebtedness, be-
to July l. 1882 and also, the bonds, If not paid at
maturity, shall be receivable at par by the Tax
known, in payment of all dues, taxes and assess
ments levied, imposed or assessed on all real or
license, tax, or in payment OF any DEBT or dc,
mand due to said Taxing District or its successor.
it being the intent of this act that any overdue
or unpaid bonds or coupons, as aforesaid, shall
always be at par when-oever, by whomsoever. or
On what account soever rendered in satisfaction
Of all dues. taxes, charges, rates assessments
levied or imposed, and by whomsoeyer collected,
received or levied on persons, privileges or prop
erty, or in satisfaction of any other debt or de-
mand due and owing to said corporation or its
Sec. II. Be It further enacted That said act of Ten
nessee, 1881, chapter 123, be further amended as
follows: That it shall be the duty of the presi-
dent other chief officer of the Taxing-District
its successor least thirty days preceding tkc
meeting OF each Legislature, to report to that
body the rate Of taxation necessary for raising
the amount OF revenue provided in this act.
Sec. r. Be further enacted, That the acss of
1881 chapter 123, be amended follows: That
the Taxing District its successor IS hereby au-
Lhorizea 10 fund the coupons and bonds recog-
nzed by this act and issued under the act OF 1871
chapter 10, aforesaid, following due prior to july
lSS2 at their face value and interest since aturi
~ said bonds 10 be conditioned the bonds here
Ofore authorized to be issued under this act with
ike liens, rights and remedies to the owner or
holder is heretofore provided for the enforce
ment of the bonds issued under this act, and IN |
AL respects those heretofore authorized by this
net
sec. IS. Be 4 further eadoed That section u OF
the act of 1879. chapter IL, passed January - |
1872 and approved January 81. 1879, only 50 far a.
he same is in conflict with this act. be and the |
same IL hereby repealed and further, and u Is
lulV intended by this confer upOa the Tax !