Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-04-27
SENATE BIH NO. s.

A BILL to be entitled an act TO provide for the
compromise and settlement of the Indebtedness oil
extinct municipal corporations in this State whose
population does not exceed $4,000,
SECTION /. Be Il enacted by the General Assembly,
Of The State Of Tennessee, That the Board of Commits
soners of the several taxing districts of the second
class Ia this State whose district is com.
posed of the territory of extinct municipal cor
poration shah take charge OF all the property and
effects, books and papers of said extinct corpora
same, whether the same be due for taxes assc ssed
and uncoliected or for any other consideration,
and they may. In their name as commissioners
of taxing districts of such town city, sue for
and recover any money IT other property due or
or is entitled, and the secretary and financial
agent OF said Board of Commission rs shall have
all the powers which invested in the receiver
and back-tax collector by .etion 1, of the act
passed March 1S, 1879, chapter 81, and the amend
ments thereto, ana may use all the means therein
prescribed Tor the collection OF such back taxes,
and such moneys when collected shall be paid
to the treasurer OF said Board of Commissions
ers subject to the order OF the president of said
board as hereinafter prescribed;
zee. 2. Be II further enacted, that it shall be the
duty OF said Board of Commissioners to ascertain
the amount OF the indebtedness of the extinct
corporations composing their respective districts
and make an estimate of the approxi mate n mount
of the revenue that VIII be derived from the taxes
levied on said properly and ON merchants aud
privileges in their respective districts by the law,
and estimate what Will be realized from the assets
of the extinct c operations ana said commission
ers shall have power to settle and compromise said
Indebtedness with the creditors of said extinct
poration and fund the same by tie Issuance of
the bonds or obligations of their taxing-distri
for such amount and at such q rate OF interest
that one third of the net proceeds Of the taxes
levied by law for taxiug-aistricts of the sec
oni class in the State, and the assets of said ex-
the same aud create sinking fund sufficient to
tquidate the principal in thirty years, aud the
assets OF said extinct corporation, and the one
third part of the proceeds of the taxes levied
by law for the use OF said taxing-diSt let of the
second class are herebyet apart for the purpose of
paying the Interest on such funding bonds or OBJ
legations and for such sinking fund.
sec g. BE il further enacted. That where said
commissioners shall have effected promise
WITH the creators OF such extinct corporation or
with those holding the larger amount of the claims
against the same and shall have agreed upon the
amount 10 be paid, they may issue the bonds OF
such taxing districts for the amount so agreed
annexed for the interest. said bonds being made
payaDie 70 bearer thirty yeirs after date; redeem
signed by the secretary aud fnanciai agent and
Endorsed across the face By inc treasurers or they
on the old obligations. and whenever they issue
new obligations they shall take up and cancel the
obligation of the extinct corporation.
Sec. 4. Be II further enacted, That creditors of
this act shall take eectand after the Organization
OF the Board Of Commissioners of the taxing dis
eo "a pesen az te H es n sad ee
sioners to be fuhded but said commissioners shall
not fund any until one-half or more OF the debt
shall have been presented; but after one-half or
more shall have been presented they may fund
others as they are presented until all the obliga
tons of such extinct corporations are taken up;
but said commissioners are hereby expressly for
bllutn from ISSUING DOnOs, SCTlps or Ctier
evidences OF indebtedness except in sat -sfaeton
renewal of valid debts existing against such
corporation at the time it became extinct.
SIC. 5. Be further enacted. That the act passed
March 49, 1879. chapter 81, except the 4th section
thereof, is declared not to b. applicable to the
taxing districts of the second class.
See. 6. Be il further enacted, Thft this act shall
take effect from and after It's passage, the public
welfare requiring it.
Passed April %, 1882. GEO II. MORGAN,
Speaker of the Senate
II. Il. RAMSEY,
Speaker of the House of Representatives
Approved April "a 1882
ALVIN HAWKINS, Governor,
|, D. A. Nunn, Seer tGry of State of Tennes-
see. do certify that the above is true copy OF
act of the General Assembly of the State of Ten
uesee passed at the extraordinary session OF 1857
D A. MUM. SecretArf OF STATE.