Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1882-05-23
Published by Authority.
SENATE BILL NO. 3.


the permanent school fund, and bonds held
by the University of Tennessee, and held
! by other educational and charitable institu-
| tions in this State, evidence of the owner
ship of which was on file in the comptrollers
Office on the day of the passage of this act,
| and all outstanding coupons thereon, up to
and including those due 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"
SEQ. 2. Be it further enacted, That for
each and every legally issued bond of the
State of Tennessee, embraced III the classes
hereinafter enumerated, or coupons pre-
scented to the officers of the State, to-wit:
the Secretary of State, the Comptroller and
the Treasurer, who shall carry out the pro-
visions of this act in addition to their other
duties as such State officers; there shall be
issued a bond or bonds for an amount equal
to sixty per cent. of the principal of said
bond or bonds SO presented, together with
sixty per cent. of the past due interest
thereon, said bonds authorized to be issued
under the provisions of this act shall be
dated the LIST day of January, A. D., 1882,
and shall be payable 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 bear 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 annum for the remaining
| twenty -four years-payable semi annually
on the first days of July and January in
each and every year. in the city of Nashville
and New York, and shall have interest cou
pons 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
! be paid they shall be cancelled by being
punched, and shall be preserved for in
speetion by the General Assembly or the
! public.
| SEC. 3. Be it further enacted That the
said bonds shall be in denominations 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 denomi-
| nation of five hundred dollars, and the re-
! mainder of the denomination of one thou
! sand dollars, to be pro rated by the State
officers 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 denomination aforesaid TO any
amount in excess of the amount hereinbe-
fore stated, if the holder of the bonds and
coupons who present them to be funded SO
| desire.
Sec. 4. Be it further enacted that the
bonds intended to be funded under this act
are the following described bonds of the
state ST Tennessee, viz:
Capital bonds, hermitage bonds agricul-
tural bonds, Union Bank bonds, Bank of
Tennessee bonds, bonds issued to the va
rious turnpike companies bonds issued to
the Hiwassee Railroad, bonds issued to the
East Tennessee and Georgia Railroad Com
pany, bonds issued to the Memphis and La
Grange Railroad Company, anti war railroad
bonds, postwar railroad bonds; except the
Mineral Home Railroad bonds, bonds fund
ed under the act of 1866, bonds
funded under the act of 1868,
bonds funded under the act of 1873.
And where any of the said bonds of the
State, or coupons outstanding and unpaid
are presented to the said State officers TO,
funding under the provisions of this act,
they shall prepare a compromise bond, OF
bonds, as may be necessary, for the pur-
pose, and when the said bond or bonds
have been signed by the Governor counter
signed by the Secretary of State and the
great seal of ssthe State of Tennessee is
affixed thereto and the same shall have been
registered in a book to be kept for the pur
pose and the original bond or bonds have
been cancelled by cutting therefrom the
signatures of the Governor and Secretar
of State and the impression of the Grea
Seal of the State and have defaced the cou.
pons by punching holes in the same SaiC
State officers shall deliver said compromis,
bond or bonds to the party entitled to re
ceive them, taking full and ample receip
therefor from the party entitled to receiv
them III a durable book printed Cor the same
But in funding under the provisions of th
act, the State shall not receive or accoun
for any portion of a bond or coupon in ex
cess of the bond demanded and if tn
amount of the bond or coupons presente,
!, to be funded be less by a fractional part O
d a coupon the party applying may pay tn
: same In currency.
, SEQ. s. Be it further enacted, That a
: soon as practicable after the passage of thi
;, act there shall be prepared under the direS
ton of the Governor and said State officer
! aforesaid sufficient number of weller
graved bonds to take up and fund all til
said unpaid bonds and coupons of the Stats
pared the signature of the Treasurer an
?, Comptroller shall be engraved and the sal
.e coupons shall be numbered with the nun
,,e Der Of the bond to which they are attached
d and shall show on their face when they fla
due and the amount of interest due on eacl
The cost of engraving aud preparing sal
bonds and coupons shall be paid out of IL
Treasury on the warrant of the Comptroll
8. based upon the certificate of the Governo
': the same shall be paid out of any money
the Treasury not otherwise appropriate
,s Said State officers shall utilize all plates al
al meterial as far as practicable now owned
id the State.
70 :, SEC. 6. Be it further enacted, That ga
officers are authorized to demand and r
ceive as compensation for their services,
an carrying out the provisions of this act, Il
d. sum of two dollars for each bond, to
paid by those receiving the compromi
bonds, as provided by this act
. SEC. Z. Be it further enacted, That Il
,sd Secretary of State, Comptroller and Urea
an urer shall carry out the provisions of th
ior act, and any two of whom shall constitute
quorum to transact all the business impos
upon them by this act, and may fund t
:. States Indebtedness, at Nashville or els
o. o. where, as they may deem wise and prop
y. to enable holders of Tennessee bonds al
coupons to fund them under the proyisio
of this act.
SEC. 8. Be it further enacted, That t
I he bonds authorized to be issued by this 6
nv shall be substantially in lhe following forr
Compromise Bonds of the State of Tenn
see. Known all men by these presen
an That the State of Tennessee hereby PROF
- ises to pay to the bearer on the first day
=" January, A. D. 1912, at the Treasure
Office a; the Capitol of TENNESSEE, in
city of Nashville, Tennessee, the sum
- dollars in the lawful money OF
United States of America, with interest
the rate of three per cent. per annum
ty the first days of July and January IN ca
and every year up to and including the ii
= day of January, 1884, four per cent. !
annum payable semi-annually on the d
days of July and january of each and eve