Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-02-14

the cost Of the bonds shall be paid ouI
of the treasury upon the warrants o.
the Comptroller, based upon the Ger,
tifcate Of the Governor.
Sec. IL. Be it further enacted, Thai
it shall clearly appear to the Funding
Board that bonds presented are State
debt proper, or renewed bonds, or fol
interest upon such, before they shall
be so funded but if it shall appear that
a bond is in part for interest upon
State debt proper bonds, it shall be
treated as such pro tanto, and it shall
fully appear that bonds are such as
contemplated by this act before they
shall be funded at all and If the Fund
ing Board shall be in doubt as to which
class bond belongs, it shall be funded
at 90 per cent with 3 per cent interest;
and if said Board shall be in doubt
about the validity OF bond as required
by this act, it shall not be funded at
all, but such bonds shall be reported
by the Board to the next General
Assembly.
Sec. II. Be it further enacted, That
full record of all the bonds taken up,
and all the bonds issued shall be kept,
the margin of the bond book shall
show a sufficient description OF bonds
or coupons; entering into any new
bond, the old bonds shall be cancelled,
but kept for inspection, and full
report by the Funding Board shall be
made to the next Legislature.
See. Is. Be it further enacted, That
the Comptroller, Treasurer and Sec
rotary of State shall receive fifteen
cents each for every one hundred dol>
lar bond issued, and thirty cents each
for every one thousand dollar bond
issued to be paid out of the treasury
upon the warrant of the Comptroller,
based upon the certificate Of the Gov
ernor; provided, that when the com
pensation of each of the three officers
shall amount to four thousand dollars
per annum from all sources independ.
ent of clerk hire, no charge shall be
made thereafter tor reiunding the
public debt.
Sec. IA. Be it further enacted, That
the funding under this act shall be
done in the city of Nashville, and no>
where else, and shall cease on the LIST
day Of July, 1884
See. 10. Be it further enacted, That
Che faith and credit of the State OF
Tennessee are hereby pledged to the
prompt payment Of the interest as it
natures upon the bonds issued under
this act, and the payment of the bonds
when they tall due, but no interest
shall be paid upon any of the public
debt not funded under this act except
the interest on the Common School
fund. 5000
Sec. Is. Be it further enacted, III
at any time there shall be a surplus in
the treasury not needed to pay the
current expenses of the State, includ.
ing the interest on the COmmonSchool
fund and the bonds funded under this
act, it shall be the duty Of the Comp
troller and Treasurer to purchase with
the surplus outstanding bonds not
funded under this act, at a price not
to exceed fifty cents on the dollar.
Sec. IL. Be it further enacted, That
after the bonds issued by virtue Of this
act are redeemable, if there shall be a
surplus in the treasury not needed for
the purpose hereinbefore stated, it
shall be the duty of the Comptroller
to call for redemption the bonds bear
ing the highest rate of interest, be.
ginning with the first numbers; and
whenever bond is called for redemp-
tion by number, it shall cease to bear
interest thirty days after the call is
published; but the bonds held by the
charitable. literary aud educational
institutions in this State shall not be
called in until the other four per cent
bonds shall have all been paid.
Sec. Is. Be it further enacted, That
all bonds issued under this act shall
be signed by the Governor and Secre-
tary of the State, aud have affixed
the great seal Of the State OF Tennes
see.
Sec. 10 Be it further enacted. That
all laws and part Of laws in conflict
with this act, be and the same are
hereby repealed, and that this act
take effect from and after its passage,
the public welfare requiring it.