Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-04-07
Taxing District of
Shelby County. Tennessee.
,Ianuarv I. 1892

January l, 1888.
This certihes that there is due to the order
S........, with interest from
the LIST day of January, 1888. This certificate
is issued under the seventh section of an act
Of tbs General Assembly ofTenneRsee, passed
March %, 1888, entitled IAN Act to empower
municipal corpora tions and taxing districts
TO compromise and fund their indebtedness,
issue bonds for the amount funded, and to
provide means for the payment Of the same
so compromised" 1t bears interest at the
rate Of three per cent for the first three years
from date, four per cent for the next three
years, and six per cent thereafter It ia con-
Vertible into bonds under said act, when a
sufficient amount is presented, and is re-
deemable after six years under said act. This
form of certificate shall be prepared at once,
Autographed or engraved. and the provisions
of the second section of this ordinance shall
apply to them as we'll as to the bonds and
coupons therein provided for. They shall be
executed by the President of the Taxing
District in settlement of any frac ional
amounts less than 500 that may remain un-
| settled of ella ms audited and allowed by the
Auditing Board, and before signing shall
each be properly noted la the bond registry
book after being passed upon by the Auditing
Board.
Sec. 4. Be it further ordained, That the
Auditing Board aforesaid shall provide a
punch, and it shall cause every bond aud
edness surren dered to be Cancelled by punch
ing q hole through each and every of such
evidence of Indebtedness, in tuah manner
that the same cannot be used or re-issued
Said Cancelled evidences of indebtednes' said
Auditing Board shall carefully preserve,
after noting the same as TO amount, charac-
ter and date on bond registry, and books re-
quired by said act to be kept by said board,
and turn the same over 10 this hoard as re.
quired ~ said aJt: which Cancelled evidences
of indebtedness shall be safely kept by the
secretary of this board until its further order
In respect Of the same.
Sec 5. Be 1t further ordained, That the
Union and Planters Bank, of Memphis, shall.
for the year 1888, and up to the LIST day
of April. 1884, be the depOsitary of all the
funds collected and appropriated for the pay
ment of the interest on the debt compromised
under the act aforesaid. The duties and re-
sponsibilities Of said depositary are defined
in the act aforesaid, and It shall receive no
compensation for the services therein and
thereby required of II. Said bank shall give
bond in the sum ofsl5O, 900. with not less than
five good and sufficient sureties to be APP
proved by this Council; said bond to be con
ditioned as required By the eleventh section
daily dep0sit In said bank all moneys col
e,ted by him under an act passed March %,
1883, entitled, An Act to levy tax on all the
Ia ables in the taxing districts and munich
palities in the State which have compromised
and funded, or may 90 promise and fund their
Indebtedness under an act passed on tho 23d
day OF March, 1888, entitled An Act to en-
power municipal corporations and taxing dis
tricts to compromise and fund their indebted.
ness issue bonds for the amount so funded,
and provide means for the payment Of the
same as compromised, for the payment Of the
interest on the same debt as compromised and
funded" And said trustee will daily report
10 the secretary of this board the amounts OF
such daily deposits. He shall also give bond
In the sum Of $1,000, conditioned according 10
law. for the faithful performance of the duties
required of him under said acts and in regard
20 such taxes and funds. All moneys arising
from collections made under the act commonly
known as the "Liquidating Board Act,b
passed April Q, 1881, shall be at once deposited
in said designated depository by said LIQUID
ating Board, and any other officers collecting
the same, asreguired by law.
Sec. 8. Be IL further ordained, That said de-
pOsitary shall keep all deposits to the credit OF
bond and interest account of Taxing
District, and shall pay out the same
only on the orders and under the directions
of the President Of the Taxing District,
and upon presentation and the surrender
Of the vouchers therefor shall receive the
warrant signed by two Of the Fire and Police
Commissioners, and the secretary shall keep q
strict account Of tho same, and none Of the
funds aforesaid shall be appropriated or used
in any manner, or for any other purpose but
for the carrying out Of the compromise act
aforesaid; provided, that the expenses OF
making the same, the books, stamps seal,
bonds and certificates, required by said COM
promise act, shall be paid out Of said fund, as
vol as the salary Of said Auditing Board and
the secretary thereof, provided for in said act
Said salaries TO be paid one tenth monthly,
beginning April l. 1883, and ending February
1, 1884.
500. 7. Be 1t further ordained, That all
bonds and coupons paid under the provisions
Of said compromise act shall be cancelled as
provided in this ordinance for compromised
coupons, and when cancelled shall be safely
kept by the secretary Of this board for the in
spection and further orders Of this board. But
before the same are cancelled he shall, under
the supervision Of the President, note in q
book, 10 DO called the Bond aad Coupon
book, the amount Of each coupon, the. bond
from which detached and the amount Of pay
ment.
Passed March 81, 1885,
DAVID Z. MADDEN, President.
Attest OHAa, L. PuLLEN, Secretary.