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


ness.
The following is the bill introduced
by Senator Champion to settle the
State debt;
A Bill entitled an Act to settle the
bonded indebtedness Of the State Of
Tennessee.
Section l. Be it enacted by the
General Assembly of the State Of
Tennessee, That the bonded indebted
ness OF the State now outstanding, in>
eluding the interest maturing on aud
before the first day of July, 1888,
which was duly signed by the proper
off GERS, shall be capitalized and funded
into new coupon bonds OF the State as
hereinafter provided, except the Min
eral Home railroad bonds, the Mem
phis and Little Rock railroad bonds
and any other bonds of the State
heretofore excluded by Legislative
enactment. U.8 "a
Sec. 2. BE it further enacted, That
the State debt proper bonds intended
to be funded as such under this Act
shall be as follows, and none other,
via: The Agricultural bonds, the Her
mitage bonds, the Turnpike bonds, the
Capitol bonds, the Bank of Tennessee
bonds, the Onion Bank bonds, bends
issued for stock in the East Tennessee
and Georgia railroad, bonds issued for
stock in the Hiwassee railroad, and
bonds issued for stock in the Mem
phis and LaGrange railroad,
and such of the described bonds
and coupons as may have
been funded or renewed under any OF
the funding acts passed from 1868 to
1882. inclusive, together with the past
due interest maturing on and before
July /, 1888.
Sec. 3. Be it further enacted, That
the State Debt Proper bonds, as
described in the second section of this
act. including all past due interest,
less the interest that accrued during
the war shall be funded into new
coupon bonds Of Tennessee-that is to
say. the bonds bearing 6 per cent.
shall be funded at rs per cent; bonds
bearing 81 per cent shall be funded
at 70 per cent; and bonds bearing 5
per cent. shall be funded at 50 per
cent. Of the amount after the interest
is added, shall bear 4 per cent. inter
est per annum, payable semi-annually
on the first days OF January and July
of each year, in the city Of Nashville.
Sec. 4. BE it further enacted, That
the bonds and certificates of the State
held by charitable. literary and edu-
catiOnal institutions on the first day
of January, 1882. and that are still
held by the same institutions, togeth
err with twenty nine bonds held by
Mrs. James K. Polk, shall be funded
for the full amount, principal and
interest, without regard to the class of
bonds to which they may belong, into
new coupon bonds of the State of
Tennessee, bearing four per cent. In,
terest payable semi-annually on the
first days of January and July Of
each year, in the city of Nashville.
Sec. 8. Be it further enacted, That
the balance of the bonded indebted
ness of Tennessee, with the exceptions
named in Section ! Of this Act, shall
be funded BY adding to the principal
the past due interest, and new coupon
| bonds shall be given Tor 80 per cent OF
the amount, bearing interest at the
rate Of per cent per annum, payable
semi.annually on the first days of
January and July Of each year, in the
city Of Nashville.
Sec. 6. Be it further enacted, That
the bonds of the State funded under
! the Act of the General Assembly.
passed May 10, 1882, shall be so re-
funded as TO place them upon the
same footing in every respect as pro
vided in this Act for bonds of the
came class, treating them as if they
had never been funded under said Act
! Of May 10, 1899. The interest paid
under said Act shall be placed to the
credit Of the State against tho respect.
i've bonds upon which it was paid, and
said credit and the interest accumu.
lating thereon from the time Of the
payment shall be used as money il
discharging the interest as it natures
upon the bonds given ia lieu under
this Act, so that said Act shall b.
treated as a nullity, and the bonds sC
, issued shall show that they have beer
funded under the Act of May 10
1882.
Sec. Z. Be It further enacted, Tha
3. all the bonds issued by virtue Of thi
= Act shall bear date July /, 1888, b.
{ redeemable from and after five year
Q from their date, at the option of tn
Z State, and be payable in thirty years
e and the Arst coupon 10 mature Japuarl
G |, 1884.
!, Sec. 8. Be it further enacted. Tba
G at least fifteen per cent of the bond
/ and more, if the holders desire. shAl
It be for one hundred dollars each, an,
II the balance in bonds, of one thousan,
v dollars each, except the bonds held b,
= charitable, literary and eduoatioua
n institutions, and the twenty.nip'
rs bonds held BY Mrs. Jas. X. Polk. al
OF which shall be for one thousanC
,e dollars each, unless the holders sbal
:. prefer part in small bonds.
Ie Sec. 9. Be it further enacted. Tia
VI the Governor, Comptroller, Treasure
T. and Secretary Of State shall eonsti
es tqte the Funding Board, any three .
ID whom may transact business.
4. Sec. 10. BE it further enacted Tina
re as soon after the passage of this act 4
s. may be convenient there shall b
prepared under the direction Of N
Governor, a sufficient number of wei
! engraved bonds to fund the debt a