Savannah morning news. [volume] (Savannah) 1868-1887, 1883-05-14
Orninanrre.
ORDINANCE.

AN ORDINANCE to compromise that pOrtOEt
the bonded debt of the city Of Savanna
known as the bonds of the Atlantic a
Gulf Railroad Company. guaranteed by II
Mayor and Aldermen OF the city Of SavaE
nah; to provide for the Issue Of new bon
with which 10 redeem the bonds so guaraEl
teed. now outstanding; to provide for the i
Enlistment of a sinking fund for the n
demption of such bonds and for other pun
poses
SECTION l. Be Il ordained 5l the Mayors
4 lder8leS Of the City Of SaCdRHGh, az C0asl
eli assembled. and Il Is hereby ordained i
the authority of the same, That the SAID
Mayor and Aldermen OF the city Of Sayaa
nah do hereby offer to the holders Of the bon
of the Savannah. Albany and Gnlf Rallro
Company guaranteed by the Mayor and Al
dermen of the city OF savannah ana hamt
thereof. as authorized by public meeting
the citizens of said city held May l4th, 1879,
following compromise settlement OF ~
bonds and accrued interest: That u
said Mayor and Aldermen shall isS
for exchange and exchange new Don
under the provisions of this ordinance andua,
der the authority of the act Of the Geneia
Assembly of Georgia. approved December n
1878, and entitled An act TO authorize ~
municipal authorities Of towns and cites
compromise their bonded debts; 70 pr0yidea
the issue and exchange Of new bonds Tor OUT
standing bonds and coupons; 10 provide ~
the establishment and management Of sinil
ing fund for the redemption OF such ned
bonds and coupons and for other purposes'
of the same face value for any ana all oil u,
above mentioned and described bonds gnarall
teed by said city as aforesaid, and shall isslt
for exchange. and exchange new bonds undq
the provisions of this ordinance. and OF san
act of the General Assembly Of Georgia ~
fifty-eight per centum. the accrued intenl
on said bonds to the lst of july. lSs3, the mo- 4
ers of said bonds taking new bonds for II
coupons. and interest at the face value Of q
bonds; said new bonds shall become due e
payable thirty years from anu aIttr
first day of July. 1888. and shall bear lnIeIe
coupons, payable quarterly, at the rae
five percentum IS per cent? per annum;
each of such new bonds before 1t Is lssf
by the city shall be registered in the once
the City Treasurer. anu snail nave ceInH
thereon by majority Of the SINKING
Commission that all conditions pfecedehl =
quired BY law, and by the contract onl,
which the bonds are authorized 10 Dt Y
changed. have been complied Withs anu e.
Of such bonds may-also be reglstered' al Y [
option of the holder, after being eAehans.
in the office of the City Treasurer, Wh
registration shall be certified thereon by
City Treasurer, after which sad DoIq "
| be transferable only by Endorsement Dy "
said registered holder TO the transferee, uhll 8
the last person IN whose name II = y 80 ~
tered shall transfer and assign II 10 petis
after which il shall again be transiera9ie
delivery; and such new coupons ana l1
bonds, as they mature, shall be receNaUil
their par or face value, for all taxes 7.
other dues to the city Of savannah an
such reduced rates OF interest are nau os
the purpose of being. and are considereq
said corporate authorities as the equlEM-s
of any and all taxes which the said corpNs
authorities might otherwise hereafter ~
upon such new bonds and coupons, such ~
bonds and coupons shall never be taAel
said city.
SEC. 3. Ind be Il further ordained 5gfie 2
thOrity aforesaid, That the said Mayor
Aldermen do hereby create under the auli-
ity of said act sinking fund for the pay ~
OF said new bonds. and do hereby aulhu5
and empower and make ii the duty q
Sinking Fund Commissioners, IA addiuvl
the duties prescribed in and by lhe "
nance of the city of Savannah, passed De-
Der IL. 1878. whereby said eommisslgun. ,,r
created, to purchase on the lst ia. Of -
airy of each year hereafter, or az
after as they shall lind it TO be practlcCss,sis
until the complete redemption OF the - I
issue, in the manner prescribed Dy iaet III M
of the issue herein authorized 10 tno NJ 4
value OF eight thousand dollars inahihe ~
sight draft ON the City Treasurer Iot ~ ~
sums of money as may be required ~ "a
therefor. which sums shall not be colssitses.-s
as forming portion Of the sinking lul5 "a MA
tofore provided. All bonds 30 purcnatse.u.' ~
the coupons annexed latter having pce4 -
fully cancelled by the said Sinking uIe 49, 80
missiOn), shall be delivered 10 the Olty l.ors
urcr to await such final destruction Do ~
eli may direct ,..sh
SIC. g. 4ad IL Is hereby filrtker ora a.I w,
Tie aufAorff0 of the s1ase. That unlh y, "
holders representing 500, 600 in fun F y, ma
the outstanding bonds of said city shaitL ~. ~
accepted the offer Of compromise ~ -ssh
made. and such bonds 20 that amou1Is e5 M A
have been stamped as hereafter prov loe1, M &
acceptance Of those representing any hNr sbsn q
less than such S3Oo.O0o. IN face Valuss, fSss Z
not be binding beyond the lst day OF Jus ssj3
on which day, unless bonCh0ldeIs ~ NJ
amount of S300, 900 shall have agreed " rB
settlement. those who have so agreed s aLsf n
relieved from the same; and, further, 'J bsnd u
new bonds shall be exchanged for on ,s5S n
until bOndholders representing salo s-s'
shall have accepted this compromlse. b. n f
SEC 4. lid Il IS further or1a'se e.b iopi h
authority Of the same, That Npon eaeH spTeF- II
and the coupon thereto attached , q TX y a.
tanning. presented by suchf bono ~. re. e
accepted this compromise, unless nv .w1usi &
deemed by said new bonds, shall e. So fhs
printed or written respectively '.,uori IA
holder of this bond and the ae
hereto attached agrees TO anu .tg q N
accept the compromise offered BY tne ,nrssssl +
Savannah as set forth in an ordlnanoa, hage.
- iay of -. 1888. which ordinance :, - esca B
by made 4 part of this CONTRACT ana M h
coupon thereto attached there sn sor erdi
stamped or written .scompromisc nnuesa Az
nance of city OF Savannah. aa'eo
In Council May 9. 1888. 9r,iIn.a99SorTr
its first reading and publlshe1 nes PR.
sioA' clerk Of Councl