Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-04-06
FUNDING ORDINANCE.

sEcTIoY /. Be it ordained by the Legislative
Council Of the Taxing District of Shelby
County, Tenn. That in order to carry out the
provisions Of an act passed by the General As
sembly ofTennessee on the 23d day of March,
1883, entitled IAN act to empower municipal
corporations and t. ing districts to compro-
mise and und their Indebtedness and issue
bonds for the amount 20 funded and to pro-
vide means for tho payment of the same as
/ compromised" there be Immediately pre-
pared two stamps, with the name O !! the Pres
ident Of the Taxing District engraved there
| on; one with the words "One-half Of this cou-
pom capitalized. remainder will be paid at
maturity" engraved thereon; and il shall be
the duty of the Auditing Board, prOvi-
| ded for in said act, to stamp with said
stamp on the back Of each Of the six coupons,
due respectively six months, one year,
one and One-half years. two years, two and
one-half years and three years from January
l, 1888, on all Flippin compromise bonds,
the holders Of which accept the provis-
ions Of the act Aforesaid, but retain their
bonds. The other Of said stamps shall have
| engraved thereon the words, "One-third of
i this coupon capitalized, remainder will be
paid at maturity and with this stamp said
Auditing Board shall stamp each Of the SIX
coupons Of said ElippiR compromise bonds,
maturing respectively "three and one-half,"
-four" -four and one-half" ''fve," eve
and one.half." and "six" years from Janua-
~ /, 1888. New bonds shall be issued under
the provisions Of the Aforesaid act, and this
ordinance, to all holders Of Flippin compro-
mise bonds who will surrender their said
bonds, and take new compromise bonds under
said act and this ordinance.
Sec. 2 Be it further ordained, That there
shall be engraved or autographed form of
bonds with sixty coupons attached, the last
six Of said coupons being for three per cent
interest and the six next to the last coupons
being for four per cent interest, and the re-
naming fOrty-eight coupons being for six
per cent interest. Said bonds shall be in the
form and denominations prescribed in the
eighth section of the act aforesaid, namely;
Taxing District Compromise Bond,
1883,
Bond issued for funding and COMPROMISING
the debt Of the city Of Memphis.
No..--., S...........
Know ALL MEN BY THESE PRESENTS: That
the Taxing District of Shelby county, Tonnes
see, a corporation created under the laws Of
Tennessee, acknowledges itself indebted and
| firmly bound unto, or bearer. in the sum Of
TO be printed in full, in the lawful money of
the United States Of America, which sum the
Taxing District of Shelby county, Tennessee
promises and obligates itself to pay to bearer
on the LIST day Of January, A. D., 1913, with
| interest from the lst day Of January. 1888, at
the rate OF three per cent per annuin for the
first three years. four per cent per annum for the
| next three years, and six per cent per annum
thereafter until maturity, payable semi-annu-
ally in the city Of New York on the LIST day of
January aud July of each year, on the presen-
tation and surrender Of the attached coupons
| This bond shall be redeemable at any time
after the 1st day Of January, 1889. This bond
and coupons are issued in settlement and
compromise Of valid and legal indebtedness of
the city Of Memphis under and in pursuance
Of and in strict conformity with an ordinance
and resolution Of the Legislative Council Of
the Taxing District OF Shelby county, Tennes-
see, and executed under authority 81 the
constitutioni and IN accordance with the laws
| u Iennessee and an act at the Legislature Of
lennessee, passed on the 22d day Of March.
lss5, entitled An act 70. empower municipal
| corp0rati0nsand taxing districts 10 compromise
and fund their indebtedness. issue bonds for
the amount 30 tundedand TO provide means for
/ the payment Of the same as compromised and
the holder il entitled TO all Of the rights and
remedies set forth in and secured TO him BY
said ordinance and act of the Legislature and
the laws Of Tennessee. And in consideration
J Of the surrender on the part Of the creditor of
a portion Of the debt due 10 him from said
/ corporation. 1t ia expressly declared that the
faith and credit Of the Taxing District Of
Shelby county. Tennessee, are hereby pledged
TO the prompt payment Of this bond and the
coupons attached. and II Is further stipulated
| that no plea Of iliegaity, irregularity or want
/ or failure Of consideration In the debt so
surrendered shall eyer be made by the debtor
corporation in any legal proceedings on this
bond Or the coupon hereto attached.
|
PRECEDENT af the TaEing District Of shelby,
County, Tenn.
--, Secretary.
Rach Of these oomprome bonds shall, before
issuance and delivery, be executed By the
President Of the Taxing District aforesaid,
countersgned by the Secretary, and sealed
with the corporate seal, which shall be az once
prepared, the device thereon TO be "The Taxing
| District Of Shelby county, Tenn"
The form of said coupons shall be as fol-
| lows;
state qf Tennessee, A9.Tr g.; The Taxing