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

sIcrIoS /. Be II ordained BY the Legislative
Council Of che Taxing District Of Shelby
County, Tenn, That In order to carry out the
preyisions Of an act passed By the General As
sembly ofTennesseo on the 2Sd day Of March,
1883, entitled IAN act to empower municipal
corporations and a log districts TO compro-
mise and und their Indebtedness and issue
bonds for the amount 20 funded, and 70 pro-
vide means for tho payment OF the same as
compromised" there DO Immediately pre-
pared two stamps, with the name the Pres.
ident Of the Taxing District engraved the g.
on; cue with the words 'oue-haf OF this o0u-
pom capitalized, remainder will be paid at
maturity" engraved ths5son. and i shall be
ded for IN said acts 20 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-haH years and three years from January
!, 1885,, on all Fhppin conpromise bonds,
Ions Of the act Aforesaid, but retain their
bonds. The other Of said stamps shall have
engraved thereon the words, ''one-thifd of
this coupon capitalized. remainder will be
paid At maturity, and with this stamp said
coupons Of said Fiippis compromiss bonds,
maturing respectively "thre aud one half
"four, flour and one.half,'' "hve," Eve
and one half" and six" years from lanuA-
~ l. 1888. New bonds ehall be issued under
the. provisions Of the. aforesaid act, and this
ordinance, to all holders Of Flippin compro-
mise bonds who will surrer der their said
bonds, and take new compromise bonds under
said act and II is ordinance.
Sec. 2. Be it further ordained, That there
shall be engraved or Autographed a form OF
bonds With sixty coupons attached, the last
six of said coupons being for three per cent
interest and the six next 10 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 he In the
form and denominations prescribed in the
eighth section of the act aforesaid, namely,
Taxing District Compromise Bond,
1888.
Bond issued for funding and compromising
the debt Of the city Of Memphis.
No...'.... t..........
KNOW ALL MEN BY THESE PRESENTS: That
the Taxing District Of Shelby county, Tennes-
see, corporation created under the laws of
Tennessee, acknowledges itself indebted and
firmly bound unto, or bearer, in the sum Of s
| 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., 1918, with
interest from the LIST day Of January 1883, at
the rate Of three per cent per annun for the
first three years, -four per cent per annum for the
next three years, and six per cent per annum
buciSuiNCi uuNlA pdldOlt
ally in the city of New York on the LIST day OF
January and July Of each year, on the presen-
tati0n and surrender of the attached coupons.
This bond shall be redeemable at any time
after the LIST 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 of the
constitution, and in accordance with the laws
Of Tennessee, and an act of the Legislature of
Tennessee, passed on the 2Sd day of March,
1888, entitled An act TO empower municipal
corporations and taxing districts TO compromise
and fund their indebtedness. issue bonds for
the amount so funded and to provide means for
the payment Of the same as compromised, (" and
the holder is entitled to all Of the rights and
remedies set forth in and secured 10 him by
said ordinance and act Of the Legislature and
the laws Of Tennessee. And in consideration
of the surrender ON the part of the creditor OF
a portion Of the debt due to him from said
corporation. it is 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 1t is further stipulated
that no plea Of illegality, irregularity or want
or failure of consideration in the debt so
surrendered shall ever be made by the debtor
corporation in any legal proceedings on this
bond or the coupon hereto attached.
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