Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-04-05


Xudi.ins Board, IL shall b. Ie dpE u raislS
same Are only used In fuhdlne said debt pfc-
vided b. said act Aforesaid, aud for nc other
purpose whatevef. Tho contract for eDgrav-
ing or lithographing said bonds and coupons
who will give bond In the sum of SIS, 900 for
the faithful performance Of the work, the
safe delivery to the Auditing Board aforesaid
Of all bonds, coupons and certificates pre-
pared under the contract and for the safe
delivery, after the work Is finished, to said
Auditing Board Of the plates or Autograph
stones, and It shall be the duty of said beard
to destroy the same Immediately after receiv-
ing them, and report their action in this be-
half 70 this Council.
sec.. s. Be Il further ordained, That the
following shall be the form OF certificate pro-
No. Compromise Certificate.
g. Taxing District Of
|. Shelby County. Tennessee.
January ], 1883.
This certifes that there Is due to the order
s..., with Interest from
Is issued under the seventh aeetion Of an act
Of the General Assembly ofTennessee, passed
March q, 1858, entitled An Act TO empower
municipal corporations and taxing districts
to compromise and fuud their indebtedness.
provide means for the payment Of che same
50 compromised" It bears interest at the
rate of three pei cent for the FIRST three years
from date, four per cent for the neft three
years, and six per cent thereafter II ie con-
Vertible into bonds under said. act, when
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 fractional
amounts less than 500 that may remain I'M
Sc tiled Of ella ms audited and allowed by the
Auditing BoaId, and before signing shall
each be properly noted Ia 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
punch, and it shall cause every bond aud
coupon and every other evidence Of indebt-
eedness surrendered to be Cancelled By punch
ing hole through each and every of such
evidence of Indebtedness. in suah manner
that the same cannot be used or re-issued
Said Cancelled evidences of Indebtedness said
Auditing Board shall carefully preserve,
after noting the same as TO amount, charac-
ter and dat ON bond registry. and books re-
quired by said act to be kept by said board,
and turn the same over to this board as re-
quired by said ast: 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 il further ordained; That the
Union and Planters Bank, of Memphis, shall,
for the year 1888, and up to the 1st 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-
n...z ..arh 4 usxFa oaA 1.0
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 ofSl50. 900. with Eotless than
i've good and sufficient sureties to be ap-
proved BY this Council; said bond to be con-
ditiOned as required by the eleventh section
Of said act. and the County Trustee shall
daily deposit in said bank all moneys col
lected By him under an act passed March %,
1888, entitled, An Act to levy tax on all the
taxables In the taxing districts and munich
palities in the State which have compromised
and funded or may co promise and fund their
indebtedness under an act passed on the Esd
day OF March, 1888, entitled An Act to en-
power municipal corporations and taxing dis
triets TO compromise and fund their indebted
ness, issue bonds for the amount so funded,
and provide means for tho 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
to the secretary Of this board the amounts OF
such daily deposits. He shall also give bond
in the sum Of $1,000 conditioned according to
law. for the faithful performance Of the duties
required of him under said acts and in regard
to such taxes and funds. All moneys arising
from collections made under the act commonly
known as the "LiQuidating Board Act
passed April 8, 1881, shall be at once deposited
in said designated depositary by said Liquid
ating Board, and any other officers collecting
the same, as required by law.
Sec. .. Be it 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
of the vouchers therefor shall receive the
warrant signed by two of the Fire and Police
Commissioners, and the secretary shall keep a
strict account of the same; and none of the
funds aforesaid shall be appropriated or used
in any manner, or for any other purpose but
| t1r the carrying out Of the compromise aci
aforesaid; provided, that the expenses O.
making the same, the books, stamps, seal
bonds and certificates, required by said com
promise act, shall be paid out of said fund, as
well as the salary Of said Auditing Board and
the secretary thereof,as provided for in said act
Said salaries to be paid one tenth monthly,
beginning April l, 1883, and ending February
/, 1884.
Sec. 7. Be il further ordained, That all
bonds and coupons paid under the provisions
of said compromise act shall be cancelled al
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. Blu
! before the same are cancelled he shall, under
the supervision of the President, note in {
book, to be called the Bond and Coupon
/ book the amount Of each coupon, the bono
from which detached and the amount of pay
ment.
Passed March 81, 1883.
DAVID p, HADDFN. President.