Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-02-28
,ftse holders desire. 500 bonds. and the remain

g the holders desire, 500 bonds and the remain
Ne see 49, Ben further enacted That the bonds pro-
vided for IN this act shall be numbered into two
series, and distinguished by the several rates OF
interest they are TO bear, and the coupons shall
De numbered with the bonds to which they are
Sc. 5. Be Il further enacted That when any Of
the existing bonds aforesaid are presented to the
comptroller, then the comptroller, treasurer and
The governor of the State shall audit and examine
the demands presented, and if genuine, shall pre-
pare = hpnd OF the series to which the demand
may belong. and when signed by the governor
aud couniersigned by the secretary of state and
| weII-bSand book snd the seal OF the State has
been affixed, and the fun liable bonds, or coupons
also registered in said Office, then the comptroller
| shall take fun memorandum OF both bonds and
| coupons so funded, and cause the same to be
signed by the party demanding the bond and then
after marking the issuance of said bond over his
signature On It's face shall deliver 1t to the party ap
plying. When there is fraction of bond less than
certicate 70 the party entitled to the same which
| msy be registered and funded into bonds Of the
series TO which i belongs when presented In SUM-
Gent amount They stall also keep book in
| which every certificate shall be registered, show
| ing to whom and when issued, the number and
said book when funded II shall also be the duty
| of the COMPTROLLER Immediately to cancel all de-
mands when funded after registering them IN the
csnceling book and report the same to the next
4 General Assembly. But in the meantime he shall
submit his books with his cancelled obligations on
the first day Of each nonth, TO the governor, who
Issued, and certify the same to the comptroller,
| who shall transmit the said certificates with mis-
report to the next General Assembly.
Sec. 9. Be Il further enacted, That as soon after
the passage of this act possible, there shal be
| prepared under the direction of the governor,
| sufficient number of well-engrsyed bonds to
| take up and fund the States Indebtedness as
aforesaid with the coupons attached and the sig,
natures OF the comptroller and treasurer engraved
| upon each coupon. the coupons to be numbered
| with the number of the bonds to which they are
attached. The cost of engraving and the prepare
ton Of the bonds to be paid iu the first place, out
of the treasury upon the certificate Of the governor
to the comptroller, who shall issue his warrant
/ therefor. And the comptroller shall be provided
| with bond-book, containing on separate pages
regularly numbered, duplicate headings Of each
| attached. regularly numbered, upon which each
| corresponding coupon, when hquidated, aftei
being duly registered and cancelled, shall be
pasted.
See 10. Beit Jtytter enacted, That no part of the
public debt shsl1 be funded, paid or received, ex
| any other mode or manner of funding the debt be
| and the same or hereby repealed.
l s5a seeretsIy Of state man receive
ninety cents oRsaeh bond of $1,000 and forgive
cents on each bond of 500. to be equally divided
among them, to be paid out of the treasury of the
State on the warrant of the comptroller, based on
the certificate OF the governor provided such com
ssated salaries eIceed 5000 aud reasonable clerk
ices for the whole board not to exceed $1,000 fof
ee1P
shall receive no other further fees for funding
| the State debt for any current year.
Sec. II. Be IL further enacted, That when there
| is surplus in the treasury not needed for the
payment OF the interest on the bonds funded
under this act for the current expenses of the
State the comptroller shall call for the redemp-
ton OF bonds bearing the highest rate of interest
which shall be taken up and paid off to the ex-
| tent OF the surplus.
Sec 1s. Be further enacted, That when bond il
| called for redemption by number, the interest
\ shall cease said bonds at the expiration oil
sixty days after the call and il the bonds are not
all funded under the provisions Of this act, the
comptroller, after calling in and paying all the
bonds funded undsr this act, paying those bearing
| the highest rate of interest first, shall
| apply the surplus in the treasury to
| the purchase OF the unfuRded bonds; pro
ptded, That he shall not give higher price for any
bond not funded than the amount for which they
entitled to be funded under this act. He shall
| advertise for bids at such times az he may desg
nate and take the lowest bid, provided Ii is moi
at greater rate or amount than the holder Of said
| bond would have received, provided 1t has been
funded under this act.
Sec H. Be it further enacted That all laws and
paris of lavish conflict with the provisions OF this
act be and the same are hereby repealed.
Sec Is. Be Il further enacted, That this act take
| efectfrom and after its passage, the public vel
| fare EeQuirfup it