Savannah morning news. [volume] (Savannah) 1868-1887, 1883-05-12

AN ORDINANCE to compromise that portion of
the bonded debt of the CITY of Savannah
known as the bonds of the Atlantic and
Gulf Railroad Company, guaranteed by the
Mayor and Aldermen OF the city of Savan-
nah to provide for the issue of new bonds
with which to redeem the bonds so guaran-
teed.n now outstanding; TO provide for the es
Enlistment of a sinking fund for the re-
demptiOn Of such bonds and for other pur-
poses
SECTION l. Be IL ordained by the Mayor and
aldermen Of tie city Of Savannah, in COun-
eli assembled, and it is hereby ordained by
tie authority Of the same, That the said the
Mayor and Aldermen of the city Of Savan-
nah do hereby offer to the holders of the bonds
Of the Savannah, Albany and Gulf Railroad
Company guaranteed by the Mayor and AL
dermen of the citv of Savannah and hamlets
thereof. as authorized by public meeting of
the citizens of said city neld May l4th, 1852 the
following compromise settlement OF SAID
bonds and accrued interest; That the
said Mayor and Aldermen shall issue
for exchange and exchange new bonds
under the provisions of this ordinance and un-
der the authority of the act Of the General
Assembly of Georgia, approved December II,
1873, and entitled Am act to authorize the
municipal authorities of towns and cities to
compromise their bonded debts; TO provide for
the issue and exchange of new bonds for out
standing bonds and coupons; to provide for
the establishment and management OF sink
ing fund for the redemption of such new
bonds and coupons and for other purposes
of the same race value Tor any ana all OF the
above mentioned and described bonds guaran-
teed by said city as aforesaid, and shall issue
for exchange, and exchange new bonds under
the provisions of this ordinance. and of said
act of the General Assembly of Georgia, for
fifty EIGHT per centum, the accrued interest
on said bonds to the LIST of July, 1888, the hold
ers of said bonds taking new bonds for said
coupons, and interest at the face value of said
bonds; said new bonds shall become due and
payable thirty years from and after the
first day of July; 1888 and shall bear interest:
coupons, payable quarterly, at the rate Of
five percentum Is per cent? per annum; and
each of such new bonds before 1t is issued
by the city shall be registered IN the office of
the City Treasurer, and shall have certified
thereon by a majority Of the Sinking Fund
Commission that all conditions precedent re-
quired by law, and by the contract under
which the bonds are authorized to be eX-
changed, have been complied with; and each
of such bonds may also be registered, at the
option of the holder, after being exchanged,
in the Office of the City Treasurer, which
registration shall be certified thereon by said
City Treasurer, after which said bond shall
be transferable only by Endorsement by the
said registered holder to the transferee, unless
the last person in whose name it is so regis
tered shall transfer and assign it to bearer,
after which il shall again be transferable by
delivery; and such new coupons and new
bonds, as they mature, shall be receivable, at
their par or face value, for all taxes and
other dues to the city Of Savannah; and as
such reduced rates of interest are made for
the purpose of being, and are considered by
said corporate authorities as the equivalent
of any and all taxes which the said corporate
authorities might otherwise hereafter levy
upon such new bonds and coupons, such new
bonds and coupons shall never be taxed by
said city.
SEC. :. And be it further ordained 6ythe au-
thOrity aforesaid, That the said Mayor and
Aldermen do hereby create under the author
ity of said act a sinking fund for the payment
Of said new bonds, and do hereby authorize
and empower and make it the duty OF the
Sinking Fund Commissioners. IN addition to
the duties prescribed in and by the ordi-
Of ba elf Y Of savannah. naGGp0 lbeppIn-
Der II, 1878. whereby said commission was
created, to purchase on the LIST day OF feDru-
ary of each year hereafter. or as soon
after as they shall find il to be practicable.
until the complete redemption OF the entire
issue). in the manner prescribed by lazy, bonds
of the issue herein authorized TO the race
value of eight thousand dollars. making their
sight draft on the City Treasurer for such
sums of money as may be required to pay
therefor, which sums shall not be considered
as forming portion OF the SINKING Iuhu mere
the coupons annexed latter having been care
fully cancelled by the said Sinking Fund Com
mission, shall be delivered to the City Treas
urer to await such final destruction as COun-
Gil may direct.
SEC. 3. Ind it is hereby further ordained By
the authority Of the same, That until bond
holders representing 100000 in full value of
the outstanding bonds of said city shall have
accepted the offer OF compromise hereby
made. and such bonds to that amount shall
have been stamped as hereafter provided the
less than such S200O00. in face value, shall
not be binding beyond the LIST day of July, 1888,
on which day, unless bondhOlders to said
amount of 100000 shall have agreed to this
settlement, those who have 50 agreed shall be
relieved from the same; and, further, that no
new bonds shall be exchanged for old bonds
until bondholders representing said $500, 600
shall have accepted this compromise.
SEC. 4. Ind Il Is further ordained by the
authority Of the same, That upon each bond,
and the coupon thereto attached or apper-
tanning. presented by such bondhOlders as
accepted this compromise, unless they be re-
deemed by said new bonds. shall be stamped, !
printed or written respectively: 1.-The |
holder of this bond and the coupons !
hereto attached agrees TO and does |
accept the compromise offered by the city of |
Savannah as set forth in an ordinance passed |
- day of --, 1888, which ordinance is here
by made part of this contract" ana on each |
coupon thereto attached there should be |
stamped or written ''eompromsc under Ordi- |
nance of city of Savannah. dated = day of |
-, 1888"
In Council May 9, 1888. Ordinance on |
its first reading and published for informal |
ton, FRANK E. REBARER.
Clerk Of Council.