Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-04-01
Bond Issued for funding and Compromise
debt Of the City of Memphis.


ell of the Ia king district OF shelby county Iennt
passed and executed under authority OF the con |
sttution, and in accordance with the laws OF leu
Hessee and an act of the Legislature OF Tennes-
see on the I'D day OF March, 1888, emitted,
AN act TO empower munlelpSl ,b "HH
taxing districts TO compromise and runs thelr N
debtedr ess issue bonds for the amount so iunued
aud to provide means for the payment OF the same
as compromised" aud the holder IS enutleq
to all of the rights aud remedies set toTth
in and secured to him by said ordinance
and act of the Legislature and the laws OF rennes-
see Bnd in consideration of the urrender on the
part of the creditor OF portion OF the uep. u d
TO him from said corporation y II e1presTsIy ne
CARED that the faith and credit OF the laxlns-
District of shelby county, Tenn, are hereby
pledged TO the prompt payment OF lnls ponu anu
that no plea of illegatty, irregula'ty or want or
failure OF consideration in the oebt 20
shall ever be made by the deptot GO. IN
PTa i Of Inc Taxing District of Shelby County,
-, secretary.
Each of these compromise bonds shall, before is
suance End delivery, be executed by the president
If The DistTict Aforesaid, countersignei by
the secretary, and sealed with The corporate s2al,
which shall be at once prepared the device thereon
to be Tine Taxing District OF Shelby county
Tenn. ,-,,.-
Estate of Tennessee, No. - s.. The taxing
District OF shelby county, Tenn, promises to pay
ito bearer the sum of - on the - day o. =
lin the city of New York, being for SIX mont us III
zach Of these coupons shall have the signature
of the president lime IaxlnB-DlstIlcL OA ouSlDJ
There shall be pfepared and delivered to said
Auditing Board 2s6O of said bonds each OF the De
nomination of 500, and each with sixty coupons
atisehed; 1000 of said bonds each of the denomi-
nation of $500, and each with sixty coupons at
tached and 1000 OF said bonds each of the denoml-
N ton OF slOO and each with sixty coupons at
tsched. Aud when the same are SO ueLlNeieq 70
said Auditing Board 1t sns De iss aa 70, 70 sss
are only used in funding said debt provided by
said act aforesaid, and for no other purpose what
ever The contract for engraving or lithographlng
aid bonds and coupons shall be made with some
reasonable firm who will give bond IN The sum Of
SIS OeO for the faithful performance OF the Work,
ire SAT. delivery TO the auditing Board aforesaid
| OF all bonds, coupons and certhcates pftpdied
| under the contract. and for the safe delivery,
ale the work is finished, TO said Auditing Board
Of the plates or ithogAph stones, and 1t shsil be
| the DUTY of said board 10 destroy the same lnme'
diatey after receiving them, and report tnelr ac-
| ton in this behalf to this Council
Sec g. Be il further ordained, That the following
shall be the form of certificate PROVIDED LOT IN TIE
| seventh section of said act:
Comp r9rsise Certificate, Janudrg1 1888.
| This certifeH that there is que 70 the order
f lat dav of JsnTsrv fSSS This Certificate is
issued under the seventh section Of an act OF me
| General Assembly Of Tennessee, passed M%rci 2S'
1881 entitled AN Act to empower InunlclpAl cor,
purations and taXing-distIicts 10 com promise ana
| fund their Indebtedness, issue bonds for the
| nsyment of the same SO Compromised" It bears
interest the rate of three per cent for the FIRST
| three years from date, four per cent. ioI
| cent Thereafter. 1t is convertible into
| bonds under said act when sufficient amount is
presented and ia redeemable after six wears under
| said act This form OF certificate shall be gre
\ pared at once, Autographed or engraved and the
provisions OF the second section OF this ordinance
/ snail apply to them as well as TO the bonds and
| coupons therein provided for. Ihey shall DO exc
cuted by the president OF the Taxing District in
| settlement Of any fractional amounts less than
Sl60 th>t may remain unsettled OF claims audited
| and allowed by the Auditing Board, and before
| signing shall each be properly noted IN the oond
| registry book after being passed upon by the
| Auditing Board. nj,
sec. 4. Be it further enacted, That the Auditing
board aforesaid shall provide punchr and ii shai
| cau,e every bond and coupon and every othel
| evidence OF Indebtedness surrendered 10 be can
| celed by punching hoe through esch ana ever
| such evidence OF Indebtedness in such manner
that the sams cannot be used or re-issu6d Sdic
Cancelled evidences of Indebtedness said Auditing
Boz I'd shall carefully preserve, after noting thu
| same as TO amount, character ana date on bone
registry, and books required by SAID act 20 be keP
board as required by said act; which canceet
evidences Of Indebtedness shall be safely Kept b!
the secretary of this board until It's turther oIde
in respect OF the same.
| Sec o. Be il further ordained, That the - o
Mem Ph- ~ all ior the year dSss, be me & Ar
| payment OF the In terest on the ceot COMPROMISED
| under he act Aforesaid The duties and response
| bilities of said depositary are DEFINED IL the &c
| Aforesaid apd it shall receive no compensation
| for the services therein and thereby requires
| of it. Said bank shall give bond in the tqm o
$50 co., with Rot less than five good and sui6cien
sureties to be approved by This Council said bono
to be conditioned as required by the eleventh Sc,
| ton of said act, and the county trustee shall
daily deposit in said bank all moneys collectet
by him under an act passed March z. q
dssS' al, sni tbe tsIableI ACT in the s taxingdis
tricts and municipalities in the State which hav
| COMPROMISED and funded, or may comprOmis
| and fund their Indebtedness under an act passed
| on the % day of March, 1888, entitled an act L
empower municipal corporations snd taxing-d
tricts TO compro mise and fund their indebtedness
| issue bonds for the amount so funded, aud pro
vide means for the payment of the same as com
promised for the pa! ment OF the lnteresi on u
said trustee will daily report 10 the secretary OF tn
board the amounts Of such daily deposits He shal
also give bond fl the of $4,000, condi ione'
| according To law. for the faithful performance o
the duties required of him under said acts and il
| regard TO such taxes and funds. All moneys ari'
ing from collections made under the act common
known as the ''LiquidGting Board .ct, = pssse'
April 6, 1881, shall be at once deposited IN sal
| designated deposilary by aid Llquidsuug Board
| as required by law, and by any other officer col
sec, 6. BE Il further ordained, That said deposi
tary shall keep all deposits to the credit OF bon
| account If Taxing District and shall pay cut IN
same only on the orders and under the direction
of the president OF the Tsxing-District, and upol
| presentation and the surrender Of the voucher
therefor shall receive the warrants signed by two
| the Fire and Police Commissioners. and the secrt
| tary shall keep strict account of the same; an
none of the funds aforesaid shall be appropriate
orused in any manner, or for ny other purpose ou
| said; prOui,ied, that the eS!e'l,.s OF making IN
same, the books, stamps Sea- B." j. and certf
Gates, required by said com promise act, shall b
pail out of said fund, well co.. salary Of sal
| Auditing Board and the e-Tetsrt ia reof, as pro
vided for in said act said salar!.s - be paid Of
10th. monthly, beginning APRIL !, $50, and end
ing February l, 1854.
Sec Z Be il further ordained That al bonds an
| coupons paid under the provisions OF ss d com
promise act shall be cancelled as provided in thi
| ord nance for compromised coupons, and whe
Cancelled shall be safely kept by the secretary Of n
board for the inspection and further orders OF IN
| board But before the same are Cancelled he shall
under the supervision of the president, note Ia
| book to be allied the cOupon-book, the smoUu
| OF each coupon the bond from which detaGhe
| and the amount OF payment
THE THIRD AUDITOR ELECTED.
Judge S. P. Wslker was unanimou-l
elected 81 the third member of the Auditjp
Bosrd, It quired by the act to settle the cit
debt.
THE DISTRICT DEPosITARY.
The German National Bank, Union an
Planters Bank and the Bank OF Commerc
were nominated for the depositsry of III
money collected by taxation under the bill
for the year 1888. The latter was withdraw
on he second ballot, and on the third tn
Uaiou and Planters was chosen receivir
four votes 10 three for the Germsa Nj