Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-02-28
An Act for the Settlements of the State


SECTION l.. Be 1t enacted by the General Assembly
of the State Of Tennessee, That the bonds compris-
ing the State debt proper of the State as follows:
capitol Doncs S493, eco
hermitage ponus 1000
Agricultural bonds IS 600
Union Bank bonds lbs 600
Bank OF Tennessee bonds. ..... ...,.. 2l4 OOO
Bonds issued to turnpike panies ...... 7iI goo
Hiawassee railroad bonds. $50 eco
East Tennessee and Georgia railroad bonds IA 600
Memphis and Lagrange railroad bonds... IS, 600
together with the unpaid coupons thereto at
tached including the coupons maturing the frat
day of July, 1855, whether said bonds are in the
form as hrst issued or funded under the acts of
1866, 1853 aud 1873, provided that they can be
traced to any one Of the Aforesaid State debt
into new coupon bonds upon the following bssis:
such pars of the State debt proper as now bears
interest at the rate OF six per cent. per annu m
shall be funded by adding to the sum of the face
of the existing bond the matured interest thereon
evidenced by the coupons thereto attached, in.
Guiding the coupons maturing the first day of
July. 1883 and from the total sum of the face Of
the bonds and matured interest thereon, evidenced
by the coupons attE ced twenty-four per cent will
be deducted and the remainder funded in coupon
bonds bearing interest at the rate of six per cent
per annum. Such part OF the State debt proper
as now bears interest at the rate OF five and one
fourth per cent per aInum shall be funded by
adding TO the sum of the face OF the existing bonds
the nnattred interest thereon, including the cou.
by the coupons thereto attached. I'D rum tne
total sum OF the or the bonds and the accrued
Interest, tWenty-onc per cent. viii be deducted
and the remainder funded with coupon bonds
bearing interest at the rate OF five and onsfourth
per CENT per anDnni Such part of said State debt
proper as now bears interest at the rate of five per
cent. per annum shall be funded by adding to the
sum of the face OF the existing bond the matured
the first day Of July 1855 evidenced bS the
thereto attached, and from the total sum OF the
face of the bond. and the accrued interest twenty
per cent. VIII be deducted, and the remainder
funded into coupon bonds bearing interest at the
rate OF five per cent. per annum.
parts of bonds heretofore issued under the pre.
vious funding acts for natured coupons shall be
funded under this section as State debt proper
bonds but the same shall be funded at fifty cents
on the dollar, and three per cent. interest in the
manner prescribed in section 2 of this act. And
GovddeG d mat %nefs any SAFE 9e6 b proper
lated from the date of maturity at the rate the
bond bore before it was due as If coupons were
thereto attached and provided further, that none
OF the bonds above enumerated thali be funded
under this section as part of the State debt proper,
If it shall be found on examination that they
were bonds loaned 10 turnpike or railroad COM
panies and in no event shall the principal OF the
amount funded under this section exceed ST.
Ind prorided frtSer, If 1t shall appear that there
is an e.ceas II any class and deficiency in some
then such excess shall be funded under this sec
ton TO the extent of such deficiency.
Sec 2. Be further enacted, That the remainder
Of the public debt evidenced BY bonds outstand-
ing as follows:
Ante-war railroad bends S. $50 900
Post,ws wa railroad bonds ;::: Sss, eco
T =
Funded under the act OF 1868 ............. 559oG0
Funded under the act OF 4s6T go
together with the accrued interest thefeoa evl-
aenced by the matured coupons thereto attached,
including the coupons maturing July 1, 1888, less
the State debt proper bonds funded under the
acts OF 1856. 1868 and 1873, and funded under
section Of this act as part OF the State debt
proper, be funded with coupon bonds upon the
following basist To the sum OF the face OF each
existing bond will be added the mstured interest
thereon, including the coupons maturing the first
day Of July, 1888, evidenced by the coupons
each bond and n ature11nterest to be funded with
coupon bonds. and said bonds TO bear interest at
Sec. s. Be it further enacted, That such part of
the before reeted public debt of the state as may
have been funded under the act of 1sS2 shall be
To The sum of the face of each of said bonds shall
be added the coupons, now matured, thereto at
tsehed, including the coupons maturing The Est
day of July. 1888, and Eve. sixths of such total
amount of said bond to be funded into coupon
bonds and aid bonds TO bear interest at the rate
debt proper bonds out and designated in sec
ton OF ,t this SCI; and minded under
adding to the face Of each Of said bonds
the matured coupons thereto attached,
th1 coupons maturing the first day of
and two-third per cent. on bonds which bore six
per cent. when originally issued and funded iato
new coupon bonds bearing interest at the nate of
six per cent. per snrum, and to such part Of said
State debt proper bonds bore interest 81 the rate
Of eve and one:fcurth per cent. when originally
cent, and they shall be funded into new coup
bonds bearing interest at the rate OF five and one
fourth per cent per annum, aud to such part of
said State debt proper bonds as bore interest at
the rate of five per cent. when originally issued
shall be funded into new coupon bonds bearing
interest ST the rate Of Fl We PSF cent per annum.
Prorided however. that bends issued under the
act of 1852 for matured coupons shall be funded
as prescribed in the first proyiso to the iirst
ton of this act
Sec. 4. Be Il further enacted, That 1t shall not be
lawful, under this act to allow any interest upon
psst-due coupons attached to any class Of bonds
authorized to be funded under 6his act.
Sec. 3. Be IL further enacted That all OF the exist
ing bonds of the state held by educational, ltera
~ and charitable institutions OF the State on the
first day of January, 1882, and the tVenty-nine
bonds held by the widow OF James K Polk, are
excepted out OF the provisions OF this act.
Sec 6. Re Il further eRaeed, That all of said
bonds shall bear date the first day of July, 1883, be
payable thirty years after The date thereof, be
deemable At the pleasure OF the STA after the ex
pirstion OF fve ysars-the interest payable at the
office Of the treasurer OF the State, At Nashville
semi-annusliy. on the first day Of January and
July OF each year; the first couPon.to mature jan
uaTy J. 1854 and said bonds shall be of the follow
ing determinations: Fifteen per cent, and more