Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-01-09
TERMS OF FUNDING AND DENOMINA-
TInN nF THE pnNnC

TIE TERMS OF FUNDING AND DENOMINA-
TION OF THE BONDS.
Sec. IA Be ii further enacted, That in funding
under this act, the State shall not receive
count for any portion of bond coupon in ex-
cess of the bond demanded, and if the amount OF
the bond or coupons presented to be funded be
less by fractional part OF coupon, the party ap-
R tie bonds au
thorizsd TO be issued by this act shall be in de-
nominations of 500, $3.50, $500 and $1,000 in the
following proportions: Two and one-haf per cent.
in bonds of the denomination of 500, five per
cent. of the denomination of $3.50 twelve and one
half per cent. of the denomination of $500 and
the remainder of the denomination of $1,000, to be
pro rated; as far as practicable, by the Funding
Board as The same are issued provided, however,
that bonds of the smaller denominations AZORES aid
may be issued in excess of the proportion stated.
if the party funding so desires.
THE DUTIES OF THE FUNDING BOARD.
Sec. 16. Be IL further enacted. that the comp
pose the Funding Board provided for by this act,
any two of whom shall constitute quorum for
the transaction of the business of said board The
Funding Boald shall hold its meetings and trans
act its business and fund the debt OF the State at
the capitol in Nashville. Tenn, and at no other
Sec II Be it further enacted That as soon as
practicable after this act there shall be prepared
under the direction OF the governor and the Fund
ing Board, sufficient number of properly en-
graved bonds of the descriptions and in the forms
hereinbefore mentioned and described with cou-
pons in the usual form attached. Upon the e0u-
pons the signatures Of the treasurer and comp
troller shall be engrossed, aud the coupons shall
number o! the bonds to which they belong. They
shall be payable to bearer in amounts according
to the bonds to which they are attached, and shall
show when and where they will be paid
Sec. is. Be 1t further enacted, That the Funding
Board shall procure and keep proper and substan-
tial books, il which they shall cause to be noted
and recorded full and particular des eription of
the bonds or coupons funded Cancelled under
this act, and also OF the numbers, denominations
and amounts of the bonds issued therefor tn g
number thereof, and the names of the parties to
whom the new bonds are issued, together with
I'll cir receiUfS therefor
See 49, BE It further enacted That it shall be the
duty OF the Funding Board to audit and examine
the bonds or coupons presented tc be funded, and
If they found to be genuine, and such as are
authorized to be funded under the provisions Of
this section TO prepare proper bond for those so
rendered, and when sa i'd bonds have been signed
by the governor and countersfgnod by the seere-
tary of state, and the great seal OF the State has
has been made and recorded, and a receipt exc
cuted by the party entitled to receive the bonds,
Sec 20. Be IL further enacted, That il shall be the
duly OF the Funding Board Immediately upon re-
ceiving bonds and coupons surrendered. and
noting and recording the same, and upon issuing
a new bond therefor, to cancel every bond and
coupon ccepted and received by the board. so as
to destroy its negotia bilty, and the said bonds
and coupons so Cancelled shall not be destroyed,
but they shall be safely kept in the custody OF the
capitol and they SHALL together with the Aforesaid
books be at all times subject TO the examination
of the General Assembly and the governor of the
State.
BOARD REPORTS.
Sec 81. Be IL further enacted, That the cost Of
engraving and preparing said bonds and OF said
books shall be paid out of the treasury on the
warrant of the comptroller. based upon the certf-
cate of the governor out OF any money not other
wise appropriated.
See q BE further enacted That the said
Funding Board shall be authorized TO demand and
receive compensation for their entire services
| 10 be rendered under the provisions of this act,
i the following fees, and none other, namely: For
every 5000 bond issued 81 so; for every $500 bond
issued 81 20; for every $50 bond issued. soc; and
for every 500 bond issued 60c, to be shared and
divided equally between the members of said
| board The said compensation shall be paid from
time 10 time es the services performed, out of
any money in the treasury of the State not other
| LriSe appropriated, on the warrant of the comp
troIier accom- panied by the certificate of the gov.
ernor thereto attached. setting forth that he has
| EXAMINED the books of the Funding Board, and
| thst the services have been performed fer which
&c ~ And be Il further enacted. That said Fund
,,,, Rosri sha keep fee book, in which shall be
| anfeTed the number and amount OF each bond
Toe nook shall at ali times be open to the nspee-
ion Of the General Assembly and governor OF the
| State = -, IT,. a. -. -,
| - Raard shall report fully TO the next General
aSsao,bly the numbers amounts, dates and series
| ~ the bonds and the coupons audited and can
| csled by II EN- under the provisions OF this act
/ ,hs numbersl Of the bonds Issued therefor, and
the,- 81 ali make supplementary reports 70 The Gen
| srsf Assembly, as the funding may progress
i SEQ 25 BE further enacted Ihst this scr teEe
seect from and after its passage the public vel
\ fare requiring IL