Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-01-06
and said bonds to bear interest at per cent. per

and said bonds to bear interest at per cent. per
sec A. Be IL further e.deted That ali of the ex.
isting bonds Of ths State held by educational, lit
ersry and charitable Institutions Of the state on
the first day Of January, 1882, and the Twenty-Five
bon Is held by the widow OF James K Polk,
excepted out OF this act.
bonds shall bear date the first day of January,
1888; be payable thirty years after the date
thereof; be redeemable at the pleasure of he
State; the interest payable at the office of the
treasurer of the Sta te at Nashville GemiRnnually
on the first day of January and July Of each year
bonds shall be OF the following denominations:
on0 thousand dollars, five hundred dollars, one
hundred dollars and fifty dollars.
Sec 6. Bet further enacted That the bonds pro
vided for in this act shall be numbered in four
series, and distinguished by the several rates of
numbered with the bonds TO which they are at
taehed.
the outstanding bonds aforesaid presented to
the comptroller, then the comptroller of the
audit and examine the demand presented, and if
genuine, shall prepare a bond OF the series to
which the demand may belong, and when signed
by the governor and countersigned by the secre-
tary of state and registered in the Office OF the
secretary OF state in well bound book, and the
seal of the State has been affixed and the fund
able bonds coupons also registered in said office,
then the comptroller shall take full memoran-
dam of both the bonds and coupons so funded, and
cause the same to be signed by the party demand
ing the bond and then after marking the issuance
of said bond over his signature on its face, shall
deliver 1t TO the party applying. When there
is q fraction OF a bond less than $50 the
amout shall be paid in money Ii snail be the
duty Of the comptroller Immediately to cancel
| such demands so funded, after registering them
| in caneeling book. and report the same to the
shall submit his books with the Cancelled obiiea-
tons, on the first day of each month, TO the gov
\ 6rsor, who shall examine aud verify them with
| the bonds issued and certify the same to the
comptroller, who shall transmit the said certif-
cate win ms report TO the next general
the passage of this act as possible there shall be
prepared under the direction of the governor,
sufficient number of well-engraved bonds to take
up and fund the States debt, aforesaid with
| the coupons attached, and the signatures of the
| comptroller and treasurer engraved upon each
| coupon, the coupons to be numbered with the
number Of the bond to which they are attached;
| the cost of the engraving and the preparation Of
the bonds to be paid in the first plsce out of the
| treasury upon the certificate of the governor to
| the comptroller, who shall issue his warrant
| therefor. The comptroller shah be provided with
| q bond book, containing on separate pages. regu-
| larly numbered, duplicate headings Of each bond
issued under this act, with the coupon blanks at
| tached, regularly numbered. upon which each
corresponding coupon, when liquidated, after
being duly registered and Cancelled, shall be
Sec. 9. BeH6rther enacted, That no part of the
public debt shall be funded, paid or received, ex
ceptas provided in this act, and all Avs provid-
| ing any other mode or manner of funding the debt
be and the same are hereby repealed
| Sec. 10. Be it further enacted, That the comp
troller and secretary of state shs each receive 81
| on each bond OF $1,000 seventy-five cents on each
bond of $500, fifty cents on each bond OF 500. and
twenty-five cents on each bond of $50, to be paid
by the party to whom the bond is issued; provided
such compensation shall in no case when added
to their stated salaries exceed $4,000 for any cur
rent year, and when their entire compensation
shall exceed $1,000, the excess shall be covered int
treasury of the State.
Sec. II. Be IL further enacted That when there
surplus in the treasury not needed for the pay
| ment OF the interest of the bonds funded undel
this act for the current expenses of the State
the comptroller shall call for the redemption O
bonds bearing the highest rate of interest which
shall be taken up and paid off to the extent o
| the surplus.
Sec. II. Be 1t further enacted, That when a bon,
| is called for redemption by number the interes
shall cease on said bond at the expiration of sixt
days after the cali, and ii the tonds are not al
funded under the provisions of this act, tn
Comptroller, after calling in and paying the bond
| bear1pg the highest rate OF interest shall appl
the surplus in the treasury TO the purchas
OF the unfunded bonds provided that h
| shall not give higher price for any bond nc
funded than the amount at which they are emit
, tied to be funded under this act. He shall adve
tise for such bids at such times as he may desi;
nate, and take the lowest bid provided that it
noe ~ q sreater rate or amount than the holder {
salu ponu Wouid nave received provided II M
been funded by the act.
Sec. IS Be IL further enacted, That all laws an
parts OF laws in conflict with the provisions OF thi
act be and the same are hereby repealed
Sec II. Be further enacted That this act tax
effect from and after its passage, the public welfaI
requiring it.