Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-04-03
FUNDING ORDINANCE.

eEcTIoN l. Be itordained by the Legislative
ouncil Of the Taxing District Of Shelby
Uounty, Tenn, That in Order to carry out the
PROVISIONS Of an oct passed By the General AS
embly Of ofFenne,see ca the 29d day Of narch
1853, entitled AN act to empower municipal
co poration' and IA lfg districts to compro
mise and und thsir Indebtedness and issue
bonds tor the amount 20 funded, and 10 pr1.
vld, means tho payment OF the same a.
compromised" there be Immediately pre-.
pared Two stamps, with the name the Pres
ident OF the Taxing District engraved the Q.
on; ooe with the words "one-haif Of this cou-
pon capit ilized. remainder will be paid at
maturity, engraved thereon; and ii shall be
the duty of tho Auditing BOARD, proyi-
ded fJf' in said act, 70 stamp With said
tnmp IN the back Of each Of the six coupons,
due respectively six months, one year
one and one. half ye RS, Two years, two a. d
one half years and hree years from Janusry
], 1885,. au all Blippin compromise bonds,
tho holders Of which accent the provis-
ions. OF the act aforesaid, but retain their
bonds. Toe other gf said ftamps shall hay,
'ns ayed thereon the words, ''onS-thlrd = I
this. coupon capitalized. remainder will be
paid at maturity" aud with this slamD SAID
Auditiog Boa'd shall stamp each OF the az
coupon Of ,aid FlippiA compromisa bopds
maturing re peEliyoly three Ind onb haIf,"
four" "bur and 6ne.balfH ''hVe. !" "fve
and one hA, and six" wars { ON Janu :
" 4
the provisions Vi the afsrGsaid act, and this
ordinance, to a, hQlders Of FIippin sompro-
N So bonds Eh9 will sure DIR their said
onds rnd take new o0mpFQmise bond unde,
aid act sndtk s ord nance,
.Sec; Be 1t further ordained, That there
'ha be engraved or autographed iorm Of
bonds with sixty coupons attached, the Ia I
,ix Of said coupons being for three Der ss cent
inter, st and he six neSt to the Nst co mons
"eing iqr tour per cent intarrSt. and tLJ re
mathing iorty-ei6ht Chu cons being fdh aE
per cent iaterests Ssld bonds shall he 10 Che
form and .den9minations hresctibed IN the
eighth secIion Of t9e act aiatesSid, namely:
PaE ng District Com ;Omiss Bond,
1883
Bond i''.si for funding snd cCmpro nisinv
the debt of the city Of Memphis,
Eo.".rn S..........
kMoW ALL Mss nv THEsE PRESENTS: That
the Taxing District Of Shelby county, Tennes-
see, corporation created under the laws of
Tennessee, acknowledges itself indebted and
firmly bound untO or bearer in the sum Of :
Ito be printed in full. in the lawful money Of
the United states of America, which sum the
Taxing District Of Shelby county, Tennessee,
promises and obligates itself to pay to bearer,
on the lst day Of January, A. D., 1915 With
the rate of three per cent per alnqil for the
first three years, -four per cent per annum for the
next three years and six per cent per annum
thereafter until maturity, payable semi-annu-
ally in the city Of New York on the LIST day Of
January and July of each year, on the presen-
tatiOn and surrender of the attached coupons.
This bond shall be redeemable at any time
after tho lst day Of January, 1888. This bond
and coupons are issued in settlement and
compromise of valid and legal Indebtedness of
the city of Memphis under and in pursuance
Of and in strict conformity with an ordinance
and resolution of the Legislative Council Of
the Taxing District OF Shelby county, Tonnes
see, and executed under authority Of the
constitution, and in accordance with the laws
Of Tennessee, and an act of the Legislature of
Tennessee, passed on the sd day of March,
1883, entitled An act TO empower municipal
oOrporationsand taxing districts to COMPROMISE
and fund their indebtedness, issue bonds for
the amount so tunded,and to provide means for
the payment of the same as compromised, " and
the holder is entitled to all of the rights and
remedies set forth in and secured to him By
said ordinance and act Of the Legislature and
the laws Of Tennessee And in consideration
Of the surrender on the part Of the creditor of
portion of the debt due to him from said
corporation, II is expressly declared that the
faith and credit of the Taxing District of
Shelby county, Tennessee, are hereby pledgod
to the prompt. payment Of this bond AID the
conp9hs attaehedi and Il Is ftirther stipulated
that no plea Of illegdlity, irrefuarity or want
or failnre Of consideration in the debt SO
surrendered shall ever be made by the debtor
corporation ID any legal proceedings on this
bond or the coupon hereto attached.