Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-04-05

Is, one dollAt Of hu0n tnQepttdness
shall be required to pay one dol
lar of taxes, and such Indebtedness
shall be received in payment Of said
taxes at said rates, whether before or
after judgment or decree against the
delinquent taxpayer or by way Of sets
off against said taxes, whether acquired
before or after suit brought against
such delinquents. But before being re>
quired to receive any indebtedness
for taxes, the receiver may, if he
choose, and If he suspect the debt not
valid, or if any creditor gives him nos
tice it is not, then, before taking it,
he shall, on motion in the general
suit, have tie question settled By the
Chancellor, whether or not such inN
debtedness is valid or not; provided,
that the compromise bonds, issued In
lieu of any bonds which have been
pronounced invalid by the Supreme
Court of this State, shall be excluded
so far as such invalid bonds shall
compose the whole or in part OF such
compromise bonds; and compromise
bonds, issued in whole OF in part in
lieu of bonds liable by implication,
on account Of over-issue or other
wise, to similar decision of the SUI
preme Court OF the State, shall not be
received SO faa as they may be cons
posed in whole or in part of such sus-
pected bonds until the validity Of such
suspected bonds shall be determined
by the Supreme Court of this State;
and provided further that no bonds
shall be received before maturity,
from which the immatured interest
coupons are detached, and nothing
shall be allowed for immature interest
coupons. Provided further that the
Receivershall not question the validity
Of any Indebtedness of such extinct
municipality that may be funded or
recognized under any act that may be
passed for the settlement OF the debt
of such extinct municipality, and pro
vided further that when any indebted
ness Of such extinct municipality shall
be hereafter funded into new bonds at
fifty cents on the dollar, such new
bonds and matured coupons thereon
shall be received in payment of back
taxes due such extinct municipalities
at the same rate as herein provided
for the Flippin compromise bonds.
All evidences Of Indebtedness taken
by the Receiver in payment of taxes
shall be cancelled by him as soon as it
comes into his hands under the
supervision of the Chancellor, and in
such manner as be may direct;
provided, however, that the Chan
Gerry Court of any county in which
is situated the territory which was
embraced in the limits OF any munich
pality now extinct, shall have power
to reduce assessments upon property
made under the authority of such
municipality before its charter was
repealed or ceased to exist; when it
shall appear to it that such ASSESS
ments are excessive, in view Of the
present value of said property, and
when the assessments on said proper
ty for State or county purposes have
been or may be reduced by the County
Court oil the county in which the ter
ritory of such extinct municipality is
situated, such reduction shall, if
brought to the attention Of said court
by proper evidence, be prima facie
sufficient for it to adopt and act upon
the assessment as thus reduced in en-
forcing such taxes.
Sec. 2. Be it further enacted, That
section eight Of said chapter 90, passed
March IL, 1879, be and is hereby SO
amended as to authorize the Chaucery
Court to allow to the Receiver and
Back Tax Collector in addition
to his salary as fixed by said sec>
ton for performing the duties of Re-
ceiver and Back Tax Collector, rea.
sonable compensation for such legal
services as he may heretofore have
rendered or may hereafter render, in
defense of suits against or prosecution
Of claims by such extinct municipal
ity.
Sec. 3. Be it further enacted, That
section 8 of said act be so amended as
to authorize the Receiver and Back
Tax Collector to employ two clerks.
at compensation not exceeding 5000
per month for the two during the
time they are actually employed.
Sec 4. Be it further enacted, Thxt
this act take effect from and after its
passage, the public welfare requiring
it. - -.