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


SHcEoS l. Be II ordained by the Legislative
Council o. the Taxing District Of Shelby
County, Tenn, That in order to carry out the
provisions OF an act passed by the General As
sembly ofTennessee on the I'D day Of March,
1883, entitled IAN act TO empower municipal
corporations and ia ing districts to compro-
mise and Iund their Indebtedness and issue
bonds for the amount so funded, and to pro-
vide means for tho payment of the same as
compromised" there be Immediately pre-
pared two stamps, with the name o the Pres
ident of the Taxing District e1gl2Yed tnotc.
on; one with the words "one-half Of this cou-
pom capitalized, remainder will be paid at
maturity" engraved thereon; and II shall be
the duty Of the Auditing Board, provi-
ded for in said act, to stamp with said
stamp on the back of each of the six coupons,
due respectively six months, one year,
one and one-half years, two years, two and
oons9;ah1,slf years and three years from January
/, 1855, on all Flippin compromise bonds,
the holders of which accept the .provis-
ions of the act aforesaid, but retain their
bonds. Tho other of said stamps shall have
engraved thereon the words, "one-third Of
this, coupon capitalized, remainder will DO
paid at maturity and with this stamp said
Auditing Board shall stamo each Of the SIX
coupons Of said Flippin compromise bonds,
maturing respectively three and one,half,"
"four," -four and One.half," five" ave
sna ss,h1!f," and six" years from Janua-
~ 1888. New bonds shall be issued under
the provisions Of the aforesaid act, and this
ordinance, to al holders Of Flippin compro-
m Sc bonds who will surre der their said
bonds. and take new compromise bonds under
said act and tn ordinance.
Sec. 3 Be it further ordained, That there
shall be engraved or autographed form Of
bonds with sixty coupons attached, the last
six of said coupons being for three per cent
inter ST and he six next to the last co p0ns
being for tour per cent interest. aud the re-
MAJ ing f0rty-eight COUPONS being for SIX
per cent interest. Said bonds shall he In the
form and denominations prescribed in the
eighth section Of the act aforesaid, namely:
Taxing District Compromise Bond,
1888,
Bond issued for funding and compromising
the debt Of the city Of Memphis.
Ne."...r. $..........
Know ALL MEN By THESE PRESENTS: That
the Taxing District Of Shelby county, Tennes-
see a corporation created under the laws Of
Tennessee, acknowledges itself indebted and
firmly bound unto, or bearer. in the sum of
10 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 LIST day Of January, A. D., 1918, with
interest from the LIST day Of January. 1888, at
the rate Of three per cent per annuln 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-snnu,,
Januaryand July Of each year, on the presen-
tation and surrender of the attached coupons,
This bond shall be redeemable at any time
after the LIST day Of January, 1889. 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, Tennes-
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,
| 1888, entitled IAN act 10 empower municipal
corporatonsandt taxing districts 10 compromise
and fund their indebtedness, issue bonds for
the amount 80 funded, 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 apd secured 10 him By
said ordinance and act Of the Legislature and
| the laws Of Tennessee. And in consideration
4 Of Inc slrrender on the part Of the creditor Of
a portion Of the debt due - aim ff0Fd said
corporation. il is expressly declared that tbs
faith and credit Of the Taxing District d
Shelby county, tennessee, aEe hereby pledge
| 10 the prompt payment Of this bond and th'
coupons attached and y 10 further Stipulatet
that no plea ofillegality, irregularity or wan
| or failure Of consideration in the debt x
surrendered shall ever BIO made BY the debto
corporation In any legal proceedings on thi
bond or the coupon hereto attached.
President Of the Taxing District Of Shelby
County, Tenn.
y---------, SeeFptaFg;
| Bach Of these comproine bonds shall, befor
| Issuance and delivery, DO executed b tn
President Of the Taxing District aforesaid
oOVu siipasfa saal ,h;b sIs,iiL 9V ~