Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1883-11-20
COUNTY INDEBTEDNESS.
Ways and Means to Meet Maturing
Bonds.
AZ recommended by the Joint
Committee Of Citizens and
County. Commissioners.

County. Commissioners.
The County Court met this morning in
special session TO consider the report of
the committee 10 whom was referred the
matter Of adjusting the bonded indebted
ness Of the county. The following mem-
bers were present Justices Dickinson.
Jones, Mohet, Quigley, Winters, Pope,
Coleman, Gross, Allen, Fleming, Moore,
Holeman, Egnew, Mason, Bland. Elam
and Cook. Following is the report
To the worshipful County Court of
Shelby county
Your committee, to whom was re-
ferred by resolution passed at this term
OF the court the question OF providing for
the payment or settlement Of the bonded
indebtedness Of this county, falling due
during the years OF 1884, 1885 and 1886,
would respectfully submit 10 the honora-
BILE court that they have examined, as far
as they are able 10 do so, the extent and
condition Of said bonded indebtedness as
contemplated by the resolution of this
court, and we find from the Register of
bonds in the oflice of the Clerk of the
County Court that this county issued on
the LIST OF april, 1854, three hundred bonds
OF SlOOO each, in the aid Of which was
then known as the M. 4 o. r. r.. and
now known rs the L. & N. II. r. The
Register does not show that any Of these
bonds have been paid or retired, but an in-
spection of the minutes Of this honorable
court dlscloses the fact that thirty-one
(Sl) Of this $300,000of bonds have been
called in and cancelled This leaves the
entire bonded debt of this county, so fr
as know by the said Register, aethe sum
Of $4,000. Of this amount, Sill, 600 falls
due on April LIST, 1884, Sl03,00 falls due
on April LIST, 1885, $4,000 falls due on
April lst 1886. The figures do not en-
brace or include the coupons representing
the interest on said bonds, and while the
register aforesaid does not show that any
OF the coupons falling due prior to 1874
have been paid, yet we NAV safely as
sumo that they have been paid, or at least
the county is safe from liability thereon.
as those falling due prior TO that time. and
up TO the Isl of April, 1877 and have not
been placed in suit, are barred bv the
statutes of limitation in such cases, pro-
yided the interest coupons accruinq since
the above dates have been met
and paid with some regularity. as
shown by the Register, and we have only
now TO contend with the remainder ofsaid
interest for these past years and what will
accrue up to April LIST, 1884. Your com.
mlttee are Of the opinion that the sum of
SSOO, 900 will come very near meeting the
bonds and interest due up to said period
Of time; and this will be the figures with
which you have TO deal in arranging for
a settlement ofsaid debt, as hereafter pro-
posed
This can beaccomplished under and BY
authority Of the acts Of the General AS
sembly Of this State passed April 4, 1881,
chapter 80, either by the issuance of bonds
to raise money, or TO refund it with bonds
at a lower rate Of interest; but as we do
not believe the latter would be practical
or meet with such success, we propose
TO your honorable body settlement of
the bonded Indebtedness Of the county ae-
cording 10 the first provision in said act;
that is, TO issue coupon bonds for the
purpose Of raising. money 10 pay off the
bonded indebtedness Of the county.
Your committee therefore accordingly
recommend that this court, at this term,
cause 10 be prepared coupon bonds TO the
amount Of 100000, in denominations of
$500 and $l0e, each bearing interest at 6
| per cent per annum, payable in series
accoring 10 said act Of the Legislature. as
/ follows, to~wit: LIST series, $4,000 on lst
April, 1885, ID series, $4,000 on LIST April.
1894; 3D. series, $4,000 on LIST April, 1899
4th series, 10000 on LIST April, 1901 9th
series, So, 900 on LIST April, 1909; 9Th series,
$4,000 on LIST April, 1914. Said bonds to
be engraved or autographed and to show
on the face thereof Tor what object issued
and by what authority, and when issued,
TO be signed by the Chairman, and
attested by the Clerk Of the County
Court, under the seal Of his office.
That the amount of $4,000 of
said new bonds be placed and sold al
not less than par, and the fund arising
therefrom to be used in taking up The
bonds falling due April II, 1884, and as
much Of the coupon debt as may be pos
sible, The remainder Of said new bends,
to-wit $4,000 to be deposited with the
clerk of this court or some other respon-
slble and duly authorized custodian, to be
thereafter issued by order Of this court 10
the holders Of the bonds falling due in
1885 and 1886, upon surrender by said
holder of the same amount Of old bonds
and coupons. To meet these bonds and
interest your committee recommends that
this court cause 10 be levied annually a
tax, 10 be known as sinking fund tax, ="
which shall be sufficient ut the end of
every five years 10 meet and pay off the
series Of bonds falling due at that time
The coupons on these bonds 10 be paid by
the regular annual interest tax. Your
committee recommend that the extent
Ofthe Issuance ofthese bonds shall be three
hundred thousand dollars and no more
and that they shall be applied solely 10
the extinction and settlement of the
bonded debt of this county, known as the
said Memphis and Ohio railroad bonds
and coupons.
JSo. JOHNSON,
j. ]. BUsBY,
ID. 7. PORTER,
J. X. GoDwIs, Oom'
THos. MoFFATT,J .P.
Copy THOs. HOLMAN, j. p.
@. Z. SMITH,
Chairman County Court.
r. d. JoRDAE,
Attorney for Shelby County.
On motion Of Squire Mohatt the report
was adopted and filed Other matters of
a minor nature followed.