Savannah morning news. [volume] (Savannah) 1868-1887, 1883-07-10
Orninanrrn.
-7-7---7-7-77-777-7-77-' $1,000
ORDINANCE.

AN ORDINANCE to compromise that portion of
the bonded debt of the city of Savannah,
known as bonds Of the Savannah, Albany
and Gulf Railroad Company guaranteed by
the Mayor and Aldermen of the city of Sa-
vannah and hamlets thereof; to provide for
the issue of new bonus with which to re-
deem the bonds so guaranteed now out
standing: to provide for the establishment
of a sinking fund for the redemption of
such bonds, and for other purposes.
SECTION l. Be it ordained by the Mayor and
ALderHeB Of the city Of Sd0aRRdh, IN COun-
Gil assembled, and it is hereby ordained By
tie authority Of the same That the said the
Mayor and Aldermen of the city of Savan-
nah do hereby offer to the holders OF the bonds
of the Savannah, Albany and Gulf Railroad
Company guaranteed by the Mayor and AL
dermen of the city of Savannah and hamlets
thereof. as authorized by public meeting of
the citizens of said city held May 14th, 1859, the
following compromise settlement of said
bonds and accrued interest That the
said Mayor and Aldermen shall issue
for exchange and exchange new bonds
under the provisions of this ordinance and I'M
der the authority of the act of the General
Assembly OfGeorgia, approved December II,
1873, and entitled "An act to authorize the
compromise their bonded debts; to provide for
the issue and exchange of new bonds for out
standing bonds and coupons; to provide for
the establishment ana management OF sink
ing fund for the redemption of such new
bonds and coupons and for other purposes"
for each one thousand dollars of said bonds so
coupons being those due January, 1877, July
1877, January, 1878, July, 1878, and January,
1879, and all interest due thereon up
to the first day of July, 1888, thirteen hum
dred dollars of said new bonds, which
said new bonds shall become due and
payable thirty years from and after the
first day of July. 1888. and shall bear interest,
coupons, payable quarterly, at the rate Of
five percentum q per cent? per annum; and
each of such new bonds before 1t is issued
by the city shall be registered in the office of
the City Treasurer, and shall have certified
thereon by majority of the Sinking Fund
Commission that all conditions precedent re-
quired by law, and by the contract under
which the bonds are authorized to be eX-
changed, have been complied with; and each
of such bonds may also be registered, at the
option of the holder after being exchanged,
in the Office of the City Treasurer, which
registration shall be certified thereon by said
City Treasurer, after which said bond shall
be transferable only by Endorsement by the
said registered holder to the transferee, unless
the last person in whose name 1T is SO regis
tered shall transfer and assign 1T to bearer,
after which it shall again be transferable by
delivery; and such new coupons and new
bonds, as they mature, shall be receivable, at
their par or face value, for all taxes and
other dues to the city of savannah; and as
such reduced rates of interest are made for
the purpose of being, and are considered by
said corporate authorities as the equivalent
of any and all taxes which the said corporate
authorities might otherwise hereafter levy
upon such new bonds and coupons, such new
bonds and coupons shall never be taxed by
said city.
SEC. ,. Aa,d be it further ordained By the
authority Of the same, That all said coupons
beginning with those due January LIST, 1877,
which have been removed from said guaran-
teed bonds and not produced Herewith at the
time they are presented for exchange, shall be
paid for at their face value by the holder of
such bond before the exchange is made to en-
title the party holding such bond to the terms
of this compromise and the exchange here
under.
SEC. 3. Ind be it FURTHER orddieed bythe au-
h0rity atoresdid, That the said Mayor and
Aldermen do hereby create under the author
ity of said act a sinking fund for the payment
of said new bonds, and do hereby authorize
and empower and make it the duty of the
Sinking Fund Commissioners, IN addition to
the duties prescribed in and by the ordi-
nance of the city of savannah passed Deem
Der II, 1878, whereby said commission was
created, to purchase on the LIST day of Eebru-
airy of each year hereafter, or as soon
after as they shall find it to be practicable,
(untn the complete redemption of the entire
issue), in the manner prescribed by law, bonds
of the issue herein authorized to the face
value of six thousand dollars. making their
sight draft on the City Treasurer for such
sums of money as may be required to pay
therefor which sums shall not be considered
as forming portion of the sinking fund here
tOfOre provided. All bonds so purchased, with
the coupons annexed (after having been care
fully cancelled by the said Sinking Fund Com
mission), shall be delivered to the City Treas
urer to await such final destruction as COun-
Gil may direct.
SEC. 4. Ind it is hereby further ordained by
tie authority Of the same, That until bond
holders representing 100000 in full value of
the outstanding bonds of said city shall have
accepted the offer of compromise hereby
made, and such bonds to that amount shall
have been stamped as hereafter provided, the
acceptance of those representing amy number
less than such 100000, in face value. shall
not be binding beyond the LIST day of July, 1854.
on which day, unless bondhoders to SAID
amount of 100000 shall have agreed to this
setHement, those who have SO agreed shall be
relieved from the same; and, further, that no
new bonds shall be exchanged for old bonds
until bOndhOlders representing said 100000
shall have accepted this compromise.
SEC. 3. and II IS FURTHER Ordained by the
authority Of the same That upon each bond,
and the coupon thereto attached or apper-
tanning, presented by such bOndholders as
accepted this compromise, unless they be re-
deemed by said new bonds, shall be stamped,
printed or written respectively: ''The
holder of this bond and the coupons
hereto attached agrees to and does
accept the compromise offered by the city of
Savannah as set forth in an ordinance passed
4th day of July, 1888, which ordinance is here
by made part of this contract" and on each
coupon thereto attached there should be
stamped or written compromise under Ordi-
nance of city of Savannah. dated 4th day of
July, 1SS3.'
Ordinance passed in Council July 4, 1888.
RUFUS f. LESTER, Mayor.
Attest: FRANK E. REBARER, Clerk of Coun-