Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-02-17


Sec II. Be Il further enacted, That an annual ia
erest tax shall be levied by the General assembly
of the State of Tennessee at each regular biennial
session all the taxable property, lneuoing |
merchants capital, of the municipality or taxing
district avaling Itself OF the PROVISIONS OF TINS act
or It's successor by whatever name styled, sufi |
cient in amount after proper allowances tor er- |
rors insovencies and deficiencies, 70 meet the IN
terest as 1t natures the bonds provided for by
this act An annual siuking-fund tax OF ten cents
the 500 of property shall also be levied by the
General Assembly and collected Annually be- |
ginning with the year 1889. to be applied TO the
redemption or purchase OF said bonds And
for so much, if any, of such bonded indebt- |
edness as has not been bought in retired at or
before maturity, the General Assembly shall levy |
a tax sufficient and adequate to pay the same
when due And the said taxes hereby required to
be levied shall be levied and collected at the same
time and in the same manner that al other taxes
may be levied or collected for said mimi
cipality taxingdistrict, or its successor, and
shall be entitled to all the liens, remedies and
penalties that are may be provided for the col
lection of the revenue Of such local government
and of the State of Tennessee.
Sec. T. Be il further enacted, That If the General
Assembly shall fail omit at any time to levy
such tax as provided to pay sucn prn-
then it shall be the duty of every municipal cor
poration or taxing. district which compromises its
debts under the provisions of this act TO levy such
tax as the General Assembly should have levied
and shall have so failed to levy; and against
such corroration taxing district its successor,
the holders of the bonds and coupons provided for
by this act may have Judicial process enforce the
performance of this duty. And to make certain
interest of said debt in the event OF the omission
Of the General Assembly, from Time time,
out ie TIE tne tement a aefs cf tns
act as hereinbefore set out, power is hereby ex-
pressly conferred upon such municipality or taxing
But this power is given for the sole purpose of
supplying such omission, and is TO be exercised
the power is only to be exercised in the event Of
the default of the General Assembly and only for
General Assembly shall have made such DEFAULT
and only in behalf of those who accept the terms
and provisions Of this act and those claiming un,
der them. No other taxing power whatever and
no taxing power for any other purpose whatever
than as hereinbefore set out shall be exercised by
the municipal corporation, taxingdistrict, or its
successor, aforesaid under this act; and man
daInus other judicial process, shall be issued by
any court to require such corporation, taxing-dis
another amount. or under any other circumstances
than as hereinfore provided.
or redemption of the bonds of any municipality
or taxing district out of any funds created or APP
propriated by this act for that purpose, shall be
made at the lowest bids obtainable after adver-
tsement by the mayor, president, or chief execu-
two daily newspapers; ali of such bids to be
opened in the presence OF the Legislative Coun-
also, at any time, after six years from the date of
the bonds and out of the funds collected for that
for 6y this act such bonds to be designated by and
In the order OF their respective numbers; and the
If the money is on hand for their payment such
bonds shall be paid or redeemed by the depositary
hereinafter created OF such local government
der the direction and order of the mayor, presi-
dent, or chief executive officer thereof.
Sec. IA. Be Il further enacted, That any munich
pallty or taxing district compromising its debt
under this act shall, through It's Legislative Coun
ell or local government, annually designate q
positary where ali the funds collected or appro-
priated for the payment of the principal or inter
kept. Such depositary shall execute a bond. with
approved securities, in such sum as the local gov
eminent may require conditioned to account for
all rpoeivad Inv nd for he faithful
cution of its trust and this bond may be increased
when necessary, and the corporate funds may at
iu the opinion of the Legislative Council, the
safety thereof is in jeopardy. All collecting
lection or receipt thereof pay into SAID depositary
all funds required by law TO be deposited or paid
ing fund tax, or from any other source; and shall
report such payments 10 the local governments at
least once week. The depostaTy shall report
monthly the amount of corporate funds on hand
to the local government, and shall make settle
ments every six months, showing the amount of
money received, from what source, the amount
paid out, and the bonds and coupons paid. And
before it is credited with the bonds and coupons
SO paid, they shall be Cancelled with punch by
the mayor president, or chief executive officer Of
the local government in the presence Of Mt least one
shall apply all the corporate funds received by II,
under the direction and supervision of the mayor,
president, or chief executive officer, TO the pay
ment of the coupons and bonds provided for. but
to no other debt and for other purpose. 1t shall
and the bonds which may be purchased or re-
deemed as hereinbefore set out, under the direc-
officer of the local government. Any surplus Of
funds, not required to pay. the interest arising
from any source during the first six years from the
date OF the bonds shall be applied to the purchase
OF the interest or bonds provided for by this act.
for the services rendered under this act.
Sec. Is. Be IL further enacted That every part of
this act shall Be taken and considered as a som
tract by and between the State and municipal cor
peration issuing bonds under 1t on the one part,
and the parties accepting and holding said bonds
he ND rf rfal
rights aud remedies OF the holders and owners of
such bonds shall be subject to modification.
change or repeal. SO long as the same any part
thereof shall remain unpaid.
Sec. 16. Be further enacted That the acceptance
and contamination by any creditor of the com
promise provided by this act shall of itself operate
10 assign and transfer to sid municipal CORPORA
ton or taxingdistrict all his rights to and claims
against the uneollected taxes other assets what
ever OF said municipal corporation with the right
in said municipal corporation or taxing-district
to enforce the same, either in its own name or in
realized therefrom to be paid into the designated
lrict; aud they are hereby devoted and apprepri-
ated exclusively to the payment OF the bonds and
coupons that come under the provisions of this
act.
Sec. II. Be ii further enacted That the holders
| Of any part OF the debt OF any municipality or
taxing-district to which this act may apply, who
| do not fund their Indebtedness. or comply with
the provisions OF this act, before the LIST day
OF February, 1854, shall not be entitled TO any of
| its benefits. The power to adjust and compromise
the said debt must be exercised on before said
OI 1904, anu on tQAI DAY the autlOr-
ity hereby granted shall cease, and such munich
pality or taxing district shall have power
thereafter 70 issue bonds herein provided for.
practicable after the passage of this act there shall
| be prepared under The direction of the mayor,
president or chief executive of the Municipality
taxing district and the Auditing Board, q suffi-
| Gent number of welI-engraved or Autographed
bonds and coupons of the denominations and
substantially in the form above described to take
/ up and fund the debts of municipal corporations
| COUPONS shall be numbered with the nnmbar ~
1 the bouds to which they are attached and
| shall show on their face when they fall due and
| ing, or hthoersphing, and preparing said bonds
| and coupons, and all the cost of the books re-
the Auditing Board, and their secrs tary, and all
the other expenses necessarily incident to the
be paid by the municipality or taxing on
the warrant oil the mayor or president thereof out
of any funds in the designated depositary realized
from any source under the provisions of this act,
which not required for the Jment OF interest:
and the said depositary shall be credited with such
Sec. 49, Be further enacted, That for any viola
| tions of the trusts imposed on the officers and
agents employed under this act the same conse-
quences shall follow, criminaiIy and civiiIy that
result from any breach OF trust willu violation
of duty imposed by law upon any of the officers
| OF any municipal corporation or taxing-district
with inthis State for breach of trust or wful VIC
iation OF duty, aad on conviction, to be punished
sec. 20; Be Il further enacted That such portions,
and particularly section IL of an act passed jan
districts in the State, to provide the meaus OF
local government for the same" and that all
other laws parts of laws in conflict with the pro-
| visions OF this act be, and the same hereby re-
pealed.
Sec. q. Be further enacted. That this act shall
take effect from and after its passage, the public
| welfare requiring it,
ANACr
TO levy tax on all the taxable property in the
taxing districts and municipalities in the State
i which have compromised and funded, OF may
compromise and fund, their Indebtedness nd r
| an act passed the - day OF -, and approved
the day of =, entitled "An Act to empower
1 municipal corporations and taxin gdistrfcts to
bonds for the amount so funded, and to provide
means for the payment of the same as COM
promised" for the payment of the interest on
the debt so compromised and funded.
SECTION /. Be ID enacted By the General Assembly
Of the State Of Tennessee, That for the purpose OF
paying the interest on the debts of the municipal
tiles and taxing districts in this State compro-
| the = day Of -, 1888. entitled AN act TO en-
power municipal corporations and taxing districts
to compromise and fund their indebtedness, issue
| bonds for the amount so funded, and TO provide
| means for the payment OF the same compro-
mised, an annual tax of ninety cents on the hun
United States is hereby levied for the years 1883
and 1854 on all the taxable property now taxed by
law in the original wards OF the municipalities
taxing districts embraced by the provisions OF this
act. and OF eighteen cents oil the hundred dollars
Of all such taxable property in the other wards OF
such local government as they existed when added
10 the original wards
Sec. 2 Be Il further enacted, That the tax hereby
levied shall become due and be collected at the
| same time, In the same manner, and by the same