Savannah morning news. [volume] (Savannah) 1868-1887, 1883-07-11
BE-. & CO
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Or0inanrrs.
ORDINANCE.


An ORDrxANCE 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 10 provide for
the issue Of new bonus with which to re-
deem the bonds 50 guaranteed now out
standing: to provide Tor the establishment
Of a sinking fund for the redemption Of
such bonds. and for ether purposes.
SECTION !. Be Il ordained 0g the Mayor and
aldermen Of the city Of lSGUqHRdh. IN COuH-
eli assembled. and Il Is hereby ordained 6g
tie authority Of the same. That the said the
Mayor and Aldermen of the city Of SaV2n-
nah do hereby offer 10 the holders Of the bonds
OF the Savannah. Albany and Gulf Railroad
Company guaranteed by the Mayor and AL
der1nen Of the city Of Savannah and hamlets
thereof. as authorized by public meeting OF
the citizens Of said city held May 18th. 1883. 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 andu
der the authority Of the act OF the General
Assembly of Georgia. approved December II,
1878. and entitled IAN act TO authorize the
municipal authorities of towns and cities 10
compromise their bonded debts: TO provide for
the issue and exchange of new bonds for out
standing bonds and coupons: 70 provide Tor
the establishment and management Of a sink
ing fund for the redemption Of such new
bonds and coupons and for other purposes,
guaranteed and all coupons on the same the
coupons being those due January. 1877, July
1877. January. 1873, July. 1915, and January,
1879, and all interest due thereon up
to the 1lrst day OF July, 1873, thlrteen nun
bred 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 Is per cent? per annum; and
each of such new bonds before It 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; ana eaeh
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 transfefee, unless
the last person in whose name II Is so regis
tered shall transfer and assign 1t to bearer
after which il 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 Tor
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, sueh new
bonds and coupons shall never be taxed by
said city.
SEC. ,. And be 1t further ordained By the
authority Of the same. That all said coupons
beginning with those due January lst, lo'''
which have been removed from said guaran-
teed bonds and not produced Herewith at the
time they are presented for exchange, shan 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 mere
under.
thOrity aforesaid, That the said Mayor ana
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 Il, 1878, whereby said commission was
created. 10 purchase on the lst day OF tebru-
airy of each year hereafter. or as soon
after as they shall find it to be practicable
until the complete redemption OF the ehtILe
issne). in the manner prescribed by law, bones
of the issue herein authorized to the iace
value of six thousand dollars. making theiI
sight draft on the City Treasurer lor such
sums of money as may be required 70 pay
therefor, which sums shall not De eonslqeIeU
as forming portion of the sinking fund heFS-
tOfOre provided. All bonds so purchased, VIII
the coupons annexed after having been cars
fully cancelled by the said sinking tund Com
missionl shall be delivered to the CITY treas
urer to await such final destruction as Couh-
Gil may direct.
SEC. 4. and IL Is hereby further ordGaned q
tie authority Of the same, That until bohu'
holders representing 100000 in full value o
the outstanding bonds of said city shail nay
accented the offer of compromise hefeDS
made and such bonds to that amount snal
have been stamped as hereafter provided, M
acceptance of those representing any numOel
NOT he binding beyond the Isl day of July, 1871
on ~-hich dav. unless bondholders TO salo
amount of 100000 shall have agreed TO tli
seftlemeut. those who have so agreed SHAH d
relieved from the same; and, further, that nc
new bonds shall be exchanged Tor Old bono
until bondhoders representing SAID S2OVV'
shalt have accepted this compromise.
SIC. ). Ind % Is further oTdQiqted 6g ~
o,,t6 oyifsf 0f the same. That upon each bond
and the coupon thereto attached or apper-
tanning. presented by such bondhOlders a.
accented this compromise, unless they be re-
deemed bv said new bonds, shall be stamped
printed or written respectively: INT
holder of this bond and the coupons
hereto attached agrees TO ana aoes
accept the compromise offered by the city y
Savannah as set forth in an ordinance passeu
4th day of July. 1888, which ordlnahce i heIS,
by made a part of this contract, ana on eau
coupon thereto attached there shoulu "
stamped or written COMPROMISE undef orul-
nance of city Of Savannah, dated 4tn daf u
july, 1881 =, - 1000
RUFUS f. LESTER, Mayor.
A4test. FRANK K. REBARER, Clerk Of Coun'