The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1883-03-14

bonds above enumerated shall be
funded under this section as part of
the State debt proper, if it shall be
found on examination that they
were bonds loaned to turnpike or
railroad companies, and in no event
shall the principal of the amount
funded under. this section exceed
S2,118, 900.
And provided further, if it shall
appear that there is an excess in
any class and a deficiency in some
other class, in the amounts as above
enumerated, then such excess shall
be funded under this section to the
extent of such deficiency.
Sec. 2. Be it further enacted,
that the remainder of the public
debt evidenced by bonds outstand-
ing as follows:
Anfe-w4r Railroad bonds 49,. 49,. So, $50, 900
POSTWAR Railroad bonds 2, 635, OO0
Funded under the act OF 1865 246, 600
Funded under the act Of 1868 ..........- 500, OO0
Funded under the act of 1873 s67, 600
Together with the accrued interest
thereon evidenced by the matured
coupons thereto attached, including
the coupons maturing July /, 1883,
less the State debt proper bonds
funded under the acts of 1866, 1868
and 1873, and funded under section
of this act as part of the State
debt proper, be funded with coupon
bonds upon the following basis:
To the sum of the face of each ex-
listing bond will be added the matur-
ed interest thereon, including the
coupons maturing the first day of
July, 1888, evidenced by the cou-
pons thereto attached, and one-half
of the total sum of each bond and
matured interest to be funde with
coupon bonds, and said bonds to
bear interest at the rate of three
per cent. per annum.
4 Sec. 3. Be it further enacted, that
such part of the before recited pub
lie debt of the State as may have
been funded under the act of 1882,
shall be funded under this act upon
the following basis: To the sum of
the face of each of said bonds shall
be added the coupons, now matured,
thereto attached, including the cou
pons maturing the first day of July,
1888, and five-sixths of such total
amount of said bond to be funded
into coupon bonds, and said bonds
to bear interest at the rate of three
per cent. per annum, except such
State debt proper bonds as set out
and designated in section one of this
act, and funded under the act of
1882, which shall be funded by add
ing 10 the face of each of said bonds
the matured coupons thereto at
tached, including the coupons ma
turing the 1st day of July, 1888, to
which shall be added 263 per cent.
on bonds which bore 6 per cent.
when originally issued and funded
into new coupon bonds bearing in
terest at the rate of 6 per cent. per
-annum, and to such part of said
State debt proper bonds as bore in
terest at the rate of st per cent.
when originally issued shall be add
ed 313 per cent, and they shall be
funded into new coupon bonds bear
ing interest at the rcte of 81 per
cent. per annum, and to such part
of said State debt proper bonds as
bore interest at the rate of 5 per
cent. when originally issued shall be
added 333 per cent, and theyEshall
be funded into new coupon bonds
bearing interest at the rate of ) per
cent per annum.
Provided, however, that bonds is
sued under the act of 1882 for ma
tured coupons shall be funded as
prescribed in the first proviso to the
first section of this act
Sec. f. Be it further enacted, that
it shall no be lawful, unders this act
to allow any interest upon past due,
attached to any class of
bonds authorized to be funded under
this act
. Sec. 5. Be it further enacted, that
all the existing bonds of the State
held by educational, literary and
charitable institutions of the State,
on the first day of January, 1882,
and the twenty nine bonds held by
the widow of James X. Polk, are ex-
cepted out of the provisions of this
act
Sec 6. Be it further enacted, that
all OF said bonds shall bear date the
first day of July, 1888, be payable
thirty years after the date thereof
be redeemable at the pleasure of the
State after the expiration of five
years the interest payable at the
)ffice of the Treasurer of the State,
1t Nashville, semi-annually, on the
irst day of January and July of
zach year; the first coupon to ma
.ure Jan. /, 1884, and said bonds
shall be of the following denomina-
ions: 10 per cent, and more if the
holders desire 500 bonds, and the
81 900 bonds.
Sec. z. Be it further enacted, that
.he bonds provided for in this act
hall be numbered into two series,
md distinguished by the several
ates of interest they are to bear,
nd the coupons shall be numbered
With the bonds to which they are
.ttached
Sec 8. Be it further enacted, that
Fhen any of the existing bonds
foresaid are presented to the Comp
roller, then the Comptroller, Treas
rer and the Governor of the State
hall audit and examine the de-
hands presented, and if genuine,
ball prepare bond of the series to
yhich the demand may belong, and
then signed by the Governor and
undersigned by the Secretary of
tate and registered in the Office of
ne Secretary of state In a we'll
ound book, and the seal of the
tate has been affixed, and the fund
BILE bonds, or coupons also register ,