Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1885-06-13

Whereas, The General Asse: bly, of the
State of Tennessee, AT its regular session in
l8S4-S5, passed an act to authorize any mu-
nicipal COZ poration In the State, tn issue its
coupon bonds or floating Indebtedness, ex-
listing January LIST 1885, such bonds TO be of
such denominations, and bare such rate of
interest, nos to exceed six per cent; and be
due at such times. not less than i've, nor
more than thirty years from date and, with
the interest, be payable at snch times and
places as the corporate authorities might
determine.
Whereas, portion OF the bonded indebt-
edness of the city OF Clar&sviile, TO the
amount of thirty one Thousand dollars, falls
due in July 1885, therefore
Section |. Be 1t ordained 10y the Board of
Mayor and Aldermen of The City of Clarks-
vile, That the coupon bonds of the City of
Clarksvflle shall be issued to the amount of
thirty one thousand dollars. Each bond
shall be signed by the Mayor and counter
signed by the City Recorder, and each cou-
pom shall be signed by the Mayor. The
said bonds shall bear date July /, 1885 ana
Twenty five bonds of 500 each; twenty
one bonds of 500 each; eighteen bonds OF
81 600 each. Each bond to bear interest at
ed coupons to secure the accrueing interest,
payable serni-annually, on the first day OF
January and July OF each year, and the
all taxes and dues to the city of GAINESVILLE,
except the Sinking Fund and School taxes.
Said bonds and coupons to be payable In the
city of GAINESVILLE, Tennessee; said bonds to
be known as the Funding Series of 1885, and
to be numbered from one ~ to sixty -four
l64l and to be due thirty years from date,
the right to redeem said bonds after five
years from date, to the extent of adve thous-
and dollars said bonds subject to redemp-
ton to be counted from numberOne, to such
a number as shall constitute five thousand
dollars inclusive. and this condition shall
be expressed in the face of the bonds sub
Sec 2 Be it further ordained That the
bonds issued under this ordinance, are to
be issued alone for the purpose of funding
the said outstanding bonded Indebtedness
of the City of GAINESVILLE, they may be ex-
changed for other bonds of the City fall
sold, but at not less THAN par, and the pro-
ceeds be used only in relieving the said
bonded Indebtedness.
Sec. j. Be 1t further ordained, That In or
der to carry out the provisions of this ordi-
nance, and especially to secure the best ex-
change or sale OF bonds, the Finance Com.
mittee shall take charge of the matter and
then report their action to the Board.
Sec. 4. Be it further ordained, That before
any of the aforesaid bonds are issued, the
Board of Mayor and Aldermen shall elect
three persons, citizens, to be known as Sink
ing Fund Commissioners, whose term of |
office shall be three years, to be elected,
however, at first, one for one year, one for
two years, one for three years, and one each
year hereafter. Said Commissioners shall
take an oath before the Recorder to perform
their duties faithfully, shall give bond when
required to do so In such sum as the Board
of Mayor and Aldermen shall require. To |
these Commissioners shall be paid by the
Collector the Sinking Fund taxes, TO be lev
led before the issuance of any bonds here's
under. and which tax shall be sufficient |
with its accretions, as near as may be esti-
mated, to relieve the principal Indebtedness |
by maturity.
Sec. 5. BE it further ordained, That said |
Commissioners shall keep an accurate ac- |
count with the city, make annual reports, |
as matter of course, an d shall report TO the |
board whenever required. And they shall |
from time to time invest the sinking fund
taxes paid to them in the bonds of the city,
which bonds when purchased shall be cam
celled in the presence of the Board in open |
session.
Sec. 6. Be 1t further ordained, That all or |
dinances or parts OF ordinances in conflict /
with this be repealed.
Passed Second and Final reading June IL, |
1885. A. HOWELL, Mayor,
By G. III. BAILEY, Recorder.