Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1885-07-04
FUND.- NG ORDINANCE.

Whereas, The General Assembly of the
State of Tennessee, at its regular session in
lSSi-s5, passed an act TO authorize any mu-
nlcipal corporation In the State, 10 issue its
coupon bonds for the purpose of funding its
bonded or floating Indebtedness, existing
January LIST 1881, such bonds to lie OF such
communications, and bear such rate Of In tes-
e>i, not TO exec "A six per mt: ami he due
at such times, not less than five, more
than thirty years from date AMI. with the
interest, be- PAYABLE at such times and pia-
eeS as the corporate aui horitits nlis,lit deter
mine.
Whereas, The bonded in.ieIl .tln..ss of the
city OF lIarksvill.. NATURES during he years
1888. 1885, 1887, 1888 s,ll0ws: tiiiTty-one
thousand dollars fully . 1885: thirty -one
thousand dollars July |, lssG tweIty-four
Thousand five hun irs-d and niDety-one
and 23-l00 dollars, Oct oiJtr Z 1887, and thirty
two thousand five hunnred dollars, July l.,
1883. total of of one hundred and nineteen
thousand and ninety one ani 23-l0O dollars,
Re it ordained, by the Board of Mayor and
A lderm+n of the city of Ciarksvilie,
Section |, That the coupon boH.ls 1T the
city of GAINESVILLE shall he i~su II t. The
amount of its bonded Indebtedness ;,fore-
said, less such amount represented by the
ponds which may be cancelled in the Inessn-
time. each bond 10 be signed by the Mayor
and counter signed by the City Recorder,
and each coupon to be signed by the Mayor.
or the bonds issued hereunder they shalt
bear date July 1, 1885, to the amount Of
S3l ,000 July l, 1885, $S1 900; October l., 1887,
9l.2S, and Juiy l, 1883, So, 800, subject,
however, to the proviso referring to bonds
which may b.. cancelled in the meantime.
The bonds shall be of such denominations
as the Board may determine, but none
TO be OF less denomination than 500 20
Each bond to bear interest at the rate of six
per cent. per annumand TO have attached
coupons to secure the accrneing interest,
payable semiannualfy, ON the LIST day of Jan.
and July of each year. except in case of the
bonds which bear date October l, 1887. when
coupons shall be payable on the first day of
Anpil and Oafoflssr i'm nj. ha
coupons at maturity shall be receivable for
all taxes and dues TO the city of 1arksville,
except the Sinking Fund and School taxes.
said bonds and coupons to be- payable In the
city OF Clarksville. Tennessee said bonds to
be known as the Funding Series of 1885, 1885,
1897 and 1888. and to be properly numbered
numbers, dates and denominations of said
bonds. All the bonds issued hereunder shall
mature sau thirty n CS9 years after date.
bonds issued under this ordinance, are 10 be
issued alone for the purpose of funding the
sald Sutstanding bonded Indebtedness of
the City OF Clarksville, they may be ex-
changed for other bonds of the City dollar
for dollar, or may be sold, but at not less
than par, and the proceeds he used only In
retiring the said bonded Indebtedness
Sec. ). Be it further ordained, That i'm Or
der to carry out the provisions of this orii-
nance, and especially to secure the best tx-
change or sale of bonds, the Finance COM
Hittee shall take charge of the matter and
then report their action TO the Board.
CtC De IL IuTEDST Ofu<tlneU, IHal DetOfe
any of the aforesaid bonds are issued, the
Board of Mayor and Aldermen shall elect
three persons, citizens, to be known as
Sinking 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 ms the Hoare
of Mayor and Aldermen shall require. To
these Commissioners shall be paid by the
Collector the Sin king Fund taxes, which
tax shall be levied before the issuance OF
any bonds hereunder. and which shall be
sufncient with Its accreti0ns. as near M may
be estimated, TO " tire the principal snde5f-
edness by maturity. $50 - - - =.
Sec. 5. Be Ii further ordained, That said
Commissioners shall keep an accurate ac-
count with tie city, make annual reports.
M matter OF course, and shall report 10 the
board whenever required. And they shall
from time 80 time invest the sinking fund
taxes paid 90 them in the bonds Of tine city.
which bonds whela purchased shall be can
celied in the presenee Of the Board Ia open
session. al " 49,
See & Be IL further ordained, That the
ordinance passed lime III, 1856 and Ail dr.
sinanees 81 narls ord iiahaes il confiiet
With this be r1pealed.
Passed SECOND and final reading Jply 2,
Is85, A.HQWELI. NfaeSr.
c. II. BAILEY, Recorder.