The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-03-30
THE REVISED BILL.
LEGISLATIVE CONSENT GIVEN TO AN
ISSUE OF SCHOOL BONDS.
Changes From the Original Bill As
Agreed Upon By Various Parties
Ii Interest, and AS Passed.

THE APPEAL, a few weeks ago, p~ublshed
the full text Of a legislative bill prepared by
Mr.. r. d. Jordan, authorizing the Board of
Education to issue bonds, the same to be
predicated upon school property and the
city 10 be liable for them only incidentally.
Some OF the city officials demurred to the
bill as drawn, conferences with Mr.. Jordan,
MS president Of the School Board, were held,
and %reyisions agreed upon.
Mr.. Jordan received a telegram yesterday
announcing the passage Of the bill, and THE
APPEAL presents herewith a revised version:
An act 10 authorize Incorporated Boards Of Edu-
cation Of Public schools In Taxiug Districts 10
issue bonds for certain purposes.
Section 1. he Il enacted by the General
Assembly OF the State Of Tennessee, that in
corporated Boards Of Education Of Public
Schools In Taxing Districts OF $1,000 in
habitants and over by the Federal census Of
1850, or any future census, be, and the same
are, hereby vested with authority 20 issue
coupon bonds Of the said corporation 10 an
amount not TO exceed 500, 10000 for The pur-
pose OF purchasing school buildings and
grounds.
Section >. BE Il further enacted, That the
bonds authorized by this act may be issued
in such denomination and made payable
when and where II may seem 70 the said
Boards OF Education best fitted 20 accom-
nlish the object In view. Provided. how
ever. that the said bone shall be issued I'm
series OF equal amounts with i've years in
teryening Between the maturity OF each
%scnries, except the bonds In the first series
which slmll mature In seven years, 50 as TO
absorb during the period Of each Of said
series the sinking fund hereinafter provided;
that the said Boards Of Education shall not
sell or dispose of either " any OF the bonds
ISSUED under this act at less than par. or Tor
any other consideration but lawful currency
- Of the United states. that the said bonds
shall not bear a greater rate Of Interest than
q per cent. per anuum. And provided
further, that the said Boards Of Education
issuing bonds under this act shall only issue
them IN such amounts ~ that the proceeds
can be Immediately applied TO the purposes
herein designated. 81,
Section q BE- Il further enacted, That said
Boards Of Education are hereby authorized
and empowered 60 mortgage, by deed OF
trust the real estate and buildings thereon
owned by them % secure the prompt and
faithful payment OF the said bonds and
coupons Issued by them under this act a.
they respectively become due.
Section 4. BE Il further enacted, That tho
Boards Of Education shall pay, aud arr
hereby authorized 90 pay, the Interest
maturing ON the said bonds during the year
1889 and 1850 out of any u collected 10y
IL levied for school building purposes
Section 8. BE Il further enacted. That th'
DllIuN Ol lWAAiN NNtA q AN -
other rightiul corporate authorities OF sale
Taxing Districts shall. at the time OF prcpar
ing tie budget Of taxation 10 dciriy th'
expenses Of the said Taxing Districts for Tia
years 1901 aud 1892, and every two year
thereafter until said bonds aud coupons ar
raid. include In the said budget In addition
10 the school tax for general purposes,
yearly tax sufficient 10 lay the intcre'
coupons attached 20 the said bonds a. the.
may mature, aud also n yearly tax %suficicn
10 create a sinking fund to pay. the sal
bonds ~ they may mature IN their rcspc'
tive series, provided the said Boards {
Police and Fire Commissioned. shall not b
compelled during the existence Of the
bonds. to recommend q tax Of more tha
(25cl twenty-five cents on the slvl for scho'
purp0acs, including the said interest an
sinking fund, the building fnud, ahd az
all other expenses OF the public school
(he said tax 10 levied shall be collected y
/,he County Trustee ~ other taxes lcNlcd Il
said Taxing District
section d Bc Il further enacted, III
the aid sinking fund collected under "a
act shall be held aud invested by ihe ~
aud Police Commissioner, or their corpo
ate successors. either In purchasing anu :
firing thcsc bonds. or Investing The same
other public securities, rs in their ludgmci
may seem best Tor the safe preservation
this fund until the said bonds mature. Wh'
they shall use the aid sinking luna anu 7
urIMmuINfNNlH W. IAN MiNN ~ wv. 49,
Ionds ANY balance which may be 10 ths
hands over that necessary 10 retire ihc ~
turing series. may be applied 90 retiring !
next succeeding series. or invested q 9th
securities Tor the protection 81 SAID BON.
And the stid Buarls Of Fire ana ron
commissioner shall make scmi-nnnunl
ports 10 the said boards ~ Education 81 :
exact condition 81 the Haid sinking fund o.
interest The said Commissioner shall
allowed no compensation for services un1
this net.
section Z. nc Il further enacted, That :
said boards Of Education shall cause TO
prepared a register for the said bonds a
coupons. showing their date, amount, n
disposition Of thc same. and make a iull
nual report thereof 10 the public a, nc tn
Of making H. general report. Tor when &c
ices me- compensation shall be- allowed.
section \. he Il further enacted, Ihat !
act take effect from aud after ~ passage
public welfare requiring IL.