The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-02-17
A Project TO Improve and Advance
the Public Schools.
Tho Bonds to Mature In sodes
Through Twonty-seven Years.
Object of tho Designers in Asking
for tho Right TO Issue.
Anticipating tho Annual Levy, It WIN
Enable the School Board to Do
Needed and Excellent Work
How Il Win Reduce the Lovy.


lishcd an article announcing the existence
Of bin Tor the present Legislature to an.
thorllo the bonding Of the public school
property OF this city FOR 10000.
Following Is the full text Of the bill re-
referred 10.
An Act 70 Authorize the BOARD IT Education of
! the Public schools ot the Taxing Ditrct VI
! shelby county 10 Issue Bonds Tor Certain Pur
poses
Whereas The Board Of Education Of tho
! public schools Of the Taxing District Of
Shelby County is indebted 10 various per.
sons Tor work done, materials furnished, aud
money advanced iu aid ot the erection II
the public school ON Linden street, aud tho
repairing and furnishing Of other school
buildings In the said Taxing District. ia the
sum of s21.OJo, and will require further aid
To hush the said Linden street building aud
erect other school building, m the sal Tax.
| INK District, eft which tie public stand ia
great need therefore,
Section /. BE- Il enacted by the General
Assembly of the state ui Tennessee, that
| the Board of Education ot the Public
schools ul the Taxing District " shelby
County be- and the same is, hereby vested
| with authority tu issue coupon bonds of the
| sIil corporation tn 600 amount not 90 exceed
! flOiuuuun lur the purpose ui paving tho
! debit and accomplishing The purposes sct
| forth iu the preamble of this Act
section % De- 10 further enacted, that tho
/ bonds authorized hy ihis act may Doe issued
| boz such denominations and made payable
| Nhuu uut where 10 may seem Co Goo slid
! Nuatb ui Education best lifted tD accomplish
'h" uOl,rt tu view. provided. however,
| that the sIid huuhs suNu ho tasuod fu ..rira
of equal amounts Wit. tive years int,rN cntng
between thr maturity cot each series, except
thu bonds Boa the ur,t series, which shall
MIXTURE iu seven yeats. geo Hs tu absorb during
liU period ui each of tIIl series the sinking
fund hereinafter provided. that the said
| Board ut Education shall not sell cot dispose
ut amy touis issued under this 1gt ut les
! ihuu UuU chat ihy .HIi bonds shall uut bear
! rIrltpr ufr ui Interest than p.t cent. per
| 1unHm. Aud provided further that the
! sIiI luIrl oft Education issuing bonds under
| thla Urt shall Ul.n Ieuv them in such
amounts IH thIt Enc .mH, ur their prucccds
.au ID. iwmc lately applied to thc purposes
hyrUIu designated
Section o. l,r II further enacted. That aid
NuuTd ul Education b. hereby authorised and
rmp,W,r.l tu murlsJH. mr real r.i.tc aud
building. thereon owned hy tt, tu sururC the
/ prompt luI faithful payment ui iIs said
bonds aud coupons issued by 10 under this
uDt na thgy respectively become due.
| ~UtIuu q o. % further enacted. That tina
Board uf Education shall pay, and +, hereby
authorized 90 pay. ihr Interest maturing on
ihr said bond. duuus IIc Ncan, 1880 and
! tFl uui ui HuN funds collected hy 30 levied
fuT .h0nl building purposes.
Section 70. br 30 further enacted. That the
llurI ui Polio. and lifu Commits .iuncr-, 90
other iFhiul corporate authorities of the
HfI Taxing District .blll coo the time II
preparing tuu budget ui taxation 10 dcfmy
lhy expense. ui hoe H.i Taxing District cor
the YEAR lsIi and i,If aud every two years
thereafter until ait bond. lUi COUPONS are
paid. include Boz tbr Hlil budget, iu addition
10 thr school tax Tor general purposes. a
| YEARLY uN sufficient tu pIy the Interest
coupons attached tu ihr said bonds ~ they
may mature, and llso a. YEARLY tax suillcicnt
Go ,rratc sink.nE fund 90 ray the aid
/ bonds ia thrt MAY mIfUlU loo their rcspoc-
tive SERIES which tlN shall hr Boo liuu Of tho
tIN now levied Tor school buildings The
elil ilN su levied shall hu collected By tle
| county Trustee us other taxes levied fur aid
| Taxing District
syytuu ID Co., 30 further enacted, That the
Trustee OF shelby County shalt hold and Iay
out thr sinking fund uud interest herein
provided Tor The .l.d Trustee shall make
the Board ul Education -rmi.luuuM reports
ns Ca ihc amount, nature aud exact c0udi-
| ton ui the sinking fund and Interest iu his
| hands. and hu shall Invest iIc aid sinking
fund na iist us 10 urrumulTfrs be- the serics
ui bonds Tor the payment ul which ihr fund
| iH being accumulated. Fu Ir Is possible.
The said Trustee Of thr slid county before
entering upon The duties 81 his Office under
t'is lot shall give in addition 10 the other
| bonds required ui him hy law, u special bond
boz amount sufficient aud properly cuudi-
toned tu fully preserve nui protect the
| Sinking iuUi uul interest that may come
into bi. hands. Tho said Trustee shall 1e
paid reasonable compensation iur thc cara
and custody ui thr flid sinking fund aud in
tpuHt slid compensation to hc hkrl by tho
/ b . 20 III II. d. .... 4 d.. HH..
SrUpu g. o. % further enacted, That tho
| said Board ul Education shall cause t0 DO
prepared 10 register iur thr said bonds and
| COUPONS showing their date, amount and
disposition ut Che sIWn. and make iull
annual IMPORT thereof lu the public at tho
tim, ui ui1h0us is general report as pro-
yiiri by law
section R %, 70 further enacted. That any
fraudulent ur wrongful oct boz the igulurc
uf rulr of bonds ua provided Tor under THIS
! act or ANY mI.tUpuUrHtiun ~ thc proverbs
arising from the sale Ui saiF bonds or my
! ! fraudulent or wilully wong act ih tle
management Of The sinking iuhd h,iclh
provided fpr, b. hereby declared a iclonyi
AMI thr person or p'r"ns fu.Iy lu,t.'t
shall. " convicted De- punished 10y cohhne-
mrut boo on e p0uIirutly not less Than Two
nor more than ten years
Section r. d. IL further enacted That this
act take effect from and after IT'S passage the
! public welfare ftVuflnN IT,
Unexplained by those who have devised
the plan. that the bill does not rUupTchend
. amy additional tax over thc existing allow
! aucr Of 40 per cent ON thc slvh rgccnuy
D | H,rd upon hy those who fixed tie Taxing
, District budget The object l. 10 anticipate
% sufficient amount Of the building luna
nlrridy allowed, instead ~ having 70 wait
foritas ID becomes due from year 20 year.
I Getting it all at once viii enable the Board
d of Education 10 erect plain. comloriable
. srhoolhuusys 10 supply immediate wants, 70
.Ls pIa,rs of rented houses unit for school
, hou,i,. and 10 apply thc rent 10 the Interest
. and principal as the bonds mature.
. Another point they urge i that ihc bonI,t
which never bear cxcccdng6 per cent, VIII
require but 5000 per annum 70 kecPup ths
. interest As they extend through q setiesoi
. year. maturing IN blocks Of 5000 the
! sinking fund provided Tor 10 redeem them
I | viii require but $500 per annum. OF a
b. total Of $1,000 per Hnnum, lie present.
= lew on k2iuUOOOl ~. school buildings
u riys, he bUani $1,000. 20 u appears that
/, he levy could be- reduced 10 les than one
n bf local bankers have promised 20 al-
vance " llOat tAsn.