The comet. (Johnson City, Tenn.) 1884-1916, 1890-03-20
HOUSE BILL NO. %.

AN ACT to enable the town of Johnson City to
borrow money and issue interest bearing
bonds for the same for the purpose of erect.
ing suitable buildings for public or city
schools in the town OF Johnson City, Tennes-
see
Sec. l. Be it enacted by the General Assem-
bly, of the State eff Tennessee, That the Mayor
and Aldermen OF the town OF Johnson City,
Tennessee, be, and they are hereby authorized
and empowered in their corporate capacity to
issue interest bearing bonds OF said town signed
by the Mayor and countersigned by the Re-
corder of said town to any amount net exceed
ing twenty-five thousand dollars The proceeus
of which shall be used exclusively In the pur-
chase of sufficient material and the construc-
ton of suitable buildings in the limits of said
town of Johnson City in such way and manner
as the Mayor and Aldermen Of said town OF
Johnson City may be by ordinance prescribed
not in violation OF the laws of Tennessee, Pro-
yided that said bonds shall not issue until an
election is held in said town to determine
whether the legal voters of said town favor the
Issuance of said bonds.
Sec. 2. Be 1t further enacted That the Mayor
and Aldermen OF said town shall by ordinance
appoint some suitable time at which to hold
person to open and hold said election under
such restrictions as the said Mayor and Alder
men by ordinance establish.
Sec. 3 Be it further enacted, That all persons
living within the limits of said town who are
legal voters according TO the laws OF Tennessee
and who have been living within the limits OF
the corporation of Johnson City for thirty days
preceding the election and being bona-fde citi-
zens OF said town and persons owning real es-
tate within the limits OF said town of johnson
City, Tenn who do not reside within the same
be entitled to vote at said election.
Sec, 4 Be II further enacted, That in no case
shall any such bonds not other evidence of
debt be issued by the Mayor and Aldermen of
sale town of Johnson City until authorized by .
three-fourths vote OF the qualified voters voting
OF such city or town expressed by an election
to be held Tor that purpose.
Sec. 5. Be 1t further enacted That the bonds
herein provided for may be executed In de-
nominations of One Hundred Dollars to One
Thousand Dollars at the discretion OF said May
or and Aldermen and shall mature at such times
from five to thirty years as may be fixed by Or
dinance. and shall bear interest at such rate as
said Mayor and Aldermen may adopt, Provided
| 1t shall not exceed six per cent per annum and
said bonds to issue with coupons attached.
Sec, 8. Be 1t further enacted. That the said
Mayor and Aldermen shall by ordinance pro-
vide for the assessment levy and collection of
such taxes as may be necessary to pay eff said
bonds AMI the interest accruing thereon and
may provide sinking fund for that purpose.
| Sec. 7. Be 1t further enacted, That this act
take effect from and after its passage, the public
welfare requiring II Passed March 4th, 1890.
W. l.. CLAPP, Speaker OF the House of Repre-
sentatives
BENZ j. LEA Speaker Of the Senate.
Approved March 7th, 1890.
ROB'TL TAYLOR, Governor
A correct copy,
CA, MILLER, Secretary of State.