The comet. (Johnson City, Tenn.) 1884-1916, 1899-05-11
PUBLIC LAWS.
HOUSE BILL No. s8a.-cHAPTER $50.
Published by Authority.l

hN nv l. uutuOi AAAuS bllo hhJOi "hu
aldermen of the town of johnson
City to issue bonds to fund its iudg-
ment Indebtedness, and to provide
sinking fund for the payment of such
bonds.
Section /, Be it enacted by the Gen
eral Assembly of the State of Tennes-
see, that the may or and aldermen of
the town of Johnson City, Washington
county, Tennessee, are hereby author
lied to issue the negotiable bonds OF
said town in its corporate name, signed
by the mayor and countersigned by the
recorder, with interest coupons attach
ed, to an amount not exceeding ST.
10000, which shall be used for no other
purpose than to pay off the judgment
Indebtedness of said town.
Sec. 2. Be it further enacted, That
the bonds herein authorized may be exc
cuted of any denomination from $100. 90
to $500. 90, and shall mature at any time
from three to ten years, as may be de-
termined by ordinance of the board OF
mayor and aldermen of said town, and
shall bear interest at six per cent, or
at any less rate, which may be deter
mined by the board of mayor and alder
men, and at which they can be negoti-
ated at par value. Said bonds shall be
paid in lawful money of the United
States.
Sec. 3. Be it further enacted, That
the mayor and aldermen of the said
town of Johnson City shall levy and
collect an annual tax, in the aggregate
not less than one-tenth of the amount
of bonds issued hereunder, which shall
be set apart from all other funds, and
used for no other purpose than paying
off the bonded Indebtedness created
tunder this act 4; Provided, said sink
ing fund may be paid out at any time
in liquidation of any bonds issued un'
der this act, whether the same be due
or not, provided said bonds are moi
above par.
Sec. 4. Be 1t further enacted, Thai
the mayor and aldermen Of said towr
shall elect two of their number, or 9th
er good resident citizens of johnson
City, who, with the mayor of said town.
shall constitute funding board, whose
duties it shall be to take charge of thu
sinking fund herein provided for, ant
which board shall do and perform theil
duties according as said mayor and al
dermen may direct; provided, eacl
member of said board shall first taxi
an oath before the recorder to faith
fully discharge their duties as such
and shall jointly give bond, payabl
to the mayor and aldermen of sai(
town, in double the amount which shal
come into their hands.
Sec. 5. Be it further enacted, Tha
the sinkingfund board herein provides
for shall receive such compensation
for their service as shall be fixed b,
ordinance, to be passed for that pur
pose; provided, the same shall not ex
ceed the sum of ten $4,000 each pei
annum.
Sec. 6. Be it further enacted, Tha
the sinking fund board shall max
written reports, under oath, of thei
actions, not less than once every thre
months to the mayor and aldermen {
the said town, which shall be subje(
to ratification or rejection by said may
, or and aldermen
Sec. 7. Be it further enacted, Thf
all laws and parts of laws in confi'
i, with this act be, and the same are herr
. by. repealed.
Sec. 8. Be it further enacted, Th'
!, this act shall take effect from and aft'
: its passage, the public welfare requi
ing it.
Passed April 1S, 1890.
JOSEPH w. BURNS,
Speaker House of Representative
SEID WADDELL,
Speaker of the Senat
Approved April 81, 1899.
BENTON McMILLIN,
Governo
A true copy,
w. s. MORGAN.
Secretary of Stat