The comet. (Johnson City, Tenn.) 1884-1916, 1899-04-27
SENATE BILL NO. 265.
Published by authority. !

said town for the purpose Of provid-
ing city hall, By the purchase of
real estate, and the erection or COM
pletion, repair and the equipment of
suitable building in said town; and,
as an incident thereto, to authorize
the execution by said town of a mort
gage or trust deed on said property
to secure the payment of said obliga-
tons.
Section 1. Ee it enacted by the Cen
eral Assembly OF the State of Tennessee,
That the town of Johnson City,
through its board of mayor and alder
men, is hereby authorized to issue the
coupon bonds of said town, of such de-
nominations, payable in lawful money
OF the United States, at such times and
places, and bearing such rate of inter
est, not exceeding six per cent. per an
mum, as said board of mayor and alder
men may determine; none of said bonds
to run longe than twenty years from
their date before maturing, and the
whole issue by virtue of this act not to
exceed ten thousand dollars ($10, 000 0O)
for the purpose of providing for said
town of Johnson City city hall by the
purchase of real estate, and the erection
or comp elton, repair and the equip
melt of building in said town suit
able for that pu' pose; Provided, That
any part of said ten thousand of bonds
may be issued by said town; And pro-
vided fu! ther, That the board of may
Or and aldermen may stipulate for the
redemption, at the option of the town
of johnson City, of said bonds or any
portion of the actual issue, at the date
or dates and on the terms to be pre-
scribed in the face of The bonds.
Sec. 2. Be it further enacted. That
the interest on said bonds shall be pay.
able semi-apnually, and there shall be
attached to each Of said bonds coupons
for each iostallment of interest thereon
maturing at the proper dates, and said
bonds shall be numbered seriatim, and
each coupon shall also bear the mum.
ber of the bond to which it is attached.
Sec. 3. Be it further enacted, That
said bonds shall recite on their face
that they are issued under the author
ity of this act and the same before is.
suance shall be signed by the mayor,
couutefsigned by the recorder, who
shall affix thereto the corporate seal ol
said municipality; but the coupons
shall be signed by the recorder only,
without application of the corporate
SEAL
Sec. 4. Be it further enacted, THAI
before said bonds, or any part or parts
thereof, shall be issued, the board o.
mayor and aldermen shall cause al
electiol to be held in said town OF
Johnson City for the purpose of sub
mitting the question to the voters o.
sal d town, to ascertain whether or mo-
they a g ia favor of issuing said bonds
or a5y specific portion thereof, and a
least thirty days notice shall be giYer
by printed posters of the time, place Oh
places, of said election in which pos
ters it shall be stated what is the pur
pose of said election, the amount of tht
then proposed issue of bonds, the ma
terity OF seid bonds, and the rate of in
terest payable thereon; and if ma
| joi ity of the votes cast at said election
voting rs required by law and this act
shall favor the issuing of said bonds
then the board of mayor and aldermen
shall issue same in accordance with tn,
provisions of this act. Those voters il
favor of issuing said bonds, as pro
| posed, shall have on their tickets o.
ballots the words, "For Bonds" an(
those opposed Against Bonds" 1t il
expressly stipulated that the issuance
of any portion of said 100000 o
bonds shall not exhaust the power anC
aushority conferred by this act, but thu
town of Johnson City may, thereafter
under and in pursuance of this act, is
sue other or further bonds within th,
limit of $10,0C0.00 as aforesaid, pro
vided said additional issue is approved
by the voters of the town as aforesaid
Sec. 8. Be it further enacted, Tha
the town of johnson City is further au
thorized to levy and collect a specia
tax sufficient for the payment of th'
interest coupons on said bonds, thu
issued, as they mature, and to create
sinking fund with which to pay at ma
turity or redeem in advance of matur
ity the bonds issued hereunder. Tn
board of mayor and aldermen of sait
town is authorized to cieatea board o
commission, or otherwise make rule
or regulations in respect OF sinkinI
fund in order to the payment or re
demption of ssid bonds.
Sec. 9. Be it further enacted, Tha
the town of Johnson City may, in th
discretion of the board of mayor an
aldermen thereof, execute a mortgag
or trust deed upon the property so pun
chased and held by said town, in orde
to further secure the payment OF sal
bonds, including coupons attached, il
sued under this act.
Sec. Z. Be 1t further enacted, This
this act take effect from and after il
passage, the public welfare requirin