The comet. (Johnson City, Tenn.) 1884-1916, 1903-05-21
Senate Bill No. 295.
published by Authority

ments; and to provide sinking fund
for the purpose of liquidating said
bonds and the interest thereon. {
Section 1. BE it enacted by the Gen.
eral Assembly of the State of Tennessee,
That from an after the passage of this
Act it shall be lawful for the Board of
Mayor and Aldermen of the town of
Johnson City, Tennessee, to issue cou-
pom bonds in the manner and under
the restrictions hereinafter set out, not
to exceed the sum of one hundred thou
sand ($lOO,OO dollars, payable, prin-
cipal and interest, in any lawful cur
rency of the United States.
Sec. 2. Be it further enacted, That
all bonds issued under this Act shall
be in denominations of five hundred
($5O0) dollars each, and bear a rate of
interest not exceeding six per centum
per annum, payable semi-anuually, and
represented by coupons attached to the
bonds, and said bonds to mature in
not less than twenty (20) nor more than
forty (4O) years. as may be determined
prior to issue by the Board of Mayor
and Aldermen of said town, the princi-
pal and interest to be payable at such
places as the said Board of Mayor and
Aldermen may determine.
Sec. 3. Be it further enacted, That
not more than fifty thousand $3.50, 900
dollars of said total authorized issue
shall be issued within any one calendar
year, but the exercise of the power to
issue any fractional part of said fifty
thousand (S50,000) dollars of bonds in
any one year shall not exhaust the
power to issue other fractional part or
parts of the said sum of fifty thousand
| 1850, 0OO) dollars in bonds in the same
year, or any subsequent year.
Sec. 4. Be it further enacted, That
the bonds provided for by this Act and
issued hereunder shall in no case be
sold for less than par, and no commits
sion whatever shall be paid for the sale
of said bonds.
Sec. 8. Be it further enacted, That
said bonds or the proceeds thereof shall
be used exclusively for the purpose OF
making public municipal improve.
ments within the corporate limits OF
: the town of Johnson City; and before
any issue of bonds is made under this
Act, an itemiZed estimate showing in
detail the proposed expenditures of the
said bonds or proceeds and Showing
the purpose of expenditure, place o.
expenditure within the town, and th,
!, amounts to be expended for such pur
!, poses and at such places, shall be mad,
by the Board of Mayor and Aldermen
in the form of a resolution spread OF
the records of that body; and said es
. innate as so spread of record shall b.
q embodied in any notice Of any election
to be held hereunder to authorize issu
! or issues OF said bonds.
!, Sec 6. Be it further enacted, Tha
the said bonds shall not be- issued un
less SO ordered by a majority of tn
u votes cast in an election to be held upoI
due notice not less than thirty GO
Is days by order of the Board Of Mayo
and Aldermen at any time and as man
times as said board may deem neces
sary.
b" Sec. Z. Be it further enacted, Tha
said election shall be held according t
$ the laws regulating such elections OK
d listing in the State of Tennessee.
Sec s. Be it further enacted, Tbs
"a the officers charged with the duty ,
d providing for the registration of vote
in the general elections and the mar
agement of general elections in til
~ town of johnson City are hereb
v charged with the duty of providing fc
a. the registration of voters and the col
duct of any and all elections held undo
ar this Act.
ID Provided, that all expenses of regi
A. tration and elections shall be borne
the town of johnson CITY,
Sec. 0. Be it further enacted, This
= whenever any election shall be hel
" under this Act, the officers of eIectio
- shall make return thereof in the mai
ner and to the person prescribed b
10 law in general municipal elections, an
ne the votes shall be canvassed and I'll
l. result decided and announced in ii
method now provided by law for sal
w general elections.
b Sec. 10. Be it further enacted, Til,
70 the commissioners of election shall flu
"a nish, according to the laws now exis
ing and regulating elections in tn
State, tickets to be used in said election
"a and upon said tickets shall be printed
le first, Bonds" and second, immed
IL ately below, "No Bonds" and person
a voting for the issuance of bonds sha
Is mark their tickets with cross opposit
IN the word Bonds" and those votin
"a against the issuance of bonds shall
W like manner mark their tickets opposit
~ the words "No Bonds"
Sec. II, Be it further enacted, Thu
the funds that shall be produced by
a. o., sale or sales of said bonds shall be Ill
Ii- der the management and control, as
s, keeping and expenditure, of the Boar
of Mayor and Aldermen or of con
mission of three resident citizens {
lg said town and if of commission {