The comet. (Johnson City, Tenn.) 1884-1916, 1903-03-12
tention to ever think of building two to
given point at the expense Of the bal
anee of the town.
IMPROVEMENT BONDS.

Section 1. Be it enacted by the Gen
eral Assembly of the State of Tennessee,
That from and 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
thousand dollars ($lOO,OOO) payable
principal and interest, in gold.
Section .. Be it further enacted, |
That all bonds issued under this Act
shall be in denominations of five hun
dred dollars ($50O) each, and bear a
rate of interest not exceeding six per
centum per annum, payable semi-annu-
ally, and represented by coupons at
tached to the bonds, and said bonds to
mature in not less than twenty (20) nor
more than forty (40) years, as may be
determined prior to issue by the Board
of Mayor and Aldermen of said town,
the principal and interest to be payable
at such places as the said Board of
Mayor and Aldermen may determine.
Section 3. Be it further enacted
That not more than fifty thousand dol
lars 1850, 0O0) 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 dollars 1850, 900 Of
bonds in any one year shall not exhaust
the power TO issue other fractional part
or parts of the said sum of fifty thou
sand dollars $3.50, 000) in bonds in the
same year, or any subsequent year.
Section 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.
Section 5. Be it further enacted,
That the said bonds or the proceeds
thereof shall be used exclusively for
the purpose of making public munich
pal improvements within the corporate
limits of the town of Johnson City; and
before any issue of bonds is made un-
der this Act, an itemized estimate,
showing in detail the proposed expen-
ditures of the said bonds or proceeds
and showing the purpose of expendi-
ture, place of expenditure within the
town, and the amounts to be expended
for such purposes and at such places,
shall be made by the Board of Mayor
and Aldermen in the form of resolu-
ton spread on the records of that body;
and said estimate as so spread of record
shall be embodied in any notice of any
election to be held hereunder to au-
thorize issue or issues of bonds.
Section G. Be it further enacted,
That the said bonds shall not beissued
unless SO ordered by majority of the
of the votes cast in an election to be
held upon due notice mot less than
thirty 900 days. by order of the Board
of Mayor and Aldermen at any time
and as many times as said board may
deem necessary.
Section 7. Be it further enacted,
That said election shall be held accord
ing to the laws regulating such eclec
tions existing in the state of Tennessee,
Section s. Be it further enacted
That the officers charged with the duty
of providing for the registration Of
voters in .he general elections and the
management of general elections in the
town of johnson City are hereby charg
ed with the duty of providing for thu
registration of voters and the conduc
of any and all elections held under thil
Act:
| Provided, That all expenses of regis
tration and elections shall be borne BY
the town of Johnson City.
Section 8. Be it further enacted
That whenever any election shall b.
held under this Act the officers of cleo
ton shall make return thereof in tn
manner and to the person prescribeC
by law in general municipal elections
and the votes shall be canvassed an,
the result decided and announced il
the method now provided by law TO
general elections.
Section TO- Be it further enacted
That the commissioners of election shaI
furnish, according to the laws now ex
listing and regulating elections in thi
state, tickets to be used in said cleo
ton, and said tickets shall be printe
{ first, "Bonds, and second, immediatel
below, "No Bonds" and persons vol
ing for the issuance of bonds sha
mark their tickets with a cross opposit
the word "Bonds, and those votin
against the issuance of bonds shall i
: like manner mark their tickets opposit
p the words "No Bonds"
Section II. BE it further enacted
That the funds that shall be produce
! by sale of said bonds shall be undo
s the management and control, as t
= keeping and expenditure, of the Boar
q of Mayor and Aldermen, or of con
mission of three resident citizens
said town; and if of commission q
Il aforesaid, then the three commissioner
It shall be named by Board of Mayor an
n Aldermen'and their acceptance of III
n proposed trust taken in writing, priC
In nnnt nlnntinA, mn lnr Ikin A ~ o.. 4 IL