Putnam County herald. (Cookeville, Tenn.) 1903-1922, 1911-08-31
CHAPTER GAG.
House Bill No. 1909.
(By Mr.. Mnore of Hardeman.)

and Aldermen of the town of Cookevile to issue
and sell interect bearing coupon bonds for the
purpose of extending and improving the water
and light plant of said town and liqudate any
Indebtedness heretofore incurred by said town
SEcrIoN1. Be it enacted by the General As
sembly of the State of Tennessee That the Mayor
and Aldermen of the town Of Cookeville in the
county of Putnam, be and they are hereby author
lied and empowered in their corporate capacity
to issue and sell interest bearing coupon bonds in
the said town, signed by the Mayor and Recorder
of said town, for an amount not exceeding thirty
thousand 100000 dollars, the proceeds Of which
shall be used exclusively for the purpose of ex-
tending and improving the water and light plant
for said town its inhabitants, and for the liqui-
dation of any Indebtedness heretofore incurred by
said town; provided. however. that the said bonds
or any part thereof. shall not be issued until an
election shall first be held in said town to deter
mine whether the legal voters of said town favor
the issuance of said bonds.
SEcTIoN2 Q. Be it further enacted, That the Re-
eorder of the town Of Cookeville shall upon order
of the Mayor and Aldermen call and hold such
election at some suitable time which said election
shall be held under the same regulations and re-
strictions provided for regular municipal elections
in said town.
SECTION g. Be it further enacted, That all per-
sons who are qualified to vote Mayor and AL
dermen of said town shall be entitled to vote in
said election.
SECTION a. Be it further enacted, That the bal
lots to be used in said election shall have written
or printed thereon, For City Improvement" and
Against City Improvement and all persons
voting in said election who are in favor of the is
thsir ballots opposite the.words For City I'M
provement." and all persons opposed to the ssu-
ance Of said bonds shall make an (cross) upon
their ballots opposite the words Against City
, Improvement" and If majority of the legal
votes cast in said election shall be in favor Of the
issuance of said bonds then the same shall be is
sued.
SECTION S. Be it further enacted, That the said !
bonds shall be in such denomination as the said
Mayor and Aldermen may by ordinance deter
mine; provided that they shall be in denomina- |
tions of not less than one hundred nor more than
one thousand dollars each, with coupons attach |
ed, interest payable semi annually and not to ex
coed five per cent per annum, and that the bonds
SO issued shall mature in thirty years, and be pay
able in lawful money of the United States.
SECTION 6. Be it further enacted, That said
bonds shall not be sold for less than par or face
value thereof.
SECTION 7. Be it further enacted, That in order
to pay the interest on said bonds same shall be- |
come due, and also to provide the necessary sink
ing fund to pay said bocds, the said Mayor and
Aldermen shall be empowered to annually levy
special tax sll taxable property and privileges
within the corporate limits of said town, not to
exceed twenty cents on the hundred dollars worth |
of property or half the state tax privileges in
any one year; and the sinking fund herein created
and provided for shall be used in the payment of
interest on and the purchase of said bonds in such
manner as the Mayor and Aldermen shall provide
by proper ordinance.
SECTION g. Be it further enacted, That the
money aris ing from the sale of the bonds herein
provided for shall be expended under direction of
the Mayor and Aldermen of the town of Cooke
vile, and that Treasurer shall be elected by said
Mayor and Aldermen or some depository designat-
ed by them, either of which shall be required to
give bond with approved security fnr the safe
keeping and proper expenditure of said money.
SECTION 9. Be it further enacted, That before
sal bonds any part thereof~are issued, they
shall be numbered together with the coupons at
tached, and each bond in addition shall have the
corporate seal attached thereto and any and all
othsr safeguards winch the Board may devise and
direct shabe provided.
SECTION 10. Be it further enacted, That the
date of issuance, number and amount of each
bond. " it'll the coupons attached thereto. and to
whom sold, shall be entered by the Recorder in a
we'll bound book to be provided by the Mayor and
Aldermen for the purpose, and which book shall
be open at all times to the inspection of the tax
payers of said town, and the bonds shall be is
sued as to have stub, which stub can be written
,,nor and emf from the bonds in such manner ma