The commercial. (Union City, Tenn.) 190?-193?, 1913-06-06
Chapter 65-EEouse BiIINo. %.
(By Mr.. McDADE.)

Chapter .153 Of the Acts of the Gen
eral Assembly OF the State OF Ten
nessee for 1905, and entitled An Act
TO incorporate the town of Rives and
define its rights and powers, SO as to
change the boundaries thereof; and
so as to authorize the said town to
issue Understanding coupon bonds
up to an amount not exceeding $1O,-
600, and to provide for their pay
ment.
SECTION 1. Be it exacted by the Gem
eraI Assembly of the. State Of Tennes-
see, That Chapter 153 of the Acts Of
1905, entitled as set forth in the cap
ton hereof, be, and it is, hereby so
amended as to strike out all Of Section
IL (twelve) of said Act and SO as to in
sert in lieu thereof the following:
SEC. IL. Be it further enacted,
That the boundaries OF the incorpora-
ton OF the town OF Riyes shall be as
follows: Beginning at the northeast cor
ner OF the new concrete bridge OF the
Illinois Central Railroad over Houser
Creek, running thence west to a point
in J. B. Caudle's field north of and on
direct line with the hedge row that
runs north and south through the late
w. H. Caldwells estate; thence south
with this line to the northeast corner OF
I. P. Palmer's field; thence continuing
south across the tracks Of the Illinois
Central Railroad to point in a line
With the ditch on the north side OF the
public road dividing the lands OF w. i,
Clemmons and lands of DIR. e. II.
White from the town Of Rives; thence
east along this ditch to the Mobile and
Ohio Railroad tracks and crossing said
tracks to the east margin OF said Mo-
bile and Ohio Railroad right Of way;
thence north with the east margin OF
said railroad right of way to the north
west corner of w. L. Clemmons field;
thence east 400 feet with the north line
Of said Clemmons' field; thence north
to Houser Creek; thence in northerly
direction with the meanderings OF said
creek to the point OF beginning. "
SEC. 2. Be it further enacted, That
the said town Of Rives, in its corporate
capacity, be, and 1t is, hereby author
lied to issue, by and through its Board
Of Mayor and Aldermen, interest bear
ling coupon bonds, up to and not exceed
ling ten thousand dollars, for the pur-
pose hereinafter designated, which said
bonds shall be signed by the Mayor and
Recorder OF said town, and its corpor-
ate seal shall be affixed thereto; and the
Icoupons attached to said bonds shall De
signed by said Mayor and Recorder, or
their names may be Autographed there
on. said bonds to be known and desig-
mated as the School Bonds OF the Town
| OF Rives. ("
Sec. 3. Be it further enacted, That
said bonds shall be issued in denomina-
tons OF not less than 800 nor more
than 81 900, and shall run for a period
OF not more than thirty years from the
date Of issuance thereof, as the Board
OF Mayor and Aldermen may deter
mine; and said bonds shall bear arate OF
interest not to exceed six 60 per cent
per annum, payable at such periods as
the said Board may by ordinance de-
termine, said interest to be evidenced
| by the coupons aforesaid attached to
said bonds. The said bonds and inter
est shall be payable in lawful money OF
the United States, the place OF pay
ment to be designated by the Board OF
Mayor and Aldermen. The said bonds
may be issued and sold by said Board
OF Mayor and Aldermen OF Rives at
such times and in such amounts as they
may determine by ordnance; provided,
however, that no such bonds shall be
sold for less than their par value, plus
the accrued interest thereon.
SEC. 4. Be it further enacted, That
said bonds shall be issued and the pro-
ceeds thereof used by the said Board Of
Mayor and Aldermen OF Rives for the
purpose exclusively OF constructing,
building, furnishing, and equipplng a
public school building in and for said
town OF Rives.
SEC. s. Be it further enacted, That
the Mayor and Aldermen OF Rives shall
each year levy special tax on all taxa
| lie property OF said town to provide a
sinking fund with which to pay and re-
duce said bonds at or before maturity
and to pay the interest thereon as it be-
comes due and payable; provided, that
said special tax shall in no event exceed
| fifty cents $50 cents on each one hum
bred dollars of taxable property as evil
denced by the tax lists Of said town.
Said special tax shall be levied and
collected as other taxes of said town OF
Rives are levied and collected; and the
said sinking fund'shall be kept separate
and apart from the other general or
special funds Of said town, and shall be
used, together with the interest thereon
accruing il loaned out as hereinafter
provided, exclusively for the purpose OF
paying, redeeming, and retiring said
bonds and the interest thereon. The
said Board OF Mayor and Aldermen
may from time to time invest any part
OF said sinking fund as may be then
accumulated or OF the general funds OF
the town arising from taxation, as they
may deem expedient and wise, in the
said bonds at price not to exceed the
par value thereof and the accrued inter-
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