The commercial. (Union City, Tenn.) 190?-193?, 1915-07-16

empowered under the law to levy
taxes for Obion County; and the GER
tificte of the result of said election
nv said Commissioners shall be
spread on the minutes of whichever
authority under the law is then au-
thoriZed and empowered to levy
taxes for Obion County; and there
upon it shall then become the duty
of said Quarterly County Court OF
Obion County (if it then be the legal
authority authorized and empowered
under the law to levy taxes for
Obion County, or the legal authority
then authorized and empowered
under the law to levy taxes for
Obion County, to then and there or
der the issuance of said bonds in the
amount of eight hundred thousand
dollars $500, 100000, in denomina-
lions of one thousand dollars each,
payable in lawful money OF the
United States at such times and
places as may be agreed upon by the
Good Roads Commissioners" here
matter provided for to sell said
bonds, and the purchaser or pur-
chasers of said bonds. Said bonds
shall be issued as soon as practicable
after said election, provided a ma
iority of the ballots cast in same
shall have been For Good Roads;
the Good Roads Commissioners here
matter provided for to exercise an
honest and bona fide discretion in
the issuance and the sale of same;
said bonds to be signed by the Judge
of the County Court of Obion Coun-
ty, Tennessee, and countersigned by
the Clerk of the County Court of
said county, with his official seal af-
fixed to each of the same, and said
bonds to be numbered in the order
of issuance consecutively beginning
with the number one and ending
with the number eight hundred,
each of said bonds to have attached
to it the coupons for the semi-annual
interest for the same for each of the
years the said bonds are to run,
showing the amount of each semi
annual installment of interest on
said bonds, and when the same shall
fall due; each coupon need not have
the original signature of the County
Judge for Obion County, nor that Of
the County Court Clerk thereon, but
the printed fac-simile signatures of
said two officers on said coupons
shall be sufficient; the said coupons,
however to show on their face the
number and amount of bonds to
which they are attached; said bonds
not to be sold for less than their
face value, and not to draw interest
at a greater rate than five per cent
per annum payable semi-annually,
and said bonds not to be issued for a
longer term than thirty years.
Sec 5. Be it further enacted That
it shall be and is hereby made the
duty of the Quarterly County Court
of Obion County, Tennessee, if it
then be the legal authority author
lied and empowered under the law
to levy taxes for Obion County, 9TH
erwise it shall then be the duty Of
the legal authority under the law
authorized and empowered to levy
taxes for Obion County, to levy a
tax annually during the life of these
bonds of forty (40) cents on each
one hundred dollars of all the tax
able property of Obion County, Ten
nessee, including all taxable proper
ty in any municipal corporation
within Obion County, for the pur-
pose of paying the semiannual in
terest on said bonds and of maintain
ing and keeping in repair the public
roads as defined in this Act; the
first levy to be made at the next
regular session of the Quarterly
County Court of Obion County after
the bonds have been voted under this
Act, if the Quarterly County Court
of Obion County then be the legal
authority empowered and authorized
to levy taxes for Obion County, 9TH
erwise said first levy to be made as
soon as practicable by whichever
authority is then authorized and en-
powered under the law to levy taxes
for Obion County; and such levy of
forty cents on each hundred dollars
of all taxable property of Obion
County, Tennessee, including all
taxable property within any munich
pal corporation within Obion Coun-
ty, shall be made annually for the
purpose afore stated herein provided,
that, after the payment of the semi
annual interest on said bonds and
the annual maintenance and up-keep
of said roads, the balance of the
funds arising annually from said
forty cents tax levy shall be treated
as and made sinking fund for the
final liquidation of said bonds; said
sinking fund thus created to be
loaned out on security invested in
interest-bearing securities, in the
discretion of the County Judge of
Obion County, till said bonds shall
be subject to call and payable, pro-
vided said loans and Understanding
securities in each instance shall be
approved by both the County Judge
of Obion County and the Chancellor
or Chancery Judge holding the
Chancery Court for Obion County.
Sec. 6. Be it further enacted, That
the County Trustee shall collect and
account for all taxes levied under
the provisions of this Act in the
same manner that he is required to
do with reference to other county
taxes, and that before collecting and
receiving such taxes he shall give
bond to be approved by the County
Judge of Obion County, Tennessee,
in one and one-fourth times the
amount of the funds to come into
his hands from this source, payable
to the State of Tennessee for the
use of Obion County and conditioned
that he as trustee of Obion County
mill foifbf1,I1xy ooI1oof and