The commercial. (Union City, Tenn.) 190?-193?, 1915-07-09

ter collecting shall refuse or fail tt
pay over any money, by either o.
them received, for the use of the
said town, said Marshal or Recorder
as the case may be, shall be liable
to be proceeded against, by motion
or suit, at common law in Circuit
Court in Obion County or any other
court having jurisdiction of the per-
son of such Marshal or Recorder as
the case may be; and it shall be the
duty of such court to render uI
judgment against such delinquent
officer and his securities for the
money so received, or that ought tC
have been collected in the name OF
the Town of Troy for the use of the
said corporation; provided that il
| the proceedings be by motion, such
officer shall have five days notice
thereof
That the Board of Mayor and Alder
men are forbidden from making any
appropriation of money or credit in
the way of donations for festivities,
pageants, excursions or parades; nor
shall the said municipality be au-
thorized to subscribe for stock in
any railroad company or in any cor
poration or give or lend money, aid
or credit to any person or corpora
ton whatever; and said munich
pality is hereby prohibited from en-
ploying or appropriating the money
and taxes to be derived from the
sale of bonds, hereinafter author
lied, or taxes to be assessed and col
lected in any other manner than for
strictly corporate purposes, and for
issuing any bonds except as herein
after provided.
Sec. 10. Be it further enacted,
That from and after the passage of
this Act. it shall be lawful for the
Town of Troy to issue coupon bonds
in the manner and under the re-
strictions hereinafter provided not
to exceed in the aggregate a sum
which, taken with the debt of the
corporation then existing and not
provided for by prior assessment of
taxes shall equal ten (1O per cent
of the value of the property subject
to taxation by corporation as shown
by the assessment next preceding
the submission of the question of
issuance of bonds, to qualified voters
as hereinbefore required, and the
money, so realized, shall be used
solely for the purpose of erecting
and maintaining sewers, providing
for water facilities, lights, improv-
ing and sprinkling streets, avenues,
alleys, parks, school buildings and
such other buildings as the Board of
Mayor and Aldermen may consider
necessary for corporate purposes.
That all bonds, so issued, shall
be of such denomination, bear such
interest, not exceeding six CO. per
cent per annum and be due at such
times, not less than five nor more
than thirty years from date and be
payable at such times and places as
the Board of Mayor and Aldermen
may determine, provided, however,
that all such bonds shall bear the
same interest.
That bonds thus provided for shall
be in no case sold for less than par
and the coupons attached shall, at
maturity, be receivable for all taxes
and dues to the corporation, except
the sinking fund provided for by the
following section.
Sec. 20. Be it further enacted,
That before any bonds shall be is
sued under the foregoing provisions
the corporation shall provide by Or
dinance for a sinking fund where
with to retire the bonds by leVying
special tax, same to be designated
the Sinking fund tax" the tax to
run with the bonds to be collected
annually and used exclusively for
the purpose levied and to be suf-
ficient with it's accumulation, as
near as may be estimated to meet or
retire the principal Indebtedness by
it's maturity.
That said corporation, through its
Board of Mayor and Aldermen be-
fore issuing the bonds, shall elect
three persons, citizens, as Sinking
Fund Commissioners, who. shall be
so first elected that one Of the Com
missioners shall be elected for one
year, one for two years, and one for
three years and every year there
after one shall be elected to serve
three years so as to keep the num-
DCl VI I'LL SC OH bAAN
time.
That said Commissioners shall
take an oath to faithfully discharge
their duties and give bond under
such penalties and conditions and
serve for such compensation as may
be prescribed by ordinance.
That such Commissioners shall re-
ceive such sinking fund taxes and
invest same from time to time in
the bonds of the corporation if any
are redeemable or other securities to
be approved by the Board of Mayor
and Aldermen; until bonds become
redeemable and settle their accounts
as may be required by ordinance;
provided, however, that when any
bond is purchased or redeemed, il
shall be Cancelled or destroyed in the
presence of the Board of Mayor and
Aldermen and record be kept of the