The Maryville times. (Maryville, Tenn.) 1884-1944, 1915-03-11
Ordinance No. 173
Published BY Authorityl

MarYYllles tennessee, for the pur-
pose of raising funds with which to
erect, construct and maintain a sys.
tenn of water works for said munic.
ipality and for providing revenue
by means OF tax levy Tor paying the
interest on said bonds and creating
a sinking fund for payment of said
funds.
Sec. 1 Be it ordained by the
Board of Mayor and Aldermen of
the town Of Maryville, Tennessee,
That pursuant to, and in accord
ance with, the powers granted by
the General Assembly of the State
of Tennessee under Chapter so OF
the first extra session of the year
1918. passed September q, 1918,
and approved the same day. there
shall be issued ponds of the town OF
Maryville in the amount of Fifty
five Thousand Dollars in denomina
tioDs OF five hundred dollars each,
dated January list, 1915. due in
thirty years, bearing interest at The
rate Of five per Cent per annum, due
and payable semi-annually, on the
first days Of July and January, re.
spectively and evidenced by interest
coupons. which together with the
bonds shall be payable at the Chem.
ical National Bank at New York
City. Said bonds and the interest
thereon, shall be payable in gold
coin of the United States of the
present standard of weight and fine
n, So. Said bonds shall be sold for
not less than par and no commits
sions shall be paid in connection
with the sale thereof. Said bonds
shall be signed by the Mayor and
Recorder. and shall also bear the
impress of the official seal of said
town, and the coupons Of said bonds
shall bear the Autographed fac
simile signature of the Mayor and
Recorder. Said bonds shall be
issued for the purpose of raising |
funds with which to erect, construct
and maintain, including the pur
chase of all necessary lands or
interest in lands, a system of water
works for the town of Maryville,
and the territory adjacent thereto.
Sec, 2, Be it further ordained;
That said bonds and the coupons
thereof when 80 issued shall be a
lien upon the system of waterworks
erected and constructed with the
proceeds thereof, and said lien shall
include and extend to all improve.
ments, extensions, and additions
which may from time to time be
made to said system of water works:
said lien shall not be exclusive but
shall rank pari paru with all other
water works bonds Issued by said
own of Maryville and expend in
repairs, additions and
Improvements of said systt m of
water works Said Ii n shall be in
to the corporate liability
II SAID town for tie payment OF
and bonds and the interest thereon.
The net income and revenues de.
lived from the operations OF said
ysttm Of water works after pay. I
nent Of operating, expenses, tx
ensions, II pairs. additions and i'm.
shall be get apart and
pplied, first, to the payment of
he interest coupons of said bonds,
nd second, shall be added to the
mixing funds herein after prov ded.
Sec. 3. b. it further ordained; +
hat for the purpose of creating a o
mi with which to pay said inter-
1t coupons as they mature. and to =
rovide a sinking fund with which =
} pay said bonds at their muturity
tax of forty cents on every one
undred dollars on the taxable
roperty of said town shall be and
ereby is levied and shall b. assessed
nd collected in the same manner
provide d by law for the assessment c
nd collection of the municipal taxes Il
the said town of Maryville. That u
le rate Of said tax levy shall be :;
le same during the life of said b
onds unless by an amendment to
liz ordinance a less rate is provid- c