The Maryville times. (Maryville, Tenn.) 1884-1944, 1917-05-31
ORDINANCE NO. 2O4


Ordinance Providing for the Issu
ance of seventy thousand dollar
of Bonds of the Town of Maryvill,
Tennessee, for the purpose of rails
ing funds with which to construct
a Sewer System in and for sale
town and providing = revenue b
means of tax levy to pay interest
ON said bonds and create a sinking
fund for the payment of the prin
eipaI as it falls due.
SEC. 1. Be it ordained by the
Board of Mayor and Alderman OF
the town of Marz,ville, Tenn, That
pursuant to, and in accordance 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
Sept. 81, 1918, and approved the
same day, there shall be issued bonds
of the Town of Maryville in the
amount of Seventy Thousand Dol
lars in denominations of Five Hun
dred Dollars each, dated July 1st,
1917, and maturing as follows -
Ten Thousand Dollars in Is years /;
Fifteen Thousand Dollars in 20
years; Twenty Thousand Dollars in
25 years; Twenty-Five Thousand
Dollars in 80 years, bearing interest
not to exceed per cent per annum,
due and payable semi-annually on
the first days of January and July
respectively, and evidenced by
interest coupons, which together
with the bonds shall be payable at
the Chemical National Bank at New
York City. Said bonds and interest
thereon shall be payable in gold coin
of the United States of the present
standard of weight and fineness.
Said bonds shall be sold for not less
than par and no commission 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 Autograph
ed fac-simile signature of the Mayor
and Recorder. Said bonds shall be
issued for the purpose of raising
funds with which to construct sew
er system in and for the town of
Maryville.
SEC. 2. Be it further ordained : !
That for the purpose of creating a |
fund with which to pay said interest
coupons as they mature, and TO
provide a sinking fund with which |
to pay bonds at their maturity tax |
of 35 cents on every one hundred
dollars of the taxable property of
said town shall be and is hereby |
al LOn ha
lected in the same manner as pro-
vided by law for the assessment and
ealleStions'-1 the mnnieipal taxes of
the rAid town of Maryville. That
the rate of said tax levy shall be the
same during the life of said bonds
unless by an amendment to this
ordinance a less rate is provided but
in no event shall rate be specified
that will, when based on the tax
aggregate, produce fund less than
the fund created by the present levy
based on the present tax aggregate.
SEC. 8. Be it further ordained
That before section one and two OF
this ordinance shall become effective
there shall be held an election, in the
same manner and by the same Of
ficials as State and County elections
and shall be subjected to, and In
compliance with, the general election
laws of this State, on the 7th day of
July 1917, at the several voting
places of said town of Maryville sub
hitting to the legally qualified voters
of the municipality the question as
to whether such bonds shall be is
sued, or not, as herein provided; at
which election the voters favoring
the issuance of such bonds shall have
written or printed on their tickets
the words "For Sewer Bonds" and
those opposed to the issuance of such
bonds shall have written or printed
on their tickets the words against
Sewer Bonds" and in the event that
a majority of the voters shall cast
their votes "For Sewer Bonds" the
same shall be issued in the manner
herein provided; and in the event a
majority of the voters shall cast their
votes against Sewer Bonds" said
bonds shall not be issued. The
election herein provided for shall be
advertised at least thirty days before
the same is held in both the Mary
Vile Times and the Maryville Enter
prise wherein this ordinance shall
be set out verbatim.
SEC. 4. Be it further ordained:
That this ordinance take effect from
and after it's passage, the public wei
fare requiring it. u. sz.sss4