The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-31
NOTICE.
NOTICE.
Second Annual Sale of Reeve
nue. Notes.
NOTICE.

Notice is hereby given that sealed
bids will be received by G.. c. Pashby,
in~~Memphis,, Tenn, until 2;3O o'clock
p. M, Tuesday, January 7th, 1919 for
Seven Hundred Fifty Thousand ($75O,-
600. 00) Dollars of Revenue Notes Of the
City of Memphis, Tenn, series of 1919.
These notes are to be issued under
and in pursuance OF the cnarter amend
ment known as Chapter 4S7 Of the Pri-
vate Acts of Tennessee in 1917 and
further in pursuance OF an ordinance to
be passed on third ana final reading
ing Of sealed bids hereunder.
These notes will bear date Of Janu-
airy LIST, 1919 and will mature September
list, 1919 without option of prior pay
ment by the City Of Memphis,
The rate of interest will be five 90
per centunh per annum and the interest
will be evidenced by one coupon for
two months interest due on March LIST.
1919 and one for six months interest
due September LIST, 1919.
ton of One Thousand (s1. 000.0 Ol Dol
lars each and will be numbered con-
secutively from number one to number
seven hundred fifty, both inclusive.
These notes will be payable both as
to principal and interest in lawful
money Of the United states at the
United States Mortgage and Trust Com
pany in the City and State of New
York or at the City Hall in Memphis,
Tenn, at the option of the holder,
These. notes shall not be sold for
less than par plus accrued interest to
date of delivery, free from all COM
missions and brokerage provided how
ever, that should it be Necessary a bid
as low as ninety-ntne G99.00 dollars on
the one hundred ($100.0O) dollars or face
value plus accrued interest to date Of
delivery and free from commissions
and brokerage, may be accepted by a
four-fifths vote of the Board of Com,
miSSioners.
In the preparation ana sale of these
notes the legal steps nave been taken
under the direction OF Jno. G. Thomp-
son, Attorney at Law, 100 Broadway,
New York city. His run and final ap-
proving opinion that these notes when
sold and delivered pursuant to tho
terms of aforesaid legislation will "con+'
stitute valid and Legally binding obli-
cations Of said City of Memphis, Ten
n%essee" will be furnished by the City
of Memphis together with T~reasurer's
of genuineness of signatures or notes
attested by the Bank of Commerce and.
Trust Company, Memphis, Tenn, and
a full transcript of proceeding by the
Board of Commissioners IN passing or.
dinance and selling these notes.
These notes will be delivered in Mem
phis, In New York, or the equivalent
of New York at the option of the pur-
chaser. Payment shall be made in Men,
phis or New York funds. Delivery will
be made within forty-eight hours after
sale. Bidder will state point of de-
livery desired. In case Of New York
delivery, legal opinion will be delivered
at same time as notes; otherwise, with
In 4 days thereafter. A certified check
on some solvent bank or trust COM
pany in the sum of Seven Thousand
Five Hundred ($7, 500. 00) Dollars made
payable to the ordep or the City OF
Memphis, shah accompany the proposal,
as good faith deposit.
The approval of the ISSUANCE and sale
of these notes has been secured from
the Capital Issues Committee and a
certified copy of their opinion will be
furnished toNthe purchasers
The notes will be signed by the Mayor
and the City Clerk and the attached
signatures of said officers.
The notes will be impressed with the
seal of the City,
These notes will, under ordinance au-
thorizing them. be sold only by sealed
bid at time and place advertised.
Bidders may submit an alternate bid
for delivery at deferred dates: pro-
vided that not less tina two hundred
of said notes shall be taken and paid
for by January 18th, 1919, and that not
less thar 200 additionar notes shall be
taken and paid for every thirty days
thereafter, and provided further that
said bidder shall state In mis- hid tho
base rate which the proceeds will cost
the city of Memphis tnat comparison
may be had with bids Tor spot deliv-
cry.
The right is reserved to reject any
and all bids,
The full faith and credit Of the City
of Memphis will be pledged for the
full and prompt payment of the prin-
cipal and interest of these notes as tho
same respectively become due, and any
legal holder of same will be entitled
to enforce his rights by legal process.
The proceeds Of these notes will be
deposited vsith the City Treasurer and
will be used for any and all purposes
for which it is proper 10 levy taxes up
on taxable property of the City OF
Memphis, except for payment of prin-
cipal and interest on the bonded debt
of the City, but the purchaser will not
be required to see to such application
and the receipt of the said treasurer
shall be a full acquittance to such pun
chaser.
For further information apply to the
undersigned,
Done at Memphis, Tennessee, this
10Th day of December, 1918.
F. l.. MONTENEGRO, Mayor.