The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-30
PROPOSED ORDINANCE UP
FOR SECOND READING
TUESDAY, DEC.
81, 1918.
AN

- "ifN " u NiNS i1NI
dnce and sale Of revenue notes of the
city or Memphis, in anticipation OF
the collection of taxes and revenues
or said city for the current calendar
year I9l9, and to provide for the pay
ment and redemption of such notes
and for the payment of interest on
same.
Whereas, BY Chapter 4S7 Of the Pri-
N,ate Acts of the General Assembly of
the State OF Tennessee, 1917, the Board
OF Commissioners of the City of Mem
PMS Is authorized, from time to time,
10 borrow money and issue revenue
notes bearing interest at not more than
SIN per centum per annum, and ma
turing not more than one year from their
Gate, for the purpose Of providing funds
IN anticipation of the collection of taxes
ana revenues OF the current calendar
year in which said revenue notes are
issued, said notes to be issued for the
purposes for which said taxes and reve-
hues are collected; and
whereas, BY said Chapter 4S7 said
Guy IS authorized to issue revenue notes
Tor the purposes above mentioned in
an amount not exceeding e~ighty-five
per centum of the revenues of said city
derived from taxes for general pur-
poses, for the previous fiscal year, ex-
elusive of any taxes levied for the pur-
pose of paying the principal and in
and 49,
Whereas, The City of Memphis re-
ceived during the fiscal year ending
December 3lst, 1918, more than one
million G1, 900, 900. 0O) Dollars from taxes
levied during the year 1918 for general
purposes Of that year, exclusive of levies
for Schools, Parks and Cossitt Library,
n likewise exclusive of taxes collected
on levies Of previous years and taxes
levied for the interest on and maturi-
ties Of the public debt, and exclusive
IF anartInanfa 90 rninuC 1traD.a. ,,r,,.
ilcges and other miscellaneous sources;
and
Whereas, There are no similar notes
outstanding issued against the taxes
OF any previous year, or of the said year
1919, and it is necessary to provide for
borrowing money and issuing revenue
notes, In anticipation OF the collection
Of taxes Of the current calendar year,
1919, therefore,
Section /. Be it ordained by the board
Of commissioners of the City of Mem
phis: That, under and by, virtue Of the
authority conferred by Chapter 4S7 of
the Private Acts Of the State of Ten.
nessee, for the year 1917, there shall
be and there are hereby authorized to
be issued and delivered revenue notes,
of said city, in the sum OF Seven Hun
dred Fifty Thousand $750, 600. 00) Dol
lars during the calendar year, 1919; said
revenue notes to be issued in anticipa-
ton of the collection Of taxes and reve-
hucs OF sald current calendar year l9lS'
oectlon Z, Be II Iurtner Dreamed,
denomination of one thousand G1,-
O0o.0o) dolLars ana shall pear me date
OF the ilrSt day OF January, 1918; SAID
notes shal p@'r interest at the rate OF
i've 90, per centum per annum, said
notes snail not be sold toT less than
par and accrued interest except by a
vote Of four-fifths of the Board of Com
49,
mlssloners, when a price or ~ninety-nine
dollars on the one hundred dollars OF
race ~NaIuatlon Plus accrued interest
nay be, accepted; Ihe interest on said
notes shall De evidenced by coupons at
tached thereto, Saio notes shall be