The news scimitar. (Memphis, Tenn.) 1907-1926, 1918-12-23
LEGAL NOTICES.
PROPOSED ORDINANCE UP
FOR FIRST READING
TUESDAY, DEC.
"a, 1913.
AN


10 provide for and regulate the issu-
amCe ana sale OF revenue. notes of the
Guy OF Memphis, in anticipation OF
the collection of taxes and revenues
OF said city for the current calendar
year 1918. and to provide for the paw
ment n redemption Of such notes
ana Tor the payment of interest on
same. VA
Whereas, By Chapter 4S7 of the PrI-
Nate Acts of the General Assembly OF
the State of Tennessee, 1917, the Board
OF commissioners of the City of Mem
phis is authorized, from time to time
10 borrow money and issue revenue
notes bearing interest at not more than
SIN per csntum per annum, and ma
turing not more than one year from their
aale, Tor the purpose of providing funds
III anticipation of the collection of taxes
and revenues of the current calendar
year M which said revenue notes ara
issued, said notes to be issued for the
purposes for which said taxes and reve-
nues are collected; and
Whereas, By said Chapter 4S7 said
city is authorized to issue revenue notes
for the purposes above mentioned in
an amount not exceeding eighty-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
terest OF the said City's bonded debt;
and
Whereas, The City of Memphis re-
Geived during the fiscal year ending
December -3lst, 1918, more than one
million Isl, 900, 900. 00) Dollars from taxes
levied during the year 1918 for general
purposes of that year, exclusive Of leVies
for Schools, Parks and Cossitt Library,
and 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
of departmental earnings, licenses, priv
ileges 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 n there are hereby authorized to
be issued and delivered revenue notes,
of said city, in the sum or Seven Hun
bred Fifty Thousand $3.50, 100000 Dol
lars during the calendar year, 1913; said
revenue notes to be issued in anticipa-
| llOl VI llc COllGCllOll u laASo ullN lNNNE
nues of said current calendar year 1919.
Section 2. Be 1t further ordained,
That said notes shall be issued in the
denomination of one thousand OIL
900. O0) dollars and shall bear the date
of the first day of January, 1919; said
notes shall bear interest at the rate OF
five (5) per centum per annum. Said
notes shall not be sold for less than
par and accrued interest except by a
vote Of four-fifths of the Board of COM
missioners, when a price of ninety-nine
dollars on the one hundred dollars OF
face valuation plus accrued interest
may be accepted. The interest on said
notes shall be evidenced by coupons at
tached thereto. Saiu notes shall be
numbered consecutively and shall be
designated as Series or the year 1919,
shall mature and become payable on
the first day of SEPTEMBER, 1919, with.
out option of prior payment by the city
of Memphis. Said notes snail be signed
by the mayor and the city clerk and
the seal of the City Of Memphis shall
be fixed thereto, They snail be payable
at the City Hall In Memphis, Tennes-
thereof at the United States Mortgage
and Trust Company in the City and
State of New York, in lawful money OF
the United States of America. The
coupons attached to said notes shall
bear the facsimile signature of said
Mayor and City Clerk.
Section 3. Be it further ordained,
That said notes shall be issued in subs
stantially the foll9wing form;
STATE OF TENNESSEE
CITY OF MEMPHIS
REVENUE NOTE -
SERIES OF 1919