The Fayette falcon. (Somerville, Tenn.) 190?-current, 1919-05-30
Chapter $40, Senate Bill No. ll73.
(BY SUMMERs)

(BY SUMMERS)
An Act to authorize and empower the
board of Mayor and Aldermen of the
town of Somerville. Tennessee. TO issue
coupon bonds for five thousand $4,000
dollars for the purpose of street i'm.
provement and extending and improv-
ing the system of works and electric
light plant heretofore established and
now in operation end owned by said
town.
Section l. Be it enacted by the Gen.
eral Assembly of the State of Tennes-
see, that the Mayor and Aldermen of
the town of SOmerville, Tennessee, are
hereby authorized and empowered in
It's corporate capacity to issue interest
bearing coupors, with the coupons at
tached, said bonds to be signed by the
Mayor and countersigned by the Re-
corder Of said town, (but the coupon
attached to said bonds shall bear the
Autographed signatures of said Mayor
and Recorder) under its corporate seal
in an amount not to exceed five thous-
and (S5, ,000) dollars or such part there.
of as they may ind necessary and to
negotiate and sell the same for the pur-
pose of raising money to psysfor strset
Improvement. and to extend, sqaip ssnd
otherwise improve the systsm Of water
works and electric light plant hereto
fore established. and now in operation
and owned BY said down said bonds
when so issued shall be known and
designated as 'Street and Water and
Light Extension Bonds "
Section 2. Be il further enacted,
That said bonds shall be issued in such
denomination as the Mayor and Alder
men may desirn and order and shall ma
ture at twenty years from date of is
suance. and shall bear interest not to
exceed six per cent per annum. payable
semi annually, provided. that none of
said bonds shall be sold for less than the
par value of the sa1e.
Section 8. Be it further enacted,
That after the issuance of said bonds
the Mayor and Aldermen of said town
are hereby auchorized and empowered
to levy and collect annually ailspecial
tax not to exceed twenty-five cents on
the one hundred dollars on the assessed
valuation of all taxable peoperty within
the corporate limits of said town, and
to levy and the tax privileges within
the corporate limits of said town for
the purpose of paying the interest on
said bonds and to create fund with
which to pay off and redeem the bonds
herein authorized to be issued.
Section 4-Be it further enacted, that
the above bond tax shall be collected
and paid over to the Treasurer of the
said town as other taves, and shall be
paid out by said Treasurer when the in
terest coupons are presented to him for
payment, or when ordered by the Board
of Mayor and Aldermen to pay same on
said bonds. Said bonds and coupons
when taken up by said Treasurer shall
be his voucher to arid Board of Mayor
and Aldermen and the same shall be
cancelled as other vouchers are cancell'
ed.
Section 5-Be it further enacted, that
the date of issuance. number and
amount of each OF said bonds, when due.
and the amount and number of each
coupon and when due and to whom sold
shall be entered by the recorder of The
town in a wen bound book and when
the same is paid aud cancelled, the said
recorder shall enter, stating the GATE
the same was paid and cancelled,
Section 6-Be it further enacted, that
all laws and parts of laws in conflict
with this act be and the same are here
oy repeal ID. and that this Act sake et.
feet from and after it's passage, 4 2
public welfare requiring II.
Passed Apru 18Th, 1919.
ANDREW l.. ToDDs
Speaker os the SsGate-
4
! nETH N. MALkER.