The Maryville times. (Maryville, Tenn.) 1884-1944, 1919-05-21
RESOLUTION NO. 239

A resolution to authorize the May
or and Board of Commissioners of
the City of Maryville, Tennessee to
issue $4,000 of coupon Bonds for
the purpose of completing the sani-
tary sewer system, as provided for in
plans and specifications drawn by
Engineer r. c. Huston, and for grad
ing, macadamizing, and paving, and
for general improvements for the
City of Maryville.
SECTION /. Be it resolved by the
Mayor and Board of Commissioners
of the City of Maryville, That by the
authority vested in said City by
House Bill No. SO, passed by the
General Assembly of the State of
Tennessee in 1919, being Chapter No.
562 of said Act. The City of Mary
vile shall issue and sell Bonds in the
sum of $4,000 for the purpose of
completing the sanitary sewer system
as provided for in the plans and
specifications drawn by Engineer r.
C. Huston, and also for the purpose
of grading, matchmaking and paving
streets and side walks and to do
general improvements in the City of
Maryville.
SECTION ?. Be it further resolv-
ed That said Bonds and interest
thereon shall be payable in lawful
money of the United States and be
paid at Chemical National Bank, New
York City, N. Y. Said Bonds shall
be in denominations of one thousand
$1,000 dollars, and shall mature
thirty 800 years after date of issu-
ance and shall bear interest at the
rate not to exceed Sc. Said inter
est to be paid semi-annually and to be
Said Bonds shall not be sold for less
than par and accrued interest and in
the event the same shall be sold at a
nrnminum. such premium shall be
held as a fund to be applied to the
interest first maturing on said Bonds.
The Bonds herein authorized to be
sold shall be known and designated as
the General Improvement Bonds of
the City of Maryville," Said Bonds
shall be signed by the Mayor and at
tested by the Recorder of the City,
with seal attached.
SECTION 3. Be it further re-
solved, That the Mayor shall advertise
the sale of said Bonds in such man
ner as he may deem to be the best
interest of the City,
SECTION A. Be it further re-
solved, That out of said funds that
the sewer system of the City shall
first be completed with the same
character of materials as heretofore
used in said sewer system, and the
other funds shall be expended for the
following improvements, such as
grading, matchmaking and paving
streets, side walks and curbs, eX-
nanses of condemning property for
the use of the City, and. for erecting
or repairing bridges and for other
improvements as The Board of Mayor
and Commissioners may deem adj
visable and decide upon.
SECTION 5. Be it further re-
solved, That the City of Maryville for
the year 1919 and for each succeed
ing year thereafter shall make pro-
visions in the tax levy and shall levy
a tax for the interest, to become due
on the Bonds herein authorized to be
issued, and for a sinking fund, which
shall be sufficient with its accumula-
lions to meet the principal indebted
ness and it's maturity.
SECTION 6. Be it further re-
solved, That these resolutions take
effect from and after its passage, the
public welfare of the City of Mary
vile requiring it.
Passed May IA, 1919.
Approved May II, 1919.
D. F. Young, Mayor.
Attest: ]. L. Tweed, Recorder,