Grainger County news. (Rutledge, Tenn.) 1917-current, 1919-04-24
STATE LAWS
published by Authority
CHAPTER 65S.
SENATE BILL NO. 625.
(Mnnrnpl
(MOnrOe)

An Act authorizing Granger Coun-
ty, Tennessee, by and through its
Quarterly County Court, at regular
or special session thereof, to issue
bonds for said county for the pur-
pose of constructing and macadami-
zing roads in said county; to provide
for the payment of the interest on
said bonds, and to create a sinking
fund to pay off said bonds when due
to provide for the sale of said bonds
and for the appointment of commits
sioners to carry out the provisions
of this Act.
Section /. Be it enacted by the
General Assembly of the State of
Tennessee; That the County of Grain
ger in the State Of Tennessee, by
and through its Quarterly County
Court, at any regular or called ses-
sion, a quorum of the Justices of
the Peace being present and a ma
jority of Court voting therefor, is
hereby authorized and empowered to
issue bonds of said county in the
amount of Two Hundred Thousand
$780, 00.00) Dollars for the purpose
of constructing aGd matchmaking
roads IN said county.
Section 2. Be it further enacted;
That said bonds shall bear interest
at the rate of five percent per an
mum, payable semi-annually on the
first Gay of April and October OF
each year, the interest to be repre-
sented by coupons attached to said
bonds, and the bonds to become due
as follows:
Fifty Thousand 5O,OOO.OO) Dol
lars shall become due and payable
in ten years from date of issuance;
Fifty Thousand ($50,O00O0) shall be-
come due and payable in twenty
years from date of issuance; and
One Hundred Thousand Dollars shall
become due and payable in thirty
years from date of issuance.
Said bonds shall be issued in de-
nominations of One Thousand Dollars
each, and shall be numbered in the
order of their issuance beginning with
one.
Section 3. Be it further enacted
That each of said bonds be signed by
the Judge or Chairman of the Count,
Court and countersigned by the Clerk
thereof with the official seal of the
Clerk attached thereto, and SAID
bonds shall have attached to them
coupons for the semi-annual interest
upon the some for each of the years
they have to run, showing in thei?
face the number and amount of bono
to which they are attached, the a
mount of each semi-annual install
ment of interest on said bond, anC
when the same shall become due,
which coupons shall be signed in the
same manner as said bonds, except
the Seal of the County Court CLERK
need not be affixed thereto and the
signature of the County Judge OF
Chairman and the Clerk of the Coun.
ty Court may be autographed or
said coupons.
Section 4. Be it further enacted
That it shall be the duty of the sale
Quarterly County Court to levy a
sufficient tax annually on all the tax
able property Of said county to pay
the semi-annual interest on said
bonds, and also for the purpose of
creating a sinking fund to pay off and
retire said bonds as they become
due. The County Trustee shall col
lect and account for said taxes which
shall be held by HIM as a seperatC
fund, and receive the same compen
sation he receives for collecting othel
county taxes, and shall give an ad
ditional bond for the faithful per
formance of his duty in collecting
and accounting for said funds.
Said. bonds and coupons shall be
payable at such place as the purchas-
er may desire, out of the funds col
lected for that purpose, and said
funds shall in no case be applied t.
any other purpose,
Section 5. Be it further enacted
That for the purpose of carrying out
the provisions of this Act, S. H
Roach, w. G. Corum, and Joe Cam
eron are hereby appointed and con
stituted the commissioners who shall
have charge of the work of improv-
ing the public roads of said county
herein provided for, the sale of said
bonds, and the expenditure of the
funds arising from the sale thereof.
Before entering on their duties
said commissioners shall enter into
joint bond in such penalty as may
be fixed by the County Court, paya-