The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-23
PROPOSED ORDINANCE UP
FOR FINAL READING
TUESDAY, JUNE
"a, 1919.
AN ORDINANCE

To provide for the issuance, sale and
retirement of and payment of in
terest upon W hundred thousand
G2OO, O0O) dollar of general liability
negotiable coupon bonds Of the City
Of Memphis under the provisions OF
Chapter 789 Of the private acts Of
the general assembly Of the State OF
Tennessee for the year 1919, authoriz-
ing the City Of Memphis to issue the
above named amount of bonds for
the purpose OF d%efraying the city's
one-third portion of the cost Of i'm
proving streets, alleys and highways
under the provisions Of the Front
Foot Assessment law as contained in
Chapter 341 of the acts Of the general
assembly Of 1907, and amendments
thereto, and for the purpose Of other
wise improving the streets, alloys and
highways of said city, and for the
purpose of building sewers and drains
in said city. T
Section |. Be 1t ordained bv the
Board Of Commissioners OF the City OF
Memphis, That, under and by virtue OF
the authority Of tho provisions Of Chap
ter 1889 Of the private acts Of the gem
eral assembly Of the State Of Tennes-
see for the year 1919, the City of Mem
phis shall issue, and the Mayor and
City Clerk are authorized to execute
and deliver, two hundred thousand
$500, O0O) dollars OF general liability
AAN6ONihbto ObbcA VIM lOl llC Pun
pose Of defraying the city's one-third
portion OF the cost Of improving streets,
alleys and highways under the pro-
visions Of the front-foot assessment
law as contained in Chapter AL of the
acts Of the general assembly Of 1907,
purpose Of otherwise improving the
streets, alleys and highways of said
city, and for the purpose of building
sewers and drains in said city.
Said bonds shall be general liability
negotiable coupon bonds, payable to
bearer, and the proceeds of the sale
are to be used solely and exclusively
for the purpose Of carrying out the
provisions of said Chapter 7S9,
said bonds shall be Issued in denomina-
tons OF one thousand Isl, 000) dollars
each, dated the first day of July, 1919,
bearing interest at the rate OF -four
mum or five pei centum per annum,
as shall be determined by the board
of commissioners at the time Of making
sale of said bonds hereunder, provided
however, that no higher rate shall be
determined upon than shall be neces-
sary to provide a bid Of par.
The interest shall be PAYABLE semi
annually on the first days OF January
and July In each and every year until
maturity.
said bonds shall be signed by the
mayor and by the city clerk of the
City of Memphis, Tenn, and the in
terest coupons shall bear the litho-
graphed signature of the mayor.
Said bonds may be registered az to
principal only, in the name of the hold
er. and the name Of the registered owner
thereof shall be placed In the registra-
ton clause on the back thereof, to-
gether with the signature Of the city
clerk, and the date of said registration.
Said bonds shall be subject to success
siye registrations OF transfers Mt the
option Of holder. After registration no
transfer shall be valid unless made on
the books OF the city clerk by the
registered holder or by attorney and
similarly noted on the bond, and there
after the principal shall be payable
only to such registered owner or to his
legal representative or assignee; but the
same may be discharged from registra-
tion by being transferred to bearer,
after which 1t shall he transferred by
delivery. II may again be registered as
before at the option OF the holder. The
registration of the bonds as to prin-
cipal shall moi restrain the negotiability
OF the coupons by delivery merely,
Said bonds snail be numbered con-
secutively from number one to num-
Der two hundred, both inclusive, and
without privilege of prior redemption,
shall mature as follows: