The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-06-02
ORDINANCE UP
FOR FIRST READING
TUESDAY, JUNE
5, 1919,
AN ORDINANCE

To provide for the issuance, sale and
retirement OF and payment OF interest
upon n hundred fifty thousand
C1b0,000l dollars OF general liability
negotiable coupon bonds Of the City
Of Memphis, under the provisions OF
chapter 296 OF the private acts OF the
general assembly Of the State Of Ten
nessee for the year 1919, authorizing
the said City of Memphis, among
other things, in connection and by
cooperation with the County OF
Shelby, to erect and equip n Tuber-
culosis hospital or tuberculosis hos
pitfalls, and to issue bonds in a sum
not exceeding $15o, 900 for the purpose
above reclted.
Whereas, the City of Memphis is
authorized and now desires to proceed
with the erection and equipment Of a
tuberculosis hospital or tuberculosis
hospitals, in compliance with chapter
296 OF the private acts OF Tennessee for
the year 1919, In connection and by CO.
operation with the county Of Shelby,
which is likewise authorized and pre-
pared, and now desires TO proceed with
said enterprise; tho City OF Memphis
accepting especially the provisions of
said chapter 2e6 relating TO the matter
OF selling bonds, and the joint use for
such Tuberculosis hospital or Tubercu-
losis hospitals purposes OF ground now
owned by said city and by said county
AZ the site for said institution or insti-
tutions: and,
Whereas. the board Of joint trustees
heretofore appointed by the board OF
county commissioners Of Shelby county
and the board OF commissioners OF the
City OF Memphis, under chapters 200
and 3S7 OF the private acts Of the rem
aral assembly OF the State of Tennessee
for the year 1917. for the purpose OF
erecting, %eouipping. supporting and
~ m ~ Lea ~ "a al ~ lkA~ 1N.A
hospital. or Tuberculosis hospitals, have
especially organized and qualified pur-
suant TO the terms OF said chapter 2gg
to carry out all the provisions thereof;
now, therefore. \
Section /. BE 1t ordained by the
board Of commissioners OF tho City Of
Memphis, That. under and by virtue Of
the authority OF the provisions Of chap
ter 200 OF the private acts OF the gem
eral assembly of the State of Tennessee
for the year 1919, tho City OF Memphis
shall issue. and the mayor and city
clerk are authorized to execute and de-
liver one hundred fifty thousand ts1b0, :
000) dollars OF bonds, that the City OF
Memphis may, In connection and by CO.
operation with the county Of shelby.
erect and equip a Tuberculosis hospital
| or tuberculosis hospitals.
Said bonds shall be general liability
negotiable serial coupon bonds, payable
/ W btaAVAs ANU hHC ptVItNuS III I1t Nttte
are TO be used solely and exclusively
for the purpose OF carrying out the pro-
visions Of said chapter 296 in erecting
and eqnipping a tuberculosis hospital
OF tuberculosis hospitals in conjunction
with the county Of Shelby, and no part
| Of said proceeds shall be used for any
other purpose, Provided, however, thai
the expense Of selling the bonds herein
provided shall he deducted from, the net
proceeds, but no interest payments shall
be so deducted,
Sec, 2, BE It further ordained, That
said bonds shall be issued in denomina-
tons OF one thousand Isl, 0o0l dollars
each, dated tho first day of April, 1919
bearing interest at the rate of four and
three-duarters per centum per annum
or five per centum per annum, MS shall
be determined by the board of commits,
sioners at the time Of making sale oil
said bonds hereunder; provided, how.
ever, that no higher rate shall be deter.
mined upon than shall be necessary tt
provide q bid OF par,
The interest shall be payable semi.
annually on the first days OF October
and April In each and every year unit
maturity,
Said bonds shall he signed by tn,
mayor and by the city clerk Of the CIT,
OF Memphis. Tennessee, and the interes
coupons shall bear the Autographed sig
nature ct the mayor,
said bonds may be registered as I,
\ principal only, IN the name Of tn,
holder, such registry 70 W caftifie'