The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-01-13

pt New York. Said bonds, both princi-
pal ana interest, shall be payable in9
awful money of the United States OF Z
Sec; 3. Be it further ordained, That
salq ponds n coupons thereto at
tached sha be in substantially the fol-
lowing form, to-wit:
UNITED STATES OF AMERICA,
STATE OF TENNESSEE,
CITY OF MEMPHIS,
AUDITORIUM N PUBLIC MARKET
HOUSE BOND.
Know all men by these presents. That
the city of Memphis, a municipal cor
poration organized and existing under
the laws of the state of Tennessee,
hereby acknowledges itself indebted and
promises to a to the bearer hereof
the sum of one thousand ($1, 900. 00)
dollars on the first day of January, 49,,
with interest thereon at the rate of 80.
per cent per annum, payable semian-
nually on the first days of January and
july, upon presentation and surrender
OF the coupons hereto annexed, as they
severally become due, both principal
and interest being payable in lawful
money of the United States of America,
at the city hall in Memphis, Tennessee,
or, at the option of the holder, At the
United States Mortgage and Trust COM
pany, in h city and state of New
York,
This bond is one of a series of bonds
OF like date, tenor and effect, numbered
from No. l upward consecutiveIy, issued
to an amount not exceeding in the ag-
gregate the principal sum of three hun
dred and seventy-five thousand ($375,-
O0O.OO) dollars, for the purpose of pro-
Vlding funds, in connection and by CO.
operation with Shelby county, Tennes-
see, to erect and own an auditorium
and public market house, pursuant to
and in conformity to the provisions OF
chapter AL of the Private Acts Of the
general assembly of the state of Ten
nessee for the year 1917, and further
pursuant to an ordinance passed on
final or third reading by the Board OF
Commissioners of Memphis n..........
1919.
This bond is issued under and pur-
suant to and in strict conformity with
the constitution and statutes of the
state of Tennessee, and charter of the
said city of Memphis, ana amendments
thereto, and ordinances or proceedings
duly passed n adopted.
1t is hereby certified, recited and de-
clared that all acts, conditions and
/ things required to be done, exist, hap
pen and be performed precedent to and
in the ~ssuance of this bond, have been
done, have existed and have happened,
and have been performed in regular and
due form and manner as required by
the constitution and statutes of said
state, and the charter of said city, and
that this bond, together with all other
Indebtedness of said city of Memphis,
does not exceed any limit prescribed by
the constitution and statutes of said
state or charter of said city.
The full faith and credit of said city
of Memphis is hereby pledged for the
prompt payment of the principal and
interest of this bond, as the same shall
respectively become due.
The Board of Commissioners, or other
governing body or Legislative agency Of
said city, are i~rrevocably pledged to
levy and collect, in addition to all other
taxes authorized by law, an annual tax
sufficient to realize such sum as may
be necessary to pay the interest on this
bond and the principal at maturity.
This bond shall lave all the qualities
Of negotiable paper under the law mer-"
chant, and shall not be invalid for any
irTegularity or defect in the proceedings
for the issuanc and sale hereof, and
shall be incontestable in the hands OF
a bona fide purchaser for value.
In witness whereof, said city of Mem
phis has caused this bond to be signed
corporate seal of said city to be affixed
thereto, and the coupons attached to
this bond to bear the autographed sig,
nature of the mayor, and this bond to
be dated the first day of January, 1919,
Mayor, City Of Memphis, Tenn.
(Form of Coupon.)
On the ..... day of. .........1 10, the
city of Memphis, state Of Tennessee.
will pay to bearer; I.;:;i.; dollars, aw.
city hall, in Memphis, Tennessee, or, at,
the option of the holder, at the United
States Mortgage and Trust company, in
the city and state of New York, being
six months interest then due on au-
ditorium and public market house bond
of said city, dated January /, 1918.
No............
Mayor.
Sec. 4. Be it further ordained, That
the mayor of the city OF Memphis shall
cause said bonds and coupons to be
properly Autographed without any
charge therefor to the purchaser, and
said bonds shall be all signed by the
mayor n city clerk, and the corporate
seal Of the city shall be affixed thereto.
Sec. 5. Be it further ordained, That
said bonds shall be sold at public sale,
whereof due notice shall be given at
least twenty days, by and after inviting
sealed bids by advertisement in a
daily paper published in Memphis.
Tenn, and at the option Of the mayor.
advertisement may also be made in the
city of New York. Said bonds shall not
be sold below par or face value thereof
and accrued interest, except that a
commission of four hundred sixty-eighs
and 75-100 GAGS 5) dollars. being one
eighth of one per cent on the par value
Of the issue shall be retained by the
purchaser out of the nominal price paid
by the purchaser, The right to reject
any and all bids shall be reserved.
Sec. 6. Be it further ordained, That
the proceeds of said bonds shall be used
solely for the purposes enumerated IN
section one hereof, The passage of this
ordinance shall be taken as conclusive
evidence, in favor of the purchaser OF
3, said bonds, of the necessity of such
bond issue, and the receipt Of the city
treasurer for the proceeds of the sale
, of the bonds shall be a full acquittancG
to the purchaser thereof, who shah be
under no obligation to see to the appli-
cation of such proceeds.
Sec. 7. Be it further ordained, That
said bonds shall be delivered to the
i, purchaser, at his option, at any bank
in the city and state OF New York, or
Memphis, and the proceeds of the sale
! or sales shall be deposited with the
, city's depository bank for the credit OF
5 the city treasurer of Memphis, who
. shall issue his receipt therefor to the
l purchaser.
Sec. 8. Be it further ordained, That
5 the full faith and credit of the city OF
Memphis is hereby pledged for the
I prompt payment of the principal and
r interest of these bonds as the same
: respectively become due, and the Board
I of Commissioners, or other governing
! body, or legislative agency Of the city
of Memphis, are irrevocably pledged to
. levy and collect, in addition to all other
= taxes authorized by law, an annual tax
sufficient to realize such sum as may
= he necessary to pay the interest on
these bonds and the principal as they
severally become due. This section
shall not be so construed as to require
e a separate tax levy in behalf Of the
e bonds issued hereunder, but 1t shall be-
: sufficient to so segregate the items in
each annual appropriation ordinance
that a reserve for the requirements e
: these bonds shall be set up each year
r and held inviolate.
h Sec. 10. Be it further ordained, That
r all ordinances and parts of ordinances
in conflict with or inconsistent with
this ordinance be and the same are
. hereby repealed, and this Ordinance
| shall take effect thirty days after its.