The Fayette falcon. (Somerville, Tenn.) 190?-current, 1921-03-18
House Bill No. 436 Chapter
224. Private Act: 1921

MAYOR and Aldermen OF the town OF
Somerville.r Tennessee, to issue
and sell coupon bonds of said
town in sum not to exceed five thous-
and dollars $4,000. OO) the said bond or
the proceeds thereof to be used in taxi
ing up and paying off certain issue of
bonds of the said town of Somervilie,
known as water tank and funding Bonds
issued under Act Of Legislature of
Tennessee, of date January Gath, 1901
and approved January 18th 1901, Chap
ter S7S Acts 1901, and which issue of
bonds to be taken up were issued for
the purpose Of extending the water
and light plant Of said town and to
authorize the said Board Of Mayor and
Aldermen to levy taxes and create q
hiking fund for the payment of the
bond issue under this Act and the in
terest thereon.
SECTI0N-1. BE 1T ENACTED
by the General Assembly of the State
of Tennessee. That the Board of Mayor
and Aldermen !of the town of Somer.
erville. Tennessee, be and is hereby
authorized and empowered in its cor
porate capacity to issue and sell cou-
pom bonds of the town OF Somerville in
a sum not to exceed five thousand
($5OOO.OOl, the said bonds or the pro-
ceeds of sale thereof to be used and
applied by the said Board of Mayor
and Aldermen to the paying off or TAX
ing up of certain five thousand dol.
lars (S5000.G09 issue of bonds known az
Water tank and funding bonds, here
to fore issued by the said Board Of
Mayor an Aldermen for the purpose
of improving the water and light plant
of said towr, and issued under Act of
the General Assembly of the State of
Tennessee, Chapter 1913 of Acts of 1901.
SECTIoN-2. BE ITFURTHER EN-.
ACTED, That the bonds issued for the
oove purpose and under the authority
of this Act shall be of such denomina-
ton and bear such rate of interest, not
to exceed ak per cent per annum, &c
the said Board of Mayor and Aldermen
may determins by ordinance. Said in
terest shall be payable semi.snnnally
On the first day of January and
July each year during the life of
'sid bonds. Said bonds shall be
Tue and payable twenty (2O) years
after date Of issuance and shall show
IN their face that they are Water
Tank Refunding Bonds" All of said
'onds. issued for above purpose shall
'e payable in lawful money of the
United States and show upon their
ace that they are issued under the |
authority of this Act and shall be re- :
erred to by date of approval and Chap r
tr. said bonds aDd.the interest cou-
On thereto attached stall be payable
such pace as the said Board II
Iidermen shall Dy ordinance determine.
SECTIONS. BE 1T FURTHER L
'NACTED, That the bonds provided
,r oy this Act shall be signed by the
layor and Recorder of said town and
,all havelths corporate seal there. n
In no case shall be sold for less
ian par.
Sections. BE 1T FURTHER
NACTED. THAT the .said Board of
Iayor and Aldermen shall proceed and
Wy by ordinance tax to pay the in.
rest on said bonds as they fall due
I'd shall also by ordinance provide
hiking fund whereWith to retire and
deem said bonds at maturity thereof
leving tax to be designated "Wat.
Z tank, sinking fund tax" this tax
run with the bonds and to be collect
annually as other taxes are collected
d to be used exclusively for the Dur.
sc levied and to be sufficient WITH
accumulation as nearly as can be es.
mated to meet and retire said bonds
maturity thereof. iii
SECTIONS. BE 1T FURTHER
SACTED, That il the issuance of
y bonds under this Act be 1etermin-
upoo the manner provided. the said
ard Of Mayor and Aldermen shall |
ect the Treasurer of said town tot II
sertise the said bonds for sale in such |
inner as the said Treasurer may deem |
It and the said Treasurer tshall pro-
ID under the direction Of said Board |
Mayor and Aldermen to sell the
ne and when issued and sold said |
ADS shall b delivered to the said
sssurer who shall receipt for same
deliver ssneto the purchaser there |
upon the psywent Of the purchase /
&c therefor and said Treasurer shall n 1 |
q the fund derived therefrom ss . III
'arate fund TO be used only for the
pose designated In Section /. of this /
:, or the said tTrefsursr under the
ection and authority Of said Board |
Mayor and Aldermen and with their
'rovai may exchange said re-
ding bonds for the original bonds 40