Carroll County democrat. (Huntingdon, Tenn.) 188?-1971, 1921-04-08

the General Assembly Of Che State
/ of Tennessee. that 10 order ia raise
means necessary for the city Of
Mckenzie ID Carroll County,
I Tennessee a municipality Char
tered under provisions 0E Chapter
1888. Acts of 1889, passed April
/ Goth 1899. and approved April
22nd. 1899, to make application
for fhe permanant location Of
Bethel College d school to be
located, maintained, endowed and
operated BY the Cumberland Pres
bgterian Church, which IS to offer
free tuition under certain terms
and conditions, the Mayor and
Board Of Aldermen Of the City Of
Mckenzie, Tennessee, are hereby
authorized empowered to issue
forty year coupon bonds to an
amount not to exceed One Hun
dred Thousand 100,0O0.00) Dol
lars, being bearing 4 rate Of inter-
est not to exceed five per cent
l(5 per cent? per aumun, maturing
at such time and payable in such
a manner as the Mayor and Board
Of Alderman, of the City of Nc
Kenzie may determine and payable
in lawful money of the United
States, provided that 10 40 election
to be held in the City OF Mckenzie
rs hereinafter provided a majority
Of the votes voting 10 said election
shall authorize the assurance of
such bonds. for said purposes as
herein set out.
SECTION 2. Be it further en-
acted, that said bonds and interest
shall be payable in lawful money
Of the United States OF America
and at such time andNplace as the
Mayor and Board OF Aldermen, of !
the City of Mckenzie may deter |
mine. The said bonds shall be ex- |
ecuted in such denominations as |
the Mayor and Board of Aldermen
of said City Of Mckenzie may |
determine, but no one single bond
shall exceed One Thousand Dollars
$4,000. 00) said bonds shall be pay
able forty years from date of issu-
ance thereof, or shall be issued as
serial bonds with maturities ia
such amounts and at such times, /
from three to forty years as the
Mayor and Board of Aldermen
shall determine and shall bear
interest of the rate Of not more than
five per cent Is per cent? per
annum.
SECTION 3. Be it further en-
acted, that whatever bonds may
be issued in pursuance of the
authority herein granted shall be
known as Bethel College location
and improvement Bonds" and the
same shall be sold in such sums
and at such time as the Mayor and
Board Of Aldermen of the City Of
Mckenzie may determine.
SECTION 4. Be it further en-
acted, that if said Bonds are voted
In the year 1921 or any succeeding
year it shall be the duty of the
Mayor and Board of Aldermen Of
said City Of Mckenzie of the year
1921, and for each succeeding :
gear thereafter to make provisions
IN the tax levy and to levy a tax
for the interest to become due on I
said bonds and to provide a sink
ng fund to meet the principal 9
Indebtedness provided that ID the 9
went of the Mayor and Board of !!
Aldermen shall derermine to issue !
erial bonds as authorized in sec :
ion 2 hereof, the tax levied herein q
,royided for before shall be suf- ?
icient to paw the annual interest =
% said bonds and the principal at 9
he same may from time to time 2
nature. The funds from such tax =
hall be kept in separate fund by y
be Recorder, provided the amount Y
ccumulating in the hands of the .
lily Recorder to be USED in retir- !
lg said bonds, may be loaned or y
lvestedin such amount and at such y
ate of interest as the Mayor and .
'oard of Aldermen may determine. >
SECTION 5. Be it further en- 2
cted, that said bonds shall not be y
Did for less than par. and the pro- =
eeds Of said sale shall not be used
Or any other purpose herein set
ut, to wit, to secure the perma-
emit location Of Bethel College.
D educational institHtion, to be
coated, mintained, endowed and
perated BY the Cumberland Pres
yterian Church which intuition
nder certain terms and conditions
to offer free tuition, such sums
} be paid for location, site or
ties, erection and equipping of