Carroll County democrat. (Huntingdon, Tenn.) 188?-1971, 1921-04-01
Private Acts 1927 Chapter 100
Senate Bill No 245

issue INTEREST bearing coupon OonuS
Of the county and sell the same to
pay off and settle the floating 10.
debtedness Of the county, incurred
or to be incurred, evidenced BY
the warrants of the county hereto
fore issued, or to be issued, or
otherwise evidenced to be due and
owing by said county, and to pro-
vide for the payment of said bonds
and the interest thereon.
Whereas, Carroll County, Ten
nessee. IS now indebted on account
of its unpaid running expenses.
and.
Whereas, said County is now
mourning and will be compelled to
incur further Indebtedness in the
year 1921, and subsequent years,
on said account, and,
Whereas, there are no funds In
the Treasury of said county with
which to pay off its floating indeb-
edness already incurred, and to be
incurred and.
Whereas, the warrants of said
County, issued to pay off said
Indebtedness, are not acceptable,
being non interest bearing, and
have to be discounted in order that
the holders thereof NAV obtain
money thereon, now, therefore.
SECTION |. Be it enacted by
the General Assembly Of the State
of Tennessee. That Carroll County,
Tennessee, through its County
Quarterly Court, be and i hereby
authorized, enabled. and empow-
cred to settle and pay off all its
floating Indebtedness, both. prin-
cipal and interest, due and owing
BY the County, evidenced by the
warrants of the County heretofore
issued, or to be issued, or other.
wise due and owing and evidenced,
and for this purpose to issue inter.
est bearing coupon bonds of the
county.
SECTION Q. Be it further en-
acted, That the County Court of
said County Of Carroll, at any
Quarterly or Special Session, a
majority Of the Justices of the
Peace being present and voting
therefore, be and is hereby author.
lied and empowered to issue inter
est bearing coupon bonds Of said
County in an amount not to exceed
in the aggregate Two Hundred
Thousand 600, 1000 00) Dollars, for
the purposes mentioned in Section
/ Of this Act, which bonds and
interest shall be payable in lawful
money of the United State of
America. Said bonds shall be 10
denomination of one Thousand
100000 Dollars each, and shall
mature serially il such manner as
the County Court ID Quarterly or
Special Session may il it's judg-
ment direct, none of said bonds,
however. exceeding twenty years
from date; said bonds shall bear d
rate OF interest not exceeding six
Is perl per centum per anum. pay
able annually, both principal and
interest to be payable at such time
and place as the Court may direct.
The bonds issued under Authority
of this Act shall be styled Fund
ing Bonds, and shall be signed
by the County Judge of Carroll
County and countersigned by the
County Court Clerk of said county,
with the seal of the County i'm
pressed upon each Of said bonds.
The interest coupons may be ex-
ecuted with the facsimile sigma
lures of said officials.
SECTION 3. Be it further en-
acted, That after said County
Court In Quarterly or Special
Session has authorized and directed
the issuance OF bonds authorized
under this Act the County Judge
of said County, assisted. by the
County Court Clerk thereof, is
hereby authorized and empowered
to sell all or any part of the same
authorized By said County Court
in Quarterly or Special Session to
be sold. said bonds to be sold TO
the best advantage, and 10 no event
to be sold for less than par.
SECTION 4. Be it further en-
acted, That the proceeds of the
sale of any bonds issued under
authority of this Act shall be
applied to the payment of the
floating Indebtedness Of Carroll
County, in whatsoever from ex-
isting, and for this purpose the
same shall be paid into the hands
of the Trustee of said County, and
kept By him in separate fund
payable by him only in liquidation