Private Acts of 1949 Chapter 510

COMPILER'S NOTE:  This act was amended by Private Acts of 1965, Chapter 87, reprinted herein.

SECTION 1.  That the Paris Special School District in Henry County, Tennessee, as created by Chapter 150 of the 1919 Private Acts of Tennessee, as amended by Chapters 1, 243, and 799 of the 1921 Private Acts of Tennessee, Chapters 14 and 671 of the 1925 Private Acts of Tennessee, and Chapter 740 of the 1929 Private Acts of Tennessee, is hereby found and declared to be a validly organized and existing School District of the State of Tennessee.  Said Paris Special School District shall have the complete management and control of all schools within said district, with the exception of the control, management, maintenance, and operation of county high schools or other county schools situated in said territory.

SECTION 2.  That the Paris Special School District is hereby authorized to borrow money and issue its negotiable bonds therefor in the aggregate principal amount of $120,000 for the purpose of constructing and equipping additions and improvements to school buildings of said School District.  Said bonds shall bear interest at a rate of not exceeding Four per cent (4%) per annum, payable semi-annually, and shall mature serially or otherwise in not exceeding twenty-five years after date thereof and may be subject to such terms of redemption with or without premium as may be provided by resolution of the Board of School Trustees of said School District.  Said bonds shall be in such form and of such denominations and shall be sold in such manner as the Board of School Trustees may provide by resolution, but in no event shall such bonds be sold for less than par.  Said Board of School Trustees is authorized and empowered to do and perform all acts which may be necessary or desirable in connection with the issuance and sale of said bonds.  No election shall be necessary for the authorization of said bonds.

SECTION 3.  That said school bonds shall be signed by the President of the Board of School Trustees and attested by the Secretary and Treasurer of said Board, and the coupons on said bonds shall be signed by the facsimile signatures of said officials.

SECTION 4.  That for the purpose of paying the principal of and interest on the school bonds herein authorized there is hereby levied a continuing annual tax of Twenty Cents (20¢) on each One Hundred Dollars ($100) worth of taxable property in said Paris Special School District, beginning with the year 1949 and continuing until said bonds have been paid in full as to both principal and interest.  Said taxes shall be annually extended and collected by the County Officials of Henry County in the manner provided by the general law for the extension and collection of county taxes and shall constitute a lien on the property against which they are levied with like force and effect as do county taxes.  The proceeds of said taxes, as collected, shall be placed in a special fund and shall be used solely for the purpose of paying principal of and interest on the school bonds herein authorized.

SECTION 5.  That the bonds herein authorized shall be exempt from all State, County, and Municipal taxation within the State of Tennessee.

SECTION 6.  That all laws or parts of laws in conflict herewith, be, and the same are hereby repealed, and this Act shall take effect from and after its passage, the public welfare requiring it.

Passed:  April 4, 1949.