The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1877-03-07


annually, on the first day of February and the
| first day of August of each year; said bonds
shall be in such form and in such denomina-
tions amounts as the said mayor and alder
men may prescribe, with view with their con
venient for the purposes designated by this
Act, and shall be prepared under the direction
of the said mayor and aldermen at the expense
Of the city, and shall be issued under the sigma
ture OF the mayor, with the corporate seal OF
city attached. under such regulations as the
said mayor and aldermen shall, by ordinance,
prescribe; the said mayor and aldermen may
require the mayor to give bond in such penalty
as they shall think sufficient, conditioned for
the faithful performance of his duty in respect
to the custody and use of such bonds.
SEC. ?. Be at further enacted, That the said
mayor and aldermen shall have power to issue
the said bonds in compromise and settlement Of
the said bonds in the first section OF this Act
mentioned at a rate not exceeding sixty five
cents Of new Indebtedness for one dollar Of the
old, computing for the principal of the latter
only, all interest being excluded, and may pre-
scribe by ordinance the time, manner and means
of elfecting such exchange.
SEC. 3. Be 1t further enacted, That when such
bonds shall have been issued aforesaid they
shall be taken and held to be valid and indis
putable obligations of said city, and the issuance
thereof shall forever estOp and preclude the said
city from denying liability thereon, or asserting
any defense thereto, by reason of any matter or
thing touching the consideration or validity of
he said bonds in compromise and settlement of
which they are so issued.
SEC. 4. BE II FURTHER enacted, That 1t shall
be the duty of the mayor and aldermen of said
city to levy annually, at the time appointed by
law for levying taxes for general city purposes,
or the time at which such taxes shall be levied,
a special tax which may be designated as the
five per cent bond interest tax, sufficient to
provide fund for the the payment of the full
amount Of the annual interest to accrue upon
such Of the said bonds as shall be at the time
outstanding, which tax shall be payable in such
funds as shall be at the time legal tender
der the laws Of the United States, and the reve-
nue. accruing therelrom shall not be appropria-
ted to any other purpose. The said mayor and
aldermen shall prescribe where and by whom
the said interest shall be paid and how the cou-
pons therefor shall be cancelled, and may re-
quire of the city treasurer or any fiscal agent
they may employ, sufficient bond to insure its
faithful receipt and disbursement.
SEC. 5. BE IT further enacted, That after
the the expiration of five years from the date
of said bonds, the said mayor and alder
men shall begin to provide for the payment
of the principal thereof, and for that pur-
pose, shall levy, annually, at the time appoint
purposes, or the time at which such taxes shall
be levied, special tax, which may be deeig
mated as the five per cent. bond tax, which
shall be payable, likewise, IN such funds as shall
be, at the time, legal tender under the laws
of the United States, sufficient to raise an
amount equal to the sum, which shall be ascer-
tanned by dividing the whole amount of the prin-
cipal Of such of the said bonds shall be at the
time outstanding, by the number Of years which
the said bonds shall then have to run before
maturity, and So soon as the fund accruing from
such tax shall be in hand, it shall be the duty of
the said mayor and aldermen to cause advertise
ment to be made, in such places, and for such
time, as they shall think sufficient to give due
notice to the holders Of said bonds, inviting
proposals for the sale thereof to the city; and
they shall regulate the time, place and manner
of receiving such proposals, making purchases
in pursuance thereof, and of cancelling the bonds
purchased. The funds accruing from any tax
levied in pursuance of this section, shall not be
appropriated to any other purpose.
SEC. 6. BE Il FURTHER enacted, That the pow
er and duty Of the said mayor and aldermen of
said city, TO levy the said taxes herein provided
for, shall be deemed and taken to be a part of
the obligation of the said bonds and the holding
holders ofsaid bonds shall be presumed to have
taken the same upon the faith of the specific
means and remedies herein provided for their
payment, we'll such other remedies as
may be given by the general law of the
land, and it shall not be in the power of the
Legislature to alter, abridge, amend, or repeal
this Act, to the prejudice of any holder of said
bonds. The said mayor and aldermen in appOr-
toning within such limit as may be from time
to time fixed by law, the several taxes to be lev
led by them, shall first provide for and f& their
levles, to be made In pursuance OF this Act, and
having fyed such rates as shall be sufficient to
raise the revenues required thereby, shall then
apportion the residue.
Sec I. BE 1t further enacted That if
the said mayor and aldermen shall fail to per-
form the duties imposed upon them by this Act,
III the manner required or at the time requir-
ed. the said duties shall nevertheless be con
tinuous, and they shall be compellable to
perform the same at any time; and the
holders of said bonds, or any. OF them, shall
be entitled to the remedy by mandamus,
to compel the performance thereof, without first
obtaining judgment upon their bonds or inter
est coupons, and if any such proceeding, the
said mayor and aldermen shall claim to have
any defence Ia the demand of the plaintiff or
relator, they shall set the same forth, and
the court or judge shall thereupon make such
orders, regard being had to the constitutional
rights of the parties, as shall secure a speedy
and orderly determination of such matter OF
defence, which being disposed of, peremptory
writ shall be awarded or refused, according to
the right and justice of the case. And if such
peremptory writ shall, in any case, be awarded
and the said mayor and aldermen shall refuse
or neglect to obey the same, or shall obey
| the same evasively or shall resign or other
wise defeat the enforcement thereof, then
| the court or judge before whom the said
proceedings shall be pending shall appoint
one or more commissioners to perform the
duties which the said mayor and aldermen
should otherwise have performed in the premi
ses and may make all needfu orders to secure
to the plaintiff or relator the benefit of the pro
visions of this Act, according to the true intent
and maaninp thereof