The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1877-02-07

/ OF the same, as ex-officio levee commissioners
ana In their issuance the said Treasurer ma,
make the denominations of the same. a. far .
practicable, muitiples of one hundred IOOl
SEC. 10. Be ii FURTHER enacted That in ordel
10 entltle the holders of any Of the present out
standing bonds or certificates of said liuuidatins
leVee district to the benefits of this act they shall
cause the same to be registered as herein pro
vIded and shall consent to surrender such bond,
or certificates to be cancelled as aforesaid. ana
shall accept in lieu thereof bonds to be issued as
hereInbefore provided to be made PAYABLE out
OF the moneys accrung under the provisions OF
this act
Sec. II. Be It FURTHER enacted, That all Acts
or parts of Acts Ievying and assessing the taxes
heretofore authorized of five and three cents an
acre on lands in the aforesaid district, be and
the same are hereby repealed, and the pro-
ceeds Of the tax, levied and assessed in section
four of this Act shall be and is hereby consti-
tuted special fund and trust for the purpose
hrst, OF paying the coupons of annual interest
on the bonds provided for in this Act; and
second, to create sinking fund for the purchase
or payment of the bonds; and it shall be the
duty of the State Treasurer, as exoficio levee
commissioner, after providing for the payment
OF the interest due for any year, to adver
tlse for four consecutive weeks in a public
newspaper published at Jackson, that until the
the first Monday in June in said year. he will
burse therefor the full amount of the surplus
fund levied and collected for that year and i'll
his hands for the purpose of meeting the prin-
clpal OF said bonds, and he shall at the same
time invite bids from the holders of said bonds;
stating the price at which said holders will
dispose of their bonds, and the number and
amount of bonds they will offer for sale; and
it shall be the duty of said treasurer in con
junction with the auditor of public accounts,
on the day stated, to open said bids in presence
OF such holders as may tesire to be present,
and they shall accept the bids of the party
or parties offering the highest amount Of
bonds for given sum of money; and there
upon said lowest and best bidder or bidders
shall be entitled to paymeat Of their bonds
at the rates offered by them in their bids.
said treasurer shall take up and
cancel said bonds thus paid over, and received
as herein provided. The best bid shall be first
cashed, then the next best and so on. or such
part of the same until the fund is exhausted.
SEC. y. BE 1t further enacted, That on regis
tcring the bonds or certificates provided in
section five, the Auditor shall be entitled to
receive from the holder presenting the same the
sum of ten cents for each and every bond
certificate registered by him, and the Treasurer
shall be entitled to receive for the issuance of
each and every new bond, as provided in section
seven, the sum Of fifty cents.
Sec. ID. Be 1t further enacted, That nothing
in this Act shall be construed to change
woke the terms or conditions for the redemption
and purchase of lands as prescribed in the Act
Of which this Act is amendatory, as the same are
extended in section one of this Act
SEC A. BE 1t FURTHER enacted, That the cost
of preparing and engraving the blank bonds
herein authorized, as we'll as the other necessa-
ry expense of publication Of the notices requir-
90. shall be paid out Of any moneys for levee
purposes now in the hands of the treasurer, the
same to be replaced to such levee fund out of
the funds created by this Act, SO soon as suf-
ficient amount shall come into the hands Of the
treasurer.
SEC. Is. Be 1t further enacted, That the an
nual coupons of interestof the bonds provided
for !. this Act, for any year, shall be regard
ed currency, and be receivable for the tax
herein levied and assessed for the fiscal year
next preceding the date of their maturity,
SEC. is. BE 1t further engeted That it shall
be the duty of tho treasurer and auditor to in
clude an account OF theiF transactions under
this Act in the reports required Of them ~ the
aforesaid Act of April 18th, 1876,
SEC II. Be 1t further enacted, That this Act
take effect and be it force from and after its pas
sa ge Qnd all other Acts prescribing other modes
of payment 81 tie Indebtedness herein provided
for be, and the same are hereby repealed.
APPROVED, February LIST, 1871