Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1877-08-17

cOunting-room Of Doll & Murphy yes
terdaY afternoon, when the following
resolution, drawn by City Attorney r.
5. Buck, was considered and adopted
Be il resolved BY the Boardof Mayor and
Aldermen Of the City Of Vicksburg, That
X. OLeaTy, the Mayor u said city be and
he 10 hereby empowered and directed 70
execute In his name as Mayor, and seal
with the corporate seal Of said city for
and In behalf Of this Board, representing
the corporation OF said city, a certain con-
tract, prepared by Messrs. Harris 4
George, attorneys for certain holders ofthe
ten per cent. Improvement bonds OF said
city, whereof the following Is acopy there
the Clerk will insert copy Of the CON-
tract the object Of said contract being to
carry into effect the compromise hereto
fore agreed upon between certain holders
Of said bonds and this Board, and 20 which
reference 10 made In said contract.
Resolved, this August 18th, 1871.
AGREEMENT.
Agreement between the City OF Nicksourg
and certain holders OF ner Ten per cent
Improvement Bonds, whose names are
hereuntO subscribed, witnesseth:
That the said bond-hOlders, who are sub
scribers hereto, being willing, by a liberal
arrangement and composition, TO aid the
said city in her financial troubles, and dc.
sirous, also, OF putting their debt against
said city In that condition and situation
wherein II will be promptly met; aud the
said city being anxious to make such ar
rangement Of its outstanding indebtedness
as will enable It 10 meet the same and the
accruing interest thereon, with prompt
ness, and without a resort 70 taxation "
an amount which, as the debt how stands,
the said city believes would be destructive
10 It's interests and prosperity:
Now, therefore, Il Is agreed That the
subscribing bond. holders hereto, and each
holding the amount Of said bonds set Op.
posite mis- name, will receive in lieu Of said
bonds, new bonds oil said city, issued as
hereinafter indicated, at the rate In new
bonds, Of siXty-ive per cent. Of the amount
Of said old bonds, and will, In addition
thereto, release all claim or demand for
coupons Of interest falling due prior 10 lsl
day Of February, ISL.
The said city will procure the passage,
in January, ISIS, by the Legislature Of the
state OF Mississippi, Of a Bill, or project
OF a law, 10 be enacted into a law, drawn
IN by J. Z, George, Hsq and submitted %
said ely by said George, through her coun'
sci, Il, ,. Buck, said Bill 10 be passed In
the words In which II uas been drawn, ex'
cgpt that Il is % be modified so that said
city suNll not be compelled 20 raise q sink
Ing fund until the expiration Of ten years
from lst dag OF January, ls1I, ana saiC
city is not " &c authorized, in said Act
to pay a larger sun for the interest Of thu
year ~, than Is herein specified.
When said Act is passed, the said cit!
] snail, within ninety days thereafter, cAusI
new bonds under said Act TO be issued
and shan deliver at the National Bank 0
the state VI New York, said new bonds
tor the subscribers, at the rate Aforesaid
and ID" said subscribers are to then, oil
receiving said new bonds, deliver up sale
old bonds anG coupons Of interest up 4
lst january, lo71, except that coupon
which are In judgment shall not be deliv
cred up, but the judgments on the sam
shall be satisfied. But the following ar
/ conditions precedent, and II not perform
ed, the subscribing b~und.hJldcrs arc re
leased from this contract:
LIST. Said city shall cause 70 he raise
aud placed in said National Bank prior t
the lst day OF December, lsI1, a sum su
icient 10 take up the coupons Of interes
tor the year 1871, held by the subscribin
bOnd.hOlders hereto. said coupons ar
10 be paid by a sun which would equi
equal the interest for one year on sal
uGh VuAlu at Luu AdlN VI hNN pei GEuk
so that the effect will be the same as re
spects said Interest as II said new bond
had been issued bearing interest from IL
Of January, lS77-that is to say, interest a
) per cent, for Il year shall be paid Oh
siXty.lve dollars out OF every one hun
drcd dollars Of old bonds held by the sui
scTibing bOnd-hOldcrs.
End. The said city shall pay or satisfy t
Harris & George, Attorneys for W. Il
Hays, lone Of the subscribers such SUI
as will safety them for their services /
attending TO this business. not eYceedir
the sum Of i've thousand dollars, with II
tcrest thereon not exceeding ten per cen
per annum from lst day OF February, l>1i
In faith whereof, the Mayor Of said CITY
ny authority OF the Board Of Aldermen
has hereto signed his name and affixed th
corporate seal Of said City, this - day
-, A. D., lS17,. and the said b%Ond-holder
have also affixed their names, and 1t lie VI
derstord that this contract is binding b
tween said City and every bOnd.holdC
who shall subscribe the same prior To Tn
lst day 81 November, a. d. Isl.
4. j. Conklin, City Assessor, r.
ported the assessment roll as compleI
ed, and action on the same wa defer
: red to next regular meeting.
Adjourned.
. 80 -