Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1878-03-08

CJicc r ~ " he Port Of New Or
leans.
An ACT L. .u'h0riz t1r u ard ( super.
Yis0rs ul the.'cunty OF Warren 20 CON-
promise c ruiu bonded indebtedness Of
said C,uny
WHEREAS, A suit IS LOW pending IN
The Circuit Court OF The United States
for the Southern DE-. rict of Mjssis ippi
against rha The Board OF Supervisors ol
the CUut ~ OF Warren, upon the IN err
est coupons Vi certain bonds heretofore
issued by said county 10 the Mi.si,.
sippi Valley and Ship Island Rli,rOAd
Company, and q judgment 10 likely To
be rendered Ia said suit against said
county ; now, therefore,
Section l. b. II enacted by the Leg
iSlature Of the State of Mississippi,
That for the purpose OF enabling the
County Of Warren TO compromise it's
bonded indebtedness Represented by
what IL known as the Mississippi
Valley and Ship Island Railroad
Bonds, the Board of Supervisors OF
said county shall be-, and they are
hereby, authorized and empowered to
issue new bonds Of the said county to
an amount not exceeding the sum Of
the principal aud accrued interest OF
said bonds now outstanding, to be
dated the lst day OF February, A. D.,
1873, to be payable twenty years after
date, aud to bear interest at the rate
Of sixper cent. per annum, payable on
the first day Of February in each year.
Said bonds shall be in such form aud
of such denominations as the said
Board Of Supervisors may prescribe,
with a view TO their convenient use,
and shall be prepared under the direc.
ti0n Of the said Board, and at the ex-
pense of said county, and shall be
Issued under the signature OF the
President, and the seal Of said Board,
and attested by the Clerk thereof, un.
der such regulations as the said Board
OF Supervisors may prescribe.
Sec. 2. Be 1t further enacted, That
the said Board Of Supervisors shall
have the power to issue the said new
bonds In compromise and settlement
Of the principal and accrued interest
Of the outstanding bonds OF said county
mentioned in the 6rst section Of lhi;
Act, upon the following terms anc
conditions, tO.wit: The said Board .
Supervisors shall issue aud deliver tC
the holders Of tho bonds heretofore
issued by the said county 10 The Mis-,
sissippi Valley aud Ship Island Rail
road Company, the said new bonds OF
said county, to an amount equal to fifty
per cent. OF the principal aud accrued
interest of the bonds now held by
them, whenever the holder or
holders thereof shall p.esent and
deliver the same for cancellation
and the acceptance by such holders
of new bonds, representing fifty
per cent. of the bonds so de-
llvered up, shall be deemed q reliquish'
ment by them OF ell claims against the
county, so far as said bonds may be
concerned, and shall be taken as an
agreement by them, that the remaining
fifty per centum of the principal and
accrued interest Of the bonds 30 de.
livered up, shall be converted into like
new bonds as hereinbefore provided,
and shall be applied by the said Board
Of Supervisors as follows, tO.Wit: The
said Board of Supervisors shall issue
and deliver 10 o Trustee, TO be jointly
selected by said Board and said Rail-
road Company, or its asslgns, new
bonds representing the said remaining
fifty per cent. OF principal aud interest
of the bonds delivered and cancelled
as aforesaid, to be held by said Trustee
aud used 10 aid Of the construction OF
said railroad, aud to be delivered by
said Trustee TO said Railroad Company,
or lite assigns, upon such terms and
conditions as may be agreed upon by
and between the said Board of Super
visors and said Railroad Company, or
lite assigns.
Sec. 8. Be II further enacted, That
II shall be the duty Of the said Board
OF Supervisors to levy annually q
special tax sufficient to provide 9 fund
for the payment Of the full amount OF
the annual interest to ccrue upon
such OF said bonds, 40 shall be then
outstanding, and 10 provide Q sinking
fund equal In amount to 0ne.tWentleth
Of the principal Of the bonds that may
be issued and outstanding under the
authority of this Act, which shall be
applied, after the payment OF accrued
interest from time to time, to the pur.
chase Of said bonds, at not exceeding
their par value, which said tax shall be
levied and collected In the same man.
ner, and ct the same time % provided
by Law, for the levy and collection o,
other taxes, and said tax shall be paiC
in lawful money Of the United States
or 10 the mAtured interest coupons o
said bonds, and the revenue accruinI
therefrom shall not be appropriated 4
any other purpose.
Sec. 4 Be Il further enacted, Tha
this Act shall not be construed as com
pulsory, or mandatory upon said Boar
Of Supervisors 10 make the aforesai,
adjustment and compromise.
Sec. 5. Be It further enacted, Ths
this Act take effect aud be In fore
from and after lie passage.
APPROVED, Feb. Is, 1878.
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THE Pilot newspaper printing mate
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