The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1878-03-06

District or MilidaIe Beat, in Warren county,
Mississippi, the Governor be, and he is hereby
authoriZ d to appoint one Justice OF the Peace
and one Constable for said Supervisors Dis
trct who shall have their office on the Jack
son KoBd in the southern portion of said Dis
trict, and VINO shall hold their respective Of
fees until the next general election for coun-
" and beat officers IN said county, and until
their successors in office shall be qualifie /.
SIC. 2. Be it further enacted, That at the
next general election for county and beat Of
fcers held in said county, and biennlaIiy
thereafter, there shall be elected three Jus
tees of the Pace and three Constables in said
Fifth Supervisors district of said county; one
OF said Justices and one of said Constables
shall keep their Office in the southern portion
Of said Supervisors District as aforesaid.
SIC. g. Be It further enacted, That this Act
take effect and be in force from and after its
APPROVED, February D. 1878.
AN ACT to authorize the Board of Supervi-
sors OF the County of Warren te compromise
certain bonded Indebtedness of said county
WHEREAS, A suit is now pending IN the
Circuit Court of the United States for the
Southern District of Mississippi, against the
Board of Supervisors of he County of Warren,
upon the interest coupons of certain bonds
heretofore issued by said county to the Mlssls-
sippi Valley and Ship Island Railroad Com
pariv and q judgment is likely to be rendered
in said suit against said county; now, there
fore,
SECTION ]. be II enacted Dy the GePlSiatuT
of the State of Mississippi, That fer the pur-
pose Of enabling the County of Warren 10
COMPROMISE its bonded indebtedness repre-
scented by what is known as the Mississippi
| Valley and Ship Island Railroad Bonds, the
| Board of Supervisors of said county shall be,
and they hereby, authorized anu
empowered to issue new bonds OF
the said cou't ~ TO an amount moi
exceeding the sum OF Fac principal and accru'
| ed intsrest of said hoods now outstanding, tc
| be dated the LIST day oil February, A. D., 1913
| to be payable twenty years after date, anc tc
| bear interest at the rate of SIX per cent. pei
annum, payable on the first day of February
in each year. Said bonds shall be III such
form and Of such denominations as the said
Board Of Supervisors may prescribe, with view
| to their convenient use, and shall be prepared
under the direction Eof the said Board, and al
| the expense of said county, ahd shall be issued
under the signature of the Preside t, and the
seal of said Board, and attested by the Clerk
| thereof under such regulations as the SAID
| Board of Supervisors may prescribe.
SEC 2 BE il further enacted That the SAID
| Board of Supervisors shall have the power tG
| issue the said new bonds in compromise ana
settlement of the principal and accrued inter
est of the outstanding bonds of said county
mentioned in the first section of this Act, upon
the following terms and conditions, to-wit;
The said Board of Supervisors shall issue ana
deliver to the holders of the bonds heretofore
issued by the said county to the NJ ssls ,lppl
Valley and Ship Island Railroad Company
the said new bonds of said county, 70 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 present and deliver the same orcancella-
ton and the acceptance by such holders OF new
bonds, rep ~eSenting htty per cent. OF the oohqs
50 delivered I'D, shall be deemed rellnqulSh-
ment by them of all claims against the county,
SO far as said bonds may be concerned, and shall
be taken agreement by them, that the
remaining fifty per centum OF the primer
pal and accrued interest of the bonds so
delivered up shall be converted into like
new bonds as hereinbetore provided, and
shall be applied by tIe said Board OF
Supervisors as follows, to-wit: The said
Board Of Supervisors shall issue and deliver
to "A Trustee to be jointly selected by said
Board and said Railroad Company, or its as
signs new bonds representing the said re-
naming fifty per cent. of principal and inter-
est Of the bonds delivered and cancelled as
afore- said, to be held by said Trustee and used
in aid Of the construction of said railroad and
to he delivered by said Trustee to said Rail
road Company, or it's assigns, upon such
terms and conditions as may be agreed upon
by and between the said Board of Supervisors
and said Railroad Company, or its assigns.
SEC 3. Be it further enacted, That 1t shall
be the duty of the said Board of Supervisors to
levy annually a special tax sufficient to pro-
vide a fund for the payment of the full amount
OF the annual interest to accrue upon
such of said Bonds, as shall be then
outstanding, and to provide sinking
fund equal in amount to one twentieth of the
principal of the bonds that may BE- issued and
outstanding under the authority OF tins Act
which shall be applied, after the payment of
accrued interest, from time to time, to the
purchase of said bonds, at not exceeding their
par value which said tai shall be levied and
collected in the same manner ana at the same
time as provided by law, for the levy and col
lection of other taxes and said tax shall be
paid in lawful money of the United States, or
in the matured interest coupons of said bonds,
and the revenue accruing therefrom shall not
be appropriated to any other purpose.
SEE 4. Be it further enacted, That this Act
shall not be construed as compulsory, or man
datory upon said Board of Supervisors to
make the aforesaid adjustment and compro-
mise
SEC ). Be it further enacted, That this Act
take effect and be in force from and after
its passage.
Approved, February 25, 1873