The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1878-04-24

compromise Its bonded indebtedness. repre-
scented by what is known as the ''ten per cent.
improvement bonds" and the ''Vicksburg.
Pensacola and Ship Island Railroad bonds"
the mayor and aldermen of said city shall be,
and they are hereby, authorized and empow-
cred to issue new bonds of the said city, to
an amount not exceeding sixty five per centum
OF the principal of the said bonds above men
toned, nON outstanding, to be dated the first
day Of February, eighteen hundred and seven
weight, to be payable fifty years after date,
and bear interest at five per centum per
mum, from date, payable semi annually, on the
hrst day OF February, and the first day of
August of each year; said bonds shall be in
such form, and in such denomination or amount
as the said mayor and aldermen may prescribe,
with view to their convenient use for the
purposes designated by this Act. and shall be
payable to bearer, and shall have coupons of
interest attached, 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 signature of the mayor, with the
corporate seal of the city attached, under
such regulations as the said mayor and alder
men shall, by ordinance, prescribe; but fail
ure to observe such regulations on the part of
the said mayor and aldermen, or any one
acting for them, in issuing said bonds, shall
not invalidate the same; the said mayor and
aldermen may require the mayor to give bond
III such penalty as they shall think sufficient,
conditioned for the faithful performance OF his
duty in respect to the custody and use of said
bonds; said coupons of interest shall bear ten
per cent per annum, after maturity.
Sec. ?. BE 1t further enacted, That the said
mayor and aldermen shall have power to issue
the said bonds, with coupons attached, i'll com
promise and settlement of the said bonds in
the first section of this Act mentioned, at a
rate not exceeding sixty five cents of the new
Indebtedness for one dollar of the old, com
putting for the principal of the latter only,
and all interest being excluded and may pre-.
scribe by ordinance the time, manner, and
means of effectng such exchange; and it shall
not be necessary to have the assent of any
specified number of said bOndhOlders to com
promise under this Act, but any holder of any
of said old bonds or coupons may compromise
for his claim under this Act without the assent
or cooperation of any other bondholder or
holder of coupons.
SEC. 3. Be 1t further enactea, That when
such bonds shall have been issued, as afore-
said, they shall be taken and held to be valid
and indisputable 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 ofthe said bonds, in
compromise and settlement of which they are
so issued.
SEC. 4. Be 1t further enacted, That it shall
be the duty of the mayor and aldermen of
said city to levy annually, at the time appoint
ed by law for levying taxes for general city
purposes, or the time at which such taxes shall
be levied a special tax, which shall be desig-
mated as the Give per cent. bond interest tax,
sufficient to provide fund for the payment of
the full amount of the annual interest to ac
crue 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
a legal tender under the laws of the United
States, and in coupons as in this Act provided;
and the revenue accruing therefrOm shall not
be appropriated to any other purpose a
failure, however, to levy said tax at the proper
time, as above designated, failure to levy
a sufficient amount, shall not preclude said
city authorities from making a sufficient levy
at any time afterwards; but the duty to levy
a sufficient amount to pay said interest as it
falls due shall be continuing one, TO be eXer
cised at any time. The said mayor and alder
men shall prescribe where and by whom the
said interest shall be paid, and how the
coupons therefor shall be cancelled, and may
require Of the city treasurer, any fiscal
agent they may employ, sufficient bond to
insure its faithful receipt and disbursement;
said coupons and bonds may by contract be
made payable in the city of New York or in
said city of Yicksbufg, and due notice shall
be given of any change in the bank or other
and coupons shall be payable
SEC. 5. BE 1t FURTHER enacted, That the in
tereEt coupons attached to said bonds may be
cut off and pass from hand to hand in the
market, without production Of the bonds to
which they were originally attached, and they
may be used in any law suit or proceeding
against said city for their collection, without
the production OF sad b8Eds to which they
were attached, and said coupons shall be, and
are hereby, made receivable for any taxes,
licenses or assessments Of said city, due or
collectable in the year in which said coupons
shall fall due. or for any subsequent year;
and said coupons. in the year in which they
shall fall due, and in all subsequent years, shall
be receivable for all debts and dues to said
city, of whatsoever naGute, which shall have
been created, or shall have accrued since the
passage of this Act. When said coupons or
any of them shall be paid on any taxes. assess
ment, dues or debts as aforesaid, it or they
shall then and there be cancelled by the pay
er or in his presence so that the same may not
again be put in circulation; and failure to
cancel shall make said payment void as dis
charge of the debt, tax, dues or assessment;
but such failure to cancel shall not have the
effect to prevent said coupon or coupons so
uncancelled from being thereby discharged as
an obligation against the city, but the city
may on showing that any over due coupon or
any other coupon not in the hands of a bona
fde holder for value, has been paid as afore-
said, have the same cancelled, and whether the
same be cancelled or not, such coupon or
coupons shall, nevertheless, be no longer a
valid debt against said city, and any tax col
lector any other person receiving any cou-
pom or coupons aforesaid in payment of
taxes, dues, or assessments, or debts as afore
said, who shall fail then and there Immediate
lv on such receDtion TO cancel the same shall