Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1878-03-15

fore lRBu90 DY eAi0 county 10 th0 His
sissippi Valley aBd Ship leland Rail-
road Company, and . Judgment 10 Ike
ly 10 DO rendered In Ssld suIt against
said county nov, therefore, .
Seoliea /, Bo it enacted by tho Leg.
islalure Of the State Of MIsAisslppi,
That for the purpose Of enabling the
county Of Warren 10 compromise lts
bonded indebtedness represented BY
what 10 known. % the Mississippi VAL
ley and Ship Island Railroad Bonds,
the Beard Of Supervisors Of said
county shall be, and they are hereby,
authorized aud empowered to Issue
new b1uds Of the said county 10 en-
amount not exceeding the sum Of the
principal and accrued interest OF said
bonds now outstanding, to be dated
the lsl day Of February, A. d. 1873, to
be payable twenty ysars after date, and
to bear interest at the rate OF elk per
cent. per SnBum, payable on the 6rst
day Of February In each year. Said
bonds shall be In such form and Of
such denominations 90 the said Board
of Supervisors may prescribe, with Q
view 10 their convenient use, and ehall
be prepared under the direction Of the
said Board, and ~ the expense Of said
county, and shall be issued under the
signslure Of the President, and the seal
Of said Board, and atleSted By the
Clerk thereof under Bach regulations
&c ths said Board Of Supervisors may
prescribe.
SEQ. 2 Be Il further enacted, That
The said Board Of Supervisors snail
have the power TO Issue the aAid new
bonds 10 Compromiss and settlement Of
the principal and accFued inlareSt OF
the outstanding bonds Of said counly
mentioned In the first section OF this
Act, upon the following terms and con.
ditions, tO.Wit; The said Board Of Su-
perVIsOFs shall issue and deliver 10 the
holders Of the bonds heretofore issued
by the said county TO the Mississippi
Valley and Ship leland Railroad Com
pany, the said new bonds Of said
county, to an amount equal 10 fifty
per cent Of the principal and accrued
interest Of the bonds now held by
them, whenever the holder or holders
thereof shall present and deliver the
same for cancellation, and the accept
ance by such holders of new bonds,
representing ffly per cent. Of the bonds
90 delivered up, shall be deemed q re-
linquishment by them OF all claims
against the county, 80 far as said bonds
may be concerned, aud shall be taken
as an agreement by them, that the re.
naming 6ny per centum OF the prin-
cipal aud accrued interest Of the bOndl
so delivered Up, shall be converted into
like new bonds a. hereinbeiOre provi'
ded, and shall be applied by the said
Board Of Supervisors as follows, To-
wit: The said Board Of Supervisor
shall issue and deliver 10 Trustee, Il
be jointly selected by said Board anC
said Railroad Company, or lie assigns
new bonds representing the said re
naming fifty per cent. Of principal
and interest Of the honda delivered
aud cancelled as Aforesaid, to be held
by sain Trustee aud used In aid Of the
construction OF said railroad, and to bg
delivered by said Trustee 10 said Rail
road Company, or ilS assigns, upon
such terms and conditions as may bC
agreed upon by and between the said
Board OF Supervisors and said Rail-
road Company, or iis assigns.
See. 3. Be Il further enacted, Tha
Il shall be the duty Of the sale
Board OF Supervisors 10 levy annually
q special tax sufficient 10 provide |
fund for the payment Of the full
amount of the annual interest to accrue
upon saCh Of said bonds as shall bI
then outstanding, and 10 provide
sinking fund equal In amount to one
twentieth Of the principal Of the bond
that may be issued and outstanding
under the authority Of this Act, whiCt
shall be applied, after the payment 0
accrued interest, from time 10 time, Il
the purchase Of said bonds, at not ex
Ceeding their par value, which said tai
shall be levied aud collected In IhJ
same manner, and at the same time al
provided by law, for the levy aud col
, lection Of other taxes said tax shall b.
paid In lawful money Of the United
States, or in the matnred interest cou
: pons of said bonds, and The reVenu,
,, , acCruiDg lherefrOm shall not be apprO
: priated 10 any other purpOse.
Sec. 1. Be Il further enacted, Tha
! this Act shall not be construed As com
, pulsory, or mandatory upon said Boar,
Of Supervisors to make the afOresalI
aiu trnent and compromise.
Sec. 8. Be It further enacted, ThA
this Act take effect and be In force iFOI
: aud after its passage.
: Approved, February %, 1878.