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

y
the expiration of ten years from the date oil
said bonds. the said mayor and aldermen shall
begin to provide for the payment of the prIn
cipal thereof: and for that purpose shall levy
annually, at the time appointed by law for
leVying taxes for general city purposes, or at
the time at which such taxes shall be levied, a
special tax. which may be designated the
. five per cent. bond tax which shall be pay
able in such funds as shall be at the time a
legal tender Of the United States, and such
tax shall be sufficient to raise an amount equal
to the sum which shall be ascertained by
dividing the whole amount of the principal of
such of the said bonds. shall be at the time
outstanding, by the number OF years which
the said bonds shall have to run, before matu-
ritv; and so soon as the fund accruing from
such tax shall be in hand, it shall be the duty
of the said mayor and aldermen to cause
advertisement to be made IN such public
newspapers published in said city. and in the
city of New York, and for such time they
shall think sufficient to give due notice 10 the
holders of said bonds, inviting proposals for
the sale thereof to the city; and they shall
regulate the time, place and manner of reeeiv-
ing such proposals, making purchases in pur
suance thereof, and of canceling the bonds
purchased. The funds accruing from any tax
levied in pursuance of this section shall not
be appropriated to any other purpose, and if
said city authorities shall fail to levy and col
lect said tax provided for in this section, and
apply the same as herein directed, any holder
of any of the bonds issued under this Act
may. in his own behalf, and in behalf of all
the bondholders, either with or without the
consent of any other bondholders, have all the
remedies provided for in this Act to compel
the levy. collection and payment over to par
ties interested of taxes provided to pay cou-
pOns of interest.
SEC. Z. BE 1t further enacted, That the
ii. IL 4 4
men of said city. to levy the said taxes herein
provided for, shall be deemed and taken to be
a part of the obligation OF the said bonds and
coupons and the holders of the said bends
and coupons shall be presumed to have taken
the same upon the faith of the specific means
and remedies herein provided for their pay
ment as we'll as such other remedies as may
be given by the general law of the land. and
it shall not be in the power of the Legislature
to alter, abridge, amend or repeal this Act,
or the general law of the land, SO far as the
same may relate to proceedings to collect said
coupons and bonds, to the prejudice Of any
holder of said bonds coupons. Any limit
to the power Of said city authorities to levy
and collect taxes which is now, or may
hereafter, be fixed by law, shall not apply to
the taxes in this Act provided for, but said
city authorities shall have the power, and it is
hereby made their duty, land this power and
duty are made part of the obligation of the
contract of the bonds and coupons issued In
pursuance of this Act,) to levy and collect all
sums of money which may be necessary to
pay said bonds and coupons, and to provide
for said sinking fund.- and also all costs, inter
est and damages which may accrue on
account of the same Pr0cided, That nothing
in this Act shall be construed to authorize the
city authorities to levy any privilege or other
tax in any case where such tax is prohibited
by the general laws of the State, or to tax any
property exempt under the general laws.
SEC. s. BE 1t further enacted, That it shall
be the duty of the said corporate authorities,
in addition to making the proper levies of
taxes, as required by this Act, to provide
that said taxes shall be collected in due time
and paid over seasonably to the holder Of said
coupon and bonds, or in the purchase of the
same. as the case may be; and if any levy
shall be made, and the same, or any part
thereof, shall not be collected, or if collected
shall, by default of the collector, treasu-
rer, or any other officer agent of said city, be
not fully paid to the creditors of said city, or
disbursed as sinking fund, as the case may
be, it shall be the duty OF said corporate
authorities, within thirty days thereafter, to
levy another tax, sufficient to meet said
default; which tax shall he collected at the
same time that the next succeeding levy OF
taxes for said city shall be collected. But
this provision shall only apply to the first
O.. e.
there shall be failure to meet any series of
coupons or any instalment of the sinking fund.
provided for in this Act As to all subsequent
defgElte, in respect to any GtheE series OF cou
pons, or instalment of the sinking fund
upon the occurrence of any such default the
proceedings shall be as follows, viz When
such default shall occur, it shall be the duty
Of said corporate authorities to take mmedi-
ate steps to comply with duty to meet said
coupons and bonds or disburse said sinking fund
by levying Immediately another tax whichshalI
be collected and paid over to the creditors
within ninety days, sufficient in amount to.
provide against such def sec ariS uulnig iS''
select another competent 1Iprit aha,ld In LII
act in lieu of the officer sllou'u =: III =. ~
agents, through whom said agy, P,,1ata,. ssnd the
the officer or agent so sellkhp NIGHTLY and dane
the rights and powers of'eRes Milanetta is not
whom he shall supercedeaseS yield easily nor
be a second default in mln ence can be east
mentioned coupons and instruments of the
sinking fund, or if such immediate steps to
provide against said first default, are not at
once taken, any holder of any coupons paya-
bic out of said tax, in respect to which said
default has occurred, or any bandholder if the
default shall be about the sinking fund, may
on behalf of himself, and all others having
like coupon Cor bonds in case OF the sinking
fund.-, apply to any circuit judge in this
State, having jurisdiotion in Warren county
for mandamus to compel the collection and
payment over, or disbursement of said tax.
including its levy, if there has been default
in that respect; and if in answer to the petit
ton Tor Ihandamus, the said city authorities
shall not show that said tax has been collected
and paid over, or disbursed legally, or shall
not produce before said judge, funds sufficient
to meet said default, and pay the same to