Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1878-02-15

eity attached. under such regulations
A The said Mayor aud Aldermen shall,
by ordinance, prescribe; and the said
Mayor shall give bond in such penalty
AZ the Board of Mayor and Aldermen
.ball think sufficient, conditioned for
the faithful performances Of his duty In
respect 10 the custody and use Of said
bonds.
Sec. 2. Be it enacted, That the said
Mayor and Aldermen are hereby au-
thOriZsd, empowered and directed TO
issue the said bonds In compromise
and settlement Of such Of said bonds in
The first section of this Act mentioned
now legally outstanding, at q rate not
exceeding fifty cents Of new indebted
ness for one dollar OF the old, comput-
ing for The principal OF the latter ONLY,
ali interest being excluded, and may
prescribe by ordinance the time, man.
ner and means OF ~etIecting such tx.
change and none OF the holders OF
said old bonds who refuse to make such
compromise and exchange, shall be en-
titled 10 any Of the benefits aud pro-
visions conferred by this Act.
Sec. 3. BE 1t further enacted, That
when such bonds shall have been
issued 10 the legal and b,na ide
holders Of said old bonds as
aforesaid, they shall be taken aud
held to be valid and indisputable obli'
cations of said city, and the Issuance
aud exchange thereof rs aforesaid shall
forever estop aud preclude the said ci'y
from denying liability thereon, or as-
serting any defense thereto, by reason
of any matter or thing touching the
consideration or validity Of the said
bonds in the hands OF legal and bona
tide holders in compromise aud settle
ment Of which they were so issued.
Sec. 4. d il fur her enacted, That II
shall be the duty OF the Mayor and Al
dermen OF said city to levy annually,
at the time at which taxes Tor general
city purposes shall be levied, a special
tax, 10 be designated as the Give per
cent. bond interest tax" sufficient 10
provide q fund for the payment Of the
tull amount Of the annual interest TO
accrue upon such Of the said bonds as
shall be at the time outstanding, which
tax sbsll be payable in such funds as
shall be Of the lime a legal tender un-
der the laws Of the United States, oil In
the interest coupons Of such bonds &C.
cruing during the year when such tax
is levied, and the revenue accruing
thereirom shall not be appropriated 10
any other purpose, The said Mayor
and Aldermen shall prescribe where
and by whom the said interest shall be
paid, aud how the coupons therefor
Shall be Cancelled, and may require Oi
the City Treasurer, or any fiscal sgtnI
they may employ, a sufficient bond tC
insure its faithful receipt aud dieburse'
ment. And the Mayor and Aldermen
OF said city shall not levy in any one
year, for all purposes, q tax at a rate
which, added TO the rate levied 10 pay
said interest, shall exceed fifteen mill
on the dollar, nor shall they, in ali!
one year, incur Indebtedness or Issue
scrip to an amount which, added L
such interest accruing for such year
shall exceed the amount Of the Ia
herein allowed 10 be levied, and al in
de btedness incurred, or scrip issueC
in excess Of such amount shall be abrC
lutely null and void.
Sec. 5. b. il further enacted, That 81
ter the expiration OF ten Years from ia
date of said bonds, the Mayor and A
dermen OF said city shall begin 10 pro
vide for the payment OF the princip
thereof, ard Tor that purpose, shall IeI.
annually, at the time at which taxes 70
general city purposes shall be levied,
special tax, 10 be designated as th
live per cent. bond tax" which sha.
be payable IN such funds as shall be, Il
the time, a legal tender under the law
of the United States, sufficient I
raise an amount equal 10 ia
sum, which shall be a.cerlained by d
vIding the whole amount Of the prIr
cipal OF such Of the said bonds as sha
be at the time outstanding by the nun
Der of years which the said bond, -ha
then have TO run before maturity, all
a. soon as the fund acct ulng from cue
tax shall be In hand, it shall be t..
luty OF the said May or aud Alderme
10 cause advertisement TO DO made /
such newspapers, aud tor such time, ,
they shall think sufi tent TO give du
notice to the holders Il said bonds, il
viting proposals for the sale thereof
the city {; aud they shall regulate Il
time, manner aud place Of T,ccivil
such propOsals, making purchases
pursuance thereof, and Of cancelin
the bonds purcha,ed. The funds a
cruing from any lax levied in purs'
ance OF this section shall not be app
priatod 10 any other purpose.
Sec. g. Dc il further enacted, That a
laws and parts If Avs in conflict vii
this Act be and are hereby IepeaIel
aud that this Act take III CT and be
force from and after its passage.
TIE DEBT ON THE sEV ERAL BASE.
January, tsiS-.Total bonds and in
'eTr.l .. ....,,, ... ..,.'|'es -"
. III. re are 100 'ax.ps!y,D, and |slS.5
each.
y Fa,a If hpuda EJI IN