The Grenada gazette., 1888-04-07
Approved March 8, 1855.

AN ACT to authorize the hoard oi
mayor and aldermen of Grenada to
issue certain bonds topay for school
building, and for other purposes.
SEGplON |. Be it enacted by the
Legislature Of the Stateof ssissippi
That the board of mayor and alder
men of the city of Grenada, in the
county Of Grenada, be and they are
hereby authorized and empowered to
buy lots or land in said city, and
build thereon two or more Pablo
school building, for the separat te
school districts Of said city, and to
hold, own and use said property and
building for school purposes for said
city.
SEQ. 2. Be it further enacted, That
for the purpose of raising money to
pay for such lots aud building, and
the erection and completion of the
latter, and to equip the same, said
board of mayor and aldermen are
hereby authorized and empowered to
issue apd negotiate q serise Of bonds,
with interest coupons attached,
bearing interest at not more than
eight per cent per annum; said
bond shall be ip equal denominations
of fifty and one hundred dollars, and
shall be divided into equal amounts,
the first series to be due aud payable
in Que year, the second in two years
after date of issuance, and one series
thereof in each succeeding year, to
continue for not less than ten years,
nor more than twenty years, so that
an equal amount shall fall due and
payable each year during the said
term of year the interest on the whole
number of bond being payable an
nualIy, until said bonds shall res.
pectively become due and payable;
said bond shall not exceed thirty
thousands $4,000 dollars principal
in amount and snail be made payable
to bearer; provided, that the bonds
issued under authority of l.. this act
shall not be negotiated or sold for
less than their face value. Said
bonds shall not be subject to county
or municipal taxation,
SEC. 3. Be it further enacted, That
before said mayor and aldermen of
said city Of Grenada shall issue any
of the bonds provided for in the fore
going sections of this act, they shall
submit the questions of the issuance
of said bonds to such amount OF
principal as may be first fixed by
the order Of said board, not exceed
ing thirty thousand dollars, to a vote
of the legally qualified electors of
said city Of Grenada, which said
election shall be held in said city at
such time and places rs may be
fixed by the order Of said board the
ballots to be used ut said election to
have written or printed thereon, For
school bonds,n or against school
bonds" as the same may be cast
respectively, by the electors thereat;
said election to he held as far as
practicable in accordance with the
general election law Of this State, as
set forth in Chapter V of the Revised
Code of 1850, except that the COM
of election and other
officers shall be appointed by said
board Of mayor and aldermen, as
under the general law they are now
by the board of supervis-
ors. If the majority of the ballots
cast at said election be against
school bonds. then no bonds shall be
issued hereunder by said board of
mayor and aldermen, but if the
of the votes cast at said
election be ''for school bonds,' then
said board of mayor and aldermen
may forthwith issue aud negotiate
the same, as provided in the forego
ing sections of this act, and said bonds
shall be valid and binding in the
hands of purchaser for valuable
SEC. 4. Be it further enacted, That
the said board Of mayor and alder
men of the said city of Grenada shall
have the right and power to fix, by |
heir order and in their discretion,
the time manner and amount of the
and expenditure of the |
proceeds of the sale of said bonds, for
school purposes.
SEC. 5. Be it further enacted, That |
'aid board of mayor and aldermen Of
said city of Grenada, and their sue
,essors, shall annually assess and
,ause to be collected, from the per-
sons and property suject and liable
% municipal taxation, in said city
If Grenada. within said time, an
lmount sufficient to pay the bonds
a!ling due within said year, together
With all the interest coupons falling
lue for such year.
SEC. 9. Be 1t further enacted, That
his act shall take effect and be in
orce from and after its passage.
Approved, March. I, 1888.