The Brookhaven leader. [volume] (Brookhaven, Miss.) 1883-1891, 1890-11-13
AN ORDINANCE,
Directing tile Issuance Of city Bonds fol
Erecting the New School Building.

Directing tile Issuance of city Bonds for
Erecting the New school Building.
The following ordinance, which ex.
plains itself, was adopted az the last
meeting of tire City Council:
|, WHEREAS, BY virtue of an Act of the
| Legislature of the State of Mississippi,
entitled, "An Act to amend the charter
of the City of Brookhaven," approved
/ February IL, 1899, the Board of Mayor
and Aldermen of said city were author
| lied to issue the bonds of said city for the
parpOse of purchasing site and erecting
thereon suitable building for the use Of
the public schools of said city, and for
the purchase of the necessary furniture,
globes, maps, charts and other school ap-
purtenances; and,
WHEREAS, 1t has been and is now ad-
judged necessary by said Board to pur-
chase o site and erect thereon q suitable
building and equip the same with neces-
sary furniture and school appliances for
the use of public school for white chill
dren; Therefore,
Be it ordained by the Board of Mayor
and Aldermen of said city of Brookhaven,
That in accordance with the provisions
of said Act herein referred to, the bonds
of said city in an amount not to exceed
that authorized by said Legislature, are
hereby directed to be issued for the pur-
poses herein expressed. Said bonds shall
in all particulars conform to the require
ments and prescriptions of said Act of
the Legislature. Each bond shall bear
the date of September /, 1890, and shall
be due and payable fifteen (l5) years from
said date. They shall bear interest at the
y n nf which
terest shall be paid annually on the first
day of March of each year, and shall be
evidenced by coupons attached to said
bonds, bearing the fac simile sigma
ture of the Mayor and Secretary, and the
first of which, bearing six months inter
est, shall be due and payable on the first
day of March, 1891, and the last of which
maturing on the first day of September,
1905, shall bear eighteen months inter
est.
ii. The Mayor and Secretary are here
by authorized, and it shall be their dnty,
to sign $1,000 of said bonds as soon as the
Autograph blanks therefor arrive, and
after having received the impress of the
seal of the city of Brookhaven. said
bonds shall be registered by the city
Treasurer, as required by said Act, and
by him directed to Messrs. Sherman &
Davis, Bankers, the duly elected fiscal
agents; who shall at once enter into bond,
payable to the Board of Mayor and AL
dermen of the city of Brookhaven, in the
penalty of ten thousand dollars, c0ndi-
tfcned for the faithful discharge of the
duties of their position, and the perform
auce of all acts and things required OF
them by said Act of the Legislature.
III. At the next regular meeting of
this Board the bonds above ordained to
be Issued, or such number or amount
thereof as the Board may determine, shall
be sold by said Board in open meeting to
the best bidder, upon the terms aud i'll
the manner prescribed by law, and the
proceeds thereof shall constitute fund
to be issued for the expenses that will and
have been incurred for the purposes and
objects of this ordinance expressed.
". AS the levy for general revenue
purposes will yield enough funds to pay
the interest which natures next March
upon the first coupons, no extra levy IS
therefore made; but the Treasurer is here
by directed to retain out of the first gen
eral revenue funds received by him from
lhe City Tax-Collector, a sufficient
amount to pay the interest which falls
due next March.