The Magnolia gazette., 1890-05-03
LICs
THE STATE OF MISSISSIPPI.
lPi1lishod ~ anthmity.1

At''tAafA ~ tAAtAAtNAAAN "
An ACT g empower The Town ~ Snmnit
Ftke county. Mssis.ipp 10 issuc h0llds
les the purpose Of erecting 4 GOTTEN ftrtnsy
IN said towu aud Cor other purposes
SECTION BE- II euaetrd hy the Lerisia.
ture Of the STATE Of Mississipp. That lhu
haNnr aud Councilmcn Of he town Of sum
init Ptke County, State If Mississippi be and
they are hereby suihnrized and empowered
To lmte prepared aud issuc bonds IL said
tOWu to!th~ limited amount pt the sum nf
Twenty thousand $50 0dl 0Jl dollars tai' tile
nhl rnsr Of ertetaus iho necessary machinery
hnildilgs aud other necessary hNtuIes and
appiiauves for the manufacture nt rnttuu and
wcuiet lelbcs, tnttul and Waolcu f4hsirS 4 Of
ton seed OIL and m0tl. lumber, caiton aud
iron machinery AMI Moa3 work u am its
branches. aud said Donds when NJ ssne,l
shall be eAprcsstd ia tbs body thereof as
summit Mills OF tho tnwu Of summit aud
said houds may be issued ia The usual nr,lin.
AIRY icrm ol simllar bonds, or other nesntiah'o
securities ana may bear ratc et interest
not 10 eNceed = X pr cent per anuum e. be
paid Annually. provided h0wever. thAt before
ANY sttli bonds Shalt be Issdel l,y ,ha Mnynr
aud ''nuhcilmen of tNid town uf Summit
this Act shall he published as rtQui .4,l hv tia
Charter OF sad town III the official journal
nt said town Tor the period ct thirty diNs and
with the publication tile Secretary If said
tawn by order OF snid Board Of MtynF aud
Couuciimen, shalt ave ultiee bv publie4fnu.
I
tor AN election 80 ha hed NJ sand lawn tn
determine whether said bond, shall 80 issuetl
or not rs herein pro git.ed; and no such bonds
shall he issmed unless 1T Hhch election n
majority Of tho legail qualified aud properly
registered voters residing ia sand town shall
VI te in favor Of the issuance of the sstile.un3
such election shall be conducted is other
elections under the chatter of said tow.
aud said Mayor aud Cnuuoilmeu ~ urtlcrlnn
I such election may pre-oiihe the form ~
: which the question ns to the issuance ui such
4 bonds shall be subscribed - the voters ol
/ said town
/ SRc That any ana an bonds Of said
4 thwn which may he issued under tho power
| aud authority conferred i thi- Acc. stiA!l
/ not iun IA hunger period than fifteen Nritrs
4 FROM the dato of the isslhtnuc thereof aud
such bonds may he issued IN eneh 1innuut.
not exceeding the limit herein provided. aud
4 At such time ~ times ~ such MAYOR and
| Conucllmen may by Orliumnee u csriihr.
aud all such bonhs before lie issuance tl,e,e-
/ oi DC sigaed BY the Mayor ~ SAID town and
\ conhteisgned hy the Secretary I said town
aud shall have aii Se,l thereto the cnrpnrnt 4.
! Seal nf said town, aud sui bulds may have
| Rlsu attached thereto coupons EXPRESSING the
annual interest acctniug upon such hnml-
! which may be detached ihurefipm hF ii a
holders tiiereuf as said uternst may bscoms
due aud payable; and the said Mayuf mud
C0uncilinen may nix and presrrihe he ,ce
| OF the payment tt maturity of sucli bonds ~,
may b1 issu "a III pursuance N1 this Apt ANA
| OF tho annually Hccrling interest thrrrun III Il
the place Of such payment ut piiuripai ann
| interest shall he th4Orsed on snrll bonds II
expressed az tho same " hen issue l.
SEC. g. That in order to provide for tho
| payments of such bonds IA nny be tssms ii
under and IN pursuance nl the power ean.
| terred hY this Act, at the maturity of tho
sam" aud ni the annually acrtuing iutaie-t
! thereon tile Mayer aud Councilman Of s.ii
town OF Summit shall BE fully authorized ana
| empOwerca and it sla ba their dn,v to layy
| "A sufficient tax upon all real aud persOnnl
Prope"ty subject 10 taXlti0n in said town "a
| meet such aecruinE interest, hnd to prnyide d
! sinking Fund that shall be sufficient to nav ut
and fully discharge the principal of SAID
| bonds at the maturity of the came au.
| according 10 tha tenor and effect thereof;
this power to levy such tax shall be Separate
aud distinct to the times conferred by tie
Charter Of said Town tor general purposes
aud shall be uHe half of nue per cent ttr
annum TO pay said honds and interest
SEC. 4, That eertiii 'ates ut shares 10 lli
capital stook Of said Company To the amount
OF sald h0nds and interest shall Ice issued
aua deliVeied to the Mayor aud Cuuucilmtn
OF the said Fuwn Of Summit, when said bonds
shall be suld An1 the sad bonds shall net be
sold Tor less than 'hcr face value aud III.
saiI Mayor in Cunncilneu ure hereby
authorized 70 sell said bonds an Orlinaucc Il
DE passed for that purpose
SIC. ,. That an election us prnvidrd fui
IN Section No oi this Act shalt not bc
ordered bY the suid Mayor anl Cnnhcilnf n
until Forty Thousand tsI001000j dollats 81
snld stock shall nc subscribed aud pad m IT,
the capital stock OF said Manufacturing
Company
SEC 8. This Act sliall take effect AMI be IN
force from aud after its pnss9gi.
Approved February -, 1890.
trne copy Of the o. ginal now on Tile in
Ills Office.
GEO NJ GOVAN.
Secretary VI State.
AN ACT supplemental 10 nm act entitled an
act to empower the F0wn of Summit PIKE
county Mississippi to issue bonds for til,
purpose Of erecting Cotton Factory IL
said town ard iOi other purposes this day
approved.
$50. !. Belt enacted by tho Legislator,
Of the state OF Mississippi. That an ac
entitled au tct 10 empower the town Of sum.
nit, Pike County. Missssippi to issue bond,
for the erection Of cotton Factory ia sai,
town and for other purposes this day AZ
proved be aud the same Is iruichy nuende,
by inserting the words ''Of two thirds" afte
the word majority where tho sans appear
in said act.
I s<c. =. That this act take "a CT imme
, diaieiy,
Approved Febrnnsi 81 800
The GREATEST AND THE BEST
srba aro. no,bt, xgy..t.t,,