The leader. [volume] (Brookhaven, Miss.) 1895-1905, 1902-11-26

s10,500.00-Bonds issued in 1890 at
per cent. interest, due in Is years,
and are refundable.
S13,50000-Bonds issued July l, 1901,
at per cent. due in 20 years.
3,50000-Bonds issued March 4,
1902, at 5 per cent, due in 20 years.
Total amount of bonded indebted
ness is $27,5OO.OO.
wATERWoRKs BONDS.
S40,0O000-Bonds issued July 6, 1897,
at 6 per cent. due in 90 years, and re-
funded October l, 1902, and issued at
5 per cent. for 20 years, serial bonds.
$4,000 00-Bonds issued March l,
1898, at 6 per cent. due in 20 years.
S10000.00-Bonds issued June 5, 1900,
at 5 per cent. due in 20 years.
Total amount of bonded indebted
ness is S55,00O00
Total amount of bonded indebted
ness for water and lights and school
is S82,50O00.
SECTIONS FROM ANNOTATED CODE OF 1892.
2942. Seventeenth. Finances, aUoav-
ances, etc.-To appropriate money and
provide for the current expenses of the
municipality; but an indebtedness
shall not be incurred nor warrant
be drawn on the treasurer in payment
of any Indebtedness to exceed the
amount of funds on. hand in the treas
ury at the time, except as specially au-
thoriZed in the issuance of bonds.
To meet current expenses, the mayor
and board of aldermen may borrow
money; but in SO doing the debt so in
Cured, added to the current debt of
the year, shall not exceed the sum
which the levy of taxes for the year
may raise.
3014. Municipal Bonds. The mayor
and Board of aldermen, for the pur-
pose of raising money for the erection
of municipal and school buildings and
the purchase of such buildings or land
therefor and the improvement and
adjournment thereof, for the erection or
purchase of water works, gas, electric
and other plants, the establishment of
a. sewerage system, the protection of
the municipality from overflow, from
caving banks and other like dangers,
improving or paving streets, and for
the liquidation of existing debts of the
municipality, may issue the bonds or
other obligations of the city, town, or
village, not to exceed in amount, in
Guiding all outstanding bonds, seven
per centum of the assessed value ofthe
taxable property of the municipality
unless authorized by two thirds of the
qualified electors thereof; but in no
case shall the amount issued exceed
ten per centum of the assessed value
But the limit on the amount shall not
apply to bonds or other obligations
issued on liquidation or to raise funds
to liquidate any Indebtedness existing
when this chapter becomes operative.
1926. Statements to be published;
penalty for Increasing expenditures
The mayor and board of aldermen
shall publish on the first of October,
annually, a statement showing the
amount of taxes and other moneys col
lected during the preceding year, Civ
ing each source of income, the amount
of expenditures in detail. stating for
what purposes made The statement
shall show the resources and indebted
ness of the municipality at the begin
ming of the fiscal year and at its close,
and it must be spread on the minutes
of the board IF there have been an
increase of taxation as compared with
the year next preceding. or if the in
debtedness of the municipality have
been increased during the wear, unless
the Increase he authorized ~ the el.r.
tors AS provided III this chapter. n.
mayor and aldermen shall be suspend
ed from office, and the governor shall
appoint their successors, who shall
hold until the next election and quail
fication of officers Hereunder Tn
case Of an increase of indebtedpess
not So authorized, the mayor ard al
#dermpn shall not succeed themselves
or each other. In towns or villages Of
less than one thousand inhabitants the
mayor and board of aldermen may
have the statement in this section re
CURED posted in a conspicuous place
in the municipality or published in a
newspaper. Other municipalities shall
cause If to be published ID news
paper, IL there be one therein; other