The commonwealth. (Greenwood, Miss.) 1896-1923, 1916-04-14

Board of Supervisors, Lefore County.
BILL AUTHORIZING THE ISSU-
ANCE OF 100000 BONDS
H. B. No. 355
AN ACT authorizing and empowering
the board of supervisors of Le-
fore county, Mississippi, to issue
amount not exceeding $60O,OOO.-
90. for the improvement of the
public roads out of stone, gravel,
ebert, or q combination of such
material, or other material.
Section /. Be it enacted by the
legislatures of the state of Mississippi,
that the board of supervisors of Le-
fore county be and is hereby author
led and empowered to issue bonds of
said county for the purpose of i'm
proving the public roads, out of
stone. gravel, ebert or combination
of such material, or other material,,
n n an amount not exceeding $780,
eeOeO. 90, exclusive Of all bonds heref
20 aiksued, and which bondsAz 81
less y NJ later than tWenty II
ears from tlIefr date and 36d6f m
terest at rate not exceeding five per
cent per arnum, which interest shall
Re payable annually.
Section 2. The bonds issued under
the authority of this act shall be pay
able in installments, as follows: that
is to say, from the fifth year after
bonds, as hereinafter provided, one
twentieth of each separate issue of
said bonds shall be payable annually
thereafter, with interest, evidenced
by the proper coupons attached to
said bonds. Such bonds shall be
autographed with suitable devices to
prevent counterfeiting, and shall be
in sums of one hundred dollars or
any multiple thereof, and shall be
registered by the clerk, who shall
impress the seal of the county upon
each bond as it is issued, and every.
such bond shall specify on it's face
the purpose for which it was author
lied. the total amount authorized to
be issued, and such bonds may be
made payable to bearer. Said bonds
shall not be sold for less than par
value and all accrued interest. The
board of supervisors of said county
shall levy annually a special tax on
all taxable property of said county,
sufficient for, and to- be used ex-
clusively in, paying the interest on
said bonds, and also for paying said
levy tax herein mentioned shall be
collected by the sheriff and tax
collector in the same manner and at
the same time as other taxes are COL
lected by him, and, for his compensa-
ton, he shall receive the sum of one
half OF one per cent on the amount
of taxes collected by him for road
purposes.
+ Section 8. Before issuing said
bonds, the said board shall order an
election to determine whether or not
said bonds shall issue, and the same
shall not be issued unless authorized
by majority of the qualified cleo
tors OF said county, voting in such
election.
Section 4. Said board shall not
employ any other fiscal agent for the
sale or negotiation of such bonds than
the county treasurer, nor shall it
allow compensation to any person for
such sale or negotiation.
Section S. All expense of prepar-
ing the bonds, publishing notices and
htldlng election shall be paid out of
the county treasury.
Section 6. The bonds herein
te0v@AOA AASA snail NC lSSOCu anu SOkO
from time to time, only as the same
shall be needed to pay for work
actually contracted for in blocks of
not exceeding 800, 10000, and all of
the money arising from the proceeds
of the sale of each of said blocks of
bonds. except a reserve fund of not
exceeding ten thousand dollars. shall
be first expended in paying for work
done on roads improved, and for
other expenses incident thereto. as
provided in this act, before another
block of said bonds shall be issued.
Section z. The proceeds arising
from the issuance and sale of the
bonds to be issued, as provided by
this act, shall be used exclusively for
the Improvement of the public roads.
ont of stone, ebert, or . combination
of such material, with other material.
or any material equally durable, and
IN payment to contractors or others
fof work done in improving such
roads. and for material necessary
therefor, and for engineers services,
and such salaries and wages as may
be Incidental 70 such road improve
ment
Section 8. That this act take ef-
feet and b IN force from md sitter
Aaaie!ia xassa Il. la,4