The Semi-weekly leader. (Brookhaven, Miss.) 1905-1941, 1916-04-08
BOARD OF SUPERVISORS
Official Report Of the Proceedings
Of the County SOIOns in Their
April, 1916. Session.
Continued fr ON wednesday issuel
COPIAH-LINCOLN AGRICUL-
TURAL LOAN.

In the matter of the petition of
the trustees of the joint Copiah-
Lincoln Counties Agricultural
High School for permission and
consent of the Board of Supervis-
ors to borrow the sum of $12, 600
and to secure said loan by encum-
bering the real and personal prop
erty of the said school and to pro-
vide sinking fund for repaying
same.
Whereas, it appearing to the
Board of Supervisors of Lincoln
County, Mississippi, that there has
Ibeen filed with this Board of Su
pervisors a petition by the trustees
of the joint Copiah-Lincoln Coun-
ties Agricultural High School, pur-
suant to the terms and provisions
of an Act of the Legislature of the
State of Mississippi, House Bill
mo. 40 approved February the
| 18th, 1916, and being entitled An
act to authorize the trustees of the
Joint Copiah and Lincoln Counties
Agricultural High School to bor-
row a sum not to exceed Fifteen
Thousand dollars ($15, 600. .00) to
enable the trustees to enlarge the
capacity of the school" and that
said petition is in all respects reg
ular and in compliance with said
Act and other requirements of law,
and that the filing of said petition
was duly authorized by said trus-
tees of said school, and that it is
necessary for said trustees to bor-
row the sum of twelve thousand
dollars to be used in enlarging the
capacity of the school in such a
manner as their discretion may
suggest, it having been determined
by said trustees that such enlarge
ments are necessary, and said trus-
tees in said petition praying this
Board for its permission and con-
sent to- them as such trustees to
borrow the said sum of twelve
thousand dollars for the purposes
aforesaid at the rate of six per
centum per annum, interest paya-
BILE semi annually, and to execute
their promissory notes as such
trustees therefor and to secure said
loan by deed of trust upon all
the real and personal property of
the said school. 1t is ordered by
| the Board of Supervisors or Lin
coin county, Mississippi, that said
petition is.in all respects granted
and the permission and consent of
this Board as prayed for is granted
to said trustees. 1t further ap-
pearing that said trustees can bor-
row the sum of $4, 600 Four
thousand dollars) from the City of
Wesson, Mississippi, payable two
years from date of loan, interest
payable semi annually at the rate
| of six per centum per annum from
date of loan, and that they can
borrow from the bank of Wesson,
Wesson, Mississippi, Mississippi
banking corporation, the sum OF
four thousand dollars, payable in
four years, and four thousand dol
lars payable in six years, after
date of said two loans, semi -annu-
ally and provided said loans are
secured by a deed of trust to Sc.
cure said parties, with usual and
all proper covenants therein, and
that said parties who have agreed
to lend said money require that
the school buildings and other
buildings and structures upon the
lands owned by said school and to
be erected and enlarged, and all
personal property therein contain
led, including all furniture and fix
ltures, shall be insured against loss
Iby fire, in the sum of $4,000 and
lin the sum Of $13, 900 against loss
lby tornado, with loss payable
Iclauses attached to such policies,
the same to be payable to the City
of Wesson, and the Bank of Wes-
son, or the holder of any of the
notes secured by said Deed of
Trust, as their interest may ap-
pear, and each of said notes three
lin number) to contain the provis-
| ions that ten per centum addition
al on the amount of principal and
Interest unpaid shall be paid to
any holder thereof if placed in the
hands of an attorney for collection
after maturity of the principal or
any interest payment thereon, now
therefore, it is ordered that the
consent and permission of this
Board of Supervisors is granted to
said trustees of said joint Copiah
and Lincoln counties Agricultural
High School to borrow the said
| sum of twelve thousand dollars,
from the City of Wesson and the
bank of Wesson, upon the terms
and conditions hereinbefore refer
red to and set out more fully in
said petition, and that said trustees
are directed and empowered to ex-
ecute three promissory notes Tone
to the City of Wesson and two to
/ the bank of Wesson) for the sever
al amounts and maturities and
with the provisions aforesaid to
/ the said parties making said loan
and at the interest aforesaid, paya-
Bile semi annually, all said notes to
lbe secured by deed Of trust upon
all the property, real and personal
of said school and to be insured at
| the expense Of said school against
fire and tornado loss with loss pay
able clauses attached to the poll
Giles, to the lenders of said money
- Il.