The Starkville news. (Starkville, Miss.) 1902-1960, 1919-05-09
AN ORDINANCE

Sl2,5oO 90 REFUNDING BONDS WITH
THE PROCEEUS OF WHICH TO PAY
THE PRINCIPAL AND INTEREST
OF tn OUTSTANDING S12, 500. 90
OF SCHOOL BONDS TO BECOME DIE
AUGUST /, 1919.
Whereas on the Ist day of August A.
D. 1899, there was duly issued by the
Town OF Starkville, Mississippi, 25 cou-
pom bonds known and described AZ
"School Bonds" of the denomination Of
$4,000 each, aggregatng the sum of
Sl2,5O00O payable 20 years after date at
Chase National Bank, New York CITY
with interest at the rate of per cent
per annum; and
Whereas, there is not and will not he
In the Treasury of the City of StarkviIIe
a sufficient sum of money to pay said
bonds on the date of their maturity.
to-wit: August /, 1919, and
Whereas, as provided by the Act of
the Legislature of the State of Mississ.
ippi approved March 2S, 1918, designa-
ted In the laws of 1918 as Chaptefso9,
power and authority is given munich
paIities having outstanding warrants or
obligations and insufficient funds in
thelr treasury to pay the same to issue
serial bonds from the proceeds of which
to pay said outstanding bonds and that
such serial bonds shall be issued regard.
oil whether or not such issue shall create
total bonded Indebtedness of more
than 10 per cent of the assessed value of
the taxable property of the municipaIi-
tY; and
whereas, as provided by the Act of
the Legislature of the State of Missjss-
ippi approved March l2. 1914. designa-
ted in the printed laws of 1914 as Chap
ter 147, corporate authorities of any
municipality, whether operating under
Chapter 80 of the Mississippi Code of
1906 or under special charter or under
the commission government laws, are
authorized to issue bonds or obligations
of the city, town, or village for the sew
eral purposes enumerated therein.
among them, "for the liquidation of ex-
listing debts of the municipality; and
Whereas, as provided bv the Act of
the Legislature of the State of Mississ-
ippl approved April S, 1910, designated
in the printed laws OF 1910 as CHAPTER
l42, corporate authorities of any muni-
cipality whether operating under Chap.
ter 90 of the Mississippi Code of 1906 or
not are authorized to issue bonds or OBJ
legations of the city, town, or village TOR
the several purposes enumerated therein
amongsthem, "for the liquidation Of ex.
listing debts of the municipality, and
Whereas, by proclamation of James
X. Vardaman, Governor Of the State of
Mississippi, the said Town of Starkvile
was on the 10Th day of July A. d. 1905,
proclaimed to be the city of StarKvilIe.
which proclamation was duly entered on
the minutes of the regular August meet
ing of that year Of the Mayor and Board
of Aldermen of said City, in Minute
Book No. at page 23l; and
Whereas. the City of Starkvile is and
has been, since the adoption of the Code
Chapter on municipalities, operating
under said Chapter 90 of the Mississippi
Code of 1906;
Now therefore, be 1t ordained by the
Mayor and Board of Aldermen of the
City of StarkviIe, Mississippi, for the
reasons herein before recited, and it is
hereby ordained that to pay the prfncl.
pal and interest of said outstanding
school bonds when the same shall be-
come due and paya Bile, to-wit: on Au-
gust /, 1919, serial bonds of the City of
StarkviIIe in the amount OF $l2,5 SOC. 90
shall be timely advertised for sale and
issuance in the denomination of $500 90
each and To be numbered from one to
twenty five both inclusive, dated Au-
gust |, 1919 bearing interest at the rate
OF 515 per cent per annum, PAYABLE semi
annually on the lst day Of February and
the 1st day of August of each year and
one of said bonds to mature on the lst
day Of August A. d, 1920, and one on
the 1st day of August of each year
thereafter up to and including the year
1884, and after the year 1894 two of said
bonds to mature on the 1st day Of Au-
gust A. D. 1885, and two on the lst day
of August of each year thereafter up to
and including the year 1899.
4 Be it further ordained that notice for
three weeks next preceding be published