The Starkville news., 1920-02-20


shall create the total bonded indebt-
edness of more than ten per cent Of
the assessed value of the taxable
property of the municipality; and
Whereas, as provided by the Act
OF the Legislature of the State OF
Mississippi, approved March 10, 1914
designated in the printed laws of
1914 as Chapter lat, corporate auth
critics of any municipality, whether
operating under Chapter 50 of the
Mississippi Code of 1906 or under
special charter or under the commits
sion government laws, are auth orizad
to issuc-bonds or obligations of Tia
City, Town or Village for the sever
al purposes enumerated therein.
among them "for the liquidation of
existing debts of the municipality"
and
| Whereas, as provided by the Act
OF the Legislature of the State of
mississippi, approved April 5, 1910,
designated in the printed laws of
1910 as Chapter 142, corporate all
thorltles OF any municipality, whether
operating under Chapter SO of the
Mississippi Code of 1906 or not, are
authorized to issue bonds or obliga-
tions of the City, Town or Village
for the several purposes enumerated
therein, among them "for the liuui-
dation of existing debts of the NUM-
cipality"; and
Whereas, by proclamation of Jas.
X. Vardaman, Governor of the State
Of Mississippi, the said Town Of
Starkville was on the 18th day Of
July, A. D., 1905, proclaimed to be
the City of Starkville, which procla-
nation was duly entered on the Min
utes of the regular August meeting
OF that year of the Mayor and Board
of Aldermen of said City in Minute
Book No. 7, at page 231; and
Whereas, the City of Starkville is
and has been, since the adoption of
the Code Chapter on Municipalities,
operating under said Chapter 90 of
the Mississippi Code of 1906.
Section 1. Now therefore, be it
ordained by the Mayor and Board of
Aldermen of the City of Starkville,
Mississippi, for the reasons hereinbe-
fore recited, and it is hereby ordain-
ed that to pay the principal and in
terest of said outstanding Water
works bonds when the same shall be-
come due and payable, to-wit: On
the 1st day Of March, A. D., 1920,
serial bonds of the City of Starkville
to the amount of S22,500.00 shall be
issued and sold in the denomination
OF $4,000 each and to be numbered
from 1 to As, both inclusive, dated
March 1st, A. D., 1920, bearing in
terest at the rate of six per cent. per
annum, payable semi-annually, on
the 1st day of September and the 1st
day of March of each year, and two
of said bonds to mature on the 1st
day of March, A. D., 1921, and two
on the 1st day of March of each year
thereafter up to and including the
year 1885 and after the year 1886,
three of said bonds to mature on the
1st day of March, A. D., 1886, and
three on the 1st day of March of
each year thereafter up to and in
Guiding the year 1910.
Section 2. Be it further ordained
that notice for three weeks next pre-
ceding be published as required by
Section 3419, Mississippi Code of
1906 (Hemingway's Code, Section
5978) of the proposal to issue said
bonds unless within that time twenty
per centum of the adult tax payers
of the municipality shall petition
against the issuance of the bonds,
then and in such event, the bonds
shall not be issued unless authorized
by majority of the electors, voting
in an election to be ordered for that
purpose.
Section 8. Be it further ordained
that serial bonds authorized by this
ordinance shall be in the denomina-
tion of $500.00 each and to mature
as hereinbefore stated during the
period of twenty years next after
their issuance, bearing interest at the
rate of SIX per cent. per annum, pay
able semi-annually, both the princi-
pal and interest payable at Chase
National Bank, New York City.
Section 4. Be it further ordained
that when the designated bonds with
their coupons have been duly litho-
graphed or engraved in accordance
with Section 3416, Mississippi Code
OF 1906 (Hemingway's Code, Section
5975) the Mayor and Clerk Of said
City be and they are hereby directed
to sign the same in their official ca
pacity and to affix thereto the seal Of
said City, the same to be numbered
from l to 45, both inclusive, each for
the sum of $4,000 to bear date of
sale as Of March 1st, A. D., 1920,
payable through period of twenty
years. after date, as hereinbefore
stated, with interest at the rate of six
per cent. per annum, payable semi
annually, at the Chase National Bank
New York City, said bonds to be de-
livered to the successful bidder there
for upon payment of the accepted
purchase price.
Section 5. Be it further ordained
that the publication Of this ordinance
for three weeks in the Starkville
News, a newspaper published in the
City of Starkville, Oktibbeha County,
Mississippi, shall operate tn oiva tba