The chronicle-star. (Pascagoula, Miss.) 1920-1941, 1921-01-28
ORDINANCE No. 37-1e20.

All OIuludHSC SAtitACu 0A
to authorize the issue OF one hundred
and twenty-five thousand dollars OF
Water Works & Electric Light Plant
Bonds of the City of Pascagoula,
Mississippi, and prescribing the de-
tails for the issuance of the same.
BE it ordained by the City Council
of the City of Pascagoula, Mississippi:
Section 1. That for the purpose of
purchasing machinery and material
and the construction Of Public Water
Works & Electric Light Plant for sup
plying water and lights to the inhab-
itants of the City the negotiable coupon
bonds of the City of Pascagoula be
issued to the amount of one hundred
and twenty-five thousand dollars or
SO much thereof as may be necessary
therefor, in denominations Of one
thousand dollars each, in number one
hundred and twenty-five to be number
ed from / to 1875 inclusive, said bonds
shall be known as the Water Works
& Electric Light Plant Bonds of 1920,
and shall be dated the 1st day of
August 1920. and payable annually as
follows:
Three bonds maturing on August
list each year from 1921 to 1925 in
elusive. Five bonds on August list,
each year from 1926 to 1885 inclusive,
| tweleve onds on August LIST each year
from 1896 to 1910 inclusive.
Sectbn 2. All of said bonds shall
bear interest at the rate of SO per
annu kpayable semi-annually on the
LIST day Of August and LIST day of Feb
uary OF each year and shall be
/ evidenced by interest coupons attach
ed to said bonds and both the prin-
cipal and interest of said bonds shall
be payable in the lawful money of the
United States Of America, in the City
Of New York, at such bank as the pur-
chaser may designate.
Section 3. All of the said bonds and
coupons to be attached thereto shall
be in the following form, respectively,
to-wit:
United States of America, State of
Mississippi, County of Jackson, City
of Pascagoula.
Water Works and Electric Light Plant
Bonds Of 1920.
Nc.---- 100000
Know all men by these presents that
the City OF Pascagoula, in the County
of Jackson, and State of Mississippi,
acknowledges itself to owe and for
value received promises to pay to the
bearer hereof the principal sum of
One Thousand (s1,000.0O) Dollars on
the 1st day of August Ill., with
interest thereon from the date hereof
until paid at the rate OF SO per annum |
payable semi-annually on the 1st day
of August and February of each year
as evidenced by and on the presenta-
ton and surrender Of the attached !
coupons as they severally become due
Both principal and interest of this bond
are hereby made payable in the lawful
money of the United States at--.
of New York.
And for the prompt pay3h ent of this
bond at maturity and the interest
thereon as it falls due the full faith,
credit and resources of said City of
Pascagoula are hereby irrevocable
pledged.
This bond is one of series of one
hundred and twenty-five bonds of like
date and tenor aggregating one hun
dred and twenty-five thousand dollars
issued for the purpose. of raising funds
for and purchasing the material and
machinery and constructing a public
water works and electric light plant
for supplying water and lights to the
inhabitants Of said City under and
pursuant to and in full compliance
with the Constitution and statutes of
the State of Mississippi including
with others an Act of the Legislature
OF said State approved March Is, 1912.
under which said City of Pascagoula
has elected to come and is operating
as commission form of government
and C.apter LAT Of the Laws of said
State 1914 and acts ammendatory
ther of and supplemental Their |,
pun mt to the authority e
by tie of a two.thirds majori,
au d electors Of said CITY
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