The Bolivar County Democrat. (Rosedale, Miss.) 1887-1969, 1922-06-03

attempted 10 estimate. IL is DelleYed
that for all of this work that is done
by the board, as we'll as what may or
probably will be done by the Board,
the aggregate cost estimate is suffi-
cient.
To summarize the above items by
number according to the probabilities
as to who will do the work, the group
ing will be as follows:
Levee Board lib, 2, 3, 4, 5, 6,
| 30, ............. $4,000
Ievee Board or U. S. depend
ing upon U. S. Funds) S-a,
and S-b 10000
United States la, 7-a-b-d-e. -. $4,000
United States ga, Ga, and &c 10000
(more or less)
A revision of the financial estimate
surplus of 100000 available for high
water and new work this season. In
going over the resources with the Sec
retary it is found that the ad valoren
and cotton tax receipts. and other
items, have exceeded the estimate of
| ldSJ july ny app 3oU,UVUs
While it is impossible at this time to
make close estimate of the high
water expense to this Board it appears
safe to place the amount at $150,000.
The revised financial estimate as of
today would therefore show an exact
balance, that is, neither deficit OF sur
plus. The resources not already pledg-
ed will apparently be sufficient from
now on only to carry the fixed current
expenses of the Board until September
30, 1922.
The above means, tn erefore, that for
all activities outlined in the foregoing
| list of work money will have to be bor
rowed to pay for all such work as may
| be done or completed prior to the re-
ceipt of taxes OF 1922-1923. AS will be
seen, this amount will probably be
| $2O0, 900 as a minimum, with the prob
ability of it's being $350000, with a
| possibility that even this amount will
not be sufficient, although a portion of
| it may become due. to be paid only
| after the receipt of sufficient taxes
1 tlllS W1ulcT. HO lllul 5lu VI SCi
tificates be issued beyond the visible
| needs, attention is called to the fact
that no margin of funds would be
available for advisable expansion OF
estimate and work, and as the result
would also be a complete exhaustion
of all bank balances of the Board at
some time during the coming season.
Yours truly,
(Signed) w. l.. THOMPSON,
Chief Engineer"
The correspondence between Edgar
Brown, Treasurer of the Board, and
the Mississippi Valley Trust Company
! CT ST. LoHi-, showing that the said
Trust Company would purchase Certif-
icates of Indebtedness of this Board
in amounts of $250,000 to 100000 at
$50. with June 1st delivery date, was
read by Attorney E. j. Bogen.
After discussion it was ordered that
total of 100000 of Certificates OF
Indebtedness be issued to bear 6 per
cent interest, dated June 1st, 1922, and
due April 1st, 1923. In pursuance of
same Attorney E. j. Bogen submitted
the following resolution:
"Whereas, an emergency having
arisen making it necessary to borrow
the sum of four hundred thousand
(s4OO, ,COO) dollars to meet allotment
made by the Mississippi River Com
mission under the terms of an Act OF
Congress of the United States. APPROX
ed March 2, 1917. and known as the
Flood Control law, being an Act ito
provide for the control of the floods !
of the Mississippi River" and also to
provide for levee construction work
and
Whereas, under the authority OF an
Act of the Legislature of the State OF
Mississippi, approved March 20, 1920,
being "An Act. entitled an Act to
amend Chapter ia of the Laws of Mis-
sissippi of 1918, so as to authorize the
Board of Mississippi Levee Commits
sioners to issue certificates Of indebt'
edness, not exceeding $750,00O,' this
Board is authorized to issue its certlfi-
Gates of indebtedness. for levee con-
struction work and to meet allotments
made by the Mississippi River Com
mission to the Mississippi Levee Dis
trist under the terms OF said Act OF
Congress known as the Flood Com,
troll Law
Whereas, it is necessary for TINS
Board to negotiate a loan OF four nun
dred thousand ($400,0Q0) dollars for
the purposes aforesaid,
Therefore be it Resolved, by the
Board of Mississippi Levee Commls'
sioners. for the Mississippi Levee DIS
trict at its special meeting held on
Nav %, 1922, legal notice having been
given. as required by law, for the pur-
nose of considering the advisability OF
the issuance of said certificate OF IN
debtedness, that this Board negotiate
said loan of four hundred thousand
(s4OO. .O00) by issuing therefor It's GER
tificates of Indebtedness maturing
April 1st, 1928, for said sum OF four
hundred thousand ($4O000O) dollars
and that said certificates be offered I
for sale to the lowest bidder at rate