The Semi-weekly leader., 1922-03-15


Other Details Of the issue.
Whereas. IT is manifest to the Mayor
and Board of Aldermen of the City of
Brookhaven, Mississippi. municipality
located in said State and operating un-
der Chapter 80 of the Mississippi Code
1906 and all amendments thereto and
under the special act of the Legislature
known as Senate Bill No. 10 duly APP
proved by the Governor of the State of
Mississippi on February IA. 1922. that
1T is necessary to issue it's Serial Pay
ment Negotiable Bonds to the amount
of not in excess of the sum of $685.
! 10000, or as much thereof that may
be necessary, for. the purpose of raising
money for the following purpose:-
! To pay the >Brookhaven Bank & Trust
Company and the First National Bank,
both located at Brookhaven, Mississippi
an Indebtedness due by said City to
the said banks to the amount not in ex-
cess of s125,0O0.00, and,
| Whereas, the Legislature of the State
of Mississippi which convened on the
First Monday in January 1922. passed
and enacted the following act authoriz-
ing the City of Brookhaven, MISSISSIPPI
pi, to issue it's serial payment Bonds
for the purpose of raising money to pay
the indebtedness aforesaid which act is
as follows towit:-
SENATE BILL NUMBER ITO.
An Act to authorize and empower the
Mayor and Board of Aldermen of the
City of Brookhaven, Mississippi, to is
sue and sell bonds of said City to an
amount not exceeding One Hundred and
Twenty-Five Thousand Dollars in ad-
dition to all other Bonds of said City
hereto issued or authorized by law
for the purpose Of paying the indebt-
edness of said City to the Brookhaven
Bank & Trust Company, and the First
National Bonk, both located at Brook
haven, Mississippi.
Section 1. Be 1t enacted by the Leg
islature Of the State Of Mississippi
That the Mayor and Board of Alder
men of the City Of Brookhaven, Mis-
sissippi be and they are hereby author
lied and empowered to issue and sell
bonds of the City of Brookhaven, Mis-
sissippi to an amount not exceeding One
Hundred and Twenty-Five Thousand
Dollars, in addition to all other Bonds
of said City heretofore issued or au-
thorized by law for the purpose of pay
ing the Indebtedness of said City to
the said Brookhaven Bank and Trust
Company and the First National Bank,
both located at Brookhaven Mississip-
pi
Section 2. All Bonds issued under
the authority of this act shall be serial
bonds maturing annually, with all ma
turtles not longer than twenty-five
years with not less than one-fiftieth of
the total issue to mature each year dur
ing the first five years of the life of
said Bonds and not less than one twen-
ty-fifth of the bond issue to- mature an
nually during the succeeding ten year
period of the life of said Bonds, and
the remainder to be divided into ap-
proximately equal payments, one pay
ment to mature during each of the re-
naming life of said Bonds The said
bonds shall bear interest at the rate
of six per cent per annum, payable semi
annually, the denominations, form and
time and place of payment to be fixed
in the resolution of the Mayor and
Board of Aldermen of said City issuing
said Bonds, and said Bonds shall be
signed by the Mayor of the City of
Brookhaven, Mississippi and counter
signed by the Clerk of the City of
Brookhaven. Mississippi, who shall affix
his official seal to said Bonds and. reg
lister the same, but the coupons of said
Bonds may only bear the fac simile sig
nature Of the Mayor Of the said city
of Brookhaven Mississippi, and the
Clerk of said City.
Every such Bond shall specify upon
re fhn IL
issued and the total amount to
be issued and shall not be sold for
less than par value and accrued inter-
est. Such bonds may be made payable
to bearer, and when issued shall con-
stitute lien on all the taxable pro-
perty of the City of Brookhaven, Mis-
sissippi, and the Mayor and Board of Al
dermen Of the City of Brookhaven, Mis-
sjssippi, shall annually levy, a special
tax on all such property to pay the
I principal and interest on said Bonds as
| the same fall due. It shall not be
necessary for the Mayor or Board of
Aldermen of said City to pass reso-
luton of its intention to issue such
bonds.- nor to give notice of any kind
of its intention to issue said Bonds or
hold an election to determine whether
such Bonds shall be issued therefore
regardless of whether or not the is
suanee of said Bonds shall create to-
tai bonded indebtedness of fifteen
per centum of the assessed val
ue of the taxable property of said City
Section 3. The proceeds of any
bonds issued under the authority Of this
act shall be placed in the depository
of the City of Brookhaven Mississippi
as special fund and shall be used for
no other purpose than the purposes set
forth in section 1 of this act
Section 4. That this act take effect
and be in force from and after its
I passage.
Approved February IA, 1922
Jackson, Mississippi, Feb. Is, 1922.
A true and correct copy Of the En-
rolled Act now on file in the office of
the Secretary of the State.
Given under my hand and seal of Of
fee, this the 18th day of February,
1922.
| (Seal) Jos. w. Powers.
Secretary of State.
Whereas. the City of Brookhaven,
Mississippi is indebted as aforesaid to
Brookhaven Bank and Trust Company
| and the First National Bank located
Brookhaven, Mississippi in an amount
not in excess of $125, 100000 and the is
suance. of the Serial Payment Nego-
table Bonds of the City of Brookhayen.
Mississippi in an amount not in ex-
cess of s125,000.00 is necessary for the