The Durant news. (Durant, Miss.) 1882-1985, 1939-12-14
Clerk OF the City Of Durant.
Mississippi.

Clerk Of the City Of Durant.
Mississippi.
SECTION VI. That in order b
make provision for the payment %
he principal Of and interest on said
bonds as the same shall mature and
accrue. there shall be and there IL
levied. a direct. continuing
tax on all OF the taxable prop
erty of he City Of Durant, Mississpp
sufficient. AFTER allowance shall have
been made for d~eIinquenees and ex
penses of collection. 70 pay the in
terest on said bonds for the year then
mex. ensuing and also sufficient to
pay the principal thereof maturing
in the year then mex ensuing. and
the taxing officers Of the said ely
are hereby directed and empowered
without any further direction or aus
thori.y to assess and levy a suffi-
cient tax annually while said bonds
any of them are outstanding and
unpaid, at the same time and In the
manner as other taxes for the
said City are levied and collected.
SECTION VII. That for ahe promp,
pament of said bonds and the interest
thereon the full faith, credit and re-
of l.he said municipality are
hereby irrevocably- pledged, and said
bonds when. and as issued shall con-
stitute a hen upon all the taxable
property in the said City OF Durant.
S SECTION VIII. Tha. ia the event
the bonds herein authorized 10 be
issued, or any of them, should ever
be held to be- invalid by any court
Of a competent jurisdiction. then and
In that event. Via holder or holders
thereof shall be subrogated to all OF
the rights and privileges had and
possessed by the. holder or holders
OF, the bonds. refunded thereby.
SECTION TX That when said
bonds shall have been prepared and
executed. the Mayor. and Clerk of
the said City are hereby authorized
to deliver to he purchasers thereof,
upon payment Of the purchase price
Of said bonds. ,to-wit. par and &C
crued interest. bonds numbered one
n hundred ahirty-cight q to 1881
both inclusive. in the aggregate amount
Of one hundred thirty-five thousand
d$135,000. 00) in accordance
with the terms of the sale thereof as
set forth in a certain resolution adopt.
ed by the Mayor md Board of Al
dermen Of said City on December T..
1855. n,
! SECTION X. The proceeds of the
sale OF said bonds shall be Immediate
~ transmitted TO the Chase National
Bank Of New York. New York. city.
New York to be deposited in a trust
fund for the retirement Of the. CITY
OF Durant General Refunding Bonds
Of 1884" which said, account shall
KEEP. separate and, distinct from
all other accounts, and shall be used
for the purpose Of paying and re-
deeming the bonds described ia the
preamble Of this ordinance, and for
no, other purpose Whatsoever.
In addition % the $135.Oo co. to be
to the Chase Nationail
Bank from the sale of said bonds as
Aforesaid, the said City Of Duran:
shall, wirhin at least 30 days prior
10 May !. 1910. transmit to the, said
Chase National Bank a sum of money
to pay all OF the said bonds
IF the General Refunding Bonds Of
1884" when hey mature, p~ursuanti
call, on May l. 1910, together with
interest on all said bonds to May i,
1910. I
SECTION xI. The bonds herein
authorized to be issued shall be val
da ed under the provisions of Chap
.er 10 Of the Mississippi Code of 1880,
to that end the City Clerk shall
and she is, hereby authorized and
directed 20 prepare and to certify &c
ne States Bond Attorney, a rue,
complete and correct copy of all of
he proceedings of his Board had in
his behalf.
SECTION XII. Tlat all ordinances
nd parts of ordinances of the City
II Durant, Mississippi / n conflict
With any of he provisions of this
be. and the same are here
y repealed to the extent of such
SECTION XIII. That the best IL.
erests and the public good and wei
are demanding il, this ordinance to
effec- and be in force from and
its passage.
Alderman McCune offered the above
ordinance for consideration and pas
age.