The Chronicle-star combined with the Moss Point advertiser., 1942-06-05

Beads there wo8ld ather
u b. : default TIE Amoant
nns Msrh withdrawals truHs Ire
Hosu Reserve SHALL Be
frrw fhe first nVasiAhh naonaye ia
TIE Sever nevan1e Fund within
ne foisewfng year q years - e.
cnxs 0 fhH payments required e
- made into fhK Bond account
a. the taaen eagrant year When
ever TIE amount IN the Bond Ne
xTrve s eeuAl - TIRE aKEnEata
PRINCIPAL and interest feeuife-
meats 81 uhe Bonds for tire next
azcueedfne tWo ycaFA paemens
into TIE 5and Reserve nsay b
suspended. bet - and when the
moneys IN the Bond Reserve shaii
BE- an amount less than that r.
uulre1 a makw tie prknespna and
Interest payments for tire next
succeeding two years. payments
into the B0nd Reserve shall b.
ckntsnueG m Hesnned as afofe
said II. IL aTS maFsth. the Cts
shall Tor ans reason tail 81 pas
into the Bond Account the tua
sns0sEnt above stipulated. ans o.
ficSeney IL the amDuni paid into
the Bond Account IN such month
shall be added 90 the amount
otherwise required to be paid into
tire Bond Account II the next
succeeding month. No paynaents
need be made into the Bond Ac
e0gfnNwhsen the anaDunf c~entai1ad
therein shall ct least equal the az
ereRatA principal amount q the
Bonds then outstanding plus the
amount 81 interest due and there
afier - become due on said
Bends ANY moneys at auv Time
paid into the Bond Account shall
be held By the City Ia tra1 Tot
the benefit Of the holders M the
Beads from lame - time. ard the
City shall not have any beneficial
right or interest," in sucn moneys
The moneys III the Bond Account
shall De used solely EaF the puf-
pose Of paying the principal OF
and the interest On the said Bonds
and such funds are hereby IRE
vocabIy pledged for that purpose
Provided. That all moneys in the
Bond Reserve shah be invested,
insofar a practicable. in ohliga
tinns directly or Indirectly guar
anteed BY the United States Of
America. ANY income accruing
from any such investments shall
be deposited IN The Bend Account
Any revenues OF the sewerage
system Of the City not required
to provide for the creation, es-
ENLISTMENT and maintenance OF
the special accounts above deS.
cribed NAV BE- used ~ the CITY
for any lawful purpose as may be
determined by the City Council
iron time 70 time % be for the
best interest Of the City.
All moneys IN the Sewer Reeve
nne Fund and III she above de
scribed special accounts shall be
deposited IN . bank or banks
which are members nf the Federal
Deposit Insurance Corporation
SECTION Ii. That the CITY
hereby covenants
(a1 That ii will install, main
tam. and keep books Of rckoras
and accounts separate frofn al
ether books Of reenrds and ac-
eeunts 81 the City. il which COM
.piete and correct satflas shall be
made. IN accordance with stand
ard principles Of accounting. Of
all transactions of any nature re-
latinE to It's sewerage system and
that the hoider or holders OF any
of the said Bonds. OF any user
Of the said system. may have the
right at al reasonable times ID
inspect such records. accounts. ard
data relating thereto and. also.
the sewerage system Of The City
90 That not later than three
81 months after the close of ans
fiscal year Of the operation Of the
said sewerage system. il viii
cause TO be prepared : balance
sheet and N income and expense
account showing. respectively, in
reasonable detail, the financial
condition Of It's sewerage system
and the financial operations there
Of during such year.
tc1 That Il win furnish. mon
written request. 10 any holder OF
any Of the said Bends. nos later
than thirty 800 DAYS after the
close Of each SIX 90 nsonshss h
cal period and not later 1han six
" lb0l days after the close Of
each fiscal year, complete tinan-
clal statements IN reasonable de-
tail covering the operation Of the
said sewerage system. which an
nual financial statements shall Be
certified to b. independent au-
dstors.
ID That. g Iong e. sne e the
SAID Bonds OF interest thereon re-
mans outstanding ant unnaid. the
City shall maintain insurance On
The iasurable portions 81 ths sid
sewerage system for the benefit
Of the holders OF tie sid Bonds
Of kinds and IN amounts Is NouEd
usually h carried 81 : private
corporation. operating ! similar
type q undertaking
kel Thai - Ang e am Il he
ssn Bonds 81 interest lean re-
mains outstanding and unoaia. tsse
CITY shall not make a. Iea@.
mortgage. sale. O. other disposal
Of encumbrauce Of is seweraae
ssesn e aay substantial norEEan
haeFeo{ and
60 That TIE City xhsn mt
SIC any adntt1unai bonds narabIe
ron Ne revenues q Is awerase