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

wmz o. D. ans nsrh officer o.
aEent ~ ! ~ haells aesen
81 ff uHt pta meaakn uf
HAzeh registration - m@e b.
such reasaax On thH naanuu
SieAA app&arlng o. the re
weE& al each Hond after wh
NJ franafes 81 such REGISTERED
Bend 9haH b. valid unless made
on GR hard register b. Tire regis
tered un rs person O. ~ As
aFrsey ard similarly nete1 IN ire
Bond Any Bend uamr M dis
charged from registration ~ reg
rec traneseE ~ bearer. and
upon transferahslIU hy ne!Iy
erv shall ~ RESTORED. ard 4 may
aeasn from sIEs# 20 tfnse - reg
istered and transferred 10 beareg
- E Ia aiSS esesst ii Bond
be registered. the principal
amount If sach Bond shall be- paid
solely % the registered gwner. az
lea2 such Bend has been disrnarR
ed from registration ~ reKisseree
transfer 70 bearer Nutwitmstand
ina the registration e. ans Haad
the coupons appertnlnsng thereto
shall remain payable 10 bearer
and shall continue q b. transfer
able b delivery
SECTION S That The said
bonds shall BE- signed IN the name
lot Inc City az pascagoula. Jack
cor County State Of Mississippi,
BY the Mayor 81 said City. and
seFlea win fhe corporate seal 81
said Civ. attezsed ~ she Clerk
Of the City. and the interest cou.
pan to e attached to said Bonds
shall be exeeuked with the fac
gimile signatures IL the said May
or and the said CITY Clerk II
ard when said Bonds have been
valldstea in accordance with the
vaIidati1n PROCEEDINGS hereinafter
FeferTeu %. the validutlon certiti-
Gale uppertaining thereto zhalI Dc
signed b the Clerk nf The said
CIt8. N0tWg outstanding the fore
going. Bonds Nos 10I to &c. both
Inclusive, authorized 10 be issued
pursuant 81 this Ordinance. shall
mot be executed o. delivered to
any purchaser thereof pending Tire
further determination Of the said
City Council with respect 10 the
necessity for such execution, H.
saance. and sale. il being thu IN.
tentiun of the City Council % or
der said Bonds cancelled and des
troyed unless Il becomes necessa-
Try that they be sold in order q
provide for the payment 81 al
eosts % the Project Bonds Nos.
% 1a1. both inclusive. ageregat
ius the principal amount uf Two
Hundred Thousand Dollars $500. :
Coz. authorized 10 be ISSUED pur-
suant to this Ordinance, are here.
bv awarded 70 the United States
Of America az their par vRlue. plus
Rccrued interest IN accordance
with the loan and grant offer Of
the United States Of America re-
ferred I'll in Section ! hereof Fol
lowing The effective dale If this
Ordinance IN accordance with the
provisions hereof and the vaIioa
tom of the Bonds authorized 10
be issued pursuant hereto. bat
not earlier. said Bonds Nos. | 60
200. both inclusive. shall b. exc
cutad as aforesaid and delivered
b. the Mayer and the Clerk Of
the CITY e the United States of
America. the purchaser thereof,
upon the receipt Of the par value
Of such Bonds. plus accrued inter
est: Provided. That an matuFed
interest coupons. il any. apper-
tanning 10 such Bonds shall be
cancelled and destroyed prior 70
such delivery.
SECTION 6 That the said
Bonds and the interest coupons
appertaining thereto shall not
constitute an Indebtedness of the
said City within any constitution
al provision or statutory iimita
ton Of the State of Mississippi.
and shall be PAYABLE. as 20 both
principal and interest. IN accord
anee with the tenor thereof. on !
parity N with the other and
without regard 70 date of delivery
or issuance, solely from and Sc
cured BY an exclusive first pledge
Of and lien upon The revenues e
BE- derived from the operation 81
the entire sewerage system of he
lCifs. including sewage disposal
or treatment plsnt IS such system
may b. added 70. extended and
improved remaining after the de-
dnctiun Of the reasonable expenses
u The operation and maintenance
Of such system The taxing power
Of the CITY IS not and shall not be
pledged TO the payment Of the
principal of % interest On any al
such Bonds
SECTION : That the proceeds
from the sale Of the said nnndS,
exclusive Of accrued interest
shall be deposited promptly upan
the receipt thereof. II ; bank
which ~ members Of the Federal
Deposit Insurance Corporation.
n = separate account OF accounts
Iof the City designated Sewer
System Improvement ConStruc-
ton account" There shall also
Be deposited il the above men
tened Construction Aecaunt ali
grant funds received from the
United States q America for ane
Project Such moneys n s 1 &c.
count shah Be expended solely for
the payment q the cost q uhe ad-
ditlonz. extensions and improve
Hssa2 q the sewerage system q
the City for which said Bends are
authorized 70 ~ issued ie.. ne