The Chronicle-star combined with the Moss Point advertiser., 1944-05-26

MISSISSIPPI Code OF 1880, and
amendments thereto and other
applicable statutes of the State
of Mississippi.
(e) That the said bonds when
issued in the said amount of
$50, 000.0 90 and added to the pres
ent outstanding bonds of the City
of Pascagoula, Mississippi, will
not cause the bonded indebted
ness of the said City of Pasca-
goula to exceed ten per cent of
the assessed value of the taxable
property within the said munich
pality according to the last COM
pleted assessment for taxation,
including bonds issued for water
works purposes, and there being
no bonds outstanding heretofore
issued for light purposes or for
the construction of special i'm
provements primarily chargeable
to the property benefited, or for
the purpose of paying the City's
portion of any betterment pro-
gram, a portion of which is pri-
marily chargeable to the proper
ty benefited, and this Board fur
ther finds that the issuance of
the said bonds will not cause the
Indebtedness of the City of Pas
cagoula, Mississippi, when added
to all outstanding indebtedness,
both bonded and floating, to ex-
coed twenty per cent of the as
sessed value of all the taxable
property within the said Munich
pality, according to the last COM
pleted assessment roll or other
wise, and that the issuance of
said bonds will not cause the
bonded indebtedness of the said
City to exceed any other limita-
ton now imposed by law against
the issuance of the bonds of the
said City or against the ~increas-
ing of its indebtedness.
6) That the City Of Pascagou-
la, Mississippi, is a municipal
corporation of the State of Mis-
sissippi, and has a population of
less than fifteen thousand inhab-
itants according to the last Off
cial census, and there are now
Eleven Hundred and Three quail
flied electors residing in the
City qualified and authorized to
vote upon the issuance of the
said bonds, in the event of
an election on the question
OF whether or not the said
bonds shall be issued and sold;
that the proposed bonds are
in amount of not more than $780,
10000 and the said City is au-
thorized under the provisions of
Section 2490 of the Mississippi
Code of 1880 as amended by
Chapter 230 of the Laws of 1912
of the State of Mississippi to is
sue the said bonds without an
election thereon, by publication
of this resolution for three weeks,
declaring the intention of the
Board of Mayor and Councilmen
of the City of Pascagoula, Mis-
sissippi, to issue same, unless a
protest in writing signed by 20%
of the qualified electors of the
said City or more. is filed with
this Board prior to the date here
in fixed for the issuance of same.
(g) That it has been found and
determined by this Board that it
would be to the best interest of
the City of Pascagoula, Missis-
sippi, that the said bonds be is
sued for the purpose of making
the required street improvements
and that the full faith and credit
of the City of Pascagoula, Mis-
sissippi, be pledged to the pay
ment of said bonds and interest
thereon.
Section 2. That the Board of
Mayor and Councilmen of the
City of Pascagoula, acting under
the authority of Sections 2483 to
2492, inclusive, of the Mississippi
Code of 1890 and amendments
thereto, and under the further
provisions of law applicable to
Municipalities of the State OF
Mississippi, does hereby and now
declare its intention to issue and
sell the negotiable bonds of the
: City of Pascagoula, Mississippi,
in the maximum principal
amount of Thirty Thousand $780,
000.00) Dollars, for the purpose
of improving and paving streets
and avenues within the corporate
limits of the said City of Pasca-
goula. Mississippi. The said bonds
shall bear interest at such rate
as shall later be determined by
!, this Board, not to exceed, how
ever, six per cent per annum,
payable semi-annually, and the
same shall ~severally mature at
such time or times as shall be
determined by this Board within
the limitations, however, provid-
ed by Chapter 70 of the Laws of
the 1888 Extraordinary Session of
the Legislature of the State of
Mississippi, or any amendments
thereto. For the payment of any
bonds so issued, the full faith
and credit of the City of Pascal
goula. Mississippi, shall be ire
vocably pledged,