The Chronicle-star combined with the Moss Point advertiser., 1945-06-22
ORDINANCE NO. 10. is4s

SEWER REVENUE BONDS TO
THE UNITED STATES OF AM
ERICA.
Whereas. by Ordinance No.
7-l942 entitled An Ordinance au-
ihcrizing the issuance and sale
of Sewer Revenue Bonds of the
City of Pasca gou.a. Jackson
County. State of Mississippi. in
the saaregate principal amount
Of not to exceed Two Hundred
and Twenty Thousand Dollars
ts220.ooo) for the purpose of aid
ing IN financing the construction
of additions. extensions. and i'm.
provements to the existing Sew
erage System of said City: Pre-,
scribing the fern end details of
said Bonds and providing for the
payment of TIE interest en- and
principal thereof: and for relat.
ed purposes. adopted June 2,
1912, there We're authorized to be
issued 100000 aggregate princi-
pal amount of Sewer Revenue
Bonds of the City of Pascagoula
for the purpose of financing in
part the cost of construction OF
the sewerage system improve
ments described in said Ordi-
nance and therein referred to as
the project" and
Whereas, by Section 5 of said
Ordinance $500, 600 OF said Bonds
were awarded to the United
States of America, being Bonds
No. | to 200, both inclusive; and
Whereas, by Ordinance No. IA
l943 entitled An Ordinance Au-
thorizing the sale of 10000. 90
Sewer Revenue Bonds to the
United States of America"
adopted by the Council of said
City on August 81, l943, 100000
of said bonds were awarded to
the United States of America,
being Bonds Nos. POI to 210,
both Inclusive; and
Whereas, it was provided by
Section 2 of said Ordinance No.
7-l942 that no Bonds in excess
of the aggregate principal amount
of $500, 900 should be issued and
sold pursuant to the provisions
Of said Ordinance until and UNI
less the City Council found and
determined that the cost or esti-
mated cost of the proposed Prof.
ect exceeds the estimate OF $780,
1886 referred to in Section l
thereof, in which event addition
al Bonds might be issued and
sold within the limitations there
of in order to assure the pay
ment of all costs of the Project;
and
Whereas, the present estimat-
ed cost of the Project is $8l6,-
558.07 and it is necessary to is
sue additional bonds of the City
pursuant to the provisions of
said Ordinance in order to as
sur the payment of all costs
thereof; and
Whereas, the United States of
America by its offer dated as of
June Il, 1914, which offer was
duly accepted by this Council on
June "a, 1914, has agreed to make
an increased grant and to pur-
chase not to exceed 100000
additional bonds of the City to
aid in meeting the increased
cost of the Project;
NOW. THEREFORE, BE 1T
ORDAINED by the City Council
of Pascagoula, Jackson County,
State of Mississippi, as follows:
Section l. 1t is hereby found
and determined that the cost of
the Project described in said Or
dinance No. 1882 exceeds the
estimate referred to in Section l
of said Ordinance, and that the
issuance of Sewer Revenue
Bonds of the City numbered 211
to 219, both inclusive, in the ag-
gregate principal amount of
$4,000, authorized by said Ordi-
nance, is necessary in order to
assure and provide for the pay
ment of all costs of said Project.
Section 2. There are hereby
awarded to the United States of
America said Sewer Revenue
Bonds of the City of Pascagoula
numbered I'll to 2l9, both inelu-
sive, in the aggregate principal
amount of $4,000, at their par
value, plus accrued interest, in
accordance with the offer of the
United States of America herein
above referred to. The Bonds
herein awarded. when executed
as provided by Section 5 of the
Ordinance herein referred to
shall be delivered by the Mayor
and Clerk of the City to the
United States of America, the
purchaser thereof, upon the re-
ceipt of the purchase price there
of: Provided, That iall matured
interest coupons appertaining to
such Bonds shall be cancelled
and destroyed prior to such de-
livery.
Section 3. The immediate sale
of said Sewer Revenue Bonds
being necessary in order to per-
nit the prompt completion of a
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