The Lexington advertiser. [volume] (Lexington, Miss.) 1904-1985, 1946-09-12

THE LEXINGTON ADNERTIS
- &c ac4aire, 10 own, ana 10
operate, subject to the hereinafter
limitations, garment manufactur-
ing type of industry, which said
Certificate of Public Convenience
and Necessity is issued, nevertheless,
upon the following conditions, to-
wit:
/. That the said City of L,exing-
ton, Holmes County. Mississinni
may in the discretion of the Mavor
ana Board of Aldermen, issue bonds
under the provisions of Chapter 24l,
Laws OF Mississippi of 1914, for
acquiring land and constructing "a
factory building for a garment
manufacturing type of industry not
to exceed one hundred fifty thou
sand dollars t$l50,000,OO), said bonds
shall mature as provided by Sec
ton IL of said Chapter 241. Laws of
Mississippi of 1914, over a period of
not exceeding twenty years (2O): not
less than one-fiftieth of the total
issue, to-wit, not less than So. 600 90.
snail mature in each year during the
first five years Of the life of said
bonds; not less than one twenty
fifth OF the total issue, to-wit. not
less than 100000 shall mature in
each year during the next succeed
ing ten year period of the life of
said bonds; and the remainder of
sad bonds shall mature in approx
imately equal annual amounts The
precise amounts to mature each wear
shall hereafter be determined and
the several amounts to mature dur
ing the first five years and during
tne next succeeding ten years of
the life OF the bonds may exceed
out may not be less than the
amounts hereinabove set out. Said
bonds shall bear interest at a rate
not to exceed four per centum per
annum;
That it is specifically ordered that
said bonds shall not be sold until
contract between the aforesaid
municipality and garment manu-
featuring type of industry has been
approved and signed by the Mis-
sissippi Agricultural and Industrial
Board;
That for the payment of said
bonds, as and when issued, and in
tereSt thereon, and for the creation
OF a sinking fund for the payment
OF said bonds and interest, as and
when issued, the Mayor and Board
OF Aldermen of the City of Lexing-
ton, Holmes County, Mississippi.
shall levy and collect annually
taxes, upon the taxable property in
the City of Lexington, In the sum
and amount of not less than the
amount Of principal and interest due
during each year until said interest
and bonds are paid, and shall fix
an annual tax levy over said period
OF years for which said bonds are
issued SO as that said tax levy shall
be substantially uniform Throughout.
said period; and to further secure
the payment Of said bonds, tn,
Mayor and Board OF Aldermen o,
he City Of Lexington, Holme
county, Mississippi, may in its dis
.retion mortgage or pledge the prop
'rty used and useful in the sal
,ity Of Lexington for said industrif
Enterprise and any income derive,
herefrom pursuant to the provie
ms 1T Section Is Of Chapter "a
avs Of Mississippi Of 1914; ar
i'd municipality shall report g
tally to this Board relative to q
lection of taxes and the payne
bonds and interest as provi|
Section Is, Chapter PAL, Lave
ssissippi Of 1914:
That the said Mayor and Bo
Aldermen of the City of Leg
N, Holmes County, Mississir
lay acquire for said industr
Enterprise whatever land may
ecessarv for the operation of Il
foresaid enterprise.
2. That the said City Of Lexinf
on, Holmes County, Mississippi
nay construct on said land a mum
.ipal factory building containin
sufficient square feet of floor spac
TO meet the needs Of such manu-
featuring establishment and to ex
oend therefor not to exceed the sun
II one hundred fifty thousand dol
lars ($150, 100000, including the lanf
On which said building is erected
but no part Of said amount shall
be expended for machinery o.
equipment, and said municipality
shall not operate said industrial
enterprise but is authorized to dis.
pose of, to lease or rent said lands
and buildings after requirement and
construction to some person, firm
or corporation on terms and condi-
tons to be submitted to this Board
for approval before any such con-
tract or lease, rental, and operation
shall become finally binding upon
said municipality. Provided, how
ever, If for any reason the plant
cannot be leased or said lease shall
Tor any reason terminate, then the
municipality may operate the same
under the direction Of the municipal
authorities, authority therefor hav-
ing been previously obtained from
this Board;
8. That said City Of Lexington,
Holmes County, Mississippi, for the
purpose Of the issuance of said
bonds, and for the purpose Of enter
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