The Lexington advertiser. [volume] (Lexington, Miss.) 1904-1985, 1946-09-19

sippi, to acquire, to own, and to
operate, subject to the hereinafter
limitations, garment manufacture
ing type of industry, which said
Certificate of Public Convenience
and Necessity is issued. nevertheless.
upon the following conditions. to-
wit:
l. That the SAID City of Lexing.
ton, Holmes County, Mississipni
may In the discretion of the Mavor
ana Board OF Aldermen, issue bones
under the provisions of Chapter 24I
Laws of Mississippi of 1914. for
acquiring land and constructing >
factory building for a garment
manufacturing type of industry NOT
to exceed one hundred fiftv thou
sand dollars ($l50,000,0O), said bonds
shall mature as provided by sec
ton Is of said Chapter 24l. Laws az
Mississippi of 1914, over a period Of
not exceeding twenty years COY. NOT
/ less than one-fiftieth of the total
issue, to-wit, not less than So 600 90
shall 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 $6,00000 shall mature in
each year during the next succeed
ing ten year period of the life of
said bonds; and the remainder of
said bonds shall mature in approx
imately equal annual amounts. The
precise amounts to mature each year
shall hereafter be determined and
the several amounts to mature dur
ing the first five years and during
the next succeeding ten years of
the life of the bonds may exceed
but may not : be less than the
amounts hereinabove set out Said
bonds shall bear interest at rate
not to exceed four per centum per
annum;
That it is specifically ordered that
said bonds shall not be sold until q
contract between the aforesaid
municipality and a garment manu-
featuring type Of industry has beer
approved and signed by the Mis-
sissippi Agricultural and Industria,
Board;
That for the payment of sale
bonds, as and when issued, and in
tereSt thereon, and for the creatio,
of sinking fund for the paynen
of said bonds and interest. as an,
when issued, the Mayor and Boar,
of Aldermen of the City of Lexine
ton, Holmes County, Mississippi
shall levy and collect annual
taxes. upon the taxable property i
the City OF Lexington, in the sur
and amount of not less than tn
amount of principal and interest du
during each year until said interes
and bonds are paid, and shall fl
an annual tax levy over said perio
of years for which said bonds ar
issued so as that said tax levy sha
be substantially uniform througho,
said period; and to further secur
the payment Of said bonds, tt
Mayor and Board Of Aldermen
the City Of Lexington, Holmf
County, Mississippi, may in its di'
erection mortgage or pledge the pror
erty used and useful in the sal
City Of Lexington for said industri.
enterprise and any income derive
therefrom pursuant to the provie
ions of Section Is Of Chapter "a
Laws Of Mississippi Of 1914; an
said municipality shall report ar
nually to this Board relative to II
collection of taxes and the paymer
Of bonds and interest as provide
bv Section Is, Chapter 241, Laws
Mississippi Of 1914:
That the said Mayor and Boar
Of Aldermen of the City of Lexi,
ton, Holmes County, Mississippi
may acquire for said industri
enterprise whatever land may
necessary for the operation of tn
aforesaid enterprise.
2. That the said City Of Lexine
ton, Holmes County, Mississippi
may construct on said land a mum
cipal factory building containin
sufficient square feet of floor spac
to meet the needs Of such manu-
featuring establishment and to ex
pend therefor not to exceed the sur
of one hundred fifty thousand dol
lars ($150, 100000, including the lane
on which said building is erected
but no part of said amount shall
be expended for machinery OF
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
for 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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