The Lexington advertiser. [volume] (Lexington, Miss.) 1904-1985, 1946-09-26
THE LEXINGTON ADVERTISER, LEXINGTON. MISSISSIPPI

THE LEXINGTON ADVERTIS
slppi, to acquire, to own, and to
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 Licking
ton, Holmes County, Mississippi.
may in the discretion Of the Mayor
and 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 ($l50,000,00), said bonds
shall mature as provided by Sec
ton ID of said Chapter 24I, Laws of
Mississippi of 1914, over a period of
not exceeding twenty years COO; not
less than one-fiftieth of the total
issue, to-wit, not less than $4,000. 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 100000 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 NAV exceed
but 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-
slssippi 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 Licking
ton. Holmes County, Mississippi,
shall levy and collect annually
taxes, upon the taxable property in
the City Of Lexington, Ia 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. the
Mayor and Board of Aldermen of
the City Of Lexington, Holmes
County, Mississippi, may in its dis.
cretion mortgage or pledge the prop.
erty used and useful In the said
City Of Lexington for said industria,
enterprise and any income derived
eAASASAAOu Pu1SudHI 10 the pTOV1S
ions Of Section Is Of Chapter 241
Laws OF Mississippi Of 1914; an6
said municipality shall report an
nually to this Board relative to thu
collection of taxes and the paymen.
OF boncc and interest as provided
by Section Is, Chapter PAL, Laws Of
Mississippi of 1914;
That the said Mayor and Boare
of Aldermen Of the City Of Lexin
ton, Holmes County, Mississippi
may acquire for said industrial
enterprise whatever land may be
necessary for the operation Of the
aforesaid enterprise.
2. That the said City Of Licking
ton, Holmes County, Mississippi
may construct on said land a mum.
cipal factory building containing
sufficient square feet Of floor space
to meet the needs Of such manu-
featuring establishment and to ex-
pend therefor not to exceed the sum
of one hundred fifty thousand dol
lars ($150, 100000, including the land
on which said building is erected
but no part of said amount shall
be expended for machinery or
dIiO SdlO 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;
3. That said CITY of Lexington,
Holmes County, Mississippi, for the
purpose of the issuance of said