The Lexington advertiser. [volume] (Lexington, Miss.) 1904-1985, 1946-09-05

lI1E LEAlANG 1ON AL En- Id
sippi, to acquire, to own, and to
operate, subject to the hereinafter
limitations, a 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, MissIssInni
may In the discretion of the Mavor
n Board of Aldermen, issue bonds
under the provisions of Chapter 241
Laws of Mississippi of 1914. for
acquiring Land and constructing p
factory building for a carmen
manufacturing type of Industry NOT
to exceed one hundred fifty thou
sand dollars ($150, 000, 00), said bonds
snail mature as provided by Sec
llon l3 OF said Chapter 24I, Laws of
Mississippi of 1914, over a period Of
not exceeding twenty years COZ. not
less than one-fiftieth of the total
issue, to-wit, not less than Sc. OOO M
shall mature in each year during tbe
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
lmately equal annual amounts. The
precise amounts to mature each wear
shall hereafter be determined and
n 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
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 Der
annum;
That it is specifically ordered hat
said bonds shall not be sold until a
contract between the aforesaid
municipality and a 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, 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 : at 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
erection mortgage or pledge the prop
erty used and useful in the said
City Of Lexington for said industrial
enterprise and any income derived
therefrom pursuant to the provis-
ions of Section Is Of Chapter 241,
Laws of Mississippi Of 1914; and
said municipality shall report an
to this Board relative to the
of taxes and the payment
of bonds and interest as provided
by Section is, Chapter 241, Laws Of
Mississippi of 1914;
That the said Mayor and Board
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 Lexing-
ton, Holmes County, Mississippi,
may construct on said land a NUM-
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, 000. 00), including the land
on which said building is erected,
but no part Of said amount shall
be expended for machinery or
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 anv 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