The Durant news. (Durant, Miss.) 1882-1985, 1946-11-21

OunLN MISSISSIPPI Will DEIillb dl4I
authorize said City OF. Durant to eX-
pand and ~enralrge said hosiery man.
ufacturing type Of industry to the
extent that such industry will en-
ploy not in excess of one hundred
ninety (l90) additional operatives.
The Executive Committee Of the
Board further finds:
/. That there are sufficient nat
ural resources readily and econo-
mically available for the operation
of such an expanded and enlarged
hosiery manufacturing type of in
dustry for at least twenty COO years,
for which period of time bonds of
the said City of Durant, Holmes
County, Mississippi, may be issued
under this Certificate, as herein
after ordered;
2. That the available labor supply
for each operative job in said enter
prise in an area of twenty-five (25)
miles of the factory site in the City
of Durant, Holmes County, Missis-
sippi, excluding labor; other than
agricultural labor, already gainfully
employed in said area, between the
ages of eighteen and fifty is two
hundred eighty-five t235), and that
the number of additional operative
Jobs that may be established by the
expansion and enlargement of said
industry in the City of Durant,
Holmes County, Mississippi, is one
hundred ninety 900, which will
furnish more than one and one-half
workers between the ages of
eighteen and fifty in said area for
each additional operative job in said
industry which shall be created by
the expansion and enlargement
thereof;
3. That the total assessed valuat-
ion Of all property in said munich
pality, City of Durant, Holmes
County, Mississippi, according to the
last assessment for ad valorem tax
alton is one million f~ifty-eight thou
sand seven hundred sixty dollars
($1, 058, 10000, and that bonds may
be issued in the sum of not to ex-
coed sixty thousand dollars $3.50, 900.
00), which is less than twenty per
centum of the total assessed valu-
alton of all property in the said City
of Durant, Holmes County, Missis-
sippi.
The Executive Committee of the
Board, having, from oral and docu-
mentary evidence, from hearings and
investigation, determined all of these
facts as hereinabove stated. does
thereon hereby order and direct the
issuance of, and there is hereby
issued a Certificate of Public Con-
v%enience and Necessity to the City
of Durant, Holmes County, Missis-
for the promotion of the gen.
eral welfare of said municipality,
and of the State of Mississippi, as
declared in Chapter 241, Laws of
Mississippi of 1914, for the City of
Durant, Holmes County, Mississippi,
to expand and enlarge, to own and
to operate, subject to the hereinafter
limitations, and to make additions
to said hosiery manufacturing type
of industry, which said Certificate of
Public Convenience and Necessity is
issued, nevertheless, upon the fol-
conditions, to-Wit:
l. That the City of Durant. Holmes
County, Mississippi, may in the dis
of the Mayor and Board of
Aldermen, issue bonds under the
provisions of Chapter 241. Laws of
Mississippi of 1914, for acquiring
land, if necessary, and for expand
ing, e~nlarging, and constructing adj
d1tlons to the present factory build
ing for the hosiery manufacturing
type of industry, not to exceed
sixty thousand dollars ($60.000.O0);
said bonds shall ature rs provided
by Section Is of said Chapter 24I.
Laws of Mississippi of 1914, over a
period of tire not to exceed twenty
GU, wears; not less than one-fiftieth
OF the total issue, to-Wit, not less
than 81 1000 {, shall mature in each
year during the first five years of
life of said bonds. not less than
one-tWenty-fifth of the total issue.
to-wlt, not less than $4,000 90. shall
mature in each year during the next
succeeding 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 hereinafter be determined, and
the several amounts to mature dur
ing the first five years and during
the next succeeding ten years ofthe
life of the bonds may exceed but
may not be less than the amounts
h~ereinabove 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
a contract between the aforesaid
municipality and a hosiery manu-
featuring type of industry has been
approved and signed by the Missis-
sippi Agricultural and Industrial
Board;
That for the payment of said bonds
as and when issued and interest
thereon, and for the creation of a
sinking fund for the payment of said
bonds and interest, as and when is
sued, the Mayor and Board of
Aldermen of the City of Durant.
Holmes County. Mississippi, shall
levy and collect annually taxes, upon
the taxable property in the City of
Durant, in the sum and amount of
not less than the amount of prin-
cipal 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