Holmes County herald., 1960-05-05

Sald OOndS, as ana WHEN Ia
sued, and interest thereon,
and for the creation of a sink
ing fund for the payment Of
said bonds and interest, as
and when issued, the Mayor
and Board of Aldermen of the
City of Durant, Holmes Co.
unity, Mississippi, acting for
and on behalf of the City of
Durant, Holmes County, Mis-
siSsippi, shall annually levy
and collect taxes upon the
taxable property in the City
of Durant, Holmes County,
Mississippi, in the sum and
amount of not less than the
amount of principal and inter-
est due during each year until
said interest and bonds are
paid, and shall fix an annual
TAX levy over said period of
years tor which said bonds
are issued So that said tax
levy shall be substantially UNI
lIorm throughout said period;
and to further secure the pay
ment or SAID bonds, the Mayor
and Board of Aldermen, City
or Durant, Holmes County,
mississippi, acting for and on
behalf OF the City OF Durant,
Holmes County, Mississippi,
may IN their discretion mort
gage or pledge all additional
real property ana all add
uonaI buildings used and use
1uI IN said City or Durant,
t1oImeS County, Mississippi,
Tor sad Industrial enterprise
winch are acquired or con-
Suucted by SAID City of Dur
ant, Holmes County, Mlssissi-
ppl for The expansion and en-
Iargement of said industrial
enterprise on the terms of
TINS certificate; and SAID mum
lclpalty shall report annually
10 this Board relative to the
COLLECTION OF taxes and the
payment of bonds and interest
as provided by Section Is,
Chapter 241, Laws of Missis-
sippi of 1914. as amended;
That the said City of Durant,
Holmes County. Mississippi,
may acquire for the expan-
sion and enlargement of the
sad Industrial enterprise
Whatever land may be neces-
Sary for Sucn purpose;
Y. That the said City of Dur
ant, Holmes County, Mississi-
ppl, may construct, purchase,
or otherwise acquire, on said
land such additions as may
be necessary to enlarge and
expand the present factory
building so that it shall con-
tain sufficient square feet of
floor space to meet the needs
OF such manufacturing es-
tabHshmenr and to expend
therefor NOT 10 exceed the
sum of Two Hundred and Fiji
ty Thousand Dollars ($25O,-
OO.0O), including the land on
which said addition is erect
ed and TO purchase and install
such machinery and or equip
ment as may be authorized:
and said municipality shall
not operate SAID industrial en-
terpriSe, but Is authorized to
dispose of, TO lease or rent
said land and buildings after
requirement and construction
to some person. firm or cor
poratlon on terms and condi-
tons to be submitted to this
Board for approval before any
such contract or lease, rental
and operation shall become
finally binding upon said mum
lcipality; provided, however,
If for any reason the plant
cannot be leased or said lease
shall for any reason termin-
ate, then the municipality
may operate the same under
the direction of the municipal
authorities, authority therefor
having been previously obtain
ed from this Board;
%. That said City of Durant.
Holmes County, Mississippi,
for the purpose of the IS
surance of said bonds and for
the purpose of expanding and
enlarging the present factory
building and for constructing