Holmes County herald., 1960-05-12


according to the last assess
ment for ad vaIorem taxation,
is one million five hundred
and ninety nine thousand nine
hundred and one dollars IT,
599, 901. 00>, and that there
are now outstanding indus
trial bonds heretofore issued
by said City in the amount of
twenty eight thousand dollars
($28, 900 .00), That, therefore,
bonds may be issued by said
City in the sum OF two hun
dred and fifty thousand dol
lars $3.50, 900. OOI. which
amount, when added to the
aforesaid outstanding indus
trial bonds, constitutes less
than twenty CO. per centum
of the total assessed valuation
of all property in Durant, Hol-
mes County, Mississippi.
THE Executive Committee of
the Board. having from oral and
documentary evidence, from
hearings anu Investigations, de-
termined all of these facts as
hereinabove stated, does there
OH hereby order and direct the
issuance of, and there is here
by issued, a Certificate of Pub
lie Convenience and Necessity
to the City of Durant. Holmes
County, Mississippi, for the pro
motion OF the general welfare
of said municipality, and of the
State of Mississippi. to acquire,
to expand, to own. and to oper-
ate, subject to the hereinafter
limitations, and to make addi-
tons to said garment manufac-
turing type of industry, which
said Certificate of Public Con-
venience and Necessity is is
sued, nevertheless. upon the
following conditions. to-wit:
Il. That the City of Durant,
Holmes County, Mississippi,
may IN the discretion of the
Mayor and Board of Alder
men, City of Durant, Holmes
County, Mississippi, issue
bonds under the provisions of
Chapter 241. Laws of Missis-
slppi of 1914. as amended, for
acquiring land and construc-
ting, purchasing, or otherwise
acquiring an addition for the
expansion and enlargement of
the present garment manu-
featuring type of industry,
not to exceed two hundred and
fifty thousand dollars $780,
OO0. 00); said bonds shall ma
ture as provided by Section
Is, of said Chapter 241, Laws
OF Mississippi OF 1914, as a.
mended, over a period of time
not to exceed twenty Coz
years; not less than one-fif-
tleth of the total issue, to-Wit
not less than 5000. 90, shall
mature in eacn 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
L 10000. 90 shall mature in each
year during the next succeed
ing ten year period of the
life OF said bonds; and the re-
malnder OF said bonds shall
mature In approximately CO.
uaI annual amounts. The pre-
else amounts to mature in
each year snail be hereafter
determined. and the several
amounts TO mature during
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 amount hereinafter
setout. said bonds shall not be
sold at a rate of interest in
excess of that now provided
by law for sale of bonds of
counties and municipalities.
That it is specifically order
ed that said bonds shall not
be soil until a contract be-
tween the aforesaid munich
patty and a garment manu-
featuring type of industry has
been approved aid signed by
the Mississippi Agricultural
and Industrial Board;
THAT for t h e payment of
said bonds, as and when is
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