MINUTE BOOK No. 17, CITY OF OXFORD

12"" ( i) {""2""I " ...IMINUTE BOOK No. 17, CITY OF OXFORDA RESOLUTION OF THE MAYOR AND BOARD OF ALDERMEN OFTHE CITY OF OXFORD, MISSISSIPPI, TO ISSUE PROMISSORYNOTES OR CERTIFICATES OF INDEBTEDNESS OF THE CITY OFOXFORD, MISSISSIPPI, IN FAVO~ OF T. E. AVENT IN THESUM OF TEN THOUSAND DOLLARS, TOGETHER WITH INTEREST,IN PAYMENT FeR LOTS NUMBERS 81 TO 144, INCLUSIVE, OFAVENT ACRES SUBDIVISION IN THE CITY OF OXFORD,MISSISSIPPI, PROVIDING FOR DATE OF PAYMENT OF SAIDNOTE AND INTEREST, AND PROVIDING FOR LEVYING OFADDITIONAL TAXES, AND PROVIDING THE DATE WHEN SAIDNOTES OR CER'l'IFI CATES OF INDEBTEDNESS WILL BEDELIVERED*********At the regular September 1957 meeting of the Mayor and Board ofAldermen of the City of Oxford, Mississippi, a Resolution was passed to theeffect that it is necessary for said Mayor and Board to issue promissory noteor notes, or certificates of indebtedness of the City of Oxford, Mississippi,in the principal sum of Ten Thousand and No/100 ($10,000.00) Dollars, whichrequires unusual outlay of money which said City does not have in its GeneralFund, and that it was the intention of said Mayor and Board to issue promissorynote or notes, or certificates of indebtedness of the City of Oxford, Mississippi,in said sum, payable to T. E. Avent, for the purchase price of Lots Numbers 81to 144, inclusive, of Avent Acres Subdivision in the City of Oxford, Mississippi,all of which, except Lots 81 to 92, inclusive, is to be used for cemeterypurposes.That said note, notes, or certificates of indebtedness should bearinterest at the rate of three percent per annum on the diminishing principal,and that said interest should be paid annually.That said indebtedness should be evidenced by promissory note, notes,or certificates of indebtedness, and that the principal sum of One Thousand andNo/1oo ($1,000.00) Dollars, together with interest on the diminishing principal,be paid annually over a period of ten years, the first principal payment togetherwith interest to be paid on the first day of September, 1958, and a like principalpayment, together with interest, as aforesaid, be made on the same day of eachand every succeeding year thereafter until said principal and interest are paid;and that the Mayor of the City of Oxford, Mississippi, and the Clerk of thisBoard be authorized to execute said note, notes, or certificates of indebtednessfor and on behalf of said City of Oxford, and deliver the same to the said T. E.Avent.That such additional taxes as may be needed to discharge said indebtednessbe levied on the taxable property of the City of Oxford, MiSSissippi, to pay saidindebtedness, together with interest.\