MINUTE BOOK No. 17, CITY OF OXFORD

,~-----MINUTE BOOK No. 17, CITY OF OXFORD417St2acK-TOM L.. KETCHINGS co .. NATCHEZlSECTIor~ 9. That the City of Oxfod covemants and a~rees with the h)lder or holdersof the bonds her; in authorized to 'ce issued, that it will perform all duties with respect tothe oDeration and maintenance of s id electric distrit,ution system of said City, and with respectto the fixiW, maintr.ininp, and collectin of the rates, fees, And char~es,and the establishmentof the funds herein referred to, and all other matters and thint;s herein contained, and that itwill do or casue to e do e, in a,t time and season, each and every official act necessary forthe 'ayrnent of the orinci~12lof a.m the interest on the bonds herein authorizGd to be issued,a.s the SF-me shall mature and accrue, and sa.id City hereLy irrevocalbly covenants, binds, andobli,ates itself not to sell, lease or riis')ose of th·; said electric distribution system, or anysubstantia 1',ortion thereof, until all the bonds authorized hereunder shall have be':n paid, orunless and untillrovision has been made for the ayment of said bonds and the interest thereonto the reswctive mat'J.ri ty dates thereof, in full. Any holder of any of said b"nds or thecoupons attached t ereto may enforce the :::Jerformance of any of the covenants and a~reementsherein C0 r ltained by any appronriate nroceedings in law orin equity, by suit, action, mandamusor otherwise.If there by any'efau" t in the :Jayment of the interest on or the principal of anyof stdd bonds, any court ~avin~jurisdiction may, in proper action upon petition of the holderof any of the londs authorL"ed hereby, appoint a receiver or trustee to take possession of,'ldminister, 0er,r.te, and maj,ntain the electric distribution system, with power to prescribe andcollect r.'l.tes, fees or charr;es sufficient to~rov~defor the payment of the bonds authorizedherery and the interest thereon, and to pay the exs)enses of operatin r 'and maintaining saidelec~,ric distriLution system and to apoly the revenu~s ther of in conformity with the provisionsof the Laws of Mississippi and with the 'lrovisions of this ordiaance.SECTIOI~ 10. Th'l.t the)rovisions of this ordinance shall constitute an irrepealablecontrart . etwe n the City of Oxforand the several res)ective holders of the boms and interestcoupons 1', uthori zed here [" •SECTION 11. Thllt said bonds shall re submitted to validation, as provided by Chapter 1,Tit'e 18 of the Mississip,i Code of 1942, and for that pur)ose the City Clerk is authorized anddirected to certi "y a transcrint of all lroceedint;s in connection therewith to the State's BondAttorney.SECTION 12.That when said bonds shall have been prepared as herein directed and shallhave been v'llidate, executed, and registered, they shall he delivered to the purchaser thereofupon the 1ayment of the purchase ')rice.SECTIOH 13.That the proceeds received from the sale of the bonds authorized herebyshall be de()osited in a se9arate account and at all times secured as orovided by the Laws ofMississip i for the security of other fums of said City. The sums in said account shall be 'aidout only for the :::mrpose of payin~ the cost of enlar;~in9:, improvin~, and extendin~ the electricdLstributio:1 system of said City.'1coper "uthority of a ce~tificateSuch 1Jayments shall be made oiily upon presentation to theexecuted fy the City En!!ineer, statin!!: (a) that the pnnpose\...,.ifor which the payment is to be made is within the SCODe of the improvements contemplated by thisordinarice; (b) that the vork dene or the materials furnished are in accordance with the contracttherefore( if s'.lch work is done or materials are furnished under a cont 'act) or that such woid