MINUTE BOOK No. 17, CITY OF OXFORD

MINUTE BOOK No. 17, CITY OF OXFORD449I ( ______________ ~ •• :.~U~K=T~O~M~L.~KE~TC~H~IN~GS~CO~ .. ~N~AT~CH~EZ~ ____________________________________________________________________ 1III \.IIA RESOLUTION PROVIDING FOR THE A DOPTION OF AND FINALPASSAGE OF AN RESOLUTION ADOPTED AT THE REGULAR JULy1958 MEETING BY THE t4YOR AND BOARD OF ALDERMEN OF THECITY OF OXFORD, MISSISSIPPI AUTHORIZING THE BORR014INGOF EIGHT THOUSAND EOLLARS FOR THE Pl~SE OF PURCHASINGLAND FOR OXFORD SEPARATE SCHOOL DISTRICT, PROVIDING FORINTEREST ON SAID INDEBTEDNESS, AND PROVIDING THE MANNEROF EXECUTION OF THE NEGOTIABLE NOTES OR CERTIFICATESEVIDENCING SAID INDEBl'EDNESS, AND PROVIDING FOR LEVYINGAND COLLECTING SPECIAL TAXES ON ALL TAXABLE PROPERTYOF THE OXFORD SEPARATE SCHOOL DISTRICT****At the regular July 1958 meeting of the Mayor and Board of Aldermen of the City ofOxford, MissiSSippi, a Resolution was passed declaring the intention of the Mayor and Bo~ ofAldermen of said City to borrow the sum of Eight Thousand and NO/IOO ($8,000.00) Dollars for thepurpose of purchasing the land hereinafter described for the Oxford Separate School ~istrict, andto issue negotiable notes or certificates of indebtedness of said Oxford Separate Scliool Districtas evidence of said indebtedness, together with interest not to exceed four per cent per annum onthe diminishing principal, and said Resolution further provided that if the final action of theMayor and Soard of Aldermen of said City was that sai'J. sum be borrowed, that the said City ofOxford should annually levy a special tax on all of the Oxford Separate School District in anamount which should be sufficient to p~ the principal of and interest upon such negotiable notesor certificatis of indebtedness as the same should respectively mature and accruel which shouldbe levied and collected at the same time and in the same nanner as other taxes are collected, andwhich should be in addition to all other taxes authorized b,y law, and that there should be set upa special account in which special account should be placed the funds collected by special tax toretire said indebtedness, both principal and interest, and said Resolution provided further thatthe Clerk of this Board be, and he was thereby, authorized and directed to publish in the OxfordEagle said Resolution once each week for two consecutive weeks; and that the final action of thisBoard upon the question of authorizing the borrowing of said money for said purpose would be had at7:30 o'clock, P. M., on the 5th day of August, 1958, in the Office of the Mayor of said City ofOxford.Said Resolution was adopted ~ the Mayor and Board of Aldermen at the regular July 1958Meeting thereof, and was published once each week far two consecutive weeks in the issues of TheOxford Eagle on the 3rd and 8th of Jyly, 1958, and no petition requesting an election has beenfiled prior to this meeting of the Mayor and Board of Aldermen, and the proof of Publication ofsaid notice in The Oxford Eagle has been filed with the Mayor and Clerk of this Board;BE IT, THEREFORE, FINALLY RESOLVED that the Mayor and Board of Aldermen of the City ofOxford, MiSSissippi, borrow the sum of Eight thousand and No.lOO ($8,000.00) Dollars for the OxfordSeparate School District for the purpose of purchasing the land described as follows:A fraction of City Lots No.66 and 94 in the Northwest Quarter of Section21, Township 8 South, Range 3 West City of Oxford, ~afayette County, Mississippi,as said lots are shown and designated on the Official Map andplat of the City of Oxford, Mississippi, in use since June 6, 1939, copiesof which Map are on file in the Office of the Mayor of said City and in theOffice of the Chancery Clerk of said County, being particularly describedas follows, to-wit: starting at the Southwest corner of the Northwest Quarterof said Section 21; run thence East 462.9 feet to a point; run thencedue North 68.8 feet to a point, which point is the point of beginning ofthe property herein described and is also the point of intersection ofthe North right-of-way line of Washington Avenue and the East right-of-wayline of the Illinois Central Railroad; run thence with said North right-ofwayline of Washington avenue to a point in said right-of-way line whichlies South 76 degrees and 18 minutes East a distance of 234.9 feet fromthe point of beginning; run thence North 7 degrees 34 minutes East a distanceof 357.4 feet along a fence to a fence corner; run thence North 78degrees and 35 minutes West a distance of 167.2 feet along a fence toa point in the East right-of-way line of the Illinois Central Railroad;run thence in a southernly direction with the said East right-of-way lineto the point of beginning (said point in the East right-of-way lyingNorth 19 degrees 34 minutes East a distance of 349.7 feet from the pointof beginning); containing 1.6 acres, more or less.That said indebtedness mature as follows: Two Thousand and No/IOO ($2,000.00) Dollars on January 1,1959, together with interest; Two Thousand and 110/100 ($2,000.00) Dollars on January 1, 1960, togetherwith interest; Two Thousand and No/IOO ($2,000.00) Dollars on January 1, 1961, together withinterest; Two Thousand and No/IOO ($2,000.00) Dollars on January 1, 1962, together ~th interest.That the rate of interest shall not exceed four (4%) per cent per annum, and shall bepayable annuallY on the diminishing principal.BE IT FURTHER RESOLVED that the indebtedness of said Oxford Separate School Districtfor said sum be evidence by a negotiable note or notes or certificates of indebtedness of the OxfordSeparate School district, on whose behalf the money is borrowed, and that such instrument orinstrument or instruments be executed b.1 the Mayor of the City of Oxford for and on behalf of theOxford Separate School District.