Book 14 (January 1950 - July 1954) - City of Oxford

~~------------------"'------""'l---"""'o5\" " "5NM"~ ""UrnTAN" .. .,. .•..the . c.~ty;and an a proximate computation showing the amount t-AJs:{,8r and thecost of such construction and of material and ,supplies, said estimate beingattached hereto as J:xhio"ft" "A" and made a part hereof; andWHEREAS, the aforesaid estimates of the City Engineer show thatthe total cost of said ,construction and improvements will be approximatelySeventy-Five Thousand Dollars --------------- - - --($75,000.00.); andthe Mayor and Board of Aldermen have considered the said estimate and find thatit is as correct as Cal be ascertained at the present time, before competitivebidding is held on the construction, material, and supplies, and find thatit will be necessary to finance the said cost by the issuance of electricplant revenue bonds as hereinafter provided; andWHEREAS, in order to issue said bonds it is necessary to publishnotice of sale therof as required by law;NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF ALDERMENOF THE CITY OF OXFORD, MISSISSIPPI, AS FOLIOHS:1. Based upon the aforesaid estimate of the City Engineer, it ishereby found and determined that the estimated and approximate cost oferecting a new electric power sUbstation and transmission lines from theTennessee Valley Authority's sUbstation to the new City substation, and ofmaking necessary extensions and improvements to the present distrubutionsystem of the said City, will be Seventy-Five Thousand Dollars ($75,000.00 ).2. For the purpose of financing the cost of the aforesaid work,construction and improvements, there shall hereafter be issued Electric PlantRevenue Bonds, Series 1950, of the City of Oxford, Mississippi, in theprincipal amount of Seventy-Five'Thousand & No/IOO Dollars ($75,000.00),as authorized by the Special Bond Election held in the O'i ty of Oxford onMay 2, 1950. The said bonds shall be payable solely and exclusively fromthe revenues of the electric plant and distribution system of said City, andshall be on a parity basis with the said City's Electric Revenue Bonds, Ser.ies1946, in accordance with Section 5, Subseotion (d), Paragraph 2 of the contractIIand terms of said Electric Revenue Bonds, Series 1946.It is hereby found andadjudicated that the actual revenues and net income of the electric generatingsystem for the years ended December 31, 1947, December 31, 1948, andDecember 31, 1949, exceed one hundred and ~Tentyper centum (120%) of themaximum bond requirements, principal and interest, of the said 1946 and proposed1950 revenue bonds, as required by said Section 5, Subsection (d),paragraph 2 of the contract and terms of said Electric Revenue Bonds, Series1946, and that the Revenue Bonds, Series 1950, herein decided to be issued,are in full compliance with all of the requirements of the said City's contract