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

MINUTE BOOK No. 14, CITY OF OXFORDDEMENT - MERIDIAN::..:, ~-- -iIWHEREAS, of said notes so outstanding and unpaid, notes numbered 1to 26, inclusive, aggregating the principal amount and sum of One Hundred TwentyeightThousand Dollars ($12S,OOO), will mature and become due and payable on the1st day of December, 1951; andWHEREAS, there is now on hand in the treasury of said City, for thepayment of said notes, the sum of Twenty-Seven Thousand, Five Hundred FourteenDollars and Sixteen Cents ($27,514.16); andWHEREAS, no runds are now available nor will funds be available on the1st day of December, 1951, to pay the remainder of One Hundred Thousand, Four HundredEighty-Five Dollars and Eighty-four Cents ($100,485.84) due that date asprincipal on said outstanding notes; andWHEREAS, the said City is authorized b,y the aforesaid Chapter 495, Laws ofMississippi, 1950, and Title 18, Chapter 2, Article 2, Sections 4358 to 4370,inclusive, of the Mississippi Code of 1942,without an election on the question ofthe issuance thereof, to issue bonds of said City for the purpose of refunding anybonded indebtedness thereof, whether such bonded indebtedness shall at the timeof such refunding be due or to mature in the future; andWHEREAS, the Mayor and Board of Aldermen of the City of Oxford do nowfind and determine that it is necessary and advisable to protect the credit ofsaid City b,y the issuance of refunding bonds as hereinafter provided:NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND BOARD OF ALDERMEN OFTHE CITY OF OXFORD, MISSISSIPPI, AS FOLLOWS:SECTION 1. That the foregoing recitals and findings are hereb,y foundand declared to be true and correct.SECTION 2. That, acting under and pursuant to the provisions ofChapter 495, Laws of Mississippi, 1950, and Title 18, Chapter 2, Article 2,Sections 4358 to 4370, inclusive, of the Mississippi Code of 1942; the RefundingSpecial Street Improvement Bonds of the City of Oxford,Mississippi, are hereb,yauthorized, ordered and directed to be issued in the principal amount of OneHundred Thousand, Four Hundred Eighty-five and Eighty-four Cents($100,485.84) for the purpose of providing for the redemption of a like principalamount of Special Street Improvement Notes of said City dated December 1, 1950,and maturing December 1, 1951, as more particularly set forth and described in thepreamble to this ordinance.SECTION 3. That the said Refunding Special Street Improvement Bondsshall bear date of December 1, 1951; shall be numbered f'rom One (1) to One HundredOne (101), inclusive; shall be of' the denomination of One Thousand Dollars($1,000) each, except bond No.1, w ich shall be of' the denomination of Four HundredEighty-five Dollars and Eighty-four Cents ($485.84); shall bear interest f'romthe date thereof at the rate of two and one-half' per centum (2 1/2%) per annum,payable semi-annually on June 1 and December 1 in each year until payment of theprincipal thereof, respectively. Interest accruing on said bonds on and prior to