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

I~DEMENT - ~lERIDIAN---- .MINUTE BOOK No. 14, CITY OF OXFORDyear to impose adequate taxes to meet the obligations of the bonds herein authorizedto be issued, both as to principal and interest. In addition to the aforesaidtax, there are also hereby pledged the assessments made and levied and to bemade and levied upon andagainst the property abutting on the streets speciallYimproved., all as provided in an ordinance adopted and approved by the Mayor andBoard of Aldermen of the City of Oxford, Mississippi, on the 22nd day of November,1950, referred to in the preamble to this ordinance.SECTION 6. That the taxes herein directed to be levied, and the assessmentshereinabove referred to, when collected, shall be credited to the sinkingfund of said City and shall be used for no other purpose than for the redemptionof the bonds herein authorized to be issued and the payment of interest thereon.SECTION 7. That in the event the refundin:'{ bonds herein authorizedto be issued, or any of them, should ever be held to be invalid by ~ court ofcompetent jurisdiction, the holder or holders thereof shall be subrogated to allof the rights and privileges against the City of Oxford had and possessed by theholders of the bonded indebtedness refunded thereby.SECTION 8. That the refunding bonds herein authorized to be issuedshall be presented to the Chancery Court of Lafayette County, Mississippi, forvalidation, andto that end the City Clerk shall be and he is hereby authorizedand directed to prepare forthwith acertified transcript of the proceedings ofthe Mayor and Board of Aldermen in relation to the adoption of this ordinance,including a certified copy hereof, and to forward the same to the State's BondAttorney, as provided by law.SECTION 9. That when the said Refunding Special Street ImprovementBonds of 1951 shall have been prepared, validated, executed and registered asherein provided, the said bonds shall be delivered in exchange for and upon surrenderand cancellation of a like principal amount of the outstanding bondedindebtedness of the said City of Oxford described in the preamble to this ordinance,with the necessary adjustment of accrued interest as between the amountof interest accrued on the outstanding bonded indebtedness and the amount ofinterest accrued on the bonds herein authorized to be issued, at the time of thedelivery thereof.SECTION 10. That all ordinances, orders or resolutions of the Mayorand Board of Aldermen of the City of Oxford, Mississippi, heretofore made oradopted, or any part thereof, which may in any manner conflict with the provisionsof this ordinance or any part hereof, shall be and the same are hereby repealed,rescinded, and set aside, insofar as they may so conflict.