4 - City of Oxford

37
9,788- ...,12112
MINUTE BOOK No. 24, CITY OF OXFORD
distribution system and to apply the revenues thereof in conformity with the
provisions of the Laws of Mississippi and with the provisions of this ordinance.,
SECTION 10. That the provisions of this ordinance shall constitute an
irrepealable contract between the City of Oxford and the several respective hold
ders of the bonds and interest coupons authorized hereby.
SECTION 11. That said bonds shall be submitted to validation, as provided!
by Chapter 1, Title 18 of the Mississippi Code of 1942, and for that purpose
the City Clerk is authorized and directed to certify a transcript of all pro-
ceedings in connection therewith to the State's Bond Attorney.
SECTION 12. That when said bonds shall have been prepared as herein dir-
ected and shall have been validates, executed, and registered, they shall be
delivered to the purchaser thereof upon the payment of the purchase price.
SECTION 13. That the proceeds received from the sale of the bonds author-
ized hereby shall be deposited in a separate account and at all times secured
as provided by the Laws of Mississippi for the security of other funds of said
City. The sums in said account shall be paid out only for the purpose of pay-
ing the cost of enlarging, improving, and extending the electric distribution
system of said City. Such payments shall be made only upon presentation to the
proper authority of a certificate executed by the City Engineer, stating: (a)
that the purpose for which the payment is to be made is within the scope of the
improvements contemplated by this ordinance; (b) that the work done or the mater-
ials furnished are in accordance with the contract therefor (if such work is
done or materials are furnished under a contract) or that such work is or mat-
erials are suitable for the purpose (if such payments are not covered by an ex-
press contract); and (c) that the amount of such payment is in accordance with
the contract or is a reasonable value thereof. Nothing herein shall be constru
ed as prohibiting the payment without such certificate of the expenses incident
to the issuance of the bonds authorized hereby. The provisions of this Section
are hereby declared to be a part of the contract evidenced by the bonds author-
ized hereby. The term "proceeds received from the sale of the bonds" shall
not include any sum representing premium or accrued interest from the date of
said bonds to the date of delivery thereof. Any sum so received for interest
or premium shall be deposited in the Electric Interest and Bond Redemption Fund
referred to in Section 7 hereof.
SECTION 14. That in the adoption of this ordinance, the City of Oxford,
recognizes the provisions of an ordinance of said City entitled "AN ORDINANCE
AUTHORIZING AND DIRECTING THE ISSUANCE OF ELECTRIC DISTRIBUTION SYSTEM REVENUE
BONDS OF THE CITY OF OXFORD, MISSISSIPPI, IN THE PRINCIPAL AMOUNT OF TWO HUNDRED'
THOUSAND DOLLARS ($250,000) FOR THE PURPOSE OF PAYING THE COST OF ENLARGING,
IMPROVING, AND EXTENDING THE ELECTRIC DISTRIBUTION SYSTEM OF SAID CITY;