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LOCAL AND PRIVATE LAWS

the said money, then it shall not be borrowed unless at an election to be held in the said school district a majority of the qualified electors of the said school district vote at said election in favor of the said loan.

Sec. 3. That this act shall be in force and effect from and after its passage.

Approved April 1, 1924.

CHAPTER 394.

HOUSE BILL NO. 646.

AN ACT to authorize the city of Clarksdale, in Coahoma county, Mississippi, to invest in bonds and securities, and to provide means for making such investments, and for other purposes.

Clarksdale authorized to purchase securities, etc.

SECTION 1. Be it enacted by the Legislature of the State of Mississippi, That the city of Clarksdale, acting by and through the commissioners of the city of Clarksdale, or through the successors in office of the said commissioners of the said city of Clarksdale, shall have the right and power to contract for, purchase or otherwise acquire and own first mortgage bonds or securities of any railroad corporation now or hereafter incorporated and constructed, to an extent not exceeding two hundred and fifty thousand dollars ($250,000.00).

May issue bonds to secure funds to purchase securities.

Sec. 2. In order to secure funds for making any such investment or investments as are authorized by this act, the city of Clarksdale, acting by and through the commissioners of said city, is hereby authorized and empowered to issue bonds in such sum or sums as may be necessary not to exceed in the aggregate, two hundred and fifty thousand dollars ($250,000.00). All bonds issued under the provisions of this Act, shall be issued in the manner and under the terms and conditions provided by the general laws of the state of Mississippi regulating and covering the issuance of bonds by municipalities of the class of the city of Clarksdale. But it is expressly provided that the amount of such bonds shall not be included in or construed to be a part of the general indebtedness of the city of Clarksdale limiting the amount of the indebtedness of the city of Clarksdale by the issuance of bonds which may be incurred by the said city of Clarksdale. It is expressly provided that before any such bonds shall be issued, the issuance thereof shall be authorized by a majority of the qualified electors of said city voting at an election to be held in the

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city of Clarksdale, upon thirty day's notice, which notice shall be published not less than once a week for four consecutive weeks, and which notice shall specify the purpose for which it is proposed to issue such bonds. That such election shall be held as elections for the election of city commissioners are held, and at said election every qualified elector of the city of Clarksdale shall be entitled to vote for or against the issuance of any such bonds, and no such bonds shall be issued unless a majority of the qualified electors voting at said election, shall vote for the issuance thereof. If a majority of said qualified electors so voting as aforesaid, shall vote for the issuance of any such bonds, then the said city of Clarksdale through its said commissioners, may proceed to exercise the rights, powers and privileges hereby conferred upon them, including the issuance of the bonds herein provided for.

Commissioners to make contract for purchase of securities.

Sec. 3. If the city of Clarksdale shall decide by election to issue said bonds, then the commissioners of the said city of Clarksdale shall have power to make contracts for the purchase of first mortgage railroad bonds or securities as herein provided for, and shall have power to make all contracts necessary for or incident to carrying out the purposes of this act, including the power to sell bonds of the said city of Clarksdale to meet and discharge any and all obligations incurred by the said city in making investments of the character herein stated; and for the payment of the principal of and interest on any bonds issued under this act the full faith and credit of the city of Clarksdale, and of the income thereof is hereby pledged and full power is hereby given to the said city, annually to levy and collect taxes on the property in said city, liable to city taxation, to meet said obligations.

How interest on bonds to be paid.

Sec. 4. For the payment of interest on any bonds issued by the city of Clarksdale under the provisions of this act, all income derived by the said city of Clarksdale from interest on any railroad bonds, or securiites acquired by said city, shall be applied to the payment of interest on the bonds issued under this act, and to provide a sinking funds for retiring said city bonds at maturity, and the proceeds of the sale of any railroad bonds, or securities, shall at all times be kept and preserved as a separate fund for the payment at maturity of any bonds issued under this act. Provided, however, that if there shall at any time be a surplus remaining in the treasury of the city after the principal of and interest on any bonds issued under this act shall have been paid, such surplus may be used by the commissioners of the city of Clarksdale, as a part of the general funds of the said city; and provided, further, that

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LOCAL AND PRIVATE LAWS

the prime funds for the payment of the principal of and interest on said bonds shall be the revenues of said city derived from the taxing power hereby conferred upon the commissioners of said city, and their successors in office.

Commission to make rules and regulations for handling of bonds and securities.

Sec. 5. The city commissioners of the city of Clarksdale, shall have full power to make and adopt and to alter and change in their discretion, all rules and regulations necessary or proper to be made for the proper handling of any railroad bonds, or securities, purchased or acquired by said city of Clarksdale, under the provisions of this act. The said commissioners shall have power in the event it shall become necessary to foreclose the security given to it for the payment of any such railroad bonds or securities which may be acquired under this act, to institute foreclosure proceedings, and to protect the interest of the city of Clarksdale in any foreclosure proceedings to the extent of the debt due the said city on account of such bonds or securities, including all costs and expenses of foreclosure, by purchasing any or all of the property which may be foreclosed at any sale thereof; and if the said city in the foreclosure of any such railroad bonds or securities, shall find it expedient to purchase any railroad covered by such bonds or securities, then the said commissioners of the said city of Clarksdale shall have full power and authority to operate and dispose of any such railroad property so or otherwise acquired by it, in its judgment and discretion, and also in accordance with the terms and provisions of that certain act of the Legislature of the State of Mississippi, entitled: "An Act to authorize the city of Clarksdale, through its commissioners, to build, own and operate a railroad from the city of Clarksdale in a northwesterly direction to a point on the Mississippi river, and in an easterly direction to the village of Webb, in Tallahatchie county, Mississippi; to authorize the city of Clarksdale to acquire by purchase, donation, condemnation or otherwise, sufficient land for right of way purposes, including terminal and way station facilities, to authorize the is suance of bonds to raise funds to carry into effect the provisions hereof, to authorize the city to incur certain indebtedness in the construction of said railway and to provide how such indebtedness shall be paid, to provide for the policing of said railroad and right of way, and for other purposes, Approved April 3rd, 1916.

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If part of act held invalid other parts to remain in effect.

Sec. 6. If any of the provisions of this act be deemed or held illegal or ineffectual, the remainder of this act shall not be affected thereby, or be deemed invalid or ineffectual, but the city commissioners of the city of Clarksdale shall have full power to act upon

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and put into operation all of the remaining provisions of this act not deemed to be invalid.

Sec. 7. This act shall take effect and be in force from and after its passage.

Approved April 10, 1924.

CHAPTER 395.

HOUSE BILL No. 1063.

AN ACT to authorize the commissioners of the city of Clarksdale, Mississippi, to make an appropriation to the Clarksdale Hospital of Clarksdale, Mississippi, for the purpose of maintaining a hospital in the city of Clarksdale, Coahoma county, Mississippi.

City Commissioners may appropriate to Clarksdale Hospital.

SECTION 1. Be it enacted by the Legislature of the State of Mississippi, That the commissioners of the city of Clarksdale, Mississippi, be, and they are hereby authorized and empowered to make an appropriation to the Clarksdale Hospital out of the funds belonging to said city of Clarksdale, to-wit: The sum of twenty-five hundred dollars for the year 1924, and the sum of twenty-five hundred dollars for the year 1925, which said money when so appropriated shall be used in the maintenance of said Clarksdale Hospital in the city of Clarksdale, Coahoma County, Mississippi.

Expenditure of funds to be under control of commissioners.

Sec. 2. That the expenditure of said sum of money so appropriated may be under the direction of said city authorities and they shall have power to appoint an agent or trustee to see that said money is judiciously expended for said purposes.

Sec. 3. That this act take effect and be in force from and after its passage.

Approved April 12, 1924.

CHAPTER 396.

HOUSE BILL No. 970.

AN ACT authorizing the city of Cleveland, Mississippi, to issue bonds for the purpose of procuring the Delta State Teachers' College. Cleveland may issue bonds to secure Delta State Teachers College.

SECTION 1. Be it enacted by the Legislature of the State of Mississippi, That the city of Cleveland, Mississippi, be, and it is hereby authorized and empowered, to issue bonds of said town up

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LOCAL AND PRIVATE LAWS

to and including the amount of one hundred and fifty thousand dollars ($150,000.00), or so much thereof as may be authorized by a majority of the qualified electors thereof at an election to be held for that purpose, to aid in the procuring, the establishment and location of the Delta Teachers' College. Said bonds shall be issued all in accordance with Sections 3416, 3419, and 3420 of the Code of 1906, and acts amendatory thereto, and chapter 206 of the 1920 laws of Mississippi, and acts amendatory thereto, but shall not be included in computing any limit which is now placed by law on the amount of bonds to be issued by said town. A majority of the votes cast in said election shall determine the result; if a majority of those voting in an election held for that purpose shall cast their vote for the said bond issue, then the bond shall be issued in the amount authorized in said election. The proceeds of the sale of said bonds shall be used for the purchase of land, erecting a building, or buildings, or in any other way to aid in the location of the said Delta Teachers' College.

Bonds to be issued as all other municipal bonds are issued.

or

Sec. 2. That the bonds issued under this act shall be issued as all other municipal bonds are required to be issued.

Sec. 3. That this act shall take effect and be in force from and after its passage.

Approved April 9, 1924.

CHAPTER 397.

HOUSE BILL No. 416.

AN ACT to authorize the city of Columbus to pay out of the city treasury balance due on property donated by the city of Columbus to the state of Mississippi.

Columbus authorized to pay balance on property donated to state.

SECTION 1. Be it enacted by the Legislature of the State of Mississippi, That the city of Columbus, be, and it is hereby authorized to pay out of the city treasury to the National Bank of Commerce of Columbus, Mississippi, the sum of $2,242.14 for balance due on property donated by the city of Columbus to the state of Mississippi for the use of Mississippi State College for Wo.nen.

Sec. 2. That this act take effect and be in force from and after its passage.

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