Legal Notice August 25, 2004

1.  There came on for consideration before the Mayor and Aldermen of the City of Clinton, Mississippi, the following Resolution:  A RESOLUTION OF THE MAYOR AND ALDERMEN OF THE CITY OF CLINTON, MISSISSIPPI, DECLARING THE INTENTION OF THE CITY TO AUTHORIZE THE BORROWING OF AN AMOUNT NOT TO EXCEED SEVEN MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($7,750,000) BY ENTERING INTO A LOAN AGREEMENT WITH THE MISSISSIPPI DEVELOPMENT BANK FOR THE PURPOSE OF PROVIDING FUNDS NECESSARY TO DESIGN, ACQUIRE, IMPROVE, CONSTRUCT, EQUIP AND ADORN PARKS, PLAYGROUNDS AND RECREATION FACILITIES, TO ACQUIRE THE NECESSARY LAND THEREFOR, IF ANY; TO DESIGN, ERECT, EQUIP AND FURNISH MUNICIPAL BUILDINGS, TO PURCHASE LAND THEREFOR, IF ANY; AND FOR RELATED PURPOSES. WHEREAS, the City of Clinton, Mississippi (the "City"), is authorized under the provisions of Mississippi Code Annotated, Section 31-25-1 et seq., as amended (the "Act"), to borrow such amounts as it may find necessary and proper in order to provide funds necessary to design, acquire, improve, construct, equip and adorn parks, playgrounds and recreation facilities, to acquire the necessary land therefor, if any; to design, erect, equip and furnish municipal buildings, to purchase land therefor, if any; and for related purposes (the "Project"); WHEREAS, the Mayor and Aldermen of the City of Clinton, Mississippi (the "Governing Body"), find and determine that it is necessary and proper to provide funds for the Project; WHEREAS, the Governing Body has caused an estimate to be made of the cost of such Project and finds that the contemplated costs thereof will not exceed Seven Million Seven Hundred Fifty Thousand Dollars ($7,750,000); WHEREAS, it is necessary, proper and economically feasible that the City borrow money by entering into a loan agreement with the Mississippi Development Bank pursuant to the Act for the purposes herein stated and under the procedures hereinafter set forth as provided by law. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND ALDERMEN OF THE CITY OF CLINTON, MISSISSIPPI: Section 1. That the Mayor and Aldermen of the City of Clinton, Mississippi, do hereby declare their intention to authorize a loan with the Mississippi Development Bank and borrow money, in a total amount not to exceed Seven Million Seven Hundred Fifty Thousand Dollars ($7,750,000) to provide the funds necessary to design, acquire, improve, construct, equip and adorn parks, playgrounds and recreation facilities, to acquire the necessary land therefor, if any; to design, erect, equip and furnish municipal buildings, to purchase land therefor, if any; to provide for a debt service reserve fund, if necessary; and for related purposes and to pay the costs of entering into the loan with the Mississippi Development Bank. Section 2. The principal and interest on said loan shall be payable over a period not to exceed twenty (20) years solely from legally available revenues of the City, including, but not limited to, the pledge of certain revenues authorized under the Act. Said loan shall not constitute an indebtedness of the City within the meaning of any statutory restriction or limitation but shall be secure as provided by the Act. The taxing power of the City will not be pledged to the payments of said loan nor shall the loan be a general obligation of the City, but the same, together with the interest thereon, shall be payable solely from legally available revenues of the City as set forth and provided for in the Act. Section 3. The Governing Body proposes to authorize the loan in the amount and for the aforesaid purposes at a meeting of the Governing Body to be held at its regular meeting place in the Municipal Courtroom, 305 Monroe Street, Clinton, Mississippi, at 7:00 o'clock p.m. on the 21st day of September, 2004, or at some meeting held subsequent thereto. If fifteen percent (15%) or fifteen hundred (1,500), whichever is less, of the qualified electors in the City shall file a written protest with the Clerk of the City against the authorization of the Loan on or before the aforesaid date and hour, then the loan shall not be approved unless authorized at an election on the question of authorizing and approving the loan. Such election shall be called and held as provided by law. If no protest is filed, then the loan may be authorized, approved and entered into without an election on the question of the approval thereof at any time within a period of two (2) years after the date above specified. Section 4. This resolution shall be published once a week for four (4) consecutive weeks in the Clarion Ledger, a newspaper having general circulation in the City and qualified under the provisions of the laws of the State of Mississippi, and the first publication for such resolution shall be made not less than twenty-one (21) days before the date fixed in such resolution for the authorization of the loan and the last publication of this resolution shall be not more than seven (7) days prior to the date hereinabove set forth as the deadline for filing of any objection, said publication being made on or about August 25, September 1, September 8 and September 15, 2004. Section 5. The Clerk is hereby directed to procure from the publisher of the aforesaid newspaper the customary proof of publication of this resolution and have the same before the Governing Body on the day and hour hereinabove specified. Alderman Greer made a motion to approve the foregoing Resolution, Alderman Brabham seconded the motion to adopt the foregoing Resolution, and the vote thereupon was as follows: Alderman Jehu W. Brabham voted: aye Alderman Tony Hisaw voted: aye Alderman Tony Greer voted: aye Alderman Clint Brantley voted: aye Alderman Phil Fisher voted: nay Alderman Herb Touchton voted: nay Alderman Sharbert K. Lott voted: aye The motion having received the foregoing vote of the Governing Body, the Mayor declared the motion carried and the resolution adopted this the 17th day of August 2004. CITY OF CLINTON, MISSISSIPPI By: s/ Rosemary G. Aultman Rosemary G. Aultman, Mayor ATTEST: s/ Wayne Derrick Wayne Derrick, City Clerk August 25, September 15, 2004 The Clarion-Ledger Subclassification: Miscellaneous Legal Notices 8/25/2004