70 BULLETIN 393, U. S. DEPARTMENT OF AGRICULTURE. 
The issues of 1910 to 1914, irene ines been spent in building 
roads in Beats 1 and 5, but no roads were improved with this money 
inside the city of Mendinn: About one-half of the $50,000 issue of 
March 1, 1915, will be spent inside the city limits in connecting up 
the streets with the county roads. 
The general law of Mississipi requires that all road-improvement 
bonds must be paid off within 25 years, and in annual installments 
after 10 years from the date of issue, and that they shall bear not to 
exceed 6 per cent interest, payable annually or semiannually. The 
bonds were issued in blocks of $500 each. 
The first issue for Beat 1 of $50,000, bearing 54 per cent interest 
and dated September 1, 1910, is payable as follows: 28 bonds of $500 
each, payable each year on September 1, 1922 to 1924, inclusive, 
and 16 bonds on September 1, 1926. 
The second issue for Beat 1 of $150,000, bearing 5 per cent interest 
and dated September 1, 1910, is payable as follows: 28 bonds of $500 
each, due September 1 each year from 1925 to 1934, inclusive, except 
in 1926, when 12 bonds become due; in 1935, 36 bonds become due. 
The third issue for Beat 1 of $100,000, bearmg 5 per cent interest, 
and dated March 1, 1913, is payable as follows: 13 bonds of $500 
each, due each year on September 1, 1923 to 1937, inclusive, and 5 
bonds on September 1, 1938. 
The fourth issue for Beat 1 of $100,000, bearing 54 per cent interest 
and dated March 1, 1914, is payable as follows: 13 bonds of $500 
each, due each year on Supromier 1, 1924 to 1938, a and 5 
Bonds on September 1, 1939. 
The fifth issue for Beat 1 of $50,000, bearing interest at the rate of 
5% per cent and dated March 1, 1915, is payable as follows: 6 bonds 
of $500 each, due each year on March 1, 1926 to 1935, inclusive, and — 
8 bonds of $500 each, due each year on March 1, 1936 to 1940, mele 
sive. 
The issue for Beat 5 of $50,000, bearing 54 per cent interest, 
and dated April 5, 1912, is payable as follows: 6 bonds of $500 each, 
due each year on September 1, 1923 to 1927, inclusive, and 7 bonds 
of $500 each, due each year on September 1, 1928 to 1937, inclusive. 
The amount of interest which must be paid before the $500,000 of 
bonds are retired according to the plan above outlined will amount 
to about $472,232. 
While the deferred serial method adopted by Lauderdale County 
is recognized generally as providing greater security and economy 
than the sinking-fund method, it would not seem wise to defer the 
beginning of the bond retirement to the tenth year, If a portion of 
the principal is paid between the fifth and tenth years, the burden of 
taxation is lightened by reason of being spread out over a longer 
period of time. If this is not done, the taxpayers will have expe- 
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