The Palatka daily news. (Palatka, Fla.) 1884-1888, 1885-03-08
An Ordinance Providing for the Grea-
ting Of a Bonded Indebtedness.

ting Of a Bonded indebtedness.
Preamble. whereas it IS uncertain IS to
what the outstanding Indebtedness OF the city
of Palatka. amounts 10, as created by an or
struction of wharf at the foot OF Main
street and granting the right of way to the
Gainesville. Ocala and Charlotte Harhor Rail
road Company over Main street and Other
streets named and under the proys0ns OF
which, certain evidence of indebtedness, were
issued. called certificates of Indebtedness,
by reason of an imperfect record being kept
of the certificates of Indebtedness issued; and
whereas certain certificates of indebtedness
or other evidences of Indebtedness We're is
sued for the purchase of fire engines and APP
paratus, under the provisions OF an ordinance
entitled 'an ordinance providing Tor the pur-
chase of fire engines and apparatus and
whereas the holders of said last named evil
dences of Indebtedness have instituted suit
against the city for unpaid interest on their
said evidences of Indebtedness, and whereas,
the city council of said city are desirous of
ascertaining the extent OF the Indebtedness of
said city, and of giving to the holders of said
certificates of Indebtedness legal and ample
securities for the payment of any indebted
ness due them, and such an evidence OF III
debtedness as will enable the city council TO
realize by proper and legal methods funds to
meet accrued interest and interest to accrue,
and whereas, il is necessary and expedIent TO
grade certain streets of said city, and to drain
the same. by a system of sewerage, ana TO
light the streets of said city, and make other
needed public improvements necessary to the
health of the inhabitants of the city, and to
the welfare and prosperity OF sad city, anu 20
place the financial affairs of said city upon
Now therefore be it ordained by the city
council of the City of Palatka Florida as fol-
| lows, to wit:
Section 1st
That the said city council of said city. in
| order to accomplish the object stated IN the
preamble, with the approval OF two-thlrds OF
the registered voters of said city actually Vot-
| ing shall borrow the sum OF thIFty-hVe IhOuS-
and dollars, of which the sum OF eighteen
/ thousand dollars shall be used IN 1unulng All
| certificates of Indebtedness or like evidences
1 of Indebtedness issued under ana in pursuance
| to the ordinance as stated in the preamble TO
| this ordinance and of which gross amount, the
sum of ten thousand dollars shall be used IN
| grading, sewering and draining the streets OF
/ said city, and of which gross amount the sum OF
/ two thousand dollars shall be used in furnish
| ing and supplying lights to SAID Guy, ana
/ of which gross amount, the sum or OF blVe
| thousand dollars, shall be use in other general
| and public improvements, and shall issue the
! bonds of said city to the amount OF sald gross
sum stated, and pledging the fnnd !, credit and
| prosperity of the city for the redemption OF
| said sum so borrowed provided however That
| said sum shall not be ayable in less tnan nVe
years and at the expiraaIIonot twenty en- years
| shall not draw interest at more than seven
| per cent. per annum, and the interest on the
| same shall not be payable oftener than semi
| annually,
| Section End
There shall be Immediately prepared and
| posted in twenty of the public places in the
| city printed notice of an election to be held
1 in order to determine whether the indebted
ness to be incurred under the previous section
| shall be authorized or not and at least thirty
days shall elapse between the day of post
| ing said notice and day of election aforesaid
! There shall also be prepared and furnished the
/ voters. printed ballots which shall read as fol-
| lows, to-wit:
Shall the city of Palatka borrow the sum of
/ Thirty-five thousand dollars payable in not less
| than five years and at the expiration of twenty
! years, and bearing interest at notmore than
| seven per cent per annumn, and interest pay
| able not Oftener than semi-anpually, of which
| the of eighteen thousand dollars snail be
used in funding all Certificates of indebted
ness or like evidences of Indebtedness issued
! for the building of wharf or dock for the
| "Gainesville, 0cala and Charlotte. Harbor Rail-
| road Company under an OrdinanceSuDmit-
ting the question to the people. and of record
in book of city ordinances pages 4l-2-3and q,
| for the purchase OF fire engines and ap-
| paratus under an ordinance on that subject,
| of which the sum of ten thousand dollars
shall be used in grading, scWering and drain
ing the streets of said city, OF which the sum
of two thousand dollars shall be used in fur
nishing and supplying lights to said city and
of which gross amount the sum of five thou
| sand dollars shall be used in other general and
public improvements of the said city, and is
sue the bonds of said city TO said amount of
thirty five thousand dollars, securing the pay
ment of said monies and interest monies to
accrue and pledging the funds, credit and
property OF said city for the redemption and
payment of said bonds.
FOR THE BONDS"
section 3D.
ii said vote shall be in favor of creating the
said loan and issuing said bonds, the said city
council shall have the power and authority to
issue the said bonds in such amounts and IN
such manner as they may see fit, to parties
from whom they may borrow for the purpose
set forth in this ordinance, provided said
bonds are not issued otherwise or for other
purposes than herein provided.
Passed at the city council, January %, 1885.
w. j, VINEGAR,
President of the Council
Attest: LOUIS FALK,
Clerk of the Council
Approved January Goth, 1885,
A. V. MOITNT. MAYOR