The Palatka daily news. (Palatka, Fla.) 1884-1888, 1885-03-06
An Ordinance Providing for the Crea-
ting of Bonded indebtedness.

AiilS1 VI u AOtfASA -t--iSS
Preamble, whereas it is uncertain rs TO
what the outstanding indebtedness Of the city
OF Paatka. amounts to, as created. by an Or
dinance entitled An Ordinance for the con-
struction of a wharf at the foot Of Main
street and granting the right OF way to the
Gainesville, Ocala and Cnafiotte harD0f h;tli-
road Company over Main street and other
streets named'' and under the provisions OF
which, certain evidence of indebtedness, were
issued called certificates OF Indebtedness,
by reason of an imperfect record beng kept
OF the certificates of indebtedness issued; and
whereas certain certificates OF Indebtedness
or other evidences of indebtedness were is
sued for the purchase of fire engines and 0p-
paratus, under the provisions OF an ordinance
entitled ian ordinance providing Tor tne pilf-
chase of fire engines and apparatus ana
whereas the holders OF said last named eVl-
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 in
debtedness as will enable the city council TO
realize by proper and legal methods funds 10
meet accrued interest and interest to accrue,
and whereas, it is necessary and expedlent, to
grade certain streets of said city, and to drain
the same, by a system of sewerage, and to
light the streets of said city, and make other
needed public improvements necessary TO the
health of the inhabitants of the city, ana TO
the welfare and prosperity of said city, and to
place the financial affairs OF said city upon
cash basis;
Now therefore be it ordained by the city
council of the City of Palatka Florida as fol-
lows, to wit:
Section lst.
That the said city council of said city. in
order to accomplish the object stated IN the
preamble, with the approval of two-thirds OF
the registered voters OF said city actually Eot-
ing, shall borrow the sum of thirty-tive thouS-
and dollars, of which the sum OF eighteen
thousand dollars shall be used in funding all
certificates of indebtedness or like evidences
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 ty,and of which gross amount the sum OF
two thousand dollars shall be used IN furnish
ing and supplying lights to said city, and
of which gross amount, the sum or OF rive
thousand dollars, shall be use in other general
and public improvements, and snail issue the
bonds of said city to the amount OF SAID gross
sum stated, and pledging the finds, credlt and
prosperity of the city for the redemption OF
said sum so borrowed provided however that
said sum shall not be ayable in less than five
years, and at the eXpiralionof twenty years
from the date hereof at the option of said city
shall not draw interest at more than seven
per cent, per annum, and the interest on the
same shall not be payable oftcner 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
/ in order to determine whether the indebted
ness to be incurred under the previous section
snail dilD1OflZ9u or not ana TT least LnlfCy
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 TOl-
| 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
4 able not Oftener than semi-annually, OF which
| the sum of eighteen thousand dollars, shall be
! used in funding all Certificates of indebted
ness' or like evidences of indie btedneSs issued
] for the building of wharf or dock for the
! Gainesville, Ocala and Charlotte Harbor Rail
/ road Company under an Ordinancesubmit-
I ting the question to the people. and of record
/ in book of city ordinances pages 4-2-3 and :,
! for the purchase of fire engines and APP
/ paratus under an ordinance ON that subject,
/ of which the sum Of ten thousand dollars
! shall be used in grading, seWering 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.
If 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
j bonds are not issued otherwise or for other
/ purposes than herein provided.
/ Passed at the city council, January e, 1856.
w. j, VINEGAR,
President of the Council,
] Attest: LOUIS FALK,
Clerk of the Council
Approved, January 9th, 1885,
A, V, MOUNT, Mayor.