The Palatka daily news. (Palatka, Fla.) 1884-1888, 1885-03-10
An Ordinance Providing for the Crea-
ting of Bonded indebtedness.

ting OF Bonded ihdeDtedheSS'
Preamble. whereas it is uncertain as to
what the outstanding Indebtedness of the city
of Palatka. amounts to, as created, by an or
djuapce entitled IAN Ordinance for the con-
structiOn of a wharf at the foot OF Main
street and granting the right OF way 70 the
Gainesville, Ocala and Charlotte Harbor Rail-
road COMPANY over Main street ana 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 being kept
OF the certificates of Indebtedness issued; ana
whereas certain certificates of Indebtedness
or other evidences of Indebtedness were IS
sued for the purchase of fire engines and APP
paratls. under the provisions of an ordinance
entitled ian ordinance providing for 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 Tor unpaid interest on theIf
said evidences of Indebtedness, and whereas,
the city council of said city are DESTROYS OF
ascertaining the extent of the Indebtedness OF
said city, and of giving to the holders of said
:'certifcates 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 TO
meet accrued interest and interest to accrue,
and whereas, it is necessary and eXped4ent, 10
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 SAID CITY, ana 10
place the financial affairs OF Sald cltY upon
Now therefore be it ordained by the city
council of the City of Palatka Florida IS Iol-
lows, to wit:
That the said city council of said city. in
order to accomplish the object stated ~ I!e
preamble, with the approval OF tWo-tnlIas OF
the registered voters of said city actually Vot-
ing, shall borrow the sum of thlrty-hVe thous-
and dollars, of which the sum of eighteen
thousand dollars shall be used in funding all
certificates of Indebtedness or like evidences
of indie btedneSs issued under ana IN pursuance
to fine 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 clty, ana
of which gross amount, the sum OF OF rive
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 finds, 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 than five
years, and at the eXpirauOnot twenty years
from the date hereof at the option OF sad city
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 2nd.
There shall be Immediately prepared and
posted in twenty of the public places in the
city a printed notice of an election to be held
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. when snail read as tOl-
| lows, tO-wit:
| Shall the city of Palatka borrow the sum of
Thirty 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
! no V1fy1 Of pirr
used in funding all Certificates of indebted
! ness or like evidences Of Indebtedness issued
/ for the building OF wharf or dock for the
/ Gainesville, Ocala and CharlO te .HarbOr Rail-
| road Company under an OrdinanceSubmlt-
| ting the question to the people. and of record
| in book OF city ordinances pages 4l-2-S ana ,
| for the purchase of fire engines and APP
| paratus under an ordinance on that subject,
of which the sum of ten thousand do'lars
| 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 tive 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"
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 tC
| issue the said bonds in such amounts and il
| such manner as they may see fit, to parties
from whom they may borrow for the purpose
set forth in this ordinance, provided sale
bonds are not issued otherwise or for Other
| purposes than herein provided.
Passed at the city council, January IS 1850
President of the Council,
Attest: LOUIS FALk,
Clerk of the Council.
Annroyp1 January Dot n ISS5