The Palatka daily news. (Palatka, Fla.) 1884-1888, 1885-03-07
An Ordinance Providing for the Crea-
ing Of a Bonded !ndebtedaess.

Preamble, Whereas it s alcertain IS -
what the outstanding indebtedness OF the eli =
Of Palatka. amounts 60 e e5tea tee. Y ~ Or
straction OF q wharf at the foot OF Main
street and granting the right OF way 70 the
Gainesyille, 0cala and Charlotte iiar50r Rait-
road COMPANY over Main street and other
streets naned'' 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 lndeo5ednesS'
or other evidences of Indebtedness were Is
sued for the purchase of fire engines and APP
paratus under the provisions of an ordinance
entitled IAN ordinance providing Tor the puf-
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 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 expedient, to
grade certain streets of said city, and to drain
the same, by q system of sewerage, and 70
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, ana TO
place the financial affairs OF said city upon
clSn DdSlSs
Now therefore be it ordained by the city
council of the City of Palatka Florida as FOL
lows to wit:
Section LIST.
That the said city council of said city. in
order to accomplish the object stated IN the
preamble, with the approVai OF Uwo-Inlfds OF
the registered voters of said city actually Vot-
ing shall borrow the sum of thlrty-i1Ve thous-
and dollars, of which the sum OF eighteen
thousand dollars shall be used IN fundl1ng an
certificates of Indebtedness or like evidences
of Indebtedness issued under ana IN pursuance
to the ordinance as stated in the preamble 10
this ordnance and of which gross amount, the
sum Of ten thousand dollars shall be used in
grading, scwering 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 city, and
of which gross amount, the sum OF 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, 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 flVe
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 oftener than semi
annually,
There shall be Immediately prepared and
posted in twenty of the public places in the
| city printed notice of an election to be held
ia 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-
F.! 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 oftwenty
| years, and bearing interest at notmore than
/ seven per cent per annumn, and interest pay
| 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 Indebtedness issued
/ for the building of wharf or dock for the
/ ''GainesYiIle Ocala and Charlotte. Harbor Rail-
| road Company" under an ordinanceSubmit-
/ ting the question to the people. and of record
! in book of city ordinances pages 4l-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 aud 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.
TOR THE BONDS"