The Palatka daily news. (Palatka, Fla.) 1884-1888, 1885-03-01
An Ordinance Providing for the Cfaa-
ting of a Bonded Indebtedness.

ing OF q D0Iaod itfdSDLeuI!GS5s
Preamble, whereas it is uncertain as to
what the outstanding indebtedness OF the city
dinance entitled An Ordinance for the con-
struction Of q wharf ut the f0o5 OF As5ln
street and granting the right OF way to the
Gainesville, 0cala and Charlotte Haf5cr Rail
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 being 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 ap-
naratus under the provisions of an ordinance
entitled ''an 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 for unpaid interest on their
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
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 ard eXpedient, TO
grade certain streets of said city, and to drain
the same, by q 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, and to
the welfare and prosperity OF sag city ana TO
cash basis;
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 approval OF two-thlrds OF
the registered voters of said city actually vot-
ing shall borrow the sum of thirty -five thous-
and dollars, of which the sum OF eighteen
thousand dollars shall be used in funding all
certificates of indebtedness or like evidences
ofindebtedness issued under ana III pursuance
to the ordinance as stated in the preamble to
this ordnance 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 III furnish
ing and supplying lights to said citys and
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 tnat
said sum shall not be layable in less than i've
years, and at the expirlIionof 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 ana
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
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.
4 There shall also be prepared and furnished the
voters, printed ballots. which shall read as fol-
4 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-anDually, 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 n wharf or dock for the
Gainesville, Ocala and Charlotte Harbor Rail
/ road Company, unuer an 0rdlnance5uDmlU-
4 ting the question to the people. and Of record
| in book of city ordinances pages Al-2-3- and
for the purchase of fire engines and APP
| paratus under an ordinance CA 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 i've thou
| sand dollars shall be used in other general and
public improvements OF the saiG 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 TIE BONDS"
section Sd
! If said vote shall be in favor of creating the
said loan and issuing said bonds, the said city
! COUNCIL snail nave the power anu authority 10
! 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,.
I w. j, VINEGAR,
President OF the Council,
/ Attest: LOUIS FALK,
Clerk of the Council.
Approved, January Goth, 1885,
A, V. MOUNT, Mayor.