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

Preamble whereas it IS uncertain as 20
xchat the outstanding indebtedness Of the city
~ PaIafka amounts TO. as created, by an Or
dinauce entitled IAN Ordinance Tor the CON
struction of a wharf at the foot OF Nam
street and granting the right of way to the
Gainesyille Ocaia aud Charlotte Harbof ftaii-
road Company over Main street ana other
streets named'' and under the prov sons o.
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; auu
whereas certain certificates of Indebtedness"
or other evidences of Indebtedness were Is
sued for the purchase of fire engines ana ap-
paratI1s under the provisions of an ordinance
entitled Hap ordinance providing for the pur-
chase of fire engines and apparatus ana
whereas the holders of said last named eyi-
dences of Indebtedness have Instituted suit
against the city for unpaid interest," on thelf
said evidences of Indebtedness, and whereas,
the city council of said city are desIrous OF
aseertaiuing the extent of the-indebtedness of
said city, and of giving TO the holdefs OF sdId
.1certificates of indebtedness" legal ana ample
securities for the payment or any lndeDteu-
ness due them, and such an evidence OF IN
debtedness as viii enable the CITY couhci 20
realize by proper and legal methods funds 70
meet accrued interest and interest TO accrue,
and whereas, it is necessary and exponent, 20
grade certain streets of said city, ana 10 dram
the same, by system OF seweiragei ana Lq,, 70
light the streets of said city, and make other
needed public improvements necessary 10 tle
health of the inhabitants OF the CITY, ana 20
the welfare and prosperity OF said city anu 70
place the financial affairs of said city upon
Now therefore be it ordained by, the city
council of the City of Palatka Florida as 1ol-
lows, to wit:
Section LIST.
That the said city council OF said city. m
order to accomplish the object stated IN the
preamble, with the approval OF two-tnrdS OF
the registered voters of said city actually vol
ing, shall borrow the sum OF tnlrtyehVe nous
/ thousand dollars shall be used in funding all
/ certificates of indebtedness or like evidences
| of Indebtedness issued under ana in pursuance
/ 10 the ordinance stated in the preamble TO
1 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 IN tufnisn-
I ing and supplying lights to SAID CITY, ana
! of which gross amount, the sum of OF Five
/ thousand dollars, shall be use IN other general
/ and public improvements, and shall issue the
/ bonds of said city to the amount OF sara gross
| sum stated and pledging the finds, credit and
| prosperity of the city for the redemption OF
/ said sum so borrowed provided however that
| wears and at the expfralionof 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,
| Section End.
! 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. which shall read as fol-
/ lows, tO-wit:
Shall the city of Palatlza 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 sum of eighteen thousand dollars, shall be
used in funding all Certificates of indebted
mo- nd
| for the building of wharf or dock for the
/ Gainesville, Ocala and Charlotte. Hdrbor Rail
road Company under an ordinancesubmit-
/ 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 Sd.
/ 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
| bonds are not issued otherwise or for other
purposes than herein provided.
Passed at the city council, January IS, 1885.
/ w. J, WINEG AR,
/ President of the Council,
! Attest: LOUIS FALK,
Clerk Of the Council.
Approved. January 29th 1885.
A, V. MOUNT, Mayor.