The Palatka daily news. (Palatka, Fla.) 1884-1888, 1885-03-11
An Ordinance Providing for the Crea-
ting of a Bonded Indebtedness.

ting of a Bonded Indebtedness.
Preamble, whereas it is uncertain as 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 Charlotte Harbor 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 APP
paratus, 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 for unpaid interest on their
said evidences of indebtedness, and whereas,
the city council OF sad city are, qesrous OF
aScertaining the extent OF the ndentedness 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, il is necessary and expcdient, 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 10 the
health of the inhabitants of the city, and 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 LIST.
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 Vot-
ing, shall borrow the sum of thlrty-fiYe 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 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 or
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 Five
thousand dollars, shall be use in other general
and public improvements, and shall 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 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 oftener than semi
annually,
There shall be Immediately prepared and
posted in twenty of the public places in the
city printed notice of an elect1oRtO be held
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 Palatla 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 indie UtednesS issued
for the building of a wharf or dock for the
Gainesville, 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 H-2-3 and
Tor the purchase OF nre 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 i've thousand dollars, securing the pay
ment of said monies and interest monies to
accrue and pledgfng the funds, credit and
property OF said city for the redemption and
payment of said bonds.
FOR THE BONDS"
section 81.
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 28, 1885.
w. j. VINEGAR.
President of the Council,
Attest: LOUIS FALk,
Clerk of the Council.
Approved, January 18th, 1885,
A, V. MOUNT, Mayor.