The weekly Floridian. [volume] (Tallahassee, Fla.) 1867-19??, 1886-02-11
AN ORDINANCE


Providing for the Issuing of Bonds of the City OF
Tallahassee TO Construct Railroad from said
CITY to some Point on the Savannah, Florida and
Western Railway in Georgia, and Appointing
Trustees to be known rs Trustees of lallahass sec
Railroad Bonds.
WHEREAS, Under all ordinance passed on the 9th
day of January, ~ ID. lsNi TO submit To The rcgi>-
tered voters OF this city the question OF Issuing
bonds of aid city in an amount not To exceed So
900 for the purpose of constructing and owning a
railroad from said city to some point on the lin" of
the Savannah, Florida and Western Railway III
Georgia, election was held on Thursday, the llth
day of January 1856 to obtain the sense OF the reg
islered voters of said city said question, and At
said election there were 80 votes cast for bonds
and - votes against bonds, showing that a
majority OF more than twothirds of The regis
tered voters voting At said election ca~i their
votes in favor of Issuing said bonds
and rhereos it was provided in said ordnance that
if the Council should be empowered at said cleo
ton to issue said bonds that at their next meeting
thereafter they should appoint five resident free
holders of said city, to be styled Trustees of ITALIA
hassee Railroad Bonds, to have charg: Of the ncgo.
tiation of said bonds, the disbursement of the
money arising from the sale OF the same, the build
ing and managing of the said railroad, and the
management and control of all funds raised for the
payment of the interest and the ultimate rcdemp
lion of said bonds; and WheredS the MAYO and
Council of the City of Tall lhassee deem IT. neccs
sary and best adapted to the improvement and gen
eral interest Of the said City OF Tallahassee and of
vital importance to It's very existence AID future
pros perity that railroad nOrthWarG to connect
with the railway system III the State OF Georgla
shouh be built without further delay, and all private
efforts to build the said railroad having failed now
therefore, be il ordained 10y the City Council OF tue
city of Tallahassee, as follows:
SECTION /. That a. Il. Hawkins. G. W. Saxon,
Edward Lewis, +. A Crawford and W. A. Rawls be
and they are hereby appointed Trustees of Ia!la
hassee Railroad Bonds, and the said Trustees, be-
fore entering upon the duties Of their trust herein
after prescribed, shall each give bond in the of
Five Thousand Dolar-, to be approved by the
Council payable To the Mayor of said city and CON
ditioned Tor tue faithful performance of the duties
imposed upon them.
SEC 3 That as soon as said Trustees shall have
qualified, the Mayor and City Clerk shall execute
Bonds of said city to the amount Of $4,000 OF the
character and denominations hereinafter provided
for and the Mayor shall deliver the same to said
Trustees upon the conditions and trusts hereinaf-
ter specified.
SEC 3 1t shall be the duty Of said Trustees as
soon as they have qualified, to solicit donations Of
land and money to aid in the construction of said
railroad, and the Bonds hereinafter provided for
shall not be disposed OF by said Trustees until an
equal amount shall lave been raised by donations
all lands subscribed TO be taken at the valuation
placed upon them by the Assessor of said county
in his last assessment.
Sec L. That the said Bonds shall be Coupon
Bonds, numbered from to 50, inclusive and shall
each be Tor the sum OF $780, payable thirty years after
date at the Office of the Treasurer OF sad City, with
the option of redecmi any of said Bonds after five
years from the date thereof and said Bonds shall
bear interest at the rate Of d per centum per all
each and every year, upon presentation to the said
Trustees their successors at the Office of the
Treasurer OF said City, OF the coupon representing
such annual interest The said Bonds shall be
signed by the Mayor and City Clerk of said City
and shall be scaled with its Corporate Seal. The
faiIh resources, funds credit and property of said
City are hereby pledged for the payment Of said in
terc.t and the ultimate redemption Of said Bonds
SEC 5 That as soon rs said bonds are delivered to
said Trustees and the donations before mentioned
shall have been made IA provided, they shall pro-
coed TO ascertain the best terms which they can ot
tain from any responsible person or persons, cor
poration corporations for the construction of
said road with the resources nj their command, and
shall report as early a. possible such terms to the
City Council of said city, who shall spread the same
upon their records, aud, II such terms shall prove
satisfactory to said CouDci they shall authorize the
said Trustees TO concludes contract upon the terms
approved with the person or persons, corporation
or corporations offering the same, ard when such
contract ia made and entered into, then and not till
them shall said Trustees dispose of any of said
Bonds; and then they shall only be disposed OF ac
cordiDg to the terms of said contract and for not
less than their par value, and any Trustee who dis
poses of any Of said Bonds otherwise than as prov
died. consents to such disposal, shall be liable on
his personal bond to the extent thereof for the
amount of said bonds SO disposed of
SEC. @. If the said Trustees shall not have re
ceived from any responsible source an offer of such
terms for the construction of said road as shall
meet the approval Of the City Council within two
years from the date Of the delivery to them OF such
bones, then they shall produce said Bonds and Cou
after the expiration Of the time limited, and the said
Trustees shall destroy the same in the presence OF
said Council and the Clerk of the Council shall en-
ter In the minutes Of said meeting the fact oil The
destruction of said Bonds and Coupons and shall
also record the numbers and amounts thereof pro-
vidcd, the said Trustees Mayor aud Council are
not delayed or hindered in concluding such con-
tract hy litigation, in which event the two years
limitation provided for shall begin to run from the
conclusion of such litigation, it results in favor
Of the Trustees or City.
SEC. z. That when said Bonds have been nego-
tated, the City Council OF said city shall each
year thereafter levy such tax on the prop rty of
said city may be necessary to meet the interest
said Bonds and to create Il sinking fund for
their ultimate redemption. and the Tax Collector
OF said city SHALL when he collects the tax levied
pay the same over to said Trustees, who shall pay
the interest on said Bonds as 1t becomes due, upon
presentation to them Of the coupons representing
such interest," and they shall invest the sinking fund
In the Bonds provided for by this Ordinan c, or
Bonds Of the State of Florida the United States
at their market value
SEC. g. The said Trustees or any one Of them
City Council, upon the petition Of any ten free
holders OF said city, after giving such Trustee or
Trustees ample opportunity of making his or their
defence to the charges preferred and 10 of any
such removal, the resignation death of any
Trustee the Council shall I'LL the vacancy SO occa-
stoned
SEQ Q. The said Trustees or any of them are here
by prohibited from ever becoming interested, d.
rectly indirectly any contract for the construc
tion Of said railroad.
Passed the Council January Is. 1885,
EDWARD LEWIS. President of Council.
Approved January 81, 1883.
o. G. PEARCE, Mayor.
Attest. L. Dz,nLLr, City Clerk
Tallahassee, Fla. Ian. 81. 1666-zt