The weekly Floridian. [volume] (Tallahassee, Fla.) 1867-19??, 1886-01-28
AN ORDINANCE

AAAN O40A14AN 04S
Providing for the Issaing Of Boads Of the City o!
City 20 some Point on the Savanuah, Florida and
Western Railway iu Georgia, and Appointing
Trustees TO be known ~ Trustees Of Tallahassee
Railroad Bonde.
day Of january. A. D. 1854, submit TO the regis
tered voters Of this city the question Of issuing
bonds Of laid city In amount not TO exceed t35
railroad from said city TO some point on the line OF
the savannah, Florida and Western Railway 10
Georgia election held on Thursday, the 18th
istrred OF said city said question. and at
said election there were 80 votes for bonds
aud 80 votes against bonds, showing that .
,sr,S Voters yo.ine At ssiS election cas-. their
votes In favor OF issuing said bonds
And sehereds was provided In said ordinance thai
If the Council should be empowered al 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 charge IF the ncgo-
tiati0n Of said bonds, the disbursement OF The
money arising from the sale Of the same, the build
ing aud managing Of the said railroad, and the
management and control Of all funds raised for the
payment of the interest and the ultimate redemp-
ton Of said bonds; And nhereas, the MAY or and
Council of the City Of Tallahassee deem il
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 a. future
prosperity that railroad northwarc to connect
with the railway system In the State OF Georgia
should be built without further delay aud all private
efforts to build the said railroad having failed ",
therefore, be IL ordained by the City council oil the
city of Tallahassee. as follows:
SECTION l. That A. B. Haw kine, g. w. eaxon,
Edwar Lewis, Z A. Crawford and w. A. Raws be
and they hereby appointed Trustees of ITALIA
hassee Railroad Bonds, and the said Trustees. be-
fore entering upon tue duties OF tn r trust b. rein
after prescribed shall each give bond in the sum of
Five Thousand Dollars, to be approved by the
Council, payable to the Mayor Of said city and
dtioned for tue faithful performance OF the duties
imposed upon them.
SEC. 2. 1hat as soon as said Trustees shall have
qualified, the Mayor and City Clerk shall execute
Bonds of said city to the amount OF $s9u00 Of the
character and approximations hereinafter provided
for, and the Mayor shall deliver the same to said
Trustees upon the conditions AID trusts hereinaf
ter specified
SEC g. Ii 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 tue Bonds hereinafter provided for
shall not be disposed OF by said Trustees until an
all lands subscribed to be taken at the valuation
placed npon them by the Assessor of said county
in his last assessment.
SEC. 4. That the said Bonds shall be Coupon
Bonds, numbered from to IS, inclusive, and shall
each be Tor the of $500 payable thirty years after
date AT the office OF the Treasurer OF said City, with
the option OF redeemg any OF said Bonds after five
years from the date thereof and said Bonds shall
tear interest at the rate of per centum per
mum, pay able annually on the first day of July in
Trustees or 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 sealed with its Corporate Seal. The
faith, resources funds credit and property of said
City hereby pledged for the payment Of said in
teret and the ultimate redemption Of said Bouds
SEC. 5 That as said bonds are delivered 10
said Trustees, and the donations before mentioned
shall have been made as provided, they shall pro-
coed to ascertain the best terms which they OBJ
taip from,
poration corporations, for the construction of
said road, with the resources at their command, and
shall report earl, as possible such terms TO the
City Council of said city, who shall spread the same
upon their records, aud, ii such shall prove
satisfactory to said Council they shall authorize the
said Trustees to conclude contract upon the terms
approved with the person or persons, corporation
or corporations offering the same, aid when such
cont ract is made aud entered into, then and not till
then, shall said Trustees dispose of any of said
Bonds; and then they shall only be disposed OF ac
c1rding the terms OF said contract, and for not
less than their par value, and any Tru-fee who dis
poses of any of said Bonds otherwise than provi
died. or consents To such disposal shall be liable on
his personal boud To the exteut thereof for the
amount of said bonds SO disposed of
SEC o. If the said Trustees shall not have re-
ceiyed from any respo, sble source an offer of such
terms for the construction of said road as shall
meet the al proyal of the City Council within two
years from the date OF the delivery to them OF such
bon3s, th. they shall produce sud Bonds and Cou
pons at the next regular meeting of said Council
attr the expiration of the time limited aud the said
Trustees shall destroy the i'll the presence OF
said Council and the Clerk of the Council shall en-
ter in the minutes of said meeting the fact of the
destruction of said Bonds and Coupons, and shall
also record the numbers and amounts thereof, pro-
vided, the said Trustees Mayor and Council are
not delayed or hindertd 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, if it results in favoE
of the Trustees or City.
SEC T. That when laid Bonds have been nego
tiated, the City Council OF said city shall each
year there after levy such tax on the prop rty OF
said city as may be necessary to meet the interest
said Bonds and to create sinking fund for
their ultimate red mpton, and the Tax Collector
of said city SHALL when he collects the tax so levied,
pay the same over to said Trustees, who shall pay
the interest said Bonds it 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 e, or
Bonds OF the State Of Florida, the United States,
at their market value.
SEC. 8. The said Trustees any one Of them
shall be subject to removal for just cause by the
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 the charges preferred, and in Of any
such removal, the resignation death of any
Trustee the Council shalt fill the vacancy occe-
stoned.
SEC. g. The said Trustees or any of them are here
by prohibited from becoming Interested, di
recly indirectly in any contract for the construc
ton IF said railroad
Passed the Council January Is. 1886.
EDWARD LEWIS, President of Council.
c c. PEARCE, Mayor.
Attest-J L. DEMULY CITY Clerk