The weekly Floridian. [volume] (Tallahassee, Fla.) 1867-19??, 1886-02-04
AN ORDINANCE

Providing for the Issuing of Bonds of the City Of
Tallahassee to Construct a Railroad from said
City to some Point on the Savannah, Florida and
Western Railway in Georgia, and Appointing
Trustees to be known a. Trustees of Tallahas see
Railroad Bonds.
WHEREAS, Under an ordinance pissed on the 9th
day of January, A. ID. 1885, TO submit to the rcgi>
tered voters OF this city the question of issuing
bonds of laid city in an amount not to exceed f33
600 for the purpose of constructing and owning a
railroad from said city to some point on the line oil
the Savannah, Florida and Western Railway in
Georgia, an election was held on Thursday the l4lh
day of January 1885, to obtain the sense Of the reg
stered voters of said city on said question, and at
said election there were 259 votes cast for bonds
and 81 votes against bonds, showing that q
majority of more than twO-thirds of the regis
tered voters voting said election cast their
votes in favor of issuing said bonds
And mhereds it 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 Iaa
hassec Railroad Bonds to have Charge of the nego
tatoE 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 aud control Of all funds raised for the
payment of the interest and the ultimate redemp-
ton of said bonds; and Uhereds, the Mayo and
Council of the City of Tall hassee deem it neces-
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 cxis ence AID fu ure
prosperity that a railroad northward to connect
with the railway system in the State of Georgia
should be built without further delay and ali private
efforts to build the said railroad having failed; now,
therefore, be il ordained by the City Council OF the
city of Tallahassee, as follows
SECTION /. That A. b. Hawkins G. w Saxon,
Edward Lewis, f A. Crawford and w. A. Rawls be
and they are 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
10 IN he f.f slid ri nd ron
ditoned Tor tue faithful performance OF the duties
imposed upon them.
SEC 2 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 aud trusts hereinaf-
ter specified
SEC. 3 1t shall be the duty of said Trustees as
soon 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 sad Trustees until an
equal amount shall have 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. 4. That the said Bonds shall be Coupon
Bonds, numbered from to So, inclusive and shall
each be tor the sum OF $500 payable thirty years after
date at the Office Of the Treasurer o. said City, with
the option of redeemi any OF said Bonds after five
years from the date thereof, and said Bonds shall
bear interest at the rate of per centum per an
each aud 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 sealed with its Corporate Seal. The
faith, resources funds, credit and property Of said
City hereby pledged for the payment of said in
tere,t and the ultimate redemption of said Bonds
SEC. 5. That said bonds delivered o
slid Trustees, and the donations before mentioned
shall have been made as provided, they rhall pro-
coed to asccrtIin the best terms which they ot
tain from any responsible person or persons, cor
poration or corporations, for the construction Of
said road, with the resources at their command and
shall report early possible such terms to the
City Council of aid city, who SHALL spread the same
upon their record. and, If such terms 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, aud when such
contract is made and 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
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 rs prov
ded or 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 q. If the said Trustees shall not have
ceived from any responsible offer of snch
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
bonds, then they shall produce said Bonds and Cou
pons at the next regular meeting of said Council
after tue expiration uf the time limited and the said
Trustees shall destroy the In 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 hindered in concluding such con-
tract hy litigation, In which event the two years
Limitation provided for shall begin to from the
conclusion OF such litgatoD,l II it results in favor
OF the Trustees or City.
SEC. z That when said Bonds have been nego-
tiated, the City Council of said city shall each
said city as may be necessary to meet the Interest
on said Bonds and to create sinking fund for
their ultimate redemption, 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 on said Bonds as II becomes due, upon
presentation to them of the coupons representing
such interest, and they shall invest the sinking fund
Bonds of the State of Florida the United States,
at their market value.
SEC. & The said Trustees or 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
Trustees ample opportunity Of making his or their
defence to the charges preferred, and In case
Trustee, the Counai shall ill the vacancy occi-
stoned.
SEQ. 9. The said Trustees or any Of them are here
BY prohibited ffom ever becoming Interested d.
recly or indirectly In any contract for the construc
ton OF said railroad.
Passed the Council January IS, 1885.
EDWARD LEWIS, President Of Council
Approved January 81, 1885.
n n M Apnp 49,.