The weekly Floridian. [volume] (Tallahassee, Fla.) 1867-19??, 1886-01-21

Tallahassee to Construct q Railroad from said
City to some Point on the Savannah. Florida and
Western Railway in Georgia, and Appointing
Trustees to be known as Trustees of Tallahassee
Railroad Bonds.
WHEREAS, Under an ordinance passed on the ct
dAv of January, A. D. 1885, to submit to the regis
tered voters Of this city the question of issuing
bonds Of .aid city in amount not to exceed $35,
600 for the purpose of constructing and owning
railroad from said city to some point on the line OF
the Savannah, Florida and Western Railway in
Georgia, election was held on Thursday, the 14th
day of January, 1885, to obtain the sense of the reg
istered of said city said question, and at
said election there were 239 votes cast for bonds
and 81 votes against bonds, showing that
majority of more than twothrds of the regis
tered voters voting at said election cast their
votes in favor of issuing said bonds
And rhereds it provided in said ordinance that
if the Council should be empowered at said cleo
tion 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 of the negO
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 redemp-
ton of said bonds; And rhereos, the Mayor and
Council of the City of Tallahassee deem it neces-
sary and best adapted to the improvement and gen
era interest Of the said City of Tallahassee and of
vital importance to it's worry existence aud future
prosperity that q railroad northward to connect
with the railway system In the State of Georgia
should be built without further delay, and all private
Efforts to build the said railroad having failed now
therefore, be it ordained by the City Council OF the
city of Tallahassee, az follows
SECT ION l. That A. B. Hawkins G. W. Saxon,
Edward Lewis, E. 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 the duties of their trust herein
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 con-
dtioned for the faithful performance of the duties
SEC 2. That as soon said Trustees shall have
qualified, the Mayor and City Clerk shall execute
Bonds of said city to the amount OF $1,000 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
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
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 A. That the said Bonds shall be Coupon
Bonds, numbered from to SO, inclusive, and shall
each be for the of $500 payable thirty years after
date at the office Of the Treasurer Of said City with
the option of redeemirg any of said Bonds after five
wears from the date thereof, and said Bonds shall
bear interest at the rate of per centum per an
mum, pay able annually on the first day OF July In
each and every year. upon presentation to the said
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 are hereby pledged for the payment of said in
terest and the ultimate redemption Of said Bonds.
SEC s. That soon a. said bonds are delivered to
said Trustees. and the donations before mentioned
shall have been made as provided, they shall pro-
coed to ascertain the best terms which they can OBJ
tain from any responsible person or persons. cor.
poratiou corporations, for the construction OF
said road with the resources at their command and
shall report early % possible such terms to the
upon their records, and, If such terms shall prove
satisfactory to said Council they shall authorize the
said Trustees to conclude contract upon the terms
or CORPORATIONS Offering the same, and when such
cont 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 &C
cordiDg 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 A. prov
ded, consents to such disposa shall be liable on
his personal bond to the extent thereof for the
amount Of said bonds 80 disposed o.
SEC g. If the said Trustees shall not have re-
ceived from any responsible source an ofier OF such
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
after the expiration u the time limited and the said
Trustees shall destroy the same In the presence Of
said Council and the Clerk Of the Council s. all 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 or Mayor and Council are
not DELAYED or hindertd In concluding such con-
tract by 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 T. That when said Bonds have been nego-
tiated, the City Council OF said city shall each
year thereafter levy such tai on the property OF
said city % 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 90 levied
pay the same over to said Trustees, who shall pay
the interest on said Bonds - Il becomes due. upon
presentation to them Of the coupons representing
such interest and they shal invest the sinking fnnd
IN the Bonds provided for by this Ordinance, or
Bonds Of the State Of Tlorida The Unised States
1t their market vAlpe
SIC The said Trustees o. any one 81 them
shan be subject - removal Tor Juse cAnee ~ the
CITY Council upon The petition Of any tan res
holders or said city. a1sr gtytag eacA Trustee g
Trustees ample cppostpnasy - 9nk1.g ~ g tnear
dsfsncs to tks chaEeas pse1ssa 81 = Co. q any
snch removal, o. tie Esssg1aalos - deaeh g AZ
Trustse, The Counsel shall ~ ~ vseassy - oeet
sso q The said Trustees - nv = tlsnsss hsss
rscsly o. iadirsetly tnsay esatsA - - coeser.c
Passed DE Cosaell JaasasT q -.
Approved s.ss.sy az 3 8 rrAncx nay.r.
44 NO. 6 ~. ~ d. I1nS-d