The Palatka news and advertiser. [volume] (Palatka, Fla.) 1902-1905, 1902-01-02
An ordinance to Provide for
the Issue Of Bonds and Pay
ment Thereof.

Be 1t ordained by the Msvor and
City Council of the City of Pa
latka, Florida.
Section l. The Mayor is hereby di.
rected TO issue his proclamation call.
ing an election to be held on the
SEVENTH DAY of JANUARY. AID
1907, to determine whether or NOT
the issue of the Bonds proposed by
this ordinance, to be issued under
and by virtue Of the authority con.
ferred upon the Mayor and City
Council IN their corporate capacity
by the provisions of an Act of the
Legislature of the State of Florida
entitled IAN Act to Authorize the
Municipality of Palatka to Issue
Bonds and to Provide for the Paw
ment thereof" approved May 10Th.
1901, shall be at that time author.
lied and approved by a majority of
the qualified electors of said City,
who shall be Freeholders of said city
Section 2. The Mayor and CITY
Council Of the City of Palatka, in
their corporate capacity, shall issue
bonds of said city in the amount of
One Hundred and Seventy-five Thou.
sand Dollars ($l75, OOO) in denomina-
tions of Five Hundred Dollars (S5OO..
00) and One Thousand Dollars ISL
600 CO), the principal Of which shall
be payable at the end of not less
than Twenty COY nor more than
Forty (40) years from date of issue at
the City Treasury in the City of Pa
latba, Florida, or at its Agency in the
City of New York, and said bonds
shall bear interest at the rate of Five
per cent (526) per annum, payable
semi-annually at the City Treasury
in the City OF Palatka, Florida, or at
its Agency in the City of New York.
All the principal of said Bonds ehall
be paid at the expiration Of Forty
t4O) years and said city shall have
the privilege of paying any or all of
the principal after Twenty (2O) years !;
and such Bonds shall have engraved
interest coupons attached thereto,
payable at the end of periods of six
months from date of Bond; said
Bonds shall be engraved under the
direction of the Board Of Bond Trus-
lees Of said city, and shall be signed
by the Mayor and City Clerk, and
shall bear the corporate seal of the
City of Palatka, and shall be sold at
not less than par. And the proceeds
shall be applied to the purposes for
which such issues of Bonds are here
by authorized.
II the issue of One Hundred and
Seventy. five Thousand Dollars ($175,-
200 00) of Bonds as proposed herein
and submitted to be approved by the
electors be authorized, then the en-
ire amount proposed shall be issued |
md delivered to the Board of Bond
Trustees for sale.
Section 3. For the payment Of
principal and interest of Bonds is
ued under this ordinance and under |
he authority of said Act of the Leg
stature of the State OF Florida, all |
II the property of said City of Pa
atka, both real and personal, now
'wned by said city or may be here
Ifter acquired by said city, is hereby |
pledged as security, and the entire
taxable property in said city is also
hereby pledged. The Mayor and
Jity Council shall levy annually such |
pectal tax on the taxable property |
within the corporate limits of said
ity as may be necessary to pay the
interest on said Bonds, and to pro-
'ide sinking fund for the payment |
4 said Bonds. The special tax lev
ed for interest and sinking fund shall |
G, Iollectable only in lawful money |
be United States or in past due
Oh bOns of said Bonds, and when
old shall be solely applied to
le payment of interest and the
,rr ling of o sinking fund to meet
ae principal Of said Bonds.
TIC Bond Trustees shall give bond |
or The faithful performance of their
ut los, in the sum of Five Thousand |
)oll AIRS ($5, 900 0W each, to be ap-
'roEed by the City Council, to the
ity
Stction 4. There shall be Board |
# FIVE 60 Bond Trustees, whose du-
les it shall be to receive the said
'on5s as the same are engraved and
xecuted and to sell the same, at not
,ss than par and dispose of the pro-
seds as provided by ordinance. Said
oaEd OF Bond Trustees shall take
lals Of the public works contem-
lat ID by this ordinance and contract |
IF lch work. When the Board of |
on Trustees shall deem it advisa-
Ia b make contract for the ex-
cution of work or for the purchase |
[ any material or matters under its
barge, to an amount exceeding Five
hundred Dollars (S500.00), careful
stiInate shall be made in detail of
ne cost of such work or material,
nd the Board of Bond Trustees shall |
,ansmit it to the Mayor and City
ouncil with its recommendation,
18th an estimate of the cost, and
pom the passage of an ordinance by |
40 Mayor and City Council author.
ing the expenditure, it shall be the
uty of said Board of Bond Trustees |
D advertise and let such work to and
urchase such material from the |
west responsible bidder. The ex-
enses of the Bond Trustees necessa-
ly glrred In the discharge OF their
ut IS such shall be borne by the