The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1904-06-17
OCALA BOND ORDINANCE.

QUHkH 1uVb UttbtttHtiO6G
Authorizing the issuing of Bonds by the
City Of Ocala, TO pay of, cancel and
discharge certain Indebtedness Of the
city. evidenced by judgment and out
standing scrip; TO place said city on
a cash basis: TO better equip the cleo
tric light plant of said city; provid-
ing for the payment Of said bonds
and for submission to the qualified
voters of said city the question Of the
issuance thereof.
Be it ordained by the Mayor and the
City Council OF the City Of Ocala:
Section 1. That the mayor Of said
city is hereby directed TO issue his pro-
clamation, calling an election to be held
on the 18th day Of July, A. D. 1904, TO
determine whether or not the issuance
of the bonds, proposed by this ordi-
nance TO be issued under and by virtue
Of the authority conferred upon the
mayor and city council, in their cOrpor-
ate capacity. by provisions of an act Of
the legislature of the state of Florida,
entitled:
An act declaring the boundaries Of
the territory constituting the munich
pality known as the city of Ocala, di-
viding the same into wards, changing
the time Of holding elections therein,
and providing for the appointment Of
certain officers, the issuing Of bonds
and the assessment and collection Of
taxes in said city" Approved June I.
1889. shall be authorized by a vote of a
majority of the qualified voters of said
city at said election.
Sec. >. The mayor and city council
Of said city of Ocala, in their corporate
capacity, shall issue from time TO time,
bonds Of said city i'm denominations of
one hundred dollars, the principal of
each shall be payable at the end Of not
less than ten years. nor more than
twenty years, the aggregate face value
Of said bonds in no event to exceed the
sum Of forty-five thousand dollars; said
bonds shall bear interest not TO exceed
I'VE per cent. per annum, TO be fixed
by ordinance. which interest shall be
payable semi-annually on the first day
OF January and July of each year there
after. and shall be payable at the city
Of Ocala. Said bonds shall be engrav-
ed under the direction of the mayor
and city council OF said city, and shall
he signed by the mayor and city clerk,
and shall bear the corporate seal of the
city Of Ocala, and shall not be sold at
less than their face value. and shall
be delivered in amounts as the same
are paid for, for the purposes herein
after mentioned and provided for; and
The proceeds Of sale Of said bonds shall
be applied only To the purposes for
which same are hereby authorized
said bonds shall have interest cou-
pons engraved and attached thereto,
signed by the city treasurer of the said
city. and payable on the dates above
named. and at the place specified in
this ordinance anC Ne above mentioned
ordinance to be hi. eafter passed des-
ignating such place.
Sec. 3. The city council shall levy
annually such special tax on all the
taxable property within the corporate
limits Of said city, which is hereby
pledged to the payment of said bonds.
and the interest thereon. as may be
necessary TO pay the interest on said
bonds, and provide for their payment
and retirement when the same shall be-
come due under the provisions of an
ordinance hereafter TO be passed TO car
~ into effect the provisions OF this or
dinance; and the said city council and
mayor shall from time TO time, by or
dinance, require the trustees Of said
bonds and the disbursing agents hand
ling the money hereby provided TO be
raised. such bonds for the faithful per-
Torrance of their duties as may be
necessary 10 fully protect the interests
Of said city; said special tax for inter-
est. and for the payment Of said bonds
shall be payable and collectable only
IN lawful money of the United States.
or in past due coupons Of said bonds.
and when collected shall be applied
solely 10 the payment of interest on
said bonds, and the principal thereof,
as the same shall or may become due.
Sec. 4. There shall be a board Of
three trustees. whose duty it shall be
TO receive said bonds as soon as the