The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1905-04-14
CHAMBER OF COMMERCE
CONSIDERS BOND LAW


may be necessary to pay interest on !
said bonds and provide sinking fund
for the payment of said bonds, and by ,
ordinance require Of the trustees or (
other persons handling the moneys
hereby provided for such bonds for
the faithful performance OF their |
duties as they may determine
Section S. The city council shall, t,
as soon as practicable after the adop-
ton of any ordinance providing for /
the issuing of bonds herein author !
lied, elect three qualified voters Of
said city, who own real estate therein.
as board of bond trustees. One
OF said trustees shall be elected for
the term Of one yea ransl one for the
the term OF one year and one for the
term OF three years, and until their
successors are elected and qualified
their successors shall be elected By
the council for the term of three
years each. Said bond trustees shall
recommend to the council the form
Of bonds to be issued, and shall at
tend to the engraving Of said bonds.
and all matters relating 70 the sale
OF said bonds as may be provided by
ordinance of the city. Said trustees
shall receive said bonds as soon as
the same are prepared and executed
and shall thereafter have the care and
i custody thereof until the same are
sold, and shall receive and control all
I moneys arising from the sale of said
bonds and faithfully apply the same
as may be directed by resolution, or
ordinance of the council, solely for
the purpose for which said bonds were
authorized and approved by the tax
payers as hereinbefore provided, ex-
4 eept that the Council may by resolu-
ton or ordinance direct that any
J monys derived from the sale of said
bonds not needed for immediate dis
oursements shall be, placed at inter-
est by said trustees at such places
and Upon such terms and conditions
as the council may approve. All con-
| tracts involving the expenditure of
} any money out of the proceeds of sale
/ OF said bonds, or the disposal or sale
or any Of said bonds. for any purpose
whatever, shall be made by the said
: board of bond trustees, but no such
i contract shall be Of any effect unless
approved by the majority of all the
members of the city council at a regu-
lar or at special meeting for that
purpose.
| The work of construction or inn
: proyements under any contract made
: Dy the board of bond trustees as
+ herein provided shall be carried out
e under the supervision of the board of
works, subject to such instructions
3 as may be given them by resolution
or ordinances of the city council.
VI The compensation and expenses OF
n said bond trustees shall be proyida ed
: for by ordinance and shall be pay.
o able out OF the general fund of tne
v city.
b Section 6. That this act shall take
el effect upon its passage and apnrnv5I
d section z. That all laws and par
e OF laws In conflict herewith be and
l. the same are hereby repealed.
s. The Resolution.
IL Be 1t resolved by the mayor an.
+ CITY council of the City of Pensacola:
e That the senator and representa-
d tiVes from Escambia county in tao
II Legislature of Florida be and the,
s. are hereby requested to use their hes
y endeavors to obtain the enactment q
IS law amending the charter of the
d City of Pensacola in the followiu:
IS particulars:
r lst. In section sixty-six (66) strik,
n out the following: when the I'm
" provement Is the original CONSTRUCTED,
e Oh any street, road, line, alley or ave
e nue. such Improvement shall be made,
" and insert in lieu thereof the follow
ing: Whenever any street. alley O.
IF other public way shall be graded
,e paved, curbed, laid out, opened re
n paired or otherwise improved by tn,
D. city such improvement may by or,Ii
e nance be made.
e md In line one of section sixty
n seven (6g) strike out the following
4, OF original construction of publ,
le ways and insert in lieu thereof tn,
j. following: "Of grading, paving. curb
e-l ing, laying-out, opening, repairing o
-e otherwise improving any street ale
al or other public way
,ri 3rd. In section sixty-nfne rec
1t strike out the following: "No stree
II paving or other street improyemea
e., Except sidewalks and curbing and re
e. pairs to the same), shall be enforce
,e under this act at the cost to any pror
" erty holders unless so per cent. of tn
K resident owners of abutting frontag
Is petition for the same"
> 4th. In the last section relating {
le general provisions strike out the 70
le lowing: The city may acquire, mar
S. age and control water works by coz
e. struction or purchase by vote of two
thirds Of the council, provided sam
s is approved by a majority of tvs
,f thirds of the qualified voters of tn
II city at an election held for purpos
n of passing upon said question: an
sr insert in lieu thereof the follow
al ing: The city may purchase or cor
II struct. water works, or electric lighl
Or ing plant, and operate, manage an
control the same, and the said cit
" is hereby authorized to issue negot
e. able bonds for such purposes, O
either of them. in the, manner an
:, upon the same terms and condition
:: that 1t is now, or may hereafter be
z authorized to Issue bonds for an
S other municipal purpose. Said waite
( works, or electric light plant, ma