The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1905-08-04

Be 1t ordained by the, Mayor and
Council of the City of Pensacola:
Section l. That negotiable coupon
bonds OF the City of Pensacola shall
be issued as hereinafter provided for
the several purposes and amounts
enumerated, as follows:
For the purpose of purchasing. or
constructing, Waterworks the sum Of
Two Hundred and Fifty Thousand
Dollars CS250, 000.O0), or so much
thereof as may be necessary.
For the purpose of constructing, or
providing. q system OF sewerage and
drainage the sum Of Two Hundred and
fifty Thousand Dollars (S25O, 000.0Ol,
or so much thereof as may be neces-
sary.
For the purpose of paving and other
wise improving streets and public
ways of the city the sum of One HUI
dred and Fifty Thousand Dollars
| C$150 100000, or so much thereof as
may be necessary.
For the purpose of purchasing a
site ana, or constructing, or providing,
city hall building, the sum of Seven
ty-five Thousand Dollars (S75, 000.00),
or so much thereof as may be neces-
sary.
For the purpose of purchasing site
and constructing. or providing, a Pc
lice Station and Jail building, the
sum of twenty-five Thousand Dollars
($25, 000.00), or so much thereof as
may be necessary.
Any money received from the sale
of any of said bonds which shall not
be used for the purpose authorized
shall be placed in the sinking fund
and used solely for the purpose of re,
firing the bonds issued under this or.
cinance.
Sec. 2. That the bonds provided
for herein shall be known as Improve,
ment Bonds Of the City of Pensacola
Florida" They shall be- issued in the
name Of the City OF Pensacola ana
shall be signed by the Mayor, the City
Comptroller, and the Chairman of the
Board Of Bond Trustees, and shall bear
the corporate seal of the City of Pen
sacola. Said bonds shall be of the
denomination of one thousand dollars
| t$1000.09) and shall be numbered in
the order In which they are issue1
The form Of said bonds shall be as
hereafter provided by ordinance, rec
commended by the Board OF Bond Trus
tees. Said bonds shall be issued the
| first dav OF October, A. h. 5J5. or Al
such time thereafter as the Council
may provide by ordinance, and they
shall become due and payable thirty
years after the date of their issue
with the option reserved by the city o.
retiring at par and accrued interest
any or all of said bonds numbered
! from one ID to three hundred ans
! fifty $500, inclusive. at any time aftel
] twenty years from the date of issue
1 and those numbered from three hun
dred and fifty-one (S51) to FIVE hun
dred 5000 inclusive at any time aftel
twenty-five (25) years from the datt
of issue. The said bonds shall draw
interest from the date Of Issue at :
rate not exceeding FIVE ~ per centun
per annum, payable on the first day o
January and the first day of July o
each year, and shall have interes
coupons attached payable on saiC
dates. The principal and interest o
L said bonds shall be payable in golS
coin of the United States of Americi
of the present weight and fineness a
such place or places as may be desig
mated by ordinance prescribing TIT
form Of said bonds.
Sec. 3. That. for the purpose o
paying the principal and interest o
the bonds herein provided for, thu
entire taxable property within the Cit.
OF Pensacola Is hereby pledged, and l
/ shall be the duty of tho Mayor ant
Council Of the City Of Pensacola Il
levy annually a special tax on all tax
able property within the corporal.
limits Of said city as may be neces
sary 20 pay the interest on said bond
and to provide a sinking fund for tn
! payment of said bonds. The tax lev,
to provide sinking fund shall, az
nually, from the date of said bon,l
10 October 1st 1910, amount 70 no
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