The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1905-07-28

I the Board of Bond Trustees In suen
/ hank or banks, or other depository
as shall be approved by the Council
I of the City of Pensacola, and all money
I received from the sale OF said Donds
shall be deposited by the Board OF
I Bond Trustees with such depository
and any monies not needed for imme-
date disbursements shall be placed at
/ interest BY such Trustees at such
places and-upon such terms and con-
4 ditions as the Council may approve.
Sec. 6. That it shall be the duty OF
the Board of Bond Trustees whenever
II sells. or otherwise dispOses OF any
bond. or bonds, to register the same
in a hook TO be provided for that pur-
nose and to be kept in the office OF
the CITY Comptroller. Such reg1stra-
ton shall show the number and de-
nomination of each bond. when ana 70
whom sold or how. disposed OF, anu
the amount for which sold or disposed
Of.
Sec. Z. That. the City Treasurer
and all other officers and agents col
lecting or receiving any money from
any assessment, tax. or other sources
TO be applied TO the payment OF the
principal or interest of said bonds, or
any of them, OF any portion OF the in
debtedness created thereby, shall
make semi-monthly, or Oftener II re
uuired By the Board Of Bond Trustees,
written reports. in duplicate, showing
the exact amount collected, or recelV-
ed by them. and the person or source
from which the same was received, or
collected. One OF said reports snail
be kept in the records Of proceedings
Of the Board Of Bond Trustees, and the
other shall be fled with the CITY
Comptroller and entered by him in al
book to be provided for that purpose
under the direction of the Finance
Committee of the City Council
Sec. 8. That the Mayor of the Cit:
of Pensacola is hereby directed to is
sue his proclamation calling an elec-l
ton to be held on the 22Hd day of Au-
gust, A. D.. 1905, to determine whether
or not the issuance of bonds for the
purposes and amounts herein enum-
Grated. or any of them, shall at that
time De approved by the majority
of the votes cast by the qualified cleo
tors qualified 10 vote and voting at
said election. Said proclamation shall
contain the names of the members
of the Board of Bond Trustees and |
shall be published daily in a newspa-
per published in the City of PensacO-
Ia during the period Of one week.
Sec. 9. That, before the time Of I
the issuance OF said proclamation, the
Council shall, by the affirmative vote
of two-thirds OF all the members, elect |
three qualified voters of the City Of
Pensacola, each Of whom shall be the
owner of real estate therein, as a 1
Board OF Bond Trustees. The men,
bers OF said Board shall be elected
for the term of one, two and three
years, respectively. All vacancies on
the Board of Bond Trustees shall be
filed by the Council. Each Of said
Bond Trustees shall give a bond IN
the sum of Fifteen Thousand Dollars
and they shall receive such cOmpensa-
ton as the Council shall from time TO
time prescribe by ordinance. Said
Board of Bond Trustees, in addition
to the powers and duties hereby con-
ferred, shall possess the powers vest
ed in and perform the duties conferred
upon the Board Of Bond Trustees IF
the City Of Pensacola by an act Off
the Legislature of the State Of FlOri-
I'd SHJIltu All ACL " AuIHO4A nc bhC
City Of Pensacola to issue negotiablei
bonds for municipal purposes, and
provide for the payment thereof" ap-
proved May 18th. 1905, and shall pos
5ess such other powers and perform ,
such other duties as may be hereafter !
provided by ordinance.
Sec. TO- That the ballots used N
said election shall be substantially in ;
he following form: