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

of the City Of Pensacola, Florida, IN
der and by virtue Of an Act Of the
Legislature of the State Of Florida
entitled IAN Act to Authorize the
City of Pensacola to issue negotia
BILE bonds for municipal purposes
and provide for the payment there
Of" approved May 18th, 1905.
Be It ordained by the Mayor ana
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, WaterworlSs The sum 81
Two Hundred and Fifty Thousand
Dollars t$256, O00.001, or so much
thereof as may be necessary.
For the purpose Of constructing, or
providing. a system OF sewerage and
drainage the sum of Two Hundred and
fifty Thousana Dollars ($250.000.00l,
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
0,00G00), or so much thereof as
may be- necessary.
For the purpose of purchasing a
site AMI, or constructing, or providing,
q city nall building, the sum Of Seven
ty-fve Thousand Dollars 5,000.00),
or so much thereof as may be neces-
sary.
For the purpose of purchasing sire
and constructing. or providing, a Pr
lice. Station and Jail building, tie
sum Of Twenty-Five Thousand Dollars
tS25, 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
6inance.
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 ami
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
(s1000.00) and shall be numbered in
the order in which they are issued.
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. l. JJj. or at
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 of
retiring at par and accrued interest
any or all of said bonds numbered |
from one % t0gthree hundred andl
fifty $500, inclusive. at any time after
twenty years from the date of issue. |
and those numbered from three hun
dred and f1fty-one (351) to five hun
cred $500 inclusive at any time after
(25) years from the date
Of issue. The said bonds shall draw
interest from the date of issue at |
rate not exceeding five 80 per centum
per annum, payable on the first day of |
January and the first day of July of
each year, and shall have interest
coupons attached payable on said
dates. The principal and interest of
said bonds shall be payable in gold
coin of the United States Of America
Of the present weight and fineneSs at
such place or places as may be desig-
mated by ordinance prescribing the
form of said bonds.
Sec. 3. That for the purpose of
paying the principal and interest of
The bonds herein provided for, the
entire taxable property within the City
If Pensacola is hereby pledged, and It
shall be the duty Of tho Mayor and
Council of the City of Pensacola to
evy annually special tax on all tax
able property within the corporate
limits Of said city as may be neces-
AIRY to pay the interest on said bonds
Ind to provide a sinking fund for the
payment of said bonds. The tax levi
o provide a sinking fund shall, aa.i
lually. from the date Of said bombs
o October LIST. 1910, amount 10 no.
ess than One-half of one per cent. of
he tota. amount of bonds issued. and
hereafter to October l, 1915, to not
ess than one per cent. OF the amount
# said bonds, and from and after Oc-
ODER 1st. 1915, to October LIST, 1920,
o not less than one and one-half per
ent. of the amount of said bonds, and
rom and after October 1st. 1920. 60
october 1st, 1925, to not less than
wo Pc cent. OF the amount OF saii
onds, and from and after October 1sr
925, to not less than two and one.
alf per cent Of the amount of said
Onds. Ali money raised by taxation.
r otherwise, for the payment of tho
interest, or principal, of said bonds S
hall, when collected, lie paid to the
'ond Trustees of the City of Pensa- {
ola, who may invest the same. or 30 I
luch thereof as may be advisable. in
onds Ct the United States Govern
rent o. bonds of any State, County
r City, or NAV loan, same with any S
said bonds as collateral security or {
n National Bank certificates of De. c
Osit with approved collateral. Pro-
ided that all such investments and
,ans shall be made with the approval
two-thirds of all the members OF
le City Council and shall at ali times f
2 subject TO such approval c
Sec. 4. The Board of Bond Trus. il
res shall offe- said bonds for sale by q
)tice published in a uevSnaDer nIh- a