The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1910-05-21

LEGAL NOTICE.
sum of One Hundred and Fifty Thous,

LI1f1A No NE.
sum Of One Hundred and Fifty Thousand
(s150 100000 Dollars
For the purpose Of extending and i'm
drainage, the sum of One Hundred
Thousand (S100, 000. 00) Dollars.
For the purpose of providing and erect
IN ing zst pu6Ic market in said sal city the sum
Any money received from the sale Of
said bonds, which shall not be used for
the sinking fund and used solely for the
purpose of retiring the bonds issued I'M
der this ordinance.
Section 2. That the bonds provided for
herein shall be known as Improvement
Bonds of the City of Pensacola, Florida"
They shall be issued in the name of the
City Of Pensacola and 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 Pensacola. Said bonds shall be
(s1,00000) Dollars and shall be numbered
In the order in which they are issued.
after provided by ordinance recommended
by the Board of Bond Trustees. Said
bonds shall be issued the first day of
August, 1910. 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,
the date of issue at rate not exceeding
five 60 per cent per annum payable on
the first day of January and the first day
of July of each year, and shall have in
terest coupons attached payable on said
dates. The principal and interest of said
bonds shall be payable in gold coin Of the
weight and fineness at such place or
places as may be designated by ordinance
prescribing the form of said bonds.
Section 8. That for the purpose of pay
ing the principal and interest of the bonds
herein provided for, the entire taxable
property within the City of Pensacola is
L. IL - L.
of the Mayor and Council of the City Of
Pensacola to levy annually a special tax
on all taxable property within the cor
essary to pay the interest on said bonds
and to provide sinking fund for the
payment of said bonds. The tax levy to
from the date of said bonds to October 1,
1915, amount to not less than one-half
of one per cent of the total amount of
bonds issued, and thereafter to OCTOBER 1.
1920, to not less than one per cent Of the
amount of said bonds, and from and after
October 1, 1920, to October I, 1925, to not
the the amount oa Of said bonds and from and
after October 1, 1925. to October l, 1880,
to not less than per cent Of the amount
Der l, 1880, to not less than two and one
half per cent Of the amount of said bonds.
All money raised by taxation or other
the principal, Of said bonds shall, when
collected; be paid to the Bond Trustees
of the City of Pensacola, who may invest
the same, or so much thereof as may be
advisable, in bonds of the United States
Government or bonds Of any State,
County, OF City, or may loan same with
or on National Bank Certificates Of De-
posit with approved collateral Provided,
that all such investments and loans shall
be made with the approval Of wo-thirds
Of all the members OF the City Council.
and shall at all times be subject to such
approval. All interest accruing from the
n q n "a hal
and invested as part Of the sinking fund
SECTION {. The Board Of Bond Trustees
shall offer said bonds for sale by notice
published in a newspaper published in
the City of Pensacola, and in newspaper
such other cities ties a as the Bond Trustees
may deem advisable, and calling for seal
bids for said bonds thirty days after the
specified in said notice for receiving bids
the Board of Bond Trustees, at a meet
Ing to be held at the City Hall in the
read all BIDS but no BID pha a be-
the City Council. The Board Of Bond
any, and all bids, and with the approval
Of the Council to re-advertise for sale,
and sell from time to time any Of said
bonds remaining unsold.
Section 5. That all bonds, when en-
graved, shall be placed by the Board of
Bond Trustees in such bank, or banks.
or other depository as shall be approved
by the Council of the City of Pensacola,
and all money received from the sale of
said bonds shall be deposited by the
Board of Bond Trustees with such de-
pository. and any monies not needed for
INN ediate disbursements shall be placed
at interest by said Trustees at such
places and upon such terms and condi-
tions as the Council may approve.
Section 8. That it shall be the duty Of
the Board of Bond Trustees whenever IL
sells. or otherwise disposes of any bond,
or hi m ha ", h14l
to be provided for that purpose and to be
kept in the office Of the City Comptroller.
Such registration shall show the number
to whom sold or how disposed Of, and the
amount for which sold or disposed of.
Section Z. That the City Comptroller
and all other officers and agents collect
ing or receiving any money from any as
sessment, tax, or other sources to be APP
interest Of said bonds, or any Of them. or
any portion Of the Indebtedness created
thereby, shall make semi-monthly. or
wTaea D Ia Dp
showing the exact amount collected or
received by them, and the person or
ceived. or collected. One Of said reports
shall be kept in the records of proceed
ings of the Board of Bond Trustees, and
the other .lI.u shall be filed with the City
book to be provided for that purpose I'M
der the direction of the Finance Commit
Section s. That the Mayor Of the City
of Pensacola Is hereby directed to issue
his proclamation calling an election to be
termine whether or not the issuance of
bonds for the purposes and amounts
herein enumerated, or any of them, shall
of the votes cast by the qualified electors
qualified to vote and voting at said cleo
ton. Said proclamation shall be pub
lished daily in a newspaper published in
the City of Pensacola during the period
of one week.
Section 9. The Board Of Bond Trus-