The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1910-05-14
Series No. 2, Ordinance No. 1o4.
AN ORDINANCE

To provide for the issuance of bonds OF
the City of Pensacola, Florida, under and
by virtue of an Act of the Legislature of
the State of Florida, entitled AN Act to
Authorize the City of Pensacola to issue
negotiable bonds for municipal purposes,
and provide for the payment thereof"
approved May 70, 1905.
Be 1t Ordained by the Mayor and Council
of the City of Pensacola:
Section |. That negotia Bile coupon
issued as hereinafter provided for the
several purposes and amounts enumer-
ated, as follows:
curbing, and otherwise improving the
streets and public ways of said city, the
sum of One Hundred and Fifty Thousand
($150. 100000 Dollars.
For the purpose of extending and i'm
proving the city's system of sewerage and
drainage, the sum of One Hundred
Thousand ($100. 0O0.00) Dollars.
For the purpose of providing and erect
ing a public market in said city, the sum
of Fifty Thousand $3.50, 100000 Dollars.
ANY money received from the sale 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 retiring the bonds issued I'M
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
of the denomination of One Thousand
Isl 600 OO) Dollars and shall be numbered
in the order in which they are issued.
The form of said bonds shall be as here
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
IL, dot.
The said bonds shall draw interest from
the date of issue at a rate not exceeding
five 90 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
United States of America of the present
weight and fineneSs at such place or
places as may he designated by ordinance
prescribing the form of said bonds
Section 8 That for the purpose of nav
ing the principal and interest of the bonds
herein provided for the entire taxable
hereby pledged. and it shall be the duty
of the Mayor and Council of the City Of
Pensacola to levy annually a special tax
on all taxable property within the cor
porate limits of said city as may be nee
essary to pay the interest on said bonds
and TO provide a sinking fund for the
payment of said bonds. The tax levy to
provide a sinking fund shall, annually.
from the date of said bonds to October /
1915, amount TO not less than one-half
of one per cent of the total amount of
bonds issued. and thereafter to OCTOBER !.
1920. to not less than one per cent of the
amount of said bonds. and from and after
October I. 1920. to October 1. 1925, to not
less than one and one-half per cent of
the amount of said bonds, and from and
after October l. 1925. to October l. 1890
to not less than , per cent of the amount
of said bonds. and from and after Octo-
be4 I, 1890. to not less than two and ONE
half per cent Of the amount of said bonds
All money raised by taxation or other
wise, for the payment of the interest. or
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