The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1910-06-04
Series No. 2, Ordinance No. 1o4.
AN ORDINANCE

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 Pensaco to issue
and provide for the payment thereof"
approved May u, 1905.
Be 1t Ordained by the Mayor and Council
of the City of Pensa cola:
Section 1. That negotiable coupon
bonds of the City of Pensacola shall be
issued as hereinafter provided for the
ated, as follows:
For the purpose of grading. paving.
curbing, and otherwise improving the
streets and public ways of said city, the
sum of One Hundred and Fifty Thousand
G150, 100000 Dollars.
For the purpose Of extending and i'm
proving the city's system of sewerage and
thousand (sloo, Coo, Coz pollars s ' 90
For the purpose Of providin nft and Dc erect
Of Fifty Thousand ($50, 100000 Dollars.
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 or PenSdcOIa ana snail De signed Dy
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
(s1,000.0O) 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
the Council DrOVidn nv ordinance.
and they shall become due and payable
thirty years after the date of their issue,
The said bonds shall draw interest from
the date of issue at a rate not exceeding
1--WE 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
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 IunQ snail, 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 Otober /,
1920. to not less than one per cent of the
amount of said bonds, and from and after
October 1. 1920, to October !, 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, 1880,
to not less than per cent of the amount
of said bonds, and from and after Octo-
Der /. 1920. to not less than nd
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, or City, or may loan same with
| or on National Bank Certificates of De-
| post with approved collateral. Provided
| that all such investments and loans shall
| be made with the approval of two thirds
! of all the members of the City Council,
and shall at all times be subject to such
approval. All interest accruing from the
| loan OF any of said money shall be held
| and invested as part of the sinking fund
provided for the payment of said bonds.
| Section 4. 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 a newspaper
published in the City. of New, York, or
!
| may deem advisable, and calling for seal
| bids for said bonds thirty days after the
| day specified in said notice. On the day
| 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 received, but no bid shall be
| accepted unless it shall be approved by
the City Council. The Board of Bond
any and all bids. and with the approval o
| of the Council to re-advertise for sale
and sell from time to time any of said
bonds remaining unsold.
| Section s. 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
and all money received from the sale of
said bonds shall be deposited by the
| Board of Bond Trustees with such de-
immediate disbursements shall be placed
at interest by said Trustees at such
places and upon such terms and condi-
| lions as the Council may approve.
! Section g. That it shall be the duty of
| the Board Of Bond Trustees whenever it
sells, or otherwise disposes of any bond
| or bonds, to register the same in book
to be provided for that purpose and to be
| kept in the office Of the City Comptroller
Such registration shall show the number
and denomination of each bond, when and
| to whom sold or how disposed Of and the
amount for which sold or disposed of.
Section T. That the City Comptroller
| ing or receiving any money from any as
| sessment, tax, or other sources to be ap-
| piled to the payment of the principal or
| interest of said bonds any of them, or
| any portion of the Indebtedness created
| thereby, shall make semi-monthIy. or
/ oftener, if required by the Board of Bond
Trustees, written reports, in duplicate,
showing the exact amount collected or
| received by them, and the person or
source from which the same was re-
| 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 shall be filed with the City
! Comptroller and entered by him in a
| book to be provided for that purpose uu-
der the direction of the Finance Commit
| tee of the City Council.
| Section s. That the Mayor of the CITY
| of Pensacola is hereby directed to issue
| his proclamation calling an election to be
| held on the 14th day of June, 1910, to de-
| termine whether or not the issuance of
bonds for the purposes and amounts
| herein enumerated, any of them shall
at that time be approved by the majority
| 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 newspaper published in
the City of Pensacola during the period
| of one week
| Section g. The Board of Bond Trus