The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-08-26
Mayor.
City Coptroller
Chairman, Board Of Bond Trustees

Chairman, Board Of Bond Trustees.
sec. 8. That for the purpose of paying
TIE principal and interest OF the Donos
herein provided for, the entire taxable
property within the City of Pensacola Is
hereby frrevocably pledged and It SHAH pc
this duty Of tho Mayor and Council OF the
City of Pensacola to levy annually a
special tax on all taxable property within
the corporate limits of said city as may
be- necessary to pay the interest on salu
bonds and to provide sinking Iuno LOT
the payment of said bonds. The tax levy
to provide a sinking fund shall, annualy
from the date of said bonds to Octooer
!, 1915, amount to. not less than one nan
OF one per cent. OF the total am 0a.a o.
1, 1921, to not less than one per cent. OF
the. amour. Of said bonds. and from ana
after October l, 1921, to October i; 1926,
cent 81 the amount 81 SAID Bonds. and
from and after October l, 1881. to not
less than two and one-half per cent of
the amount of said bonds All moneys
raised by taxation or otherwise, 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
Pensacoia, who may invest the same or
so much thereof as may be advisable in
bonds OF the United States Government
or bonds or any Stata, County or CITY
or may loan same with(any of said bonds
Certificates OF Deposit with approved col
lateral. Provided, that all such invest
ments and loans shall be made with the
approvai OF two-thirds Of all the members
OF the City Council. and shall at all times
oe subject to such approval. All interest
accruing from the loan of any of said
money shall be held and invested as part
r 9, the sinking fund provided for the pay
SEQ 4. The Board of Bond Trustees
snail oner said bonds for sale by notice
psunhsned In newspaper published in the
City OF Pensacola, and In q newspaper
published in the City of New york. or
such ether cities as the Bond Trustees
may deem advisable, and calling for
sealed bids for said bonds thirty (3O) DAYS
after the day specified in said notice On
the day specified in said notice for re-
ceiving bids the Board of Bond Trustees,
P,,; & meeting to be held at the City Hall
puonciy open and read all bids received,
but no bid shall be accepted unless II
SHAH be approved by the City Council.
Inc Board Of Bond Trustees shall have
the right to reject any and all bids, and
Win the approval Of the Council to re-
adiveruse for sale and sell. or to sell
VIII re.advertising, from time to time
Sec. 30. That all bonds when engraved
SnAll De 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 ali
monies received from the sale Of said
ponds shall be deposited by the Board OF
be applied in the payment ana satisfae-
ton OF any and all bonds now outstand-
lns ana intended to be compromised, re-
funded or extended hereby
Sec. 6. That it shall be the dutv If
the Board of Bond Trustees whenever it
sells, or otherwise disposes of any bond
or bonds, to register the same in a book
60 pc provided for that purpose and to
pc kept in the Office of the CITY Comm
trollsr. Such registration shall show the
number and denomination Of each bond.
wnen ana TO whom sold, or how disposed
III. fn~ r~,14 aR -
disposed Of y
Sec; 7. That the city Comptroller and
all other officers and agents collecting or
ment, tax. or other sources to be anpiIie5 |
% the payment of the principal or Interest
OF SAID bonds, or any OF them, or any
POTION OF the Indebtedness created |
thereby, shall make senni-nonthIy, or
sorIlsner, II required by the Board of Bond |
lrustees written reports, in duplicafe I
snoWlng the exact amount collected or |
source from which the same was received /
or collected. One OF said reports shall be |
kept IN the records of proceedings of the |
s SoaIu OF Bond Trustees. and the other /
shaH pc hled with the City COMPTROLLER
ana entered by him in book to be pro |
Vioed Tor that purpose under the direction
q the Finance Committee of the CITY
Sec. s. That the Board Of Bond TINS
tees OF the City of Pensacola shall as
soon as practicable after the adoption Of
I Tvs 0IrTGanance advertise for sale the said
Dollars OF bonds. or so much thereof as
may pc necessary, above mentioned. and I
hereby authorize to be issued, for the
purpose OF reminding the above mentioned
bonded Indebtedness OF said, CITY which
VII mature on the LIST day of November.
III. Before said bonds are sold by said
trustees they shall make report to the
City Council OF their advertisement Of
me sale OF the bonds and Of the bids re-
eeived by them, and no sale of the said
bonds by the Board Of Bond Trustees
mai maj De yald or binding until the same is
confirmed by resolution or Ordnance If
ms Council The money arising from
he sale Of said bonds shall be received
~ said Board of Bond Trustees to be