The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-12-12
AN ORDINANCE


To be entitled: An Ordinance providing
for the Issuance of Special Improvement
Bonds of the City of Pensacola, Flor
n Iaa; tTs the ss purpose Of paying the sums
railroads for Improvements assessable
to said lots or parcels of land and rail-
roads, as provided by an ordinance of
said City, approved March 9, 1911, en-
titled IAN Ordinance Providing for
the Grading, Paving and CURLING of
certain Streets in the City of Pensa-
cola"
Be it ordained by the Mayor and Coun-
Gil of the City of Pensacola. Fla:
Section l. That for the purpose of
paying the sums payable by lots Oh par
GELS of land and railroads for the i'm
provements assessable to said lots or par
cells of land and railroads as provided by
an ordnance approved March }, 1914 en-
titled: "An Ordinance Providing TO- the
Grading, Paving and CURLING of certain
streets in the City of Pensacola" and
pursuant to Chapter 1856, Laws of Flor
ia OF 1911, the Board of Bond Trustees
Of the City of Pensacola be- and are here
by, directed to have printed, Autographed
or engraved Coupon Bonds of the City of
Pensacola, to be known as Special I'm
proVemnet Bonds of the City of Pensa-
cola, Florida, to the amount of Three
Hundred Thousand Dollars (S300. 600. 00),
each of said Bonds to be of the denerai-
nation OF Five Hundred Dollars (S500. 00),
10 De numbered from l to 600, both in
elusive, TO bear interest at the rate of six
per cent. (6 per cent? per annum, pay
aole semi-annually, to be in three Series
OF S1OO, 100000 each, lettered A, B and c.
and to bear date as follows to-wit:
series A, January l. 1912; Series B. July
/, lSl2; Series c, January l. 1913, one
nIth OF each Series to be payable respec-
lively :, 3, 4, and s years after date
with the option of the City to redeem any
bond within twelve months before its ma
t9i ,9,y. at par and accrued interest, upon
giving as hereinafter provided thirty
days notice of its intention to redeem
Sec. 2. At each settlement with the
contractor, or contractors, for the i'm
provementS authorized by the aforesaid
ordinance, the Board of Bond Trustees
shall deliver to the contractor, or his as
signs, 50 many of such Bonds as he may
oe emitted to under the terms of his
contract, less such sums as the City may
De able to pay him in cash realized from
the payments made by the owners of lots
ana parcels OF land and railroads for the
liIlproHements assessable to said lots and
parSels OF land and railroads. respec-
livery, as provided by the ordinance and
law aforesaid. The Bonds delivered shall
tne, as lar as possible, of the Bonds bear
ing GATE prior TO the delivery as afore-
said, and in all instances the interest
upon Sonds delivered shall be adjusted
WIN VIM Ihe CONTRACTOR at the time of such
delivery The City binds itself to retain
the assessment certificates provided for
by sald ordnance and law as security
for the payment of the said Bonds and
10 coiIeet tne same, but no specific certifi-
cate OF group or certificates. shall be held
to be pledged as security for the pay
ment III any Bond, or series of Bonds,
and the payment to the civ of any GER
rifcate shall release the property. or rail-
road, covered we're by such Certificate. After
the contractor, or contractors shall be
settled with Tor all work required to be
done by said ordinance, and by the pro-
visions of the contract entered into under
the provisions CT said ordinance ali Bonds
not delivered to the contra ctors as afore-
said shall be destroyed by the civ a
record shall be kent by the CITY Comm
trolicr Of all Bonds issued under this Or