The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-10-27

AN ORDINANCE

To be entitled: An Ordinance providlne
for the Issuance OF Special Improvement
Bonds Of the City OF Pensacola, Flor
pa pay by Iots Or p "a q and ans
railroads for improvements assessable
to said lots or parcels OF land and rail-.
roads, az provided by an ordinance OF
titled; IAN Ordinance Providing for
tho Grading, Paving and CURLING Of
certain Streets III the City OF Pensa-
cola"
Be it ordained by the Mayor and Coun-
ell Of the City Of Pensacola, Fla:
Section l. That for the purpose OF
paying the sums payable by lots or par
cells of land and railroads for the i'm
provements assessable to said lots or par
cells Of land and railroads as provided by
an ordinance approved March 9, 1911, en-
titled: IAN Ordinance Providing for the
Streets in the City of Pensacola" and
pursuant to Chapter $685., Laws Of Flor
ida 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, 100000.
each of said Bonds to be of the denomi-
nation Of Five Hundred Dollars (s5OOO0),
to be numbered from / to 500, both in
elusive, to bear interest at the rate Of six
per cent GO per cent? per annum, pay
able mi-annually, to be in three Series
Of 500, 10000 each, lettered A, B and Q.
and to bear date as follows. to-wit:
Series A, January l. 1912: Series r, July
l, 1912; Series c, January /, 1913, one
nth of each Series to be payable respec-
lively 2, 3, 4, 5 and years after date,
bond within twelve months before Its ma
turity, at par and accrued interest, upon
giving as hereinafter provided, thirty
days notice Of its intention 70 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 80 many Of such Bonds as he may
be entitled to under the terms Of his
contract, less such sums as the City may
be able TO pay him in cash realized from
the payments made by the owners OF lots
and parcels Of land and railroads for the
improvements assessable 10 said lots and
parcels of land and railroads, respec-
lively ss provided by the ordinance ana
law Aforesaid The Bonds delivered shall
be- as Tar as possible, OF the Bonds bear
ing date prior to the delivery as afore-
said, and in all instances the interest,"
upon Bonds delivered shall be adjusted
with the contractor at the time OF such
delivery. The City binds itself to retain
the assessment certificates provided Tor
by said ordinance and law, as security
for the payment OF the SAID Bones ana
to collect the same, but no speclnc certln-
cate. or group OF certificates, shall be held
to be pledged as security for the pay
ment Of any Bond, or series Of Bonds,
and the payment to the City OF any GER
tificate shall release the properly, or ran
road, covered by such certificate, After
the contractor, or contractors, shall De
settled with for all work required 70 be
done by said ordinance, and by the pro-
visions Of the contract entered into under
the provisions Of said ordinance all Bonds
not delivered TO the contractors as afore-
said shall be destroyed by the City. A
-a~o-E 4haU ha kapt by the City Comp
troiier OF all Bonds issued under this or
dinance, and Of all bonds destroyed as
aforesaid, and Of the payment OF all
bonds as the same shall be paid.
Sec 2 THAT in accordance with the
recommends ton Of the Board Of Bond
trustees, the form Of said bonds and
coupons shall be substantially as follows:
United STATES OF AMERICA,
STATE OF FLORIDA.
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