The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1911-12-05
AN ORDINANCE

To be entitled: An Ordinance providing
for the issuance of Special improvement
Bonds Of the City of Pensacola, Flor
Ida, for the purpose of paying the sums
payable by lots or parcels of land and
railroads for improvements assessable
to said lots or parcels of land and rail-
roads, as provided by an ordinance OF
said City. approved March g., 1911, en-
titled: IAN Ordinance Providing for
the Grading, Paving and CURLING of
certain Streets In the City of Pensa-
Be it ordained by the Mayor and Coun-
cihguSfths City of Pensacola, Fla.s
Section 1. That for the purpose OF
paying the sums payable by lots or par
cells of land and railroads for the inn
provements assessable to said lots or par
ckls of land and railroads as provided by
an ordinance approved March :, 1911, en-
titled: IAN Ordinance Providing for the
Grading, Paving and CURLING of certain
Streets in the City OF Pensacola and
pursuant to Chapter 1886. 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 ($300. 000.00),
each of said Bonds tosbe of the denomi-
nation of Five Hundred Dollars ($500.0Ol,
elusive, to bear interest at the rate of six
per cent (6 per cent? per annum, pay
able semi-annually to be in three Series
of $100, 100000 each, lettered A. and c,
and to bear date as follows, to-wit:
Series A, January I, 1912; Series B. July
j, 1912; Series G, January l, 1913, one
fifth Of each Series to be payable respec-
lively 2. 3, 4, and years after date,
with the option of the City to redeem any
bond within twelve months before its ma
turity, at par and accrued interest upon
giving as hereinafter provided, thirty
Eays' notice of it's intention to redeem.
A r each Eaftinr1aFf with the
Ssoairactor, or contractors. for the inn
provements authorized by the aforesaid
ordinance, the Board of Bond Trustees
shah deliver to the contractor, or his as
signs. so 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 to said lots and
parcels of land and railroads, respec-
lively Is provided by the ordinance and
law aforesaid. The Bonds delivered shall
be, as far as possible, of the Bonds bear
ing date prior to the delivery as afore-
said, and in all instances the interest
upoll Bends delivered shall be adjusted
with the contractor at the time of such
delivery. The City binds itself to retain
the assessment certificates provided for
by said ordinance and law as security
for the payment of the said Bonds. and
to collect the same. but no specific certtff-
cate. or group of certificates, shall be held
TO DC pleuSeu aS SeCuEltN ioT thS poS
lnent of any Bond. or series of Bonds,
and tfe payment to the City of any Ger
tificate shall release the property. or rail-
road, covered by such certificate. After
the contractor, or contractors, shall be
settled with for all work required to be
done by said ordinance and by the pro-
visions of the contract entered into under
the provisions of said ordinance all 5onds
not delivered to the contractors as afore-
said shall be destroyed by the City. y
record shall be kept by the City Comp
troifef OF all Bonds issued under this or
,liuanee and of all bonds destroyed as
aforesaid, and of the payment of all
bonds as the same shall be paid.
Sec. 8. That in accordance with the
Recommendation 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.
Series. Group. 1890.